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Who hates passive income? In case of entrepreneurs, having an additional income or passive income something every entrepreneur strives for, regardless of the volume and stability of business they carry. Passive income ensures the balance of cash flows, and the best thing is, as an entrepreneur, you are not supposed to put any extra efforts, in order to make money from these sources. Another best thing is that you do not have to make any major changes in your business for passive income. In this article we will talk about five sources of passive income.
The difference between active income and passive income
First of all it is important to understand the difference between active income and passive income. Active income is the one you earn, while working and stops when you stop working, for example, salary. On the contrary, passive income is the income for which our physical involvement is not required, for example, the interest earned for the money kept in the bank or the monthly rent from home property.
The sources of passive income requires constant maintenance
The source that generates passive income requires constant maintenance, even if the effort is minimal. For example, let us talk about passive income generated from rent. We can not say that there is no need for your participation in this matter. As the owner, it is you who have to bear the costs of necessary repairs, property taxes, etc.
Along with this, if we talk about the rental house, then for this type of passive income, you have to buy a house by investing a big amount, because only after buying it, you will be able to earn a passive income.
Here are some examples of passive income
1Launch a blog
One of the most important sources of passive income is the launch of a blog. Blogs can be the best source of passive income, although you will not get any passive income overnight from the blog. If you are planning to launch a blog, then you need to understand that you will have to invest a lot of time, effort, patience and money for at least a few months.
If you are aware of how things work in the virtual world, then only you should try your luck with a blog. In simpler terms, start a blog about the topic you have a good understanding about. Once you have traffic on your blog, you can expect a huge passive income in near future. However, for this, you need to work on strategies to generate income from blogs.
2Mastering a Sales Funnel
If you know what Sales Funnel are, then you surely know how big money you can make out of these. If you are a socially open person with a lot of email addresses or phone numbers, then you must learn how to create a highly profitable Sales Funnel. With the help of a Sales Funnel, you can sell your products, services to any number of people or you can earn commissions by selling others’ products.
3Develops a mobile application
We are living in an era of mobile apps. If you have any business idea, then you must develop that idea as an application. To do so, you can always hire a mobile application developer. In the beginning, you can allow people to use that application for free. But once you have a large amount of audience, you can launch a pro-version and can charge a fee for it or you can make passive income through advertisements.
YouTube is an extraordinary resource for generating passive income. Filming video tutorials can attract a huge number of visitors. You can do product reviews, academic tutorials to help people. This will not only attract the common users, but the product manufacturers, as well. After seeing your fan base, they can approach you for a product review or beta-testing. For this, you will need to analyze the behavior of YouTube visitors and find niche that you can explore of your own like testing products, offering online meditation, language tutorials, etc.
5Learn to earn from your hobby
Many people never get to know about their talents. Do you know that you can earn money through your hobbies, as well? For example, if you are a photographer, singer, or author, and you have fans around you, then you should learn the art of selling your talent. There are many such platforms on the internet, where you can earn money by selling them.
Apart from this, there are several other ways through which you can make passive income.