Would you like to supplement your active income with passive earnings? If yes, there are amazing ways in which you can do so. Here, we have listed the top 6 ways you can build passive income. And guess what? You don’t need to spend a ton to do any of these things.
Budget friendly side hustles that bring big rewards
- Become an affiliate marketer
An affiliate marketer is a person who is affiliated with a specific brand, to sell their products or services. They’re not like brand ambassadors who advertise the product. Instead, they gently nudge you towards the product by showing you how it works and displaying its benefits. Their content contains links to the brand purchase page. Every time anyone uses this link to purchase the product, a percentage of that purchase goes to the affiliate marketer.
This is a great way to earn passive income. If you already have an audience for your content, you can partner with a brand to provide affiliate marketing services. All you need to do is add a link or two in your content and leave the rest to your site visitors.
- Start a YouTube Channel
A YouTube channel is a great way to make passive income. If your content is interesting, engaging and fun, you’ll soon grow in viewership. Then you’ll be able to partner with brands to either run advertisements on your channel or tie up with them to host product/service trial episodes.
If you use the former strategy, you can earn a lot through advertising revenue. If you use the latter technique, it works similar to affiliate marketing using YouTube.
- Invest in dividend stock
Stocks are a great way to invest your money and earn a passive income. But for stocks to yield results, you’ll need to be smart about your investments.
When it comes to stocks, there are two types you need to be aware of – growth stocks & dividend stocks. Growth stocks are those stocks that have a very high earning potential. But instead of giving out the dividends to the shareholder, these earnings are re-invested back into the company for growth & expansion purposes. Dividend stocks on the other hand, are stocks that pay out a steady stream of dividend to shareholders during each period.
If you’re looking for a steady income on the side, dividend stocks are low risk, high reward avenues.
- Start a membership website/blog
A subscription/membership-based website/blog is an excellent way to make money. Consider platforms like Audible, Netflix, Lynda.com etc. these are membership-based websites.
You’ll need to create fresh content each month and charge your audience a small sun to access this content. You can also charge a premium by allowing them to download your resources onto their computer.
One great advantage of membership-based websites is that once customers find value in your site, they’ll continue to be your patrons for years.
- Self-publish a book
Self-publishing has become extremely popular these days. In fact, many famous authors like Andy Weir of The Martian fame and E.L. James, the mind behind the Fifty Shades Series, were all self-published writers. You can easily work on your own book on the side and publish it online. Many self-publishing platforms are available, such as Amazon KDP, Smashwords, Kobo, iBooks, Partridge, etc., which offer budget-friendly packages that include proofreading, illustrations, cover design, and marketing.
- Create a course and sell it online
Thousands of people chose to upskill themselves during the coronavirus pandemic, by purchasing online courses on sites like Udemy, Coursera, edX and Skill Share. If you’re particularly adept at something, you can create your own video-based course and upload it onto one of these websites. People will have to purchase your course to gain access to the resources.
This is a great way to earn a passive income, especially if you have extensive experience in a particular field. While platforms like Coursera generally deal with technical domains, websites like Udemy host courses across genres, and you can find hundreds of customers from across the world.