Not everybody likes to work, you know. As the matter of fact, I know only few people who truly love their jobs and would do them even if money was no object. And those people who are really passionate about their jobs often end up as entrepreneurs, so who are we to stop them?
On the other hand, there is a myriad of people who dislike their 9-5 dead-end jobs and dream about earning passive income while sunbathing on a beach or swimming in the ocean.
If you are one of those people, then you have come to the right place. In this post, you can read about some of the most effective passive income strategies for 2023. But if you also want more options and don’t mind the extra effort to make more money, you can take a quick peek at this post on how to make money online with skills such as writing and translating.
The only question is: Which one suits you best?
1. Start an Affiliate Marketing Business
Affiliate marketing is a rather old but also timeless strategy to earn extra money. In fact, there are more and more people who quit their daily jobs to start an online business in the affiliate marketing industry.
Even though you can’t really get rich overnight by doing affiliate marketing, you can expect a decent income if you invest a lot of time and effort. The most common strategy people use to earn from affiliate marketing is by starting a blog in a specific industry or niche, and then writing product reviews and relevant content with affiliate links to companies’ online stores and Amazon product pages.
2. Sell Leads
Another way you could easily earn online is by selling leads. Leads are customers who visit a website, subscribe to a newsletter, and engage with brands through other marketing channels.
Basically, you need to launch a website in a specific niche. Then, build its content and SEO for a few months. Once the website starts ranking for niche-specific keywords in a certain location, it is time to look for your clients, that is, services providers willing to buy leads.
Find several companies and send them an email to see if they are interested to provide services to your leads. If their reply is positive, voila! You have just sold your leads successfully.
3. Create a Mobile App
Before you say out loud that creating an app takes too much money and knowledge you may not have, think twice. In truth, you can easily create a mobile app if you find the right developers. Also, you can learn the development process yourself and maybe even code your own app.
Here, the key is not to think too much about the development aspect and marketing your mobile app, even though those are important steps in the process.
Rather, you need to focus on examining various industries and markets to find a problem people regularly face. The objective of your app should be simple and straightforward – to provide a solution to that problem.
4. How About Dropshipping?
Similar to affiliate marketing, dropshipping has been one of the most popular sources of passive income in the past decade. Examine a few online marketplaces to find trending products and decide which ones you want to sell.
The beauty of dropshipping is that you can sell stuff to people all around the world. Also, you are in charge of your own business, so you can control how much money you charge for the products you sell.
Interested in starting a dropshipping business? Take a look at this dropshipping guide to learn more.
5. Sell, Sell, Sell
If you want to earn money, you normally have to sell stuff. But what can you sell that people would want to buy? Don’t despair too soon, as there many more opportunities around you than you are able to recognize.
You can earn by selling your skills as a freelancer or a craftsperson. Although this is not really passive, this particular market is fast-growing and it enables you to earn substantial amounts of money.
Find something you like doing and become a master at it, then position yourself on the market and sell it.
Do you find yourself stumbling upon unnecessary stuff in your home? If yes, then it may be time to sell some of it. Organize a garage sale and you’ll see people buying stuff you haven’t used for ages.
6. Create YouTube Videos
The days when you needed a one-million-dollar camera to shoot a video are long gone, my friend. All you need today is a small digital camera (or even a smartphone) and some basic video editing skills, and you’re good to go.
Famous vloggers and influencers record videos of themselves on a regular basis. In these video clips, they:
– help their followers solve problems
– review products (remember affiliate marketing?)
– share interesting information with their audience
There are so many people who like watching helpful videos, so forget about your stage fright. Maybe you could become one of the famous vloggers really soon.
7. Rent Your Property
If you have an extra flat or house where no one lives, what are you waiting for? You could easily get someone to live there and pay you money for doing so. Furthermore, if you live in one of the most popular cities like NYC or Los Angeles, it doesn’t even have to be an entire flat. A single room will suffice.
On the other hand, if you don’t have a property but do have some extra money on the side, you could buy a flat or a house, refurbish it, and then rent it to Airbnb guests or other globetrotters.
8. Invest in Stocks
The world’s richest people normally have investment funds, and stocks take up a fair share of their fortunes.
The act of investing itself is not something that requires a lot of time. However, the research preceding the investment takes time, effort, and skills.
Also, you need to have money in order to invest. The investment business is usually for those people who have considerable amounts of money which they can easily go without.
You know what they say: ‘Only invest as much as you are willing to lose.’ So, if you are not ready to say goodbye to your savings, maybe this type of investing is not for you.
9. Invest Small and Short-term
If you don’t feel like investing big-time or simply don’t have that much money, maybe you should search for other investment strategies.
One of the somewhat forgotten ways to earn money is to open a bank account. Most banks offer signup bonuses for opening a checking or savings account with them. One account after another… it can be quite profitable. You just need to create a sound strategy before you start doing it.
Usually, you will need to meet some requirements, but that is not too difficult. Once you complete all qualifying activities, you will make money from your bank account, sometimes as much as $500 or $750 at a time.
Bonus Tip – Persistence Is Crucial
These strategies can help you earn passive income, but you can’t expect to get rich overnight. In truth, you will either need time or money to start building any of these businesses. Most of these are rather demanding, long-term projects that require detailed planning and effective execution.
So, if you feel discouraged right at the start, maybe passive income is not for you. On the other hand, if you feel even more motivated because of the challenges you will face on a regular basis, then go ahead and try one of the strategies listed, or even more of them. There’s no one stopping you except yourself.