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We all want to have a passive source of income, don’t we? However, a majority of people feel that generating a passive source of income is a painstaking process.
On the contrary, setting up a business that generates passive income is easy, thanks to the internet. Although you will still have to put in a lot of work at the beginning, your efforts will pay off in the long run.
This article will shed light on how the internet has changed how people earn free money or passive income in the 21st century.
Passive Income Apps
There are numerous mobile apps that can help you make extra money online. Take Honeygain as an example. This app lets you earn free money by sharing your extra Internet bandwidth with other online businesses.
All you have to do is to download the app, install it, and keep your devices connected online. Honeygain works on all major platforms like Android, Windows, iOS, macOS, etc.
It pays out money in credits you can later redeem as cash. You need a minimum of $20 to request a withdrawal. Honeygain app aside, other apps you can use to earn passive income online include Survey Junkie, Swagbucks, and Savvy Connect.
Developing Monetizing Websites
Developing and operating a website can be a great way to generate passive income every month. Once your site is live and has consistent traffic, you can set up an AdSense account that will generate income from selling ad space.
Pay-per-click ads are the common way to go about this. You will get paid every time a visitor clicks on any of the ads displayed on your website. With huge traffic and many clicks, you will soon be making a handsome income.
There are many strategies that you can use to drive traffic to your site. One of the most effective techniques in by creating useful content around specific search keywords. This strategy helps drive organic traffic to your site, and it’s more cost-effective.
Running a YouTube Channel
This is a great idea if you possess unique knowledge, experiences, or interest that other people are interested in. Creating a YouTube channel is free of charge, and you can use the platform to generate passive income through monetization.
The first step is making sure that you are posting useful or entertaining content that will draw significant traffic to your channel. After that, you want to monetize your audience and traffic by selling ad space.
With YouTube, you must have at least 1,000 subscribers and a minimum of 4,000 Watch Time hours generated in the past 12 hours to start earning. You will also have to set up an AdSense account and adhere to YouTube’s guidelines and policies.
Becoming An Affiliate Marketer
Another way to take advantage of the internet and secure a passive source of income is by becoming an affiliate marketer. This business model allows you to partner with different businesses and brands to promote their products and services.
Once you have enrolled with a brand’s affiliate marketing program, it is upon you to come up with the most effective way to drive traffic to your partner’s website. One way could be by including affiliate links in your blog posts.
Every time someone clicks on your affiliate link and proceeds to make a purchase, you will receive a commission. This kind of passive income avenue might take longer to build, but it has the potential to compound in the long haul.
Starting an Online Store
You do not need any technical skills to set up and operate a successful online store. You can literally sell anything online these days, from clothing to artwork, jewelry, and cosmetic products.
If you don’t want to hold any stock or can’t afford to purchase inventory and storage space, you should consider drop-shipping business models. This strategy allows you to sell products from third-party retailers directly from your e-commerce platform.
You get to ship the products directly from the manufacturer or supplier to your customer. Shopify is one of the companies that support drop-shipping businesses.
Own Airbnb Properties
The internet is also revolutionizing the real estate industry. We see a shift from conventional hotel rooms and lounges to Airbnb spaces. Any savvy investor can secure Airbnb properties and rent space via the internet.
Airbnb has a mobile app that allows members to find different spaces in their neighborhoods and rent space. One can also choose to make the bookings directly from the company’s website.
Creating Digital Products
You can also generate passive income by selling digital derivatives of your knowledge and skills. Writing and selling ebooks online is one way to go about it. Alternatively, you can also choose to write blog articles and sell photos.
If you are skilled in graphics design, you can use tools such as Canva to develop creative designs and sell them to interested buyers.
Non-fungible tokens (NFT) are also changing how we hold digital assets. NFTs can be a great way to generate passive income dealing in digital assets and products.
Online Tutoring
Another way to monetize your knowledge and skills is by offering online tutoring classes. Traditionally, tutoring was done in person, but that is rapidly changing as more tutors turn to online tutoring platforms.
The internet has made tutoring easier and more streamlined through the use of video classes. You can simply record your classes and attend to other areas of your life. With pre-recorded classes, you do not have to physically show up in class to earn money. You can earn money as a tutor in your sleep.
It has also made tutoring more affordable because you will not need a physical classroom.
Sharing Music and Art
If you are the creative kind, you can easily make passive income through music and art. There are numerous websites that allow people to upload their creative works and collect payment once the songs have generated enough downloads and plays.
Tidal, Deezer, Spotify, and Apple Music are among the most popular and lucrative music platforms. These platforms will offer you the exposure needed to make your career’s early breakthroughs.
Be sure to check the platform’s policies to find out how much they pay, and the streams needed to earn you money.
Creating Apps
Creating things is one of the best ways to earn passive income. This is particularly true in the mobile software industry. If you are a skilled programmer or developer, you should consider creating mobile applications that can earn you passive income.
There are two ways to monetize an app: charging a fee for individuals who want to use the app or making the app free to use and monetize it with ads.
