20 passive income ideas that will make you earn extra money 2020
Surely you have a fixed job with which you get a constant salary and that's great. But deep down you know you've always wanted more. More money. More freedom. More flexibility Then, finally, you decide that it is time to act. In this article we will give you 20 passive income ideas that will help you earn extra money while maintaining your full time job. So you can finally get more than you've always dreamed of.
What are passive income?
A passive income is the money you earn and that does not force you to do much "active" work to continue earning it. The work tends to be charged for adtrelantado: if you create an online course, sales will continue until long after its launch.
You've probably heard the expression "make money while you sleep." That is the biggest attraction that captivates people to obtain passive income. You can create something (a blog, course, e-book, videos or an online store) that allows you to generate passive income online even when you're not working. Or you can own something (property or shares) that allow you to earn passive income.
How to obtain passive income? 20 passive income ideas for 2020
1. Open a dropshipping store
Dropshipping is one of the most profitable passive income you will find online. And as we here in Oberlo specialize in dropshipping, it is a good place to start. By doing dropshipping you can find trending products from the Oberlo app, which you can then sell online to customers all over the world. You can sell products in various niche markets, from fashion to home decor and beauty. The magic of dropshipping is that you build your own business and control how much you charge for the sale of the products. Of all the passive income ideas on the list, dropshipping is what allows you to have greater control over your earnings. To start dropshipping today, you can sign up for Shopify. In the Shopify app store, you will find the Oberlo app, where you can find products to sell.
2. Create your own blog
A very popular way to generate passive income online is to create your own blog. Blogs have helped countless bloggers and entrepreneurs to earn passive income through affiliate links, courses, sponsored publications, products, book offers and more. It is true that it can take some initial work to build a successful blog. However, it is one of the most sustainable ways to generate audience through organic and social traffic, or by creating an email list and doing email marketing campaigns. The biggest benefit of creating a blog is that you can convert this asset into several different income streams. Therefore, making a blog is one of the easiest ways to obtain passive income online.
Desirae Odjick, founder of Half Banked, explains: “I started my blog to make talking about personal finance more accessible, and as part of that, I tend to share many personal stories. My publications often included links to the tools I was using and that seemed useful to me, so it was a natural transition to add affiliate links when I joined the programs of those companies. Now that I've been talking about personal finances for almost four years in my blog, those links bring me thousands of dollars every month as people discover my articles and start tidying up their finances, and I find it fantastic to recommend them, because I I use them. Personally I use all my affiliate products. It's a great way to add passive income to your business, especially if you don't have your own products to sell (... yet!) ».
3. Create an online course
The sale of online courses is one of the best ways to generate passive income in 2019. We are still seeing massive sales growth for course creators. Whether you decide to sell a course on your own website or on a platform like Domestika, you will find customers who want to know your tips and tricks. If you've already done our number two advice and created your own audience, selling a course on your website can help you control the amount of passive income you earn. Finding your customers is up to you. This will be a little easier if you sell on course platforms like Domestika, but the disadvantage is that these platforms can put discounts on your courses during certain periods, which will affect the amount of passive income you earn.
Sumit Bansal, founder of Trump Excel: “I started a blog about Excel spreadsheets in 2013. I did it because I was learning a lot about spreadsheets and I thought it would be a good way to share my knowledge with others. Gradually the blog began to gain strength, and after two years it already had more than 100k page views per month. I decided to create an online course and see if it worked, and it did. I made good income for a few months and then decided to dedicate myself full time and launch more courses. Since then, the blog has grown a lot and I have been featured on many prominent sites and publications such as Problogger, YourStory, GlassDoor, CEO Magazine, etc. ”
4. Charge for sponsored posts on Instagram
If you love Instagram as much as I do, you may want to convert the time you spend watching posts in time when you make the posts, to help you increase your passive income. The best thing about Instagram is that you can literally create fan pages for absolutely anything. Whether you love travel, fashion, beauty, home decor or something really peculiar, like extravagant haircuts for dogs ...
... you will surely find a committed audience. The secret to getting a ton of Instagram followers is to be very consistent with the type of content you post. So make sure you stay in a niche so that people who follow you know they can count on you to see the content they like. Be sure to add your email address in your Instagram bio. As your account begins to grow, so will the requests for sponsored publications that will allow you to earn money on Instagram. The more "likes" of Instagram you receive, the more people will contact you, so be sure to create engaging content.
5. Create an online print shop on demand
Since e-commerce is one of the most popular ways to earn passive income these days, you just have to advertise and print on demand. Printing on demand allows you to sell custom graphics on products such as clothing, cups, canvas, phone cases, bags and more. The best thing about this is that you can create your own products and generate a brand. The only drawback is that you must be an expert in graphic design, because the profit margins are often too small to outsource the designs in an affordable way. However, if you create a unique winning design, your sales will take off. In addition, it will not affect your sales, since you will not compete with anyone other than yourself.
Verónica Wong, founder of Boba Love, shares how her love for bubble tea helped her earn passive income without investment: «I've drank bubble tea all my life, so my online store combines my love for bubbles with my Love for the design. I started designing and selling bubble tea clothes and accessories last year and it has been amazing. With Printful handling production, compliance and shipping, I can focus on marketing and creating my brand. I have connected with bubble tea lovers worldwide and recently I have reached 10 thousand followers on Instagram. I'm starting my journey to get more passive income, but Shopify and Printful make it very easy and I'm very optimistic!
6. Create an application
We are barely going on the sixth idea of how to generate passive income from this list, but you probably already noticed a trend: creating things tends to generate passive income. If you are a developer or programmer, you can try to create applications to generate passive income online. You can do it in two ways. First, you can charge a fee to people who want to buy your application. Second, you can make your application free and monetize with ads. My fiance did this a few years ago and to this day he still has an additional income from his application. First, he bought the CodeCanyon code. Then, he used a tool called Eclipse and installed the Android Development SDK to make changes to the code and create his own unique application.
7. Invest in shares
If you look at the richest people in the world, we can say that investing in stocks has played an important role in their large bank accounts. Warren Buffett reads 500 pages a day, but is not reading a mystery book. Read annual business reports.
By reading annual reports every day, you understand better if a business performs well, which helps you improve your ability to invest in stocks. So, while the act of investing in shares is quite passive, the research you do is active. Investing in stocks can help you obtain passive income that extends beyond what you earn in your work from 9 to 5. Therefore, consider this idea of passive income if you like to inform yourself about the performance of companies.
 |
| 20 passive income ideas that will make you earn extra money 2020 |
8. Buy properties
Depending on where you buy and when, real estate can be a good way to earn passive income. In popular cities like Toronto, there has been a rapid increase in the value of the property, 44% in the last five years in Canada alone. When you buy condos in presale, you can find some properties at a lower cost and that will increase in value at the time they are finally built, which will allow you to sell the property once it is finished and thus obtain a profit. As with all investments, it can be risky, so it is better to speak with a real estate agent if you are new to this to help you buy the right property.
Shawn Breyer, owner of Breyer Home Buyers, shares: «My girlfriend, now a wife, graduated from law school with $ 173,000 of school debt and we calculated the length of the loan to be paid in 15 years, which made our monthly payments they were $ 1,459 dollars.
We wanted to use the rental cash flow to cover our monthly law school debt. Our first decision was to buy a duplex and live on one side while we rented the other. This saved us the $ 1,350 in housing expenses we had before buying the duplex. Instead of allocating that money to additional school debt payments, we save that money and buy another duplex two years later. This acquisition gave us an extra $ 650 in monthly cash flow, which was accumulated in a third property.
The three properties provided us with an additional $ 2,500 per month in savings and income that we could later allocate to additional capital payments. The best thing about this approach is that our tenants are paying our law school debt, and if we lost our jobs or had a medical emergency, then we could rely solely on rental income to pay the school debt for us. ”
9. Rent a room on Airbnb
If you are already doing step number eight, you can choose to rent your apartment or house on Airbnb. The interesting thing is that it is not really necessary to buy a new property to obtain passive income with Airbnb. You can also rent a room in your current house or apartment, if you have it free. In addition, Airbnb has recently expanded to «Airbnb Experiences», which allow you to organize events, meetings and visits in your city. This can help you earn additional money, although it will not be a passive income.
Martin Dasko, founder of Studenomics, gets passive income by renting his flat on Airbnb. He explains: “I decided to give Airbnb a chance when I stayed in an apartment during a visit to New York. I loved the concept and wanted to get into it. I put my condo for rent and I was surprised by the demand. I was able to charge $ 169 a night (in downtown Toronto). My biggest victory was when a company contacted me because they were sending some employees to Toronto. They booked the unit for the whole month. I didn't have to worry about finding new guests. The amazing thing about Airbnb is that you can activate and deactivate it however you want. If you are looking to earn extra money, you can rent your apartment and you can even rent a room that you hardly use. »
10. Create your own website
Creating your own website can be a reliable source of passive income. Some people create marketing agencies and outsource the work to independent professionals. Others, like a couple of entrepreneurs on this list, create online courses to share their knowledge and educate others. You can also sell products - digital or physical. However, by creating your own website, you get more control over what you sell and how much money you earn. Your success is in your hands, which will allow you to make your brand whatever you want it to be.
The software engineer and owner of Flipped Coding, Milecia McGregor, earns passive income by helping people become web developers. She shares: “I have an online class that people pay each month and learn all the front-end development languages, and I add new material every month. My greatest achievement with this class was when one of my students got his first job as a web developer. The gratitude of my students gives me a happiness that I had not experienced before. I am planning to have 200 students in my class this year and help them all get their first job as web developers ».
11. Do affiliate marketing
Affiliate marketing is one of the most popular ways to earn passive income today. The good thing about this is that almost all major brands have an affiliate program, so you can sell some very popular products and earn good money. The only real drawback is that you only make a commission on the sale. Some programs such as the Shopify affiliate program allow you to earn up to $ 2,000 per referral, which is amazing. But some online retailers only give a mere 10% referral bonus. So you'll want to make sure you do some research on the best affiliate marketing programs before starting. Blogs tend to be the most profitable way to generate affiliate commissions without spending money on ads.
Sireesha Narumanchi, founder of Crowdworknews.com, shares: “I started my second job as a blogger just over two years ago and it has been the most incredible journey of my life. As a content creator, most of my income comes from affiliate links and is passive income. It was not easy to combine my work and my business, but it was worth it. I spend many hours researching, developing and working on business strategies, but once my content is finished, it generates income passively over and over again. At the end of each day, my motivation is the immense pleasure of helping people and showing them that there is an option to work from home and earn a decent income. ”
12. Sell your videos
We live in an era where people are obsessed with content. If you are always in the midst of drama and emotion, you may want to take out your mobile and click on record. Doing this can help you generate passive income. Why? Because you can sell that video to a news site. And if the video goes viral, you can earn some recurring money for weeks, months and sometimes even years. Of course, the easiest way to get action videos is to attend public events such as protests, demonstrations and festivals. Wherever there is controversy, you will find opportunities to sell your content.
Peter Kock, owner of Seller at Heart, shares how he generated passive income by uploading videos to popular websites: “I uploaded some videos to Newsflare and Rumble. When they buy my content, 50% of all income generated is transferred to my personal account. My videos have appeared on MSN, AOL, Yahoo, Daily Mail, The Guardian, etc. With Newsflare, I have earned more than $ 4,000 so far, and I still receive royalties for videos uploaded a few years ago ».
13. Build websites and sell them
Do you love building websites and online stores? If so, you could earn passive income by selling them. You probably need to get your first sales (to prove that your store is amazing). But if you have great design skills and develop part of the content of your website, you could find someone who is willing to buy your online store. If you are looking for a place to sell your website, you can try selling it on the Exchange Marketplace, the Shopify exchange market. On the platform, you can sell a new online store or a store that is already generating money. It is the perfect platform for online stores of all sizes.
14. Buy shares of the company where you work
Yes, your 9 to 5 job can also become a flow of passive income. No, it's not the hours you work. However, your company's actions or retirement plans can help you get a fairly good passive income. In fact, I used this method to generate passive income with little investment to pay the advance of my apartment in just two years. Of course, you may also have to invest some of your own money, but the additional part that the company adds is a good benefit if you are willing to try it (and trust me, few people do). If you are starting a new fixed job, be sure to request company shares as part of your hiring package. You will thank me later.
15. Create YouTube videos
YouTube is an amazing way to generate passive income online. From sponsored videos to charging for advertisements, you'll discover that you can earn recurring revenue from your YouTube channel. The secret to creating a successful YouTube channel is to constantly create content for a long time. That's. If you stand firm for a long time, you will eventually begin to reap the rewards of your passive income.
Matthew Ross, co-owner and COO of RIZKNOWS and The Slumber Yard, began earning passive income on YouTube: “In 2013, my business partner and I were extremely interested in portable technology (Garmin watches, Fitbit activity trackers, etc.) and We decided to start a YouTube channel that would analyze this type of products. We really enjoyed trying the watches and we thought we could earn some money with advertising. In total, we invested around $ 5,000 to create the channel and buy the products we were going to evaluate.
However, at that time the niche of portable technology exploded and we began to earn more money than we ever imagined. Needless to say, my second job has now become my first business. We have managed to increase our revenues to more than $ 2.5 million, we have hired ten full-time employees, and recently we moved the company's headquarters to a new 7,000-square-foot office in Reno Nevada. Today, our websites and YouTube channels attract more than four million visitors a month ».
16. Sell your photographs
While being a photographer may seem like an active income business, it really isn't. Photographers not only earn money by taking photographs. They also edit and sell them. Some of the ways in which you can earn a lot of money in the photography business is by selling the photos on stock photo sites, magazines and prints on canvases. All you need is an excellent camera to start. But these days, you can even use your mobile phone to take photos and earn passive income without investment in an instant.
17. Help companies attract customers
Are you a regular seller or a smart seller? There are tons of businesses that will pay you referral fees for bringing them more business. Real estate agents always seek to help more people find a home they like. Freelancers, DJs, photographers and other solopreneurs are often willing to pay a bonus for the recommendation to find a client to sign a contract. So, if you love helping people earn money, you can earn passive income through your connections. All you need is a couple of emails or messages, and you could earn passive income without investment and with very little effort.
18. Write an eBook
Electronic books exploded in 2009 and 2010, and remain a very popular content medium. Although they became very popular some years ago, to this day a good part of people earn passive income from creating them. Of course, it is an incredibly competitive market. But if you are an innate writer, you could start earning passive income by writing an eBook. You can create e-books with instructions on popular niches, or write captivating novels and thus create a fan base for loyal readers.
19. Sell your stuff
Do you want to follow the advice of Marie Kondo and start cleaning your house? Well, you might want to turn that mess into money. We all have those stacks of boxes full of things we haven't used in years. You can keep them for a chance to appear on a television episode of Compulsive Accumulators, or you can sell them to help you earn passive income. You may have to search very well, but surely you can find some items that are worth a little cash. If you don't know how to generate passive income, your closet could be your best option.
20. Sell digital products
If you are looking for how to generate passive income online and create your own products instead of selling someone else's, you can create digital products. You can use Shopify to sell your digital products online. Digital products can be from e-books, online courses, PDF files, custom graphic designs, stock photos or some other digital products. Selling these products is the personification of passive income, since the entire process can be automated in Shopify with instant downloads.
Kelan and Brittany Kline, the duo behind The Saavy Couple, tell us: “Last month we launched a Shopify store with some digital products to sell to our readers. Specifically, we created The Budgeting Binder to help people learn how to organize their finances and start budgeting. Since launch, our store has earned us more than $ 1,500 in sales and continues to grow every week. Since all our products are digital, this income is completely passive. As long as we continue to channel readers to our store, we will continue to obtain sales ».
Conclusion
Passive income can really help you raise your earnings and fill in the gaps that your 9 to 5 job cannot fill on its own. If you are looking to replace your income in order to quit your job, the passive income ideas on this list can help you do it. It's fine if you like your full time job. Work dedicated to generating passive income tends to be manageable when combined with a fixed job. So, the answer is yes, you can do both. Whether you're looking to open a dropshipping store, start your own agency or create profitable content, you'll find that you can earn money in all these areas. All you need to do is start.
