Passive income is an income stream that is often misunderstood. While they do require quite a bit of work and nurturing in the beginning (in some cases, it can take months or years to see any return), they can grow into an income stream that maintains themselves. Consistent revenue with minimum effort.
Entrepreneur Magazine describes it as: “Passive income has long been the holy grail for entrepreneurs looking to free up their time, untethering the cord of daily duties and responsibilities from the potential to generate healthy monthly revenues.”
- Start a Blog
A well-designed blog with great (consistent) content can generate passive income. Keep in mind that, while it can generate a tremendous amount of income, it will demand a lot of time and work to make it a success. The key is to identify your niche, and then develop an understanding of search engine optimization, social media marketing and the skills to write quality content.
- Publish an eBook
Do you have something you have spent years doing or studying? Something you feel you know more about than the average person? You should consider writing and publishing an ebook. Ebooks that are intended to educate audiences can generate a respectable amount of income and typically sell better than fiction books.
- Create an Online Course
Similar to writing an ebook, if you have certain technical skills, you can generate passive income by creating an online course. The options really are endless: becoming a photographer, learning a new language, developing mental toughness, playing an instrument, become a web developer, etc.
- Make YouTube Video Tutorials
YouTube offers a very cost-effective avenue for generating passive income. There are many incredibly successful people that have used YouTube to do so. The key is to research what the most popular YouTubers are doing, and offer good, consistent content on the subject you have chosen to share with viewers. Keep in mind, it will take many views (millions) to begin generating some income.
- Invest through peer-to-peer lending platforms
Another option is to use peer-to-peer lending platforms like Funding Circle and Lending Club. These platforms make it simple and straightforward to invest in people and businesses; thus, generating passive income from interest payments. Obviously, this option will involve some upfront capital and a lot of research to choose the right investment.
As they say, it takes money to make money. If you need a little extra cash to make your idea for generating passive income a reality, you can get a business cash advance. The application process for a cash advance is known for being fast and hassle-free. You can receive funds in as little as 24 hours to invest into your passive income venture.
Author Bio: Get a merchant cash advance with Business Funding expert, Nathan Hale, who founded First American Merchant with his eyes set on helping small business owners. His passions include writing/producing music, and travel. First American Merchant is America’s Best business cash advance company, serving both traditional and high-risk Businesses.
