Guest Post content created by Alex Black. Edited and expanded by Immensely Social.
Around the world, the pandemic caused businesses and offices to close their doors- some indefinitely, and others permanently. In fact, more than 100,000 small businesses have closed since the beginning of lockdowns last May, and the numbers have only continued to escalate since then. Although most of us are still unable to go out and resume our normal lives, it’s still possible to make a passive income while stuck at home.
What Exactly is Passive Income?
Passive income is a means of earning money without the need for active participation, unlike a day job.
Passive income is money you earn in a way that requires little to no daily effort to maintain. Some passive income ideas—like renting out property or building a blog—may take some work to get up and running, but they could eventually earn you money while you sleep.Chris Hogan, DaveRamsey.com
This does not mean that there is no work involved. ‘There are a number of ways you can go about creating different income sources. To help you out, we’ve put together some ways to earn passive income from the comfort of your home.
Ideas For Passive Income From Home
Sell Educational Products
The internet has become a tool and platform for learning, making it possible to earn from selling educational products— including courses, e-books, and podcasts.
Take note that the platform you use is of utmost importance. Online learning marketplace Udemy is a great option as it boasts over 50 million students and counting. If you choose to use Udemy, you’ll be splitting 50% of your instructor revenue with the site itself. With the influx of content out there, you need to ensure that your course stands out. You can do this by using high-quality videos and making your curriculum as detailed as possible. This can help you attract more potential students and allow you to maximize your passive income from the courses.
Note from Immensely Social Founder: SkillShare has brought me a little passive income month after month by creating just a few short classes. I do not put much work into marketing or I could make more, but it is a little extra to take my mom to lunch, get something special for dinner at home with my husband, save or invest.
- Teach what you know and love
- Look at what is already popular and make it better, unique angle
- Find a great platform that works for you and already has traffic
- Learn how to market your materials and courses
Once you record, create the materials, and upload you can keep making income simply by sharing from time to time to keep traffic to your courses and products.
Invest in Stocks
Despite the pandemic’s effect on the economy, the stock market is as strong as ever. This is a sign that investing in stocks is a good way to earn passive income now.
Now, the tricky thing about stocks is that the amount you earn depends on how well you can navigate the stock market. Luckily, there are tools that can help you make better decisions when investing in stocks. SoFi is one of the best investment apps to use, thanks to its easy-to-use platform and rock-bottom pricing. The app even gives you the
option to make use of a managed portfolio where all the investments are picked out and managed on your behalf.
NerdWallet has some tips on investing for Beginners here: How To Invest In Stocks
Start an Online Store
With the pandemic making malls and brick-and-mortar shops unsafe for consumers, online stores have become the go-to everywhere. As such, it’s a great time to try this method, using popular and easy platforms like Amazon. There are many ways to start an Amazon store, and you can choose from wholesaling, dropshipping, reselling from physical stores, creating your own handmade goods, and more. Pick the right business model according to your capital, effort, and time you’re willing to spend managing your store. Either way, this can be a low-risk, high-reward way to make
You could also use a platform like Etsy to create your store.
Affiliate marketing is a great option if you don’t want to sell your own products, as it lets you earn by promoting products and services on your website or social media. Again, Amazon is one of the best options when it comes to affiliate marketing due to the sheer size of their company.
When compared to other online retailers, Amazon is valued much higher than all other major online retailers combined — making it the largest online retailer in the world. The downside to this is that you need to have a good following online to be successful. After all, you can’t sell without an audience. So start by establishing your brand and creating more content in line with the products you want to sell. This way, you’ll be able to reach more like-minded consumers.
Buying property is still one of the best investments one can make when it comes to passive income. However, this may not be an option for everyone, since it requires a significant amount of capital to start with. But if you have the resources to spare, buying property is a great long-term strategy for making passive income. This is because real estate’s value will always increase over time. Try to invest in a property that’s situated in a place with a bustling local economy, as they tend to rise in value as the area gets more and more developed.
*Disclaimer: This blog post is not meant as professional financial advice. These are tried and true opportunities that you must way at your own risk and decide what works for you.
Some YouTube Channels to Check out for Passive Income and Financial Help:
Thanks for the tips Alex. Cheers!