8 Proven Methods to Create Passive Income
Passive income sounds too lucrative to be true for many people. Making money while you sleep, or do what you love to do best isn’t a dream anymore. It’s possible for anyone (including you) to generate an income stream passively with very little to no upkeep at all. Just like the saying goes, no income is passive – you need to initiate something for the stream to start flowing.
With the right approach and determination, you too could be on the way to generating passive income efficiently.
Some of the best and proven passive income generation methods are outlined below:
Create an App
Building an app from scratch and putting it on the app store is one way to generate income passively. Hundreds, thousands, or even millions of users could download the app making this dream a possibility. Other people have done it and are cashing in big money from a single app. Why not start getting creative today.
Start a Dropshipping business
We all can’t fit in the E-commerce business or handle the annoyances of inventory. With many companies and especially manufacturers struggling with customer orders, you can start a dropshipping company to help them out. All you need to do is to build a storefront that creates a link between customers and the manufacturer. The customers will be ordering products/items via the storefront, while the manufacturer ships the items ordered to the customer. Your only job will be to send invoices to the manufacturing company, simple and easy. If interested in the dropshipping business, visit Shopify for a detailed guide how to.
Become a consultant
Although you need to be active as a consultant, you can still make money outside of your regular 9 to 5 job. The best thing about being a consultant is that you only need whatever skill set you have, and be flexible enough to handle customers.
If managed properly, a blog can be a rewarding income stream and an excellent way to create passive income. Starting a blog is relatively way with WordPress. Just install WordPress, add a theme, and start writing and publishing quality content. You can generate income selling affiliate products, advertising, or even selling your own products. You, however, need to know a few things such as creating quality content and publishing un-plagiarized content to make it in this niche.
Sell on eBay and Amazon
While this is not 100% passive, you can still sell items you no longer need and make plenty of money, literally. If you have plenty of old crap you’d want to get rid of, then Amazon and eBay can help you make it happen.
If you are a skilled poker player, you can then make some money out of the game. Although this isn’t exactly passive, you will still have fun winning games and making money. You too can take some poker lessons, and with a little practice, start cashing in some money.
Build a Niche Site
This works in an almost similar way as a blog, only that everything in the site is entirely in-house. You, therefore need to design and create an entire website from scratch or create one with an affiliate. You can use the site to sell your products or use it to promote and sell affiliate products and services. If this sounds like the right idea for you, you can then use Pat Flynn for more info and resources on how to create a great niche site.
Although this continues to get harder by the day, mining bitcoins can be a life changer for you. With one bitcoin equivalent to $800, investing in a bitcoin miner can provide you with an excellent chance to earn passive income. Here’s a guide on how to start mining bitcoins: Bitcoin Miner – Getting Started
There are several ways to create a lucrative or even several streams of passive income online. Test out a few of these top 8 methods of proven success and discover which one you may be passionate about.