Many successful people enjoy receiving income from one source that keeps on giving. This is passive income. Passive income is an entrepreneur’s little secret. Whether an owner of a small business or dreaming of setting off on your own, passive income streams will work even when you are sleeping.
Interested in trying a passive income stream? Here are a few simple ideas to start you on your way:
Build an app
Building an app has been one of the most wildly popular passive income streams around. Although building an app does take a set length of time, from the initial idea all the way through to posting it on the app store, once you are done with creating this app, your work is mostly finished. After publishing your app, always create updates for new operating systems and security. This will keep your app valid, secure and desirable for any potential customers.
Rent your home
Renting your home creates an easy income stream. This passive income could be as simple as renting a bedroom, to an entire basement apartment or over-the-garage loft space. Nowadays, finding renters is easy. Register with international companies or find renters through a personal referral. Go old school and post an ad at the local college bulletin board or through an online advertising. Airline employees that live in one city and are stationed out of another are also good prospects. Advertise in their newsletter as well.
Nowadays, most destination photos have already been taken. The new trend is to now offer a set of concept photos. A good example of this would be the caterpillar, cocoon and butterfly. The possibilities are as big as your imagination. Once you have taken some quality photos, list them on one of the many photography websites and watch the passive income add up.
Sell a product
Whether handmade or manufactured products that are around a single theme, an online store is the perfect vehicle. As always, sell what you know. Set up an online store and find a clever name for customers to find you. If you are a hockey fan, you may want to sell used equipment. Maybe you already make necklaces out of recycled glass that are popular with your friends. To help promote your products, set up a blog. This is how your target customers will find you. Write about what you sell, how you make your products, where you source your products or other interesting facts. Customers will quickly find you and buy your products. This passive income source is especially great for homebodies.
From musical equipment to industrial strength blenders and espresso makers, renting equipment is a profitable passive income stream. You can rent out speakers and a turntable for weddings or parties, silver tea sets for elegant bridal showers, tractors and ploughs for spring and fall gardening. The gem of this passive income stream is that you only pay for these items only once and then offer them for rental again and again. The more specialized your item is, the more desirable this will be on the rental market.
Maybe you know a lot about a new app, operating system or other technology. Perhaps your expertise is social media, designing prom dresses or making mosaic park benches. No matter what your specialty is, teaching an online course is the hottest trend and an easy profit center to establish yourself as an expert. There are a variety of sites to register with. Once you write and set up your course online, this passive income stream is ready to go.
Write a book
Whether ebook or paper book, once you write and publish your book, the royalties kick in. Write about your expertise or specialty. If you are great at finding old treasures and reselling them with a high mark up, you have several book possibilities: finding the items, a book on how to price your items, a book on how to barter and where to sell your items, and one on what are the hot “mantiques.” Find success in one book and you can easily begin the next. The best part about book royalties is that you earn money while you sleep.
10 things everyone needs to know before starting out:
1. Learn What’s Available
Few people understand that there are many ways to earn money from home. Discover what’s available by searching online for work-at-home opportunities such as affiliate marketing, doing surveys, blogging and writing. Never pay any company for information about jobs, there is a vast amount of free information available online.
2. Knowing One’s Strengths Is Important
An individual who types fast will earn money with transcription jobs, while a slow typist won’t make much money. There are many types of work that people can do from home, however workers only make money when they find a job that matches their skill set. In addition, it’s important for individuals to find something that they enjoy doing, otherwise, they won’t put in the effort required to earn a living wage.
3. Learn From Other People’s Experiences
Never accept a job, or sign up with a website offering tasks, without checking the company’s reputation online. Search for reviews, forums and blogs where others discuss their experiences with a company. Understand that some people are promoting a specific job; they receive money for each person they refer. This is called affiliate marketing, which is a legitimate work from home opportunity.
4. Avoid Any Heavily Advertised Opportunity
If a late-night TV commercial advertises a way to make money at home with practically no effort, avoid this opportunity. With hundreds of thousands of other people answering the same advertisement, no one will make money in a saturated market.
5. Never Underestimate The Importance Of A Home Office
If possible, stay-at-home workers should dedicate a quiet room, or even just a space in their home, as an office. This way, family members will know when someone is working and they should not disturb them.
6. Workers Cannot Set Their Own Hours
In many work at home jobs, successful individuals work when clients post jobs, not when they feel like working. It’s possible for someone to look for work when they have free time, but the competition for lucrative jobs is fierce. Many workers are surprised to find that they need to work at specific times in order to make a decent living while working from home; adjusting their schedule to meet the needs of clients or customers in different time zones as needed.
7. Expect Questions
People who work from home often have family members and friends who ask them when they are going to get a real job. Dressing appropriately every day and working in an organized home office helps avoid these questions. Also, people who look and act like they are working are less likely to have friends drop over for a chat during business hours.
8. Learn To Accept Criticism Gracefully
Anyone who writes ebooks, sells products or offers a service online, such as weight loss coaching, will occasionally find that some customers do not like their product or service. No one can please everybody, so personal criticism is part of the job. It’s important to answer any criticism professionally and learn from mistakes.
9. Replace Benefits
Working from home typically offers no benefits. Workers need to replace any insurance that they lose when giving up a company job for a stay-at-home career. Replacing benefits, such as paid holidays, requires advanced planning for people working from home, who must work harder before a holiday to take a day off to spend with their family.
10. Money From Work From Home Jobs Is Taxable
Individuals who work from home still have to pay taxes on their income. Companies do not take out taxes from their worker’s pay, therefore, it’s vital for people to discover what state and federal taxes they must pay on their income.
It is challenging to work from home, nevertheless, many people manage to do so successfully. Those that do manage to replace their income from a nine-to-five job researched opportunities, planned ahead and worked hard. It’s not easy, however, the rewards are worth the effort for a chance to become one’s own boss.