10 Best Ideas to Create Online Passive Income Streams In 2022
If you want to become rich, you should know that all rich people have a passive income streams; and to become like them, you need to pay close attention to the best passive income streams to bring you money while you have fun. Read the article to the end ⬎
The average millionaire is said to have seven different sources of income. This does not mean that they have lots of jobs. Millions have several passive incomes streams these days and they generate more revenue.
When you're done reading, you will be comfortable with suggestions on how to make your own income.
According to Reader's Digest, more than 50% of Americans immediately face work and financial problems as soon as they open their eyes in the morning.
Even if you can't solve every problem in your life by earning passive income in addition to your daily work, this is a good start. Especially if you are serious about accumulating wealth.
What is passive income?
Basically, passive income, also called residual income, is the money you make when you're not working. You can sleep, have a drink on the beach, have a margarita, or just relax. The amount will still be debited from your account.
Traditional passive income ideas include investing in stocks, bonds, real estate and even earning royalties. All this requires some investment or money to make a profit.
How passive income is different from active income?
Active income is money that is acquired for a service. This could be salary, hourly wages, commissions, or tips. Basically, this is the exchange of your time for a fixed amount.
Most people choose to live this way, and in this sense, there is nothing fundamentally wrong if you know that there is a limit to how much you can actually earn.
This doesn't mean you should quit your job (at least not yet), but if you're looking for creative ways to create wealth, here are 10 passive income ideas.
10 Best Online Passive Income Ideas to Explore
Most passive income streams require some effort and time before they are useful. However, there are a few ways you can generate income online with little effort.
- Affiliate Marketing
- Buy a blog that is already making money
- Start YouTube channel
- Create and Sell an Online Course
- Create a blog
- Sell your photos online
- Publish our E-Book
- Start drop-shipping
- Sell out t-shirt designs
- Domain flipping
Get passive income online
Now we have come to the right path! If you are looking for passive income ideas with unlimited income potential, the internet offers many possibilities.
Each of these sources can generate passive sources of income that can change lives, but they all start working. But once you start them, you can free yourself from gas and make a living online while you sleep.
1. Affiliate Marketing?
You've probably heard of affiliate marketing - when you earn commission by promoting a product. The product that you advertise on the Internet should be something that you know and appreciate of high quality.
There are several wyas to get started as an affiliate partner. You can partner with a specific company (directly or through a commissioning platform such as Commission Factory, Reward style, or ShareASale), or you can sign up as an Amazon partner.
Let's say I want to get a commission if someone buys a mattress online. Since most mattress manufacturers pay a 5% commission and the average price of a good quality bed sold online is around $ 1,000, I will make $ 50 every time someone tells me to recommend a bed.
But I need an online presence to share my knowledge and make recommendations. The most logical place to start is with a blog.
Blogging gives you all sorts of sources of income. With affiliate commissions, not only can you generate passive income online, but you can also make money from advertising.
Blog with a website hosted by Hostgator for $ 2.75 per month.
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- Find your niche: what to write (you don't have to be a world-class expert).
- Create your blog: We recommend Hostgator (only costs $ 2.75 per month)
- Write content: that helps readers solve a problem.
- Build an audience: Pinterest is a good place to start.
- Making money: in advertising, affiliate marketing, products - choose yourself!
Here is the detailed article on: How to get started with affiliate marketing?
2. Buy a blog that is already making money
If you prefer to skip the launch phase, you can buy an already created blog and generate income. It's actually quite simple because a lot of people start blogging and then they get bored. Blogging is a time-consuming process and people often give up before reaching their full potential.
One of my favorite markets for viewing blogs available for sale is Flippa.
3. Start YouTube channel
Making money on YouTube is very easy but it takes your efforts and time. YouTube is the world’s largest video streaming website. People create videos and upload them on YouTube. You can make videos either with your smartphone or the camera if you wish to.
In past, it was a bit easier to monetize YouTube channels. This means that you allow advertisers to place videos (i.e. ads) at the beginning of their content. If you get a certain number of points of view, you will make money.
There are lots of people who create videos and make money. People are filming makeup tutorials, travel guides, unboxing videos - whatever you can think of. Since YouTube is a very popular platform, there is ample space to draw audiences into the darkest niche.
However, starting the YouTube channel in January, you must have at least 1,000 subscribers or 4,000 hours of reputable content within a year to qualify for this monetization program.
YouTube creators were unhappy with the changes to YouTube's monetization platform.
It is constantly changing and evolving, so you have to be ready to adapt. It's also helpful to blog so you don't rely on one platform or your income.
I recommend using the aforementioned partnership strategy. It works the same way as affiliate links on your blog. You just add them to your YouTube videos.
Here is the detailed article on How to make money on YouTube?
4. Create and Sell an Online Course
Have you any skills that you could teach others and make money? If so, why not create a course and sell it online to not hundreds but thousands of students online.
There are tons of skills that you can teach others. Skills like web development, playing guitar, video editing, app development, languages, grammar, math, games development, Photoshop, Illustrator, etc. The beauty of this passive income stream is you keep getting paid once you created your first course.
Which platform should you choose?
You can find plenty of online platforms that allow you to sell out your courses and make money. Although they all charge the commission from the course you sold out. Here is the list of few most popular websites:
Creating courses is not just enough. To get them sold out on the market, you need to promote them using your social media platforms, asking your friends for the course, and also you can promote them using social media marketing.
5. Create an e-commerce website
In addition to my income potential, one of my favorite passive income ideas is to have an eCommerce site that offers wholesale prices for everything.
Most eCommerce sites require a lot of work and I have developed several models. Therefore, I share with you the pros and cons of each e-commerce site.
Sell your own product: you make or supply your own products
- Benefits: You have complete control and the highest profits.
- Disadvantages: This require huge hard-work and also big capital.
Sell other people's goods: buy goods from one or more companies
- Benefits: You get a variety of products at wholesale prices.
- Disadvantages: A lot of work and price competition.
Dropship: If a customer orders from you, the manufacturer will ship the order.
- Pros: You don't need to worry about inventory and the workload is lower than the models described above
- Disadvantages: Margins are not that good, you have no control over quality, achievement, and path to purchase.
Place of work: A bit like a blog, but looks like an ecommerce store.
- Advantages: the least amount of work; You don't need to place orders
- Disadvantages: I think this is a little risky because people “buy” from your site but then move them elsewhere to complete the purchase.
6. Sell stock photos
Ever wondered how to get paid for your photography? It's actually pretty simple.
Shutterstock is one of the best websites to make money from your photos. Since it's founded in 2003, Shutterstock has donated over $ 500 million to its sponsors.
Because of its prevalence and low obstructions to entry, this site can be a passive source of revenue, regardless of your experience level.
First you need to create an account on Shutterstock, upload your photos, and earn money every time a customer buys your photos. The amount you earn per photo depends on the type of customer who bought the image. When a monthly shopper uploads your image, you get less than one paying customer specifically for your photo.
7. Publish your e-Book
Writing and publishing e-Books is another way of generating passive income while you sleep. You need to write the e-Book on any niche, you think you’re interested in. Writing e-Books is not as easier as you may think, you need creative writing skills so that you will be able to write effectively.
There are several topics you can write an e-Book on; such as health, technology, the internet, social media, digital marketing, SEO, or whatever you think of.
After writing and designing your e-Book, you publish it on the platforms like Amazon Kindle and you will earn if someone buys it. You wrote your book once, now this is your passive income stream; people keep buying and you keep earning.
Here is the detailed article on How to Write an e-Book and Make Money?
8. Start drop-shipping
Dropshipping is a stock-free e-Commerce model. You sell out things but you don’t have any inventory/warehouses, etc. There are three parties in the model. 1. Customer who places an order on your site. 2. Drop-shipper (you) who transfer the order to the supplier. 3. Supplier who keeps the inventory in a warehouse and supplies the product directly to the customer that placed an order at your site.
Now how do you make money out of it?
Customers make purchases say for $80, and you (drop-shipper) transfer the order to the supplier and pay $50 to the supplier, and the supplier ships the product to the client. Thus you generate a profit of $30.
That is the high-level overview of the drop-shipping business model. If you want to deep dive into what dropshipping is; here is our detailed article on the dropshipping business model.
Here is the detailed article on A Complete Guide to Dropshipping (stock-free e-commerce) in 2022.
9. Design t-shirts
Are your graphic designer and able to design a beautiful, eye-catchy t-shirt? If so, there are plenty of online platforms that allow you to upload your t-shirt designs and once the customer buys it, you will be paid.
One interesting thing! You can upload the same t-shirt design in many of the e-Commerce platforms, I mentioned below.
Here is the list of websites for you to make money by selling your t-shirt designs.
- Merch by Amazon
- Printful
- Tee Spring
- Red Bubble
- Threadless
- Zazzle
- Society
10. Domain flipping
Domain flipping is another passive income stream, you can generate income from. You actually buy the domain names as cheapest as possible and sell them out at your own price. It is very simple. You need to search for the best domain names on the sites like GoDaddy or Hostinger.
People have made thousands of dollars with domain flopping and you can do that in 2022 as well. Follow the steps and start making money.
1. Buy the available domain names.
2. List them for sale at your own price.
How to buy domain names?
Here is the list of the sites where you can create your account and buy domain names.
- Godady
- Hostinger
- BlueHost
- NameCheap
- Hover
- NameSilo
- Network Solutions
- Domain.com
How to sell domain names?
Here is the list of the websites where you can sell out your domain names.
- Sedo
- Afternic
- BrandBucket
- Flippa
Conclusion
Finally, you can choose a combination or try them all.
The right path depends on your short- and long-term goals, the time you have, the amount of money you want to make, and the number of hours you are willing to work.
The methods I discussed are based on the internet. Most of my tips are regarding online money making. These are the best passive income ideas you can explore and start generating revenue.