7 Ways to Generate Passive Income from Today
Table of Contents:
#1 Freelance
#2 Influencer Marketing
#3 Online Teaching/Mentoring
#4 Earn Money Through Stock Photography
#5 Sell Your Creativity
#6 Get Paid to Talk
#7 Deliver Home Cooked Food
We have all been given a fixed amount of time, which makes it a great equalizer. Given its finite nature, time, a precious commodity needs to be savored and used in the best possible way. Speaking of Time, the old adage of ‘Time is money‘ comes to mind.
Most of the free population of this world works to earn money; on average, a person spends nearly 90,000 hours at work over a lifetime! How about spending the limited time that you have been given to earn enough money to be able to enjoy the freedom of time!
Confused?
We have a very simple equation to explain this,
MONEY = FREEDOM
Freedom does not mean you are free from all the world’s obligations; it means freedom to choose. You have space to do a lot more, like traveling, working on your passion project, or starting a family.
This freedom to choose is possible when you are not living a paycheck-to-paycheck life; when you are not struggling to make ends meet every month.
So, we have a new equation now,
MORE MONEY = MORE FREEDOM (OF CHOICE)
How do I generate more income, especially with a job? The only logical follow-up.
This is where Passive Income sources into the picture.
Mention the word ‘passive,’ and you are sold? So like I earn in my sleep? Well, this is the popular notion about passive income. You will find just any ‘guru’ giving ‘gyan’ about getting rich overnight!
The truth is that the amount of passive income you can generate with an ‘active’ income source is directly proportional to the time you work on it. It is contrary to popular belief that you make money while sleeping.
Passive income generation is an undertaking that requires commitment and involves a huge learning curve. It involves an investment of time, money, and even emotions.
We bring you some very efficient ways to Generating Passive Income. Read till the end, where we do some myth-busting about Passive Income Generation.
#1 Freelance
Freelancing remains one of the most popular choices for earning a passive income. By freelancing and providing services in your area of interest or expertise, you can earn a steady income. In addition, it gives you enough time to focus on your work and puts you in charge of your own time as well.
Here is a list of some high paying freelancing jobs in India
– Content Writing
– Graphic Design
– Web Development
– Digital Marketing
– Video Editing
People sure know about freelancing as a well-paying option; most people lack the correct knowledge about the same, which makes people lose out on some great opportunities.
Here is a quick guide to get you started on your freelancing journey:
➔ First, set a clear freelancing goal: This should be your foremost step — Define what you want out of your freelancing journey; it could be making money, networking, gaining popularity, basically anything that you like.
➔ Discover your skillset: It could be anything you are good at, content writing, contract drafting, photography; there is a market for every skill. You just have to be good at your craft and a willingness to polish your skills. Marketing your skills is a different ballgame altogether, which you will only learn with time.
➔ Find the right freelancing platform: This is where most people falter. Everything considered, if you manage to find just the right platform to market your skills, you can earn a very steady income for a very long time.
- Following is a list of some freelance marketplaces that you can use:
➢ Fiverr
➢ Upwork
➢ Behance
➔ Charge the right price: It is extremely important to value yourself correctly. Initially, you might want to offer your services for free to showcase your skills. Once you have enough clientele, valuing yourself at the right price becomes important. Also, take note that the freelancing marketplaces are extremely competitive and you might feel tempted to charge a very high price for your service. This is a common mistake that most beginners make. Make sure that you are not undervaluing or overvaluing yourself.
Some market research of your field will help!
#2 Influencer Marketing
Social media has, especially during COVID times, become an open ground for self-expression. A bunch of social media stars has emerged only in the past year. Such social media platforms help in building your brand once you have figured out your niche. Instagram is a great example for it and is in trend right now!
It could be anything, comedy, choreography, art, photography; you name it! For as long as you have a sellable skill, you will find your audience. The most beautiful thing about social media as a marketplace is its democratic nature. You create content, it clicks with the audience, and you gain clout. Once you have gained enough traction, monetization of the clout becomes easy.
Money from social media comes in the following ways:
➔ Brand Deals
➔ Selling your Merchandise
➔ Featuring ads on your videos (IGTV is a great source)
➔ Affiliate Marketing
#3 Online Teaching/Mentoring
E-learning is the future of education now. Suppose you think that you have a knack for teaching or designing courses. Then, you can take to platforms like Udemy to kickstart your online teaching career. You can even include video lectures, lesson supplements, talks by subject experts, etc., as a part of the course.
If you have even the slightest tilt towards academics, Online tutoring/mentoring is something you can consider as a means to generate passive income. If done right, online tutoring can earn as much as Rs.20,000 a month.
Here is a list of some web portals you can use to establish yourself as a tutor:
Caveat: Here is a small caveat that we have to offer. Online tutoring is a more serious and time-consuming commitment compared to designing courses online. Designing courses is more of a one-time effort, where you choose a topic/field of study, say, Academic Writing, and design a curriculum around it and sell on platforms like Udemy, etc.
On the other hand, online tutoring will engage you regularly, where you will be required to take classes, clear doubts, and keep in touch with your students. However, since their medium is online, and you don’t get to engage with your students in person, it is prone to become impersonal after a while. Therefore, it will be incumbent upon you as a teacher to make your classes as interesting and as engaging as you can.
#4 Earn Money Through Stock Photography
The stock photography industry began gaining popularity in the early 1920s. One of the earliest examples of a stock image is a picture taken by an American photographer named H. Armstrong Roberts, who also founded one of the first major stock photography libraries. Towards the 1980s, stock archives made a shift from libraries to online servers.
We currently have many online platforms, including Pixabay, Shutterstock, Dreamstime, etc., which facilitates a platform for stock photography.
What is great about this stream is that you can begin with a ‘not so illustrious’ portfolio as well. Of course, you need to have some basic photography skills to get you started, and the rest you can learn on the go.
Tired of doing something that doesn’t resonate with you? Do you do your work only for the paycheck? Check these tips to start following your passion and living a fulfilled life from today.
#5 Sell Your Creativity
Consider using online marketplaces like Etsy, which provide a platform to set up a shop for selling handmade goods, varying from bookmarks to bedsheets. Such marketplaces have become extremely popular in the past 5 years, and some shops like Handmade Journey make up to $50,000 a year.
Here is a list of some Etsy Bestsellers
As of 2021, Pinterest boasts of having 471 million active users worldwide. Artists and small businesses use this platform to gain traction and give a boost to their business. You can also use Pinterest to share pictures of your products to provide them a global platform. In addition, it is a popular platform for selling affiliate products and showcasing your talent to a global audience.
#6 Get Paid to Talk
In this information age, people rely heavily on the media for both information and entertainment. As a result, podcasts are a recent phenomenon that has become extremely popular.
If you possess gear articulation and speaking skills, this field is just for you.
Here are a few things you must work on while carving your niche as a podcaster:
-Audio Editing
-Market Research
-Knowing your audience
Platforms you can use to create and monetize podcasts
When making this ‘Talking business’ lucrative, once you have gained enough clout (which will come only with putting content out consistently), monetization becomes a bit easy.
- Advertising is one of the most lucrative options for monetizing. You can sell ads on your show, get help from an ad agency to vet your product, etc., to earn revenue.
- Creating exclusive content comes next on the list. Using platforms like Patreon, you can generate exclusive content for your regular listeners for a monthly fee while still making some content available for free. In addition, this exclusivity might help you generate curiosity in the content.
#7 Deliver Home Cooked Food
Delivering homemade food is an extremely profitable option for earning passive income. The mention of “Ghar ka khana” tickles everybody’s taste buds. From college students to working professionals, they crave that daal sabzi after a long day of work.
Following is a quick guide to go about starting your Delivery Service:
-Research your target: When you are just starting, you will have to decide whether you want to target college students from a nearby university, or employees of an office building in your vicinity, or residents of a nearby colony.
You want to start with a small target group, which you can expand as your business grows.
-Plan meals according to your target: College students crave something ‘snacky’, whereas working professionals would want something nutritious in their dabbas. Therefore, plan your menu accordingly.
-Get all necessary permissions: Here is a list of permits you will require:
- Business permits
- Tax payments
- Sanitary Permits
- Food handling and seminar permits
Scope of growth: You can list your services on apps like Swiggy and Zomato, which can majorly help your business. They will charge some commission but, in return, will take the delivery work off your shoulders.
Congratulations! You have successfully read the seven tips that will help you earn some extra passive income and achieve your freedom sooner!
You have earned yourself a helpful bonus tip!
Some Myth Busting about the generation of Passive Income
When one hears the word passive, one very wrongly assumes that it will not require active involvement. There are a bunch of misconceptions that people have when it comes to passive income generation.
#Myth 1: I will not have to put in a lot of time and work
➔ Reality: One of the most common misconceptions people have is that any of your passive income engagement/work will not require a lot of time and attention. The reality is just the opposite. During the initial stages, when you are just setting up shop, gaining traction, etc., you will have to dedicate a lot of your time to producing content regularly and putting yourself out there. Only after you have a considerable number of people following your work can you go easy on yourself and maybe reduce the frequency with which you are putting out content.
#Myth 2: I don’t have to be prepared; I will just hit the ground running
➔ Reality: Major misconception alert! Market research and preparation are the two key elements for your success, especially as freelancers or podcasters. Since both these engagements are heavily dependent on selling your skillset, understanding consumer behavior is quintessential. It will help align your content/service; you will be able to refine your skills better and not forget the money! Knowing your audience/customers and serving them increases your market value and majorly benefits the cash inflow.
#Myth 3: I do not need to invest any money; any passive income source is just returning, and no investment
➔ Reality: At the initial stage, you will have to invest a certain amount of money in setting up your business.
For example, you wish to set up an Etsy shop where you sell hand-drawn paintings. Apart from consistently putting out your work, you will also have to invest in art supplies (brushes, rollers, paint trays, etc.) as well. You might need a good camera to take better pictures or invest in marketing to gain popularity quickly. This still is a low stake example.
The investment you make will only increase when choosing a business that requires more input, for example, Jewellery Designing.
Therefore, we advise you to manage your investments accordingly and have saved a considerable amount to invest in your business for future gains.
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