Updated: Jul 19, 2021
Are you looking for a perfect side hustle? Do you want to explore new ways of passive income streams in this tech-driven era? Then you are invited to be a part of earning income passively as a newbie.
In this article, we are going to analyze 7 important passive income streams that anybody can follow to make money passively.
Before digging into getting familiar with different streams of passive income, just get a short idea about what is passive income.
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What is Passive Income?
Passive income is a source of income that can earn consistently without having any recurring work after made the initial work. In other words, it’s compensation that anybody can leverage as long as a particular subscription exists.
New generation marketers define passive income as “earn money while sleeping”. Of course, that’s not a wrong statement. Because it’s a continuous payout as the result of certain actions someone takes through a particular channel.
7-Streams of Passive Income (For Beginners)
You can see many other passive income streams on the internet. But here we are going to discuss the most relevant ideas for beginners. Follow these steps for assured results.
Once you have attained more results and experience, you can try advanced streams of passive income such as rending, stock marketing, dividend stocks, advertisement, and so on.
1. Affiliate Marketing
Do you want to start an online business without having any investment? then, I strongly recommend Affiliate Marketing for you.
Affiliate Marketing is a simple process of promoting other people’s or companies products or services for earning a specific percentage of commission after you make a conversion through your unique link.
Thankfully, as a beginner, Affiliate Marketing is the best stream to earn your online revenue passively. Because most of the affiliate programs have a recurring payment strategy. Once someone joined to those kinds of affiliate programs, they need to pay a specific amount each month.
If that person joined through your affiliate link, you can also earn a portion of that recurring payment.
It’s better for you to check whether the affiliate program has a recurring subscription fee structure or not before going to endorse as an affiliate.
This is how Affiliate Marketing becomes one of your favorite passive income streams.
Let’s analyze how you can bring passive income from online publications as a beginner.
2. Online Publications (E-Book, Audiobook)
You might have been using many of the online publications for many purposes. Most importantly an audiobook publication can bring you better passive income opportunities forever.
An audiobook or e-book that you only need to publish at once. As long as the content persists on the internet, people can get access to review its free version and if they interested, they can buy the full version by spending a reasonable price.
Interestingly, audiobooks and e-books are digital products. So, you don’t need to care about inventory, its expiry, and degradation issues.
As a beginner, you can do this without having much technical or writing skills. Some online tools can help your journey to this passive income stream more easily.
You need to be focused on the following areas to get published your online publication.
Find a topic to write (choose the relevant topic to write)
Outsource (manuscript, cover photo, narration – sometimes need to rely on external tools and services)
Launch your product (launch your publication on the largest communities such as Amazon - Audible)
To get a complete structure of these, join with the free course. It can guide you to the right solution to get accomplished your passive income dream through online publications.
3. Sell an Online Course
According to the research of the International Labour Organization (ILO), four in five of the world’s workforce have been badly affecting by the covid pandemic with their job. Which is roughly 2.7 billion workers. (Source: UN News)
Here you can imagine the importance of offering new work opportunities among those people who have been seeking new opportunities to overco