9 Ways To Generate Passive Income Efficiently
The term “passive income” sounds so lucrative doesn’t it? Free money without having to do anything. Perfect!
The good news is that it’s not a complete myth—it is possible to generate income streams that take little upkeep. That said, no income is ever truly passive. There’s always work to be done, otherwise someone else will jump in and snap up the opportunity and push you out the door.
With that in mind, if you’re willing to put in the work, there’s no reason not to get started. Here are 9 ways to generate (relatively) passive income efficiently:
1. Build an App
Build an app, put it on the app store, sell a million of them. Okay, you don’t have to quite sell a million, but if you even get a few thousand people to download the app, you can do relatively well. Benny made a simple photo app and ended up making $30,000 in 30 days.
It’s easier than ever to start building an app—so what are you waiting for?
2. Start Dropshipping
If you want to start an e-commerce business without carrying all the annoyances of inventory, think about starting a dropshipping business. With a dropshipping business, you simply build the storefront and the relationships with the manufacturers. Once a customer orders a product, you send the invoice to the manufacturer and they ship it directly to your customer. The only cash outlay you have comes after a customer has paid you. If you’re interested in dropshipping, Shopify has a great starter guide here.
3. Start Consulting
This isn’t quite passive, but it is a great income stream. Take whatever skill set you have in your day job and start consulting outside of your 9 to 5 hours.
It’s work you’re already used to doing, but you’ll be able to charge more and have more flexibility across the board than with a traditional job.
4. Start a Blog
Starting a blog can be both a passive and a rewarding income stream.
Simply install WordPress, grab a WordPress theme, and get started writing. You can make money by advertising, selling affiliate products or even creating your own products.
5. Sell on Amazon and eBay
Sell your old crap on eBay and Amazon! It’s not 100% passive, but it’s an easy way to make more money on stuff that’s literally just sitting around your house or apartment. This is very basic work and you can get started on this today.
6. Play Poker
Again, this activity isn’t 100% passive, but it is pretty fun and you can make a lot of money if you’re good at it. Take some poker lessons, start practicing and start winning some money. It might take some time, but poker is a game of skill—so keep practicing and you’ll get there.
7. Create a Niche Site
Create a niche site with an affiliate income or another way to generate revenue. This can be similar to a blog—as we mentioned earlier—but could also be its own full website or even sell physical products to a specific niche. If you want to get started on this path, Pat Flynn has a ton of great resources on creating niche sites here.
8. Mine Bitcoin
It’s getting harder and harder to do, but buy up a bitcoin miner and get to work mining those bitcoins! With bitcoin currently sitting at around $800/coin (at time of writing), that’s about as passive as it can be. Here’s a quick briefing on how to get started mining.
9. Become A YouTuber
Bust out your iPhone and start taking some videos!
All you need is one super-viral video to start making money off their AdSense platform, but even more modestly viewed channels can make a regular income by posting videos often. Some channel partners gain fame and end up getting other deals on TV and in commercials. Heck, even Justin Bieber got started on YouTube! Even if you don’t make millions, you’ll still be able to reach some level of YouTube pseudo-fame.
The key to all of this is of course adding value in some way, shape or form. There are very few 100% completely passive income streams, but if you work hard and help enough people, you can find a way to help lots of people and make money while you’re at it.
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