Most of us would welcome a project that earns us a little more money. The problem is finding the time for a second job. What if there was a way to make money without having to put too much time into it? We’re not talking those ‘get rich quick’ schemes that you see advertised on social media, because they don’t work. Every money-making opportunity requires some work.
What we’re talking about here is a passive income. What does that phrase mean, and what ideas can we suggest to you for creating a side-business that may provide a passive income? Let’s start by explaining the term, and then we’ll look at some examples.
Passive Income Explained
As we already said, every method of making money requires some effort, but a passive income is one where you do the work, then continue to see money come in once you have finished. A classic example of passive income is royalty payments. A songwriter has a hit, and it continues to bring in income for long after. The work was the writing, recording and promoting of the song.
Of course, very few people make it in the world of music, and it’s not that type of passive income we want to look at, but it is the example that defines the term. Passive income can also include the likes of stocks and shares – the work lay in researching and buying them, and they may continue to pay – and also in rental properties.
So, we can see from these examples what we mean when we say some work is always involved. Let’s say you don’t have the money to invest in shares or property. How can you create a business that results in a passive income? Let’s have a look!
Examples of Passive Income Businesses
If you’re looking for passive income ideas, Amazon is your friend. The online retail giant is used by many thousands of people to create income that does not take a lot of their time. How do they do this? There are a few methods, so let’s talk about the most popular platforms offered by Amazon.
Amazon Associates
This is Amazon’s affiliate program, but what’s it all about? Basically, you set up a website – or websites – and join the program, and you then place a link to relevant products on Amazon. Every time someone clicks your link and buys a product, you get a commission payment. You can also place links on your blog, and on social media.
Let’s say you have a popular cycling blog. You find cycling accessories on Amazon, talk about them on your blog and add the link. Or you might have a website dedicated to gardening and do the same. The beauty of Amazon Associates is that while the commission can be low, the sheer number of products is colossal. The work is in building up the blog and websites, and using social media, and adding new links. There are people making a lot of money this way, but most use it as a second income source.
Merch by Amazon
This innovative platform is one that is becoming increasingly popular with people searching for a passive income and is both creative and fun. Basically, it’s about selling t-shirts with designs on. However, you create the design and upload it to the system – having registered as a member – and Amazon does the rest. You need to promote it – using social media and your website and other mediums – but you never see the product.
When someone orders a design Amazon has it printed and delivers it, and you take your cut. The beauty of this platform lies in the lack of any necessary stock, so you have no initial outlay and nothing to lose bar your time spent designing the shirts and promoting them. This is among the most impressive passive income sources of all.
Amazon KDP
Kindle Direct Print – KDP – is similar to the above but involves printing books on demand. Now if you think you need to write a novel to benefit, you don’t: think custom journals, notepads, other book form items with low content. The concept is again a print on demand one, so the same benefits apply. If you happen on a winning design, this can be very profitable.
Conclusion
If you approach a passive income business idea with the knowledge that it may only make you a few dollars you are doing it the right way. You could try a number of different methods and you never know, one day you might get it right. You have nothing to lose, so good luck.
