Whether you’re tired of the daily grind of the 9-5 job and seeking a better alternative that offers you more freedom – or you’re simply looking to diversify your source of income, finding the right business that lets you earn passive income can make a huge difference in your life.
Your dream of working for less hours, and spending more time with your family while possessing the financial strength to buy your dream car and your long-time fantasized home can be fully realized by working with the right business model. You wake up in the morning realizing that people have paid for your idea, product or service even while you’re sleeping. This is what the right passive income business can do for you.
While all this may sound like some sort of holy grail, it’s indeed a possibility. You too can join the growing tribe of digital entrepreneurs who’re earning passively online and living their dream lives.
In this post, you’ll discover 7 passive income ideas that can tremendously improve your life within the shortest time. I’m also going to show you the most profitable business that’s helped me create my 6-figure online business while earning 4-5 figure income passively every month.
7 Passive Income Ideas to Create Sustainable Wealth in 2020
Before diving right deep into these business ideas, here’s some heads up:
The word, “passive” has created some misconceptions. Many people have come to associate the idea of passive income with doing nothing while receiving an influx of cash flow into their accounts.
But let’s face it, there’s no free lunch, not even in Free Town. All passive income streams require you to make upfront investment, although to varying degrees, either in terms of money, time or both. So, you should be prepared to make some early stage sacrifice before you can begin to earn massively.
The following passive income businesses will help you accelerate your wealth building beyond your wildest imagination:
1. Start Lead Generation Business
- Lead generation is a profitable business idea for anyone looking for an easy and consistent stream of considerable income while working for less hours and spending more quality time with things you cherish most such as family, sports, or video games
- Businesses are always looking to acquire new customers for them to increase their profits and boost their market share in their niche. You can be the link between local businesses, and their potential customers by helping them to generate qualified leads using social media ads such as Facebook ads.
Of all the possible ways of generating leads, Facebook advertising is one of the efficient and cost-effective channels. Facebook allows you to target consumers based on their demographic information, online behavior and provide other useful insights in audience targeting. You can make quality, data-driven decisions that allow you to reach your client’s target audience with ease.
I make 4-5 figure monthly generating quality leads for local businesses via Facebook ads. I’m able to retain most of my clients because I consistently help them to get results. It’s a win-win situation for both of us. I enjoy a steady stream of income without being compelled to obey any stringent official rules. On the other hand, my clients continue to see great improvement in their bottom line, thanks to my service.
However, it’s instructive to note that Facebook advertising isn’t as easy as it’s usually presented. Facebook keeps everyone on their toes with the torrent of updates they roll out from time to time. To successfully run ads that convert, you have to take your time to understand what works on the platform and stay up to date with best practices. One program that helped me scale my lead generation business is the Local Marketing Vault.
With the right training, you can make a decent monthly income with the lead generation business than what most 9-5 jobs would offer you. More important, it helps you advance your freedom and enhance your work-life balance.
Learn more about my #1 Lead Generation business here.
2. Start Affiliate Marketing
- Affiliate marketing is an online business that allows you to earn passively round the clock. It’s a business model that requires you to promote other companies’ products or services on your website. You can also leverage other online properties such as YouTube channel, Podcast and email marketing. You get paid a commission when people use your affiliate link to purchase a product or sign up for a service.
Although you’re not spending money on creating any product, affiliate marketing isn’t a get-rich-quick scheme. It’s a business you have to spend some time to build. For example, it may be impossible to start earning off a newly created blog or website immediately. You have to nurture the site, grow your traffic and become an authority in your niche.
That said, it may take some time before you start making money passively from your site. Nevertheless, it’s a business that’s worth giving a shot.
3. Invest in Dividend-paying Stocks
- You can earn considerable long and short-term passive income monthly by investing in high-performing stocks. Although this requires relatively big start-up investment, nevertheless, it’s an easier way to earn passively while building your wealth. Meanwhile, ensure you’re investing in the right stocks as their many duplicitous schemes out there. Aside from that, dividend stock is an amazing way to amass consistent residual income overtime.
One way to get sufficient dividend from your investment is by investing in many stocks. Also, you have to be consistent in building up your portfolio. However, this may not be as easy as it sounds especially if you don’t have enough money to throw around. Notwithstanding, dividend investing is a profitable venture for people who can build a rich portfolio and maintain it over a long time.
4. Create and sell Courses online
- There are no limits to how much you can earn by creating a course and selling it online. If you think you’ve got experience or knowledge on a particular subject, you can create a course on it and start selling it right away.
Are you passionate about personal finance or you’ve got a skill that can benefit other people? You can begin to monetize your knowledge by teaching people a skill. For example, you can create a course on a broad range of topics such as digital marketing, data analysis, cryptocurrency, Forex, and email marketing.
However, when venturing into creating courses, you must ensure that you’re giving out something valuable and of great benefit to your potential buyers. Picking the relevant topic and presenting it brilliantly can boost your chances of succeeding at this.
Needless to note that earning passive income from course sales isn’t as easy as turning on a switch. You have to commit time to creating useful content, which may take weeks or even months, edit and proofread, publish and promote it. The process may assume a complicated dimension. And take some time to make a sale. However, you’re going to earn passive income overtime from your hard work if your product is good.
You can sell your course on platforms such as Udemy or partner with affiliate marketers to promote it for you while you pay them some commission.
Learn more about my #1 Lead Generation business here.
5. Create an App
- Another means to earn passively is by creating an app and selling it on App store, for example, for residual income. Fortunately, you don’t have to be a programmer or an app developer before you can get this done. You can hire a professional developer to help you translate your idea into reality. The most important thing is to have a unique idea and a clear picture of what you want to achieve.
Creating an app that solves a particular problem for people can make the difference between trading your time for money and taking absolute control over your own time. You don’t have to be confined to the walls of a physical office before you earn. You only invest your time and/or money to create an app. And voila! It’s available for download. You start earning a reasonable amount of royalty on your creativity. You get paid for as long as people are downloading your app. Meanwhile, you may have to add extra features in subsequent updates.
6. Start a YouTube Channel
- YouTube is the second biggest search engine only behind Google. Millions of searches are being conducted on this platform every second worldwide. What does this mean? People are always looking for information to help them solve a particular problem. While there are already hundreds of thousands of YouTubers, the platform is wide enough to accommodate more solution providers like you.
You can start a YouTube channel where you create “how to” videos and earn passive income after your audience has grown over time. You only have to think of a niche that your skill or experience fits into and begin to create valuable and high-quality video content that provides solutions to your target audience. You can also allow YouTube to run ads on your videos. This provides an additional source of income to you.
To succeed as content creator on YouTube, you have to work hard. For example, you have to consistently create new videos that treat relevant topics that your subscribers and new visitors will be interested in. It’s your content that determines how people will interact with your channel. But with hard work and consistency, your YouTube channel can become a big source of passive income for you.
7. Create and Sell Digital Products
You can make substantial income by creating digital products including ebooks, PDFs, online instruction guides, etc. and sell them online. You can imagine the scale of returns this business can return. You simply create and publish.
You can self-publish a book on Amazon’s Kindle Direct Publishing. You can also make them available in physical stores and continue to earn royalty on your intellectual property over a long time.
However, patience is key when venturing into a business like this. While the process may appear simple, getting sales may take some time. But by and large, it’s a promising business that will compensate your creativity in the long run.
What is the best passive income Idea?
Many people will most likely have different answers to this question. An individual’s response is ultimately shaped by their experiences and exposure.
Being enthusiastic about the possibility of earning passively, I’ve ventured into many businesses in the past most of which got my hands burned. Meanwhile, others taught me one lesson or the other.
The best passive income idea that has got me the most profit and still paying me till date is Lead generation. It has helped me to build a 6-figure business with 4-5 figure monthly income. I get to work less hours and spend more time with my family.
What I do is simple. I use Facebook ads to generate leads for small businesses. No matter who you are, lead generation is a profitable business that can significantly improve your financial status. But Facebook advertising isn’t a piece of cake. I learned the rope of running successful Facebook ads to get results for my clients from the Local Marketing Vault.
What is the Local Marketing Vault?
The Local Marketing Vault or LMV is an easy to duplicate funnels and Facebook ads program that shows you how to build a profitable business by helping local companies to generate qualified leads. With The Local Marketing Vault, you can earn 4-5 figures in retainer fee monthly.
LMV shows you tested, proven and easy-to-implement strategies to conveniently generate leads. The program gives you access to high-converting pre-built funnels. These pre-built funnels make your task of creating campaigns much easier and faster. More important, you won’t have to encounter the common challenges associated with running successful ads.
You should check out LMV if you’re really serious about making easy and consistent passive income online. To read what people who’ve succeeded with the Local Marketing Vault are saying, click HERE.
CEO/Jack of all trades master of none! The Daily SEM
Father of 4 awesome kids and husband to 1 awesome wife.
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