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Passive Income Ideas To Earn More And Build Wealth In 2023

Passive income ideas

Passive income is money you earn that does not require active work. You will learn passive income ideas to start now to build wealth from this article.

Whether you own a business or have a 9-5, there’s always room for more. A little more is cool. With more money comes more freedom and flexibility.

What will help you achieve that? Having a passive income!

Start Your Business in 30 Days Even If You Don't Have An Idea
Start Your Business in 30 Days Even If You Don’t Have An Idea

Yeah!

Passive income is one of the ways to earn more with little effort.

Today, I will share different ways to make a little more so you can finally live the life you dream of. We teach how to create legitimate wealth on this platform. You can learn the different side hustles you can start and how to start them too.

First,

What Is Passive Income?

Passive income, like the name, is money that does not require you to actively work to earn it. You are not required to actively work to continue to earn the money.

 Most of the work is done upfront, and you do some extra work along the way to earn the income. 

For example, if we take online courses, you just need to update the course content periodically to continue earning from it.

“Make money while you sleep.” Have you heard the expression before? Most people want that, and that’s the biggest draw that entices people to earn passive income.

Start your passive income journey by creating something; it could be videos, e-books, an online store, etc. Anything that generates money when you’re not working.

For your passive income to equate to your active income, you must put in a lot of work upfront. We will look at the different passive income ideas you can start now.

Passive Income Ideas

We will share 20 passive income business ideas you can start now and create wealth. I will like to know which of these passive income business ideas you will like to start.

1. Start A Dropshipping Store

Dropshiping is one of the top passive income ideas you can start. There are many places you can find trending products; one such place is AliExpress.

You can decide to focus on a niche or sell products from different niches such as fashion, home décor, or beauty.

We have video content and a book on how to start dropshipping. Get the book now.

Go from idea to starting your business in 30 days
Go from idea to starting your business in 30 days

2. Build And Monetise A Blog

Another popular passive income stream is building and monetising blogging.

You can earn in different ways with blogging- affiliate links, courses, sponsored posts, products, book deals, etc.

Building a successful blog takes a lot of upfront work; however, it is a sustainable way to make a passive income. You build an audience with a blog, and build wealth through the data that your blog generates.

You build an audience through organic and social traffic or by building an email list. Join our email list here. When you join our email list, you join a community of entrepreneurs.

The beauty of having a blog is that you can turn that asset (yes, your blog is an asset) into several different income streams.

The ReDahlia brand started as a content platform. Look where we are today- A co-working space, an academy, and The Entrepreneurs.ng platform.

So, blogging might be the perfect option if you want a sure passive income idea. But, trust me when I say this; it is not easy.

3. Create And Sell Online Courses

If you’re an expert on a subject or field, selling online courses is a great passive income idea.

You can sell through your website or other platforms like Udemy.

There are pros and cons of selling on your platform and on platforms like Udemy. To learn more about creating courses, book a business expert today.

4. Create An App

Creating stuff tends to lead to passive income; that’s the trend. This is true in our world today- the world of mobile software.

Are you a developer or programmer? You might want to try creating apps as a passive income stream.

There are two ways you might monetise your app: First, charge a fee for people who want to buy your app. Second, make your app free and monetise with ads.

Other ways to monetise an app- in-app advertising, offering paywalled content, and charging for premium features.

5. Invest In Stocks

When you study and analyse the world’s wealthiest people, you will notice a pattern in their wealth creation process. Stocks play a significant role in their deep, endless bank accounts.

The research that goes into studying the stock to invest in is active, while the act of investing is passive.

Many online sources say Warren Buffett reads 500 pages daily, but he’s not reading your average mystery book. Nope. He reads businesses’ annual reports. By doing this, he understands whether or not a business is performing well. This helps improve his ability to invest in the right company.

6. Buy And Sell Properties

Real estate is an excellent way to make passive income depending on where and when you buy.

Real estate investment can be risky, as with all investments. Therefore, speaking to a real estate consultant to guide you and ensure you buy the right investment property is advisable.

Going into real estate, you have to be intentional about it. What I mean is that you should reinvest the income that comes from your passive real estate income.

For instance, if you start with one property, the income you make from there can be used to buy another property, increasing your earnings.

7. Rent Out Your Spare Room

Have you heard of Airbnb? Do you have an extra room in your apartment? Rent it out to someone for a period

Use platforms like Airbnb to advertise the spare room. Airbnb’s job is to connect you to people looking for temporary accommodation or the next gateway.

Make sure the place is in perfect condition and furnished.

You can even buy a property and turn it into Airbnb. Since we are speaking about passive income, hiring a part-time property manager will make it passive. The manager will be responsible for creating the listing and looking after the property. You will pay them between 8% and 10% of the monthly rent collected.

8. Become An Affiliate Marketer

Affiliate marketing allows you to earn passively and is one of the best passive income opportunities.

Big brands have an affiliate program, sell pretty popular products, and make good money. The way affiliate marketing works, you can only earn a commission when you make a sale.

So, research the affiliate program before you join them. Blogging is one of the most effective ways to make recurring affiliate commissions.

9. Sell Your Videos

Some sites buy videos- Newsflare and Rumble.

You can make creative videos and sell them to these platforms.- You get paid, and you keep receiving royalties from the video.

10. Buy And Flip Websites

If you have experience creating a website, you can build a website, put content in it or, let’s say, an e-commerce website and then sell it.

People are looking to buy a pre-built website. At Shopify Exchange Marketplace, you can sell your website there.

11. Start A YouTube channel

You can make passive income from YouTube– From sponsored videos to ad revenue. The revenue can be recurring.

What is the secret to creating a successful YouTube Channel? By consistently creating content for a long time. Yes, you heard right. There’s no gaming the system. You can’t game the system.

Research your audience and consistently serve them value. Every video should be well made and should be what your audience wants. See important channels that entrepreneurs must follow.

It demands that you stick with it for the long haul. The passive income rewards come when you stick with it for the long haul.

Before you know it, brands will start reaching out to you to advertise on your channel, but you have to stay with it for a long time before you get to that point. Check out what we are doing with The Entrepreneurs Channel. Do not forget to subscribe now.

12. Sell Your Photography

Photographers can make money from selling photos, not just by taking pictures.

A camera is what you need to get started. You don’t need a camera nowadays; a good smartphone can capture amazing images.

Most of our video content is done with a smartphone, and if you check our channel here and our social media channels, you will see that the quality is excellent,

Take high-quality images and list them on stock photography sites to earn royalties. Also, we shared how to start and grow a profitable photography business here. So get the guide and start your photography business.

13. Help Businesses Increase Sales

At ReDahlia, we give a 10% referral commission for any successful referral to use our office spaces and virtual offices.

Tons of businesses will pay you for successfully referring a client to them. So take this passive business opportunity if you are a savvy salesperson or marketer.

Look for businesses looking for more clients– every business is looking for more clients, strike a deal with them and get some money on the side.

On that note, get brands to advertise on Entrepreneurs.ng and earn a 10% commission. We believe in sharing our profit with our tribe.

14. Write an E-book

Are you an expert in a particular field? Then, you can write an e-book. Don’t waste the knowledge you carry. Many people are looking to benefit from your knowledge. The challenge is that we second guess ourselves and think people don’t need our knowledge.

A woman makes cool cash from her book on ‘how to prepare different African soups’. There’s someone out there who will benefit from your knowledge. You need to find them and position yourself as an authority in that field.

We practice what we preach, and you can find all our books at Entrepreneurs.ng/shop/. We are democratising business knowledge for entrepreneurs, ensuring they have the right resources to start their businesses. And one of the ways we share these information is through e-books.

You can sell your e-book through Amazon or your platform. Find our e-books in our shop

15. Sell Your Unwanted Stuff

Don’t know where to start earning a passive income? Have you looked at your closet?

Except you want a chance to end up on an episode of Hoarders Association, sell those piles you haven’t touched for years.

Dig deep; you may find some items worth serious cash.

16. Create And Sell Digital Products

With digital products, there are no inventory or storage costs, which translates to a high-profit margin.

The entire process can be automated with instant downloads. You can sell your digital books on Shopify or through your platform.

17. Create A Job Board

A job board helps employers to promote vacancies to prospective candidates.

Applicants can apply for available positions. A friend who owns a job platform makes money by charging companies for access to their pool of talented candidates.

The bulk of the work is not in creating the job board but in creating awareness and driving traffic to the job board. So if you understand SEO, it will do you great.

18. High Yield Savings Accounts And Money Market Funds

 A basic place to leave your money if you don’t want to think about it but want it to work for you is in a high-yield savings account or Money Market Funds.

The difference is in the account type, which also depends on your state and country.

19. Invest In A Business

Another way to generate passive income is investing and being a silent business partner.

This passive income type can be risky because a lot is not under your control. But with risk comes the potential for high returns. Big companies today like Uber and the rest were once looking for investors to invest in their business.

My advice is that you invest in people; if the owner of the business is a person of integrity, the chances of the business’s success and staying power increase.

As an investor in a business, you reap the benefits when the company goes public via an IPO or gets acquired.

To reduce your risk, you can invest a small amount.

20 Create A Podcast

If you start a podcast that resonates with people, you can grow the audience. Once you grow your audience, you can monetise your podcast through sponsorships and ads.

This is pretty much like YouTube. The same principles apply.

Conclusion

You decide how much you want to earn from a passive income. The process of creating a passive income is not a get-rich-quick scheme. It demands that you put in the efforts, the hours, and capital and be patient.

The good news is that it pays if you nail these things early enough. Then, you relax and reap the financial rewards for years to come.

You may invest as little as $100  or N50,000 in the beginning. Then consistently reinvest your profits until your passive income grows to a sustainable figure. Then, with a high-recurring income, you can make enough money to live a happy, healthy life.

Did you enjoy the read? Which of these passive income ideas would you like to start? I’d like to read from you in the comments. Please share.

Stay winning. We are rooting for you. As you start your entrepreneurial journey, you need a certified business expert to guide you. Book a session with a business expert today.

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