It is ideal to find a source of passive income to have a consistent increase in savings and an added cash in-flow. However, there’s no shortcut to earning serious money and establishing a name in any field. Setting up your passively-earning plan requires intense work and perseverance.
Despite this, different ways of earning passive income have sprung as people strive to find innovative ways to find more financial legroom. There are a handful of techniques that are pretty easy to accomplish and has a very little financial risk if any. We selected 5 of the best creative ways to create passive income this 2018 to help you choose the best option for you.
Sell Your Photos
Photography caters not just your passion but could possibly also become a source of alternative income. If you think you have above average photography skills, you just need to create a portfolio of paid stock image banks like iStockphoto and Shutterstock. From there, visitors from around the world could see your work, and get paid in case they choose to download your photo.
Putting your images in stock image banks is a clever way to get paid for something you love to do. Businesses have a consistent need for fresh images to satisfy their growing business needs, and hiring a professional photographer could be too expensive for them. This opens up opportunities for casual photographers looking to earn a passive income.
Do you have a brilliant mobile app idea that you think would be very useful and could generate a considerable income? The idea of making an app for passive income has been around for quite a while already, in fact, app developers are reportedly earning $20 a day to $10,000 a month.
Though it takes coding expertise to develop a mobile application, there are websites that provide learning modules and guidelines for newbie app developers. Otherwise, you can always find someone to do the techy part of creating the app for you by hiring an expert coder from freelance work websites such as Upwork.
If you’re good with words and would like to publish a short story, create a study, or just get your thoughts out, you can consider becoming an e-book superstar. Doing this, you could go directly to potential readers, without the need to find a publishing house or a distributor. You can also work at your own pace, or write about any topics you want to talk about. However, you should do research and understand your target readers first to ensure your success in publishing your e-book.
Building your reputation as an e-publisher and creating a loyal following could take time, but once you feel you already have a solid footing in the industry, you can start charging per download.
Are you maintaining a blog or do you have a website? Let your website bring in some extra dough and generate money through affiliate marketing. If you haven’t heard about this before, think of it as the modern-day iteration of referral programs.
It works by giving you a cut from the sales a company makes from visitors coming from your website. Try to find affiliate partners online by consistently writing quality content and promoting your affiliate partnership offers. Affiliate marketing is, in fact, expected to grow in the coming years, as companies try their best to bring customers to their website and convince them to buy their products.
Upsell Pre-Existing Clients
If you already have an established website, or if you already offer a service in your niche, find a way to improve your products and expand your offerings.
Evaluate your business so you can start to provide products or services that are applicable to your existing client bases and future customers. With your understanding of your current clients, you should already know their needs and will make it a bit easier for you to create more business.
Establishing your reputation in this industry is the most crucial and essential part of earning passive income. Doing what you love to do will make it a lot easier to hustle and excel in your chosen career. Just find what you are passionate about, establish a carefully-planned framework, hustle it out and own it.