Six Bright Ideas for Legit Passive Income Remotely
Freelancing has become a mainstream trend over the past decade, primarily because it’s a great way to get legit passive income without having to leave your house.
There are many factors that contribute to the rapid development of this trend, including the international economic situation, labor market fluctuations as well as some personal reasons like preferred flextime, etc.
Younger generations prefer freelancing and working remotely, with 42% deciding to work independently, compared to 38% in 2014. The percentage keeps growing, as not only younger generations but older ones as well decide to seek remote work opportunities.
If you want to keep your regular job but would like to explore some passive income opportunities, here are six bright ideas for you to consider.
1. Try Affiliate Marketing
If you already own a blog, mining some money from affiliate marketing is the easiest way to get good passive income. You won’t have to wreck your brains around how it works, as it’s a simple method of getting money from marketing.
Basically, affiliate marketing is performance-based, meaning that a company rewards you as its affiliate for every customer or visitor that you bring by sharing some data about this business on your blog or social media. When your readers or followers click on the affiliate link and proceed with the purchase, you get a certain percentage from the sale.
According to stats, 81% of companies rely on affiliate programs. Affiliate marketing is suitable for all ages and genders, giving everybody a chance to represent a brand and earn some extra money.
However, there are some things to consider if you want to turn affiliate marketing into a steady passive income:
- If you want affiliate marketing to pay off, you should focus on recurring revenue, i.e. make sure that your income is predictable. Recurring revenue means that money is coming while all the work has been done or is almost done. This means that you have to invest time in creating high-quality content for it to pay off and bring you a steady income.
- Steady income from affiliate marketing depends on how many channels you use to promote an affiliate link. Better traffic comes from using different channels, so don’t put all eggs in one basket.
- Make a plan and discuss it with the business you’re promoting. This is a necessary step to secure a steady income. You need to voice what you expect from being a part of an affiliate campaign, what the business expects from you, and then reach consensus.
2. Consider Crowdfunded Real Estate
A good way of having remote passive income is making money while you sleep. How can you do it? By investing in crowdfunded real estate.
Crowdfunded real estate is a safer and less cost-intensive way to earn money. It allows you to invest small amounts of money ($500 on average) in equity or debt real estate project and receive monthly or quarterly dividends, as you become an owner of a proportional stake.
However, crowdfunding real estate won’t give you a 100% return on investment. Experts warn that there are cases of losses, but there’s still something you can do to secure your investment and make it pay off. Jeremy Peterson, a marketing specialist at the international real estate company Flatfy, shares a couple of tips on smart crowdfunding:
- Do your homework. Before investing your money in crowdfunded real estate, research real estate developers, including their experience and track record.
- Reliable real estate developers don’t have trouble securing investments from traditional sources like banks or investment companies. Such real estate developers can be trusted.
- Get information from the crowdfunding platform which you will use to invest your money. Such platforms like Fundrise or Realty Mogul gladly help investors understand crowdfunding better and secure their money.
3. Give a Chance to Blogging
No, blogging isn’t dying. It’s been around for a while, but it doesn’t mean that it’s slowly becoming an obsolete form of passive income. Instead, it’s developing into something more and acquiring new forms, like vlogs, Instagram and Snapchat blogs, etc.
People do read blogs. Stats say that 43% of Internet users admit to skimming blog posts. It means that you can potentially turn your blog into a legit passive income.
Besides affiliate marketing, there are other ways you can engage your blog to generate passive income, including:
- Place ads on your blog. Not only Google but the platforms that host blogs (like Wix or WordPress) also provide users with programs that allow them to place ads on their posts;
- Offer paid material, like eBooks, webinars and other content;
- Sell memberships to offer access to exclusive content.
Having a blog is a great way to have a secure and steady passive income. But it’s only high-quality content that pays off.
4. Good at e-commerce? Create an Online Store!
If you’re not into blogging or creating content, you can try your merchant skills by starting an online store.
One way that has proven to be very profitable is having an online store that offers drop shipping. Reportedly, manufacturers who are involved in drop shipping, are 18.33% more profitable, so it’s definitely something you should try out, if you’re interested in owning an online store.
How does it work? A person visits your website and makes a purchase of a certain product. The system notifies the manufacturer of this product, after which he can proceed with sending it to the customer. You don’t need to order inventory and overcrowd your house with goods. You just collect the profits. It’s simple as that.
However, we do recommend doing your homework before signing an agreement with a certain manufacturer.
5. Start an Online Course
If you have the knowledge to share, you can always start an online course or a webinar, and earn money from that. It’s a great way to both practice your teaching skills and secure a steady passive income.
There are multiple platforms like Coursera or Skillshare that allow educators to promote their courses. However, there are some things to consider. You will have to spend some time developing your course and the necessary materials for your students, which can be a bit time-consuming. After the course launches, you’ll have to guide their students and check their work.
If you’re ready for this kind of commitment, secure passive income is guaranteed.
6. Invest in Mobile Apps
If you’re a tech nerd and good at programming and developing apps, why not invest your knowledge in something that will pay off?
You can create your own app or improve an already existing app, which will generate a good passive income. Google Play and iTunes allow app developers to promote their creations using these platforms. However, they have a strict policy against scams, so if you will charge money for your app, you need to make it worth people’s investment.
Having a steady resource of a passive income is always a good idea. Hopefully, these six ideas will inspire you to invest your time into something that will secure you with some extra cash coming regularly into your pocket.
Kate is a passionate writer who likes sharing her thoughts and experience with the readers. Currently, she works as a real estate agent, you can check her website https://flatfy.ro. She likes everything related to traveling and new countries.