With mid year fast approaching and thousands of people every day deciding to start making money online, we’ve compiled a list of 10 best passive income streams you can implement in the next few months for 2020.
Having passive income gives you more time for more important things in life like spending quality time with your family and friends. You can live anywhere you want and be location independent like most digital nomads out there. You can be your own boss and break free from the 9-to-5 Lifestyle.
Those are just a few examples of the benefits you can get when you have a passive income. You can have unlimited income depends on your performance. I know this because I myself have multiple income streams that are passive. Here are some of the best ideas to automate your cash flow:
Best Passive Income Streams 2020
1.) Promote affiliate products
You probably know how affiliate marketing works if you have a blog, Youtube channel or social media accounts with a large number of followings. It is possible to have multiple passive income streams just by promoting other people’s products or services.
How? Take time to learn the ropes. It’s like being a middleman online. Potential clients will visit your page then they will click on your affiliate links or ads then once they purchase something, you will earn a commission at no additional cost to them. Interested? The best course out there currently is Savage Affiliates.
Check out Amazon Affiliate Program. However, there are hundreds of other affiliate programs including Clickbank, JVZoo, Shareasale and Peerfly.
2.) Create Youtube videos
It may not be easy to do at first, but once you build enough subscriber and viewers, it can take you anywhere. Yes, even outside Youtube. Once you have a hundred thousand followers, companies will likely contact you to sign big deals with them. Having a large fan base will give you power and independence.
Let’s take a look at the famous Youtuber gamer “PewDiePie”, he made about $15 million in 2016. He earned that just by being goofy and playing video games. How cool is that?! If you want to be like him, seek out successful people in the niche you like and try to copy them while being unique.
If you can’t create your own Youtube videos then you can get someone to create them on Fiverr. One of the best courses out there on how to create a passive Youtube income is UtubeCash.
3.) Create and sell digital products on Etsy
For those of you who don’t know what Etsy is. It is an e-commerce website like eBay or Amazon but they only focus on handmade or vintage items and supplies, as well as extraordinary factory-manufactured products. But were you aware that you can also sell digital download products on Etsy?
You can sell items like coloring pages, patterns, printable artwork, digital clipart, digital stamps, digital papers, etc. Take a look at this shop Prettygraficdesign. According to craftcount.com they are currently number one top seller in the graphic design category. This is fairly easy to do if you know how to design. Just upload quality listings on Etsy and sell your digital art works while you sleep.
4.) Build a sales funnel
It is huge in the digital marketing world right now. Basically, it’s about making a visitor on your website to take action like sign up or purchase something. One great example of sales funnel is ClickFunnels. It is a unique tool that was designed to help web owners to apply sales funnels in their businesses.
With ClickFunnels you can create Lead Capture Funnels to grow your mailing list, Sales Page Funnels to sell products and services, Webinar Funnels, and Membership Sites. To learn more, ClickFunnels offer a free 14-day trial. You can explore and see if it’s for you or not.
Other options include Samcart, Leadpages and Instapage.
5.) Create a smartphone app
You don’t have to be techie to develop a mobile app. If you have a genius idea that will make other people’s lives better, then you have a chance to succeed in this online business. If you have extra money laying around, you can turn your vision into reality by hiring someone who knows how to code and build mobile apps.
Don’t be scared to give it a shot. Even ridiculous apps can make millions of dollars like this fart app built by Joel Comm. He pulls in nearly $10,000 a day. How sick is that?! Anything is possible. Just try.
Mobile App Builder is a service that will create your very own app within a few hours. You’ll need to pay an additional $99 to Apple to get on the iOS store. With rates starting under $100 you can create your app without breaking the bank.
A lot of eCommerce websites like Ebay and Amazon have been doing this type of retail method. How it works? Pretty simple… First, you create your own online shop then you partner with a supplier. Second, when a visitor purchase on your shop, your platform will forward it to the supplier. And lastly, your supplier will complete the order and you keep the difference.
Pretty cool right? Because you don’t have to actually see and feel the product you’re selling. You don’t have to keep an inventory. All the transactions are digital. If you want to have your own drop shipping business, build your first online store with Shopify, they are definitely the market leaders in hosted e-commerce stores.
Rhys has written about many of the drop shipping courses on the market. Checkout the best recommendations here.
7.) Sell your photos online
Monetize your talent in photography by finding your niche, building an audience, and by creating multiple streams of income. How? Sell it on Shutterstock or Fotolia.
You can earn up to $500, $3,000 and $10,000 lifetime earnings milestones. It will start with 25 cents then once your image gets downloaded more, the rate will go up. Not bad for a passive income right? Just be creative with your photos and you will get approved.
8.) Re-sell services online
The concept is similar to Dropshipping, but instead of selling a product, you will offer a service. How does it work? Look for companies who need software development, web design, SEO, Virtual Assistants, etc. Write a nice pitch for your prospects then offer the services you think their company needs. Once you close a deal, outsource it.
You can find cheap yet great value services from third world countries like India, Indonesia, and the Philippines.
Upwork, Freelancer and Peoplebyhour are examples of where you can apply this technique. Bid for contracts in the Western world and then have workers complete the work through these platforms and pocket the difference.
9.) Write a Kindle book
Write and publish an ebook and sell it on Amazon. It will take time at the beginning but once you publish it, it will likely generate a great source of income if promoted right. You don’t have to write a book yourself if you don’t want to. You can hire a ghostwriter on Upwork or Fiverr then publish it on Amazon Kindle direct publishing.
10.) Start a blog
Making money from blogging is probably the most common source of passive income. It needs a lot of hard work and it will take time to run a successful blog. Start by setting up a blog and writing useful content. Once you have loyal visitors, build engagement with them. You can monetize your blog after you write 50+ articles or more.
Examples of travel blogs making money on autopilot include Onestep4ward and GoatsOnTheRoad.
Remember, passive income can consume lots of your time at the beginning but the ongoing rewards make it all worthwhile. Learn to focus on one thing first before you move on to your next business venture.😃 Now you know the best passive income streams for 2019.