For quite a long time, I was under the notion that passive income is something which can be done after you are settled. I mean after you have enough real state that fetches you rent. Well, that was the idea of passive income in past. So you might be wondering, how to make passive income?
After some research, I found that times have changed and you can generate a source of passive income at any point in your life. With the increase in online platforms and digitalization, sources of passive income have increased manifold.
I was doing a job earlier. And thought it was impossible to do something outside my ‘9 to 5’ job. But today, I earn much more than I could ever make through my day job.
If I can do it, then you too can do it for sure. You can start your new year with a new income source from any of the below. So let’s find out some passive income ideas in India:
- Start a blog: Well, this is the most common one. And the most profitable passive income online if you stick around for long enough. Starting a blog might seem a bit overwhelming at first. Because it’s like raising a baby. You need to be regular with your blogs. And once you have enough popularity with your audience, you can start making money out of it.
- Affiliate marketing: This is connected to blogging in a way. Once you start blogging in a particular niche, you can use your blog as an advertising platform for products and services of that niche. You can market the products and services and will earn commission on any sales that occur through your blog.
- Become a freelancer: Becoming a freelancer will be the best use of your skills and knowledge. It is one of the fastest growing sources of income today. Their countless things you can do as a freelancer. The most common is freelance writing, translating services, graphic designing, and software development.
- YouTube: Another popular mode of generating side income is starting your own channel on YouTube. Here you will need to make videos on your niche topics and upload on YouTube. You can earn through affiliate advertisements and ads that you run on your YouTube channel. Shooting, editing, and uploading videos can be time-consuming. However, if this is something you enjoy and love doing, there is nothing like it. In fact, if you stick for some years, chances are that you might become a sort of a mini-celebrity. Now that is something!
- Publishing on Amazon or other platforms: Writing and publishing eBooks is the huge trend these days. And Amazon is a great platform for eBook writers. Not only Amazon, but you can also sell your eBook on other platforms as well.
- Investing in bonds and stocks: No, you don’t need to be finance savvy here. Just Google the best-performing stocks or bonds or whatever financial instruments you want to invest in. Capital gains from stock markets give returns in long term. So you need to be patient for this one. If you are holding any stock, you will receive a small amount as dividend.
- Photography: If photography is your area of interest, then is an amazing way to earn an extra income. You can click professional pictures and put them up for sale online or you can work as a freelance photographer in your free time. Just figure out how it works for you and you’re good to go. I have also seen some people who developed their photography skills to become experts and left their regular jobs to become full-time photographers.
- Create an app: Don’t worry! You don’t have to create an app yourself. You can outsource the technical part. If you have a concept and want to develop it as an app, there is huge potential. You can always hire an app developer to work on the technicalities. You will get paid for your concept and idea.
- Rent out: One of the most favorites and trusted passive income sources of all times. Whether it is your real estate property, a room in your house or your vehicle, income from rent seems much more promising and lucrative. After all, you do not have to spend any time or energy on that.
- Try out new apps, refer a friend: Now this is something we all already do. New businesses always give discounts or cash backs when we refer the same to another user. This is a trend today followed by any new business that operates online or through mobile applications.
- Network marketing: Also known as channel marketing, the business model of network marketing is very rewarding and profitable. Some of the successful businesses that operate through network marketing are Amway, Oriflame, Avon and many others.
- Lending: This one sounds like common sense. But wait. Lend money to whom? You can lend money to your peers who are in need are unable to obtain the loan through banks or a formal channel. The interest will be your passive income here. This source of income is a bit risky.
- Reviewing products or websites: You might be surprised to know that there are people who are paid to use and test websites. Doesn’t this sound amazing? There are businesses which require review for their products or services. There are developers who want to there software to be tested, their websites to be reviewed. You can do any of these and get a handsome amount paid based on your expertise.
- Publishing ads on your social media accounts: If you are a social media junkie and have a huge number of followers, you are sorted for your passive income source. You can use your social media account for advertising and get paid for it.
- Royalty: For this, you need to have a patent or copyright. If you have composed some music or written a book or invented something new, you can have a copyright or patent on it and every time someone buys it, you will receive an amount as royalty. Artist and creative people generally have royalty as their income.
- Take online surveys: Data analytics is taking giant growth steps today. Every business wants to know every possible thing about its customer. So that they can serve them better. There are many websites which pay you to take a survey or offer the discount if you take the survey. This might be a negligible amount.
- Babysitting or caretaker: Can you get any more passive than this? I mean all you have to do is be with somebody. Either a kid or someone too old to be left alone in the family. Babysitting too is a lucrative side income. But in western countries. In India, it is not yet fully developed as a passive income source.
- Create an online course of your expertise: If you are a working professional, you are probably an expert in your field by now. If this is the case, you can design your own course on the subject of your expertise and sell it online. There are numerous platforms online which offer such courses to the mass.
- Tutoring part-time: This one is more like a side hustle. It will consume your time but if this is your area of interest, it can be like being paid for a leisure activity of your choice.
- Invest in an already profitable business: You can invest in a business which is already very profitable. If you have earned that extra income and want to keep growing it, investing it in a profit generating business is a great idea. This is actually a source of passive income investment.
Hope this article answered your questions regarding passive income opportunities and taught you the different ways on how to make passive income online. In case you’ want to know more about any of these skills then please comment below, I’d love to hear your comment.