Do you want to break out of your tedious “9 to 5” work routine? Are you interested in being able to make money right from home, even while you’re asleep? Do you believe that these things are even possible to do, and want to know more?
If you answered yes to any of those questions, then please join me. I can give you some great insights on how to make a living with a passive income.
But, before getting to the ideas and strategies I have to share, you should understand that misconceptions are going around about the topic of working from home and making a passive income, which I intend to clear up.
What is passive income?
Passive income refers to the earnings you attain that do not require a constant effort on your part as you generate money. In essence, you would put all of your work upfronts, then be able to sit back and watch your profits rise without needing to do much else, if anything at all.
A passive income is different from an active income, which requires you to work “on the clock” to be paid. Passive income does not provide hourly wages or salaries in exchange for the work you’re doing as an active income would. It can collect returns for you even when you’re not actively working.
If you act wisely, you can even use your active income to generate a passive income, giving you more freedom and economic stability to do the things you really want to. It’s the best advice that many financial advisors suggest to us.
It’s also important to remember that passive income is also tax payable, just as with an active income.
How can you make a passive income every month?
The word “passive” might make it sound like you can collect money without doing anything at all, but this is just not a true statement. All streams of passive income require you to at least give either:
- An upfront monetary investment
- An upfront investment of your time
With a willingness to spend a fraction of your resources, you can start making extra money on passive income.
Why is passive income a thing?
There is good money to be made with a passive income, but it’s far from the only reason for going into a passive business.
Most importantly, passive incomes help people reach their financial goals without missing out on life outside of work. There are only 24 hours each day, and we can never get back the time that passes. Enjoying a passive income will make sure that you lead a more fulfilling life by getting to spend your time the way you want and still afford daily comforts.
Many people are satisfied with their careers and long hours, but someone like me, working 12-hour days and nights as a software engineer, may not wind up as happy. I worked on a very hectic schedule and hated my job because I couldn’t spend time on the other things in my life. That’s when I started looking for ways to earn a passive income.
Getting right down to it, we shouldn’t live in lives where most of our time goes towards earning a living or a future. We should all be able to spend our days (and not just weekends) on other quality activities, such as exercising, spending time with family or friends, and traveling to gain worldly experience. All things that we need personally to help us maintain good mental and physical health.
Need more inspiration for making a passive income?
Take a look at real-life examples of people and celebrities who make a passive income to improve their wealth. Learning from their methods and following the same patterns simplifies our job and puts us on a path toward success.
One great example is Warren Buffett, who famously earns most of his money through passive income and is considered one of the most successful investors globally with a net worth of $78.9 billion.
“If you don’t find a way to make money while you sleep, you will work until you die.” – Warren Buffett.
Having seen an in-depth overview of passive income, let’s dive into the passive income ideas to make income on the ground. You can also call these the behaviors of successful people.
21 IDEAS FOR MAKING A PASSIVE INCOME
When it comes to passive income ideas, there are four different categories to get involved in:
- Investment
- Renting
- Accessible (Easy)
- Business
PASSIVE INCOME IDEAS: INVESTMENT
An investment is an allocation of funds with the expectation that spending will benefit you in the future. Well-placed investments can get you HUGE amounts of money passively if you’re willing to put in the time and potentially wait years for the returns to add up.
1. Dividend-paying stocks
Investing in stocks that pay out dividends is an easy and essential way to make your money back and gain exponential growth over your time spent waiting, making it one of the best ways to make passive income.
What are dividends? Dividends are the earnings that a company regularly distributes to its shareholders, depending on that company’s quarterly or annual profits. These payments are rewards to investors for essentially bankrolling the venture.
Dividends are decided by the company’s board of directors, though shareholders must approve the amount. The dividend yield is the ratio of how much a company pays in dividends relative to its current market price.
The general rule for buying dividend-paying stock is that the ones with a low dividend yield can accumulate a much higher value for you over time.
Tips: You can trust a company that provides regular dividends, but you must know the terms of the agreement, i.e., the dividend payout ratio, which is the percentage of net income distributed as dividends to shareholders.
It is not wise to invest in a company whose dividend payout ratio is more than 100%, as the business is likely to become unsustainable in the long run.
Before investing to gain money passively, you need to research and study the market to understand it better and make the most informed choices possible. If you want to get someone to advise you in investing the money, your best option is to turn to M1 Finance.
M1 Finance is a free investment management platform that helps you to build an investment portfolio and invest in dividend-paying stocks for free. Once you join M1 Finance, it automatically allocates your funds to the best investment options available to you and allows you to have complete control over your investment(s). Even an auto-rebalance option exists to reinvest the dividends you make in order to generate even more.
Start your investment with M1 Finance for free.
As a note of advice, please consider all the dos and don’ts, as well as the pros and cons, before choosing to diversify your portfolio. Also, following profitable strategies to invest in the companies will definitely pay very well for a longer time; creating a stable passive income and reinvesting the earned dividends can further increase the yield.
Useful Books:
- Dividend Growth Machine: How to Supercharge Your Investment Returns With Dividend Stocks
- Dividend Investing #2020: The $10,000/month ultimate guide
- Dividend stocks for dummies
Useful Blogs:
- Modest Money
- Millionairemob
2. High-yield savings accounts
If you’re not interested in stocks or lack of time to do things like study stock markets and commit to a ton of follow-up, then opening a high-yield savings account might be a better option for you.
By owning a bank account with a high-interest rate, you can actually spawn this passive income without doing anything at all. Except for the initial signing up and needing to maintain a minimum deposit, there’s no work at all that needs to be done here.
The only disadvantage of this income stream is that you can’t exactly turn the earnings you would make into a fast or wealthy lifestyle. But, you can still make a decent amount of money after some time. Just putting your money in your bank account with a high-interest rate can provide you its own benefits when you need money in a pinch.
With the high savings account rates, you allow the money sitting in your bank account to multiply aggressively and form a nest egg of reserves that will help in your future monetary commitments.
While many national banks average about 0.10% interest rate, CIT Bank provides you the opportunity to open an account at a 0.5% interest rate, with just a $100 minimum balance. You may not see a big difference at first, but when you sum up the amount potentially saved after five years, it can add up and stand out as one of your better investments.
So, what’re you waiting for to get a high-interest savings account?
3. Certificates of deposit (CDs)
Like a savings account, CDs can boost the passive income you earn through investing what you already have. CDs are considered to be low-risk investments because they’re insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000.
When you open a CD account, you can decide how much to invest and how long you want to invest it. This method gives overall predictably high returns, so you never need to worry about your investment.
If you want to open a CD account, CIT Bank provides an 11-month, no-penalty certificate of deposit, which means that you can withdraw your funds before maturity, with a 0.30% annual percentage yield (APY). It’s one of the best offers out there, giving you daily compounding interest to maximize your earning potential. CIT Bank is, of course, FDIC insured.
A high-interest CD can definitely help you greatly improve your passive income, especially if you’re patient enough to put in years of letting the deposit grow.
So, open your CD account in CIT Bank.
4. Bonds
When companies, or other entities, need to raise money to finance new projects, maintain ongoing operations, or refinance existing debts, they may issue bonds directly to investors.
As a bondholder, you can earn interest payments until the time your loaned funds are paid back. This interest rate is called the coupon rate, which determines the amount to be paid to you.
Some major bond types:
- Government bond – Risk: 1/10, Gain: 4/10, Interest: 1/10
- Municipal bond – Risk: 1/10, Gain: 6/10, Interest: 4/10
- Investment-grade corporate bond – Risk: 3/10, Gain: 7/10, Interest: 6/10
- High-yield bond – Risk: 8/10, Gain: 9/10, Interest: 9/10
Except for options under high-yield bonds, you should consider all bond financing to be a safe arrangement.
Stash is a U.S.-based platform that not only allows you to buy and sell bonds but shares and funds, too. With just a $5 investment, you can start using Stash and earn yourself a passive income. As a complete beginner to bonds, the best thing you could do to start would be to invest in an investment with Stash.
Useful Blogs:
- A Wealth of Common Sense
- Financial Samurai
Useful Books:
- Step by Step Bond Investing: A Beginner's Guide to the Best Investments and Safety in the Bond Market
- The Bond Book
5. Investment funds
A mutual investment fund is a professionally-managed way of pooling multiple investors’ money to produce more benefits, such as providing a significantly reduced risk to everyone involved. There are a couple of mutual funds that can make a passive income for you: index funds and exchange-traded funds (ETFs).
An index fund holding will keep track of a particular financial market; for example, S&P’s 500 Index Fund includes its purview of the current 500 best companies worldwide. With them, your portfolio is diversified among 500 companies, making it incredibly easy to earn stable returns if you have this on your list of passive income ideas.
Index funds are less volatile and have consistent profit rates that don’t go higher or lower with the market average.
An ETF is an investment fund that operates on the stock exchange. It would be almost identical to index funds if not because ETFs can be bought and sold during the day, just like common stocks.
The main difference separating ETFs and common stocks is the lists of companies that you would be investing in. ETFs can track indexes, stocks, commodities, bonds, or baskets of securities, whereas a common stock only tracks a particular company.
Most importantly, both index funds and ETFs come with the added perks of low costs, tax-efficiency, and features similar to trading stock.
If you’re not an active player or don’t have any experience in the stock market, you can start on the right foot by investing in the best index funds and ETFs available in the market today. Get the returns you want without any risk.
Useful books:
- The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns
- The Simple Path to Wealth: Your road map to financial independence and a rich, free life
- The Ultimate Guide to Trading ETFs: How To Profit from the Hottest Sectors in the Hottest Markets All the Time
Useful Blogs:
- Nerdwallet
- GoodFinancialcents
6. Robo Advisors
Robo Advisors are a class of financial advisors that provide financial advice online with moderate to minimal human intervention based on rules and algorithms.
Robo Advisors has recently surged in popularity because it provides people with low-cost and automated investment opportunities. You can get your customized and diverse portfolio from Robo Advisors within a few minutes.
Depending on your age, retirement goals, and financial situation, the Robo Advisor will provide you with personalized offers and services, letting you enjoy the following benefits:
- Low initial investment
- Low maintenance fee
- Greater variety of investment options
- Tax-loss harvesting
- Comprehensive portfolio management
Compared to the more outdated institutes of financial advisors, Robo Advisors can provide you with more money at the end and better security overall.
Betterment, known as the best old Robo Advisor, has many of the most beneficial and easy-to-use features you can find in the advising market. There is no minimum balance to open a new account, and the annual fees range from 0.25% to 0.40%, with one year of free management. It also provides you a mix of low-fee stocks and bond index funds, which are bonds that are based on the performance of specific indexes.
Based on the risk assessment, you will be given a diverse portfolio made custom to you. No need to worry about your vacation or debt management plan anymore! Betterment is the best fit for making investments and earning passive income for complete novices.
Start your investment in Betterment
Another one to not miss out on is Bloom, one of the best platforms for managing your retirement plans and pensions, like 401(k)s, 403(b)s, 457 plans, and individual retirement accounts (IRAs). If you want to take the easy street in your retirement life and earn passive income when you’re getting up in age, then try to diversify your retirement portfolio using Bloom. It will help you reduce hidden costs in investment and invest your designated funds into various stocks and bonds.
Bloom also offers a free analysis of your current employer’s retirement plan and can suggest potentially better options for you.
So, get your free analysis from Bloom today.
7. Peer-to-peer lending
Peer-to-peer (P2P) lending allows an individual to take loans from others using a company that typically acts as a middle man, to ensure the lending process.
If you have big bucks stashed away, you can give out loans at a reasonable interest rate to anyone as a lender, and using P2P lending will simply collect you extra money on what you already have.
When someone borrows your money, the company you’re working with will take care of the terms, rates, and transactions on your behalf. That way, you can make your investment in Peer-to-Peer Lending sites and not have to worry about doing all the paperwork yourself.
Using an autopilot strategy, you can invest as much or as little as you like to be distributed to vetted borrowers, depending on your financial goals, and you aren’t required to even set your portfolio at all if you don’t want to.
LendingClub is a company that allows all the above benefits and has loaned over $45 billion to date. You can pick an individual plan or go with the autopilot strategy to make your investment with them. You can sign up to LendingClub, lend your money to many borrowers at a time, and start making a passive income fast.
One key to maximizing your earnings is increasing your net annual return. You can do that by investing more money and diversifying it into more than a hundred individual investments so that you might broaden your chances of bigger and bigger returns, as well as be able to see where you can make the most money at all times.
Check how to invest in LendingClub.
Useful Books:
- How to Profit from Peer-to-Peer Lending
- A Beginner's Guide to Lending Club: An Investment Guide to Peer-to-Peer Lending
8. Real estate investment trusts (REITs)
REITs are corporations that manage the construction of multiple real estate projects, such as hotels, offices, and malls. Anyone can buy shares in the publicly-traded REITs, and investors in these companies on the stock exchange are offered the benefits of real estate ownership for their part in the venture.
Instead of investing in a single building, you’re investing in many properties with many people, leaving you with little financial risk.
The company that operates a REIT must distribute its taxable income to its shareholders each year to qualify as a REIT. This is the main difference between them and a Real Estate Fund, which only provides value in the event of appreciation.
REITs produce some of the most lucrative forms of returns, earning investors a great deal of money without any large risks involved.
Vanguard is the largest REIT company and stands out at the top of the list as it provides the best values to real estate investors around the world. Here, investment is more profitable and a little riskier than with the average company.
But, whether deciding to take bigger risks or not, everyone should look at investing in REITs as one of their passive income options because of its high return value.
Useful Books:
9. Real estate crowdfunding
Crowdfunding real estate is an old concept with a new face, where you can see many people enlisting together to provide the capital for a real estate project.
Through this investment, you can acquire a wide variety of properties without any intervention from mortgage brokers and real estate agents. Crowdfunding allows you to invest in the individual shares of a property and make money after a certain period. By using this method of investment, you will most likely experience the following notable benefits:
- You can save time and money.
- Able to choose from a wider variety of real estate projects
- No property management hassles
- Low minimum investments
Mostly, only accredited investors who have a net worth of more than $1 million (either as an individual or jointly with a spouse) are even eligible for some of the best crowdfunding platforms.
That being said, non-accredited investors can also find excellent crowdfunding investment opportunities with Fundrise, an older and more established crowdfunding platform than most others.
You can create an account with Fundrise for as little as $500 and invest in their e-REIT business model that isn’t traded, publicly or otherwise, on the stock exchanges.
Useful Books:
PASSIVE INCOME IDEAS: RENTING OUT
Although you can’t earn an outstanding amount of passive income by renting out what you have, you can still make some extra money without putting forth any real effort.
10. Rent out your space
If you have an extra room in your house and feel comfortable making a passive income out of it, you can rent out your room to people who need it. When you rent out your space, you earn cash just by letting travelers or tenants into your space for a specified amount of time, at a predetermined rate.
Airbnb is the company that provides the most valuable experience to hosts and guests alike. As a host, you can set your price, conditions, offer extra amenities, and Airbnb will take care of the rest. They will handle all the payments and transactions so that you can get paid without any hassle.
You will also receive a $1 million host guarantee and insurance programs for both home and liability. Moreover, they maintain the profile and reviews of each host and traveler, making it as easy as possible to host any guests of your choosing. Airbnb provides 24/7 support, so you can make use of it whenever you may need any help.
When going this route, it’s a good idea to take beautiful pictures of your living area or available room(s) and post them on your Airbnb profile so that visitors will be enticed to come to stay with you as guests.
11. Rent your car to others
Renting your car on platforms like Turo can be a great way to earn money as part of your passive income explorations.
Turo, specifically, will set your car’s price based on certain factors such as time, location, market value, etc. And you will get paid for your trouble via direct deposit within five days.
You can easily list your vehicles on Turo, and they will be covered for up to $1 million in liability insurance, theft, and physical damage. Apart from this, you can control your cars’ minimum daily price for trips and set mileage limits at your discretion.
12. Rent out your clothes
Think of any situation where you need to go out for a special occasion or vacation, and you know you would want to buy new clothes for the event. But, if you’re a frugal person and want to save money, you can actually pay a small fee to borrow the clothes from someone instead.
There is a sizeable market for people willing to rent clothes, and you can be of assistance by lending your clothes out to those in need of a great outfit. You don’t need to be a fashionista to rent your clothes to others either. If you have a good collection of clothes in your wardrobe, you’re ready.
With features similar to Airbnb, two of the best online rental platforms to help you rent out your clothes are Rent My Wardrobe, a mobile app of Rent The Runway, and Style Lend.
If you want to earn some extra cash in the form of passive income, this is the ultimate go-to since there is always a demand in the market for the best clothes for any reason.
13. Rent out your pool
If you have a pool on your property, you can use it to earn passive income by simply renting it out. If there are people in your area in need of a spot to enjoy their sunny weekends in the water, then rent your pool out to give others a chance to experience the luxury as much as they can.
It’s the easiest passive income you could ever make with a utility like your swimming pool. Living in a metropolitan city, you might be surprised to learn just how much you can make being able to rent out this way.
Swimply is the best destination for people who want to rent their pools in the U.S., Canada, and Australia. If you live in any one of these countries, you can simply take a photo of your pool, upload it to their app, and wait for offers to come in. It’s that easy.
You can earn from $15 to $300 per hour renting out your swimming pool, and you can increase your earnings by providing additional amenities for the people interested.
Swimply also provides a $5 bonus for signing up only through this link.
PASSIVE INCOME IDEAS: EASY JOBS
An “easy job” isn’t going to make you rich by any means. Still, it can make your common or even daily activities more valuable to you by providing you with a monetary incentive for doing them.
14. Shopping
Getting paid for shopping sounds crazy, right? Of course, there are actually online platforms out there that can get you to cashback for the items you purchase through them.
You certainly won’t become a millionaire from cashback offerings, though it is one of the easiest methods to add to your passive income ideas.
Rakuten gives you cash back for every product you buy online or in-store. It doesn’t charge you anything for receiving the cashback, and there are no hidden fees. It is a simple-to-use app, making it a cinch to create an account and shop through Rakuten with ease.
Rakuten also partners with a myriad of popular retail stores, so you’ll still be able to buy the brands you prefer, and it isn’t any different except for the cashback you miss out on when you buy without it. The app also gives a $10 bonus for signing up.
Swagbucks is another one of the best cashback platforms that pay you for shopping online through its site. You can find online stores in Swagbucks such as Amazon, Macy’s, Best Buy, Target, Starbucks, and much, much more. You can also earn gift cards instead of cash from Amazon, Visa, Walmart, etc. By signing up with Swagbucks, you can earn a $10 bonus.
Ibotta, on the other hand, pays you for scanning the receipt of your grocery bill every time. It gives you a cashback rate of $0.25 to a few dollars per receipt. Whenever you buy groceries, don’t forget to ask for your receipt and scan it so you don’t miss out on any of the cashback offered by Ibotta. Not only does it give cash back for shopping, but it also gifts you with a free $10 bonus just for signing up.
15. Credit card rewards
You can get fantastic rewards or cashback whenever you use a credit card in any retail store for any of your purchases. The cashback is typical $1 back for every $100 you spend or $50 for every $5,000 spent. These same rewards can’t be availed by debit card or when you pay cash directly. And since you’re going to buy things anyway, why not make a little back for it?
Many credit cards offer 1% cashback, while some may provide you with up to 5% cashback. It will depend on the categories you choose when applying for your credit card and the limits you are given.
Always do your own thorough research of a company before choosing to use any credit card, and please consider the following factors as rules to live by concerning credit management:
- Ensure that you can handle the responsibilities of owning a credit card, especially if you’re already in debt. Ensure you can resist the temptation to make minimum payments, allowing increases in the total balance that needs repaying.
- Select the appropriate categories for using a credit card. If you want to save more money on dining, choose the card meant to save at restaurants. Or, if you’re more interested in saving for a vacation, then choose travel-reward cards.
- The interest rate should not be higher than any other credit card, especially if you’re the kind of person who forgets to pay the monthly bills.
Also, be sure to keep notes of your credit score before using a credit card and after. You should make certain that you’re using a credit card to improve your credit score and not hurt it.
PASSIVE INCOME IDEAS: BUSINESS
This avenue for passive income, without a doubt, demands the most work out of the four categories, at least initially. Going into business can require some decent steps to be accomplished first before you can sit back and watch the money roll in, but its payout for your efforts can be the most rewarding and also some of the quickest you’ll receive in the league.
16. Blogging
If you want to make a passive income from anywhere globally, blogging can help you attain that financial goal, no problem. Blogging has changed my life personally, and I can earn money online in a passive way, making a working-class guy like me feel productive.
Starting a blog is fairly a simple process, but making money from it needs a strategic mind. Many bloggers take their time to understand the blogging world and earn millions of dollars through careful research and applied strategies. In contrast, some bloggers can rather quickly start making money within a few weeks or months because of their abilities, audiences, or previous work experience.
If you don’t have any marketing experience in your job, we have ways to help you understand how to make money from blogging before starting one.
You can start your blog for less than $50 a year with Bluehost, the ultimate destination for newbie bloggers. You don’t need to worry about anything with Bluehost, as they provide you with a free domain name, one-click WordPress installation, 24/7 live support, free SSL (communications security), and much more. Bluehost is a smart website host, better than most other providers plagued with technical glitches and customer support issues.
17. Affiliate marketing
Affiliate marketing lets you make millions of dollars easily and without doing much work besides marketing the given products over the internet. Though it’s generally a middle-man act of selling products for the companies themselves, it is a legitimate and necessary process in our new-age markets. It is not multi-level marketing.
If you have a blog or thousands of followers on any social media network, it is easy to sell affiliate products online. To promote any affiliate products, you just need to apply to the many affiliate programs or networks available and start selling for them.
You should advertise products you’re interested in, and depending on your niche; you could earn a lot of bank in passive income. Affiliate companies are paying anywhere from $0.10 to $30,000 per sale.
Beware of the spammy affiliate networks and programs out there, but they’re easy to spot if you know what you’re looking for, so stay fresh on the material to remain prosperous in the long run.
Successful affiliate marketing comes with these steps:
- Create an audience
- Test and review the product
- Teach your audience
If you want to know more about the art of affiliate marketing, enroll in the free blogging course below and get a free ebook: Affiliate Marketing – A Complete Guide.
18. Selling via Amazon
With Fulfillment by Amazon (FBA), you can make a passive income by selling physical products online through Amazon, the world’s largest online shopping marketplace and one of the most expansive and advanced networks in existence. You can sell almost anything you want through them.
Before listing your item(s) on Amazon, you have to buy the products in bulk and sell them individually to customers online at a slight gain. It’s a stable business, and you can earn 30% to 50% net profit selling the right products.
If you put in $4,000, you can earn back up to $8,000, all depending on the capital you start with, due to recent guidelines and competition within the FBA business.
Jessica Larrew from ‘The Selling Family’ shares her tips and strategies on her courses. You can absolutely learn everything you need to know about the realm of FBA from her. She makes from $5,000 to $8,000 per month net profit from her FBA business, and if you want to get up-to-date information in the changing market, you will do well to make use of her information.
Starting an online store on Amazon nowadays is not an easy task. It would be best if you had a hand to support you before beginning one.
19. Writing an eBook or eCourse
This idea can yield more passive income than others within the list of business-oriented passive income ideas. If your eBook or eCourse happens to be a hit, you can get away with rarely ever updating your content, depending on what topic you’re teaching about.
Creating a proper eBook or eCourse will definitely take some time, as you need to document all of your expertise on a particular topic. Still, many people find that they can quickly sell their materials over the internet and start earning $100,000+ per month.
For example, course creators at Create and Go regularly make that much every month. They started with their blog, Avocadu, and then shared their strategies in a course with Create and Go, called Six-figure blogger, turning them into a blazing success.
They share all their winning strategies in the course, and it will be beneficial to implement the same path to get the right kind of attention to your eBook or eCourse business. Through their teachings, you will learn all about how to create a digital product, how to market it, how to sell it, and how to manage your sales for a lifetime.
You will definitely thank me one day for recommending this course.
Enroll in the Six-figure blogger course to maximize your passive income.
20. Dropshipping
Dropshipping helps you to passively make huge loads of money every month, without any limitation on earnings.
You can make as much passive income as you can with the dropshipping business model because you don’t have to hold any of the products yourself to turn a profit. You also don’t need to hold any technical skills in order to start an online store on your own.
Dropshipping is different from Amazon’s FBA in the way you sell the products. Here, you buy the product for a lower cost and sell it for a higher price. This way, you have full control over your net profit.
To be successful in dropshipping:
- You have to understand the current market and find the best product that can be sold many times over in your store.
- Start with a laser-focused niche or subtopic to profit in today’s world.
- Do constant research, more and more, as the industry changes and develops, if you want to attain your million dollar dream business.
You can start your dropshipping store with Shopify, as it provides a one-stop-shop solution for all your online store needs. It has features such as a free payment gateway, high-quality designs, applications to the add-on, and more.
The Shopify platform is a precious gem for small business owners, and you can start your online store with them for just $29 a month with a basic service package.
You can also get a 14-day free trial in Shopify.
21. Drop Servicing
Drop Servicing works similarly to dropshipping, but you’re actually selling a service instead of physical products to your consumers.
When the customer visits your online store and orders for any service, you can then outsource the service and deliver it to your customer as the store owner. You can find many freelancers in Fiverr and other platforms to outsource your work to.
Like dropshipping, you have complete control over your net profit, and the level of passive income you make entirely depends on the quality of work you can find for your buyers.
Shopify is the best platform for creating your own drop servicing site, too, and it’s easier than ever to sell services there. Not to mention the other places to host your drop servicing business on the web:
If you find high-quality clients online, you can continuously make tons of cash flow by bringing their needs to the right people.
Start your drop servicing business with a 14-day free trial in Shopify.
I hope you enjoyed all the passive income ideas that were listed out. Please leave your comment below if you have anything to tell me.
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