While the new year is still young, now is an excellent time to begin setting up streams of passive income to leave ticking over throughout the year.
This article will cover a list of the best ways to start earning income now to increase your earnings over the next twelve months and beyond.
Starting up a blog now is a sure way to set revenue streams in motion throughout the rest of the year.
A blog is simply a website to which regular content relating to a particular niche is posted.
There are a tonne of blogs out there ranging from environmental awareness sites to finances & entrepreneurship. Whatever interests you can be used to create your blog.
To begin with blogging, first you’ll need to create a domain name.
This is simply just the .com/.net/.blog (the list goes on) web address that people will use to locate your site (kingpassive.com in this case).
A domain can cost very little cash and will return an awful lot of money if used appropriately.
Try to choose a domain name that’s relevant to your niche and the content you’ll be posting.
WordPress offer a free domain name with their monthly membership which includes an incredibly easy interface that’ll help you create your site.
Once you’ve got a domain sorted, then you’ll need to actually create your site.
This can be done fairly easily through the use of a number of free tutorials around the web.
YouTube is also a great resource to find full instructions to getting your site up and running.
When you’re blog is ready, all you need to do is post regular content and work on building up an audience through SEO and social media.
As soon as you’ve built up a following you’ll be able to monetize your site through affiliate marketing.
All this is is dropping links across your website given to you by companies looking to advertise their products.
Every time somebody clicks these links, you’ll make a profit based on the value of the product.
After some time and financial growth, you’ll have the money to pay writers to write blog posts for you, leaving the site to tick over and generate money automatically without you having to do a thing.
Renting out properties is easier than ever in today’s world.
Thankfully, with the growth of companies such as Airbnb, anybody is now able to rent out living spaces to those looking for a place to stay.
Through Airbnb, ordinary people can advertise a property/room/bed they have and are willing to rent out.
Clients will then approach you and pay you to stay in your property.
Further down the line (and after you’ve made significant financial gains) you’ll be able to actually buy properties and rent them out.
This is known as real estate and is the process of purchasing properties, doing them up and allowing people to stay there for monthly fees.
The business of real estate can, at first, be fairly time consuming and will require a significant amount of work.
However once you begin earning enough money you’ll be able to pay people to handle your property and deal with any issues you have.
See Also: GUIDE TO LETTING YOUR PROPERTY IN LONDON
Writing a Book
Perhaps my personal favourite method of earning passive income, writing and publishing either a physical book or an ebook is a foolproof way to earn money automatically.
Writing a book can, with enough effort, take as little 3-4 weeks to do and will return you constant money overtime without you having to put in any extra time.
Once published, your book will continue to sell and land you a decent sum of money every time.
The only investment you’ll need to make is your time (and perhaps a little money on book-cover design).
Once the writing process is finished with, you’ll be well on your way to earning passive income for as long as you wish.
Thankfully you no longer need to be a Photoshop guru and owner of a £5,000 camera to earn money with photography.
Simply taking photographs that can be used by companies and publishing them online is an easy way to earn you passive income.
Sites such as Shuttershock allow you to publish your photos to their site. You’ll then be paid for every single download that that photo received.
Shuttershock requires monthly payment fees from its members and these fees are used to pay the photographers that post photos to the site.
Businesses are always looking for photos to use on their sites and will pay highly for the right ones.
Simply taking photos that are high in demand and posting them to Shuttershock will earn you money without you having to actually put in any more work than it takes to upload the photograph.
Dropshipping is the process of selling products online that you don’t actually store.
When a customer makes a purchase to your online store, you simply place an order with a supply and have that product shipped directly to their address.
That way, you don’t have to deal with shipping or storage and can simply just send products around to customers without having to do the dirty work.
Setting up your online store is really the hardest part (and it’s not actually that hard at all).
There are countless tutorials around giving detailed step-by-step instructions on how exactly you can get going with your dropshipping business.
So long as you can follow instructions, dropshipping really is an incredibly easy business to get into and will reward you for as long as you wish.
Additionally, once you feel your time as a dropshipper should come to an end, you can sell on your dropshipping business for very large sums depending on the profitability of your site.
Many entrepreneurs utilise dropshipping alongside other methods of moneymaking to strengthen their revenue streams and increase their annual salary by a tonne.
What’s stopping you?