Ten Ways To Make A Passive Income

Publishing an ebook is a more interest version of a digital product. It might take a lot of upfront effort to create, but once it’s done it won’t require any further effort. To make your ebook a success you need to draw on your own area of expertise and interest. But you can choose to do a practical ebook, but also fiction and non-fiction eBooks. You can list your ebook on Amazon and have it available to customers all over the world.

Ad revenue

If you start a blog or a YouTube channel a popular way to get passive income is through ad revenue. You can place ads on your blog through the sidebar, in post and end of post ads through networks such as MediaVine and Google Adsense. And on YouTube, you can place ads throughout your video. Some networks require you to have a certain amount of traffic before you’ll be accepted onto the programmes.

Ad revenue can vary massively depending on the number of ads you run, the niche your blog or channel is in, and even the time of the year. But it allows you to gain passive income from the content you’ve already created. And coupling this with digital products, and affiliate marketing can create a good income stream.

Passive income through affiliate marketing

Affiliate marketing is when you recommend a product or service and if your audience clicks your link and purchase, you receive a small commission at no extra cost. Commissions are usually a small percentage of the overall cost, so generally, you need to generate a large number of sales to make a good income from them.

But if you have some really popular posts or videos, or generate a lot of traffic it can be a great passive income stream. You can also use them on social media in your bio links, or swipe up story links. Some of the most popular include Awin, Rewardstyle, and ShareASale.

Sell your photos for a passive income

If you’re a photographer by trade, or you just have some really great (and unique) images you can sell them to various sites. A lot of website owners don’t have time (or the skills) to create high-quality images for everything they need. So many will purchase stock images from sites such as Shutterstock, Dreamstime, or YayImages.

You can put your photos on sites such as these and make a small income each time they’re downloaded or bought. If you have specific photographic skills you could also think about creating a course to go alongside this and share your skills.

In the UK there’s a scheme called the Rent a Room Scheme where you can earn up to a threshold fo £7,5000 per year tax-free from letting out furnished accommodation in your home. You can also choose to use Airbnb if you only want to have people there at certain times. Perhaps you live in Edinburgh and want to rent out space during Fringe Festival or New Year when prices are at a premium.

Interest and dividends on investments

Investing is one of the best ways to increase your wealth passively over a long period of time. When you invest your money is generally just out there making more money. But of course, it comes with risk.

This is one of the easiest ways to create a passive income as it doesn’t require any upfront work, other than the money you initially invest. I did a whole post on the best investing apps for beginners in the UK which has a lot more information on this. But you can start investing from as little as £1

Other forms of passive income

• Cashback- Although not strictly passive income it’s a great way to generate extra cash or rewards for spending money you were going to spend anyway.
• Print on demand- You can create a design that can be printed on all manner of things. And then sign up with a printing website such as Printify and they’ll deal with the printing, packing, and delivery.
• Renting out your car parking space- If you live in a city centre or a commuter town, especially spots near train stations you can use a site such as Your Parking Space or JustPark to rent out your car space. Parking spaces can be like gold dust in certain places, and people will pay for a convenient spot every day.

Finding the right passive income streams can take a bit of time. But not only are you diversifying your income which is so important, but you’ll be earning money for no long-term work.

Do you have any passive income streams?

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