With the digital evolution at its fastest pace now, people are indulging in secondary income sources online and there are plenty of ideas. Who does not wish to earn some extra cash alongside their fixed monthly income? But, most people hesitate from earning some extra money. It is because they still think that they need to do another “part-time work” to earn some money. Sure, part-time jobs are good and lucrative. But, it becomes difficult if you do not have that much idle time or energy to do a part-time job.
Then what is the way? How can you earn additional money? The answer is a passive income idea. Passive incomes are also as great as secondary income ideas. Any clever person or who is into entrepreneurship always searches for some secondary income ideas to work on during leisure. You can earn some money in your free time and can also invest this earned money for a better future for your family and yourself.
It is not going to become your main income source. But the passive incomes are good for some extra edge. If you can overcome the initial struggle then you can easily get a steady flow of cash every month. And the biggest benefit is you may not need to spend another few hours in an office. You can earn as a freelancer or even from your home. You can choose multiple ideas together to earn more money. It all depends on your choice and comfort level.
For those who do not have a high paying job or want to close their debts as soon as possible; passive incomes are a great idea. You can achieve your goal of savings and financial stability faster than you think.
If you want to earn a good passive income, you need to be intelligent and clever. You need to be wise with your time to earn money. Therefore, if you are clever with time management then it is a bonus for you.
The main point is patience. For a stable passive income, you may need to be patient and wait for some time. Because at the starting you may spend months even a year without any money. But, as soon as the flow starts you will be able to get in money on a regular basis.
Whether you are eying a Secondary income or passive income, you need to decide on a strategy to earn easily. Here is the guide to executing secondary income ideas with great planning-
First step: select your comfortable income option
The first thing you need to decide is to choose the right income idea. It is the main and most essential step if you want to be successful in this field. You may be tempted to try out some of the most unique and out of the box ideas. But, that will not be good for your income source. Such ideas can click instantly or never offer any income at all. Therefore, it is better to be realistic while you are starting with your secondary income or even passive income.
In case you want to get something from the income source, you need to stick to the tried and tested ways. According to experts, those who earn from their passive incomes often invest in simple business industries like laundry industry, cleaning service, home service etc. The traditional ways are always effective and never disappoint you. You do not need to do something different to earn, simple and easy steps are enough in this case.
Some examples –
- If you are a college student or a university student, you can provide online tutoring classes or even privet tution to school students or high school students for their entrance examination. It is a great income source for many young professionals. Tutions always allow you a good income with some efforts.
- You can write blogs and share your tips and tricks to the world. Blogging and vlogging are always great and allows you a steady income after some months.
- If you love babies, you can open a baby care service in your own home.
- In case someone is friendly with pets they can open a pet home in their home to take care of pets while the owners are on vacation.
- In case you are a foodie and fitness enthusiast, you can open a lifestyle channel in YouTube.
- Fitness conscious people can also start working as a trainer for people.
The main thing is you need to find something that is safe and secure. You may need to think carefully before zeroing in a particular idea. The thumb’s rule is to write down your ideas.
To think about which ways of passive income you can check out, check your qualities. You can start with your interests, hobbies, your ideas, and skills for this. Often hobbies can become a good alternative income source. Secondly, you can get ideas on the internet. Even your simple and boring daily activities can transform into a way of passive or secondary income without much investment.
You may get confused with the number of ideas you have in your mind. You can just write all of them in a paper. After finishing your writing, think about each point carefully and strike out options that you feel are not great enough.
Step 2: Are all these ideas good enough for trying?
After you have zeroed on your ideas you need to check if these are worth trying. Many people often start their secondary income ideas without thinking if the way for income is full-proof. Chances are that you will be unable to gain something monetary with a failing idea. Therefore, take time and check the scope of every idea you have selected. Check the scope and future of the income ways.
You need to tally your service and your consumer sector together to check if the idea is worthy or not. It will help you to filter all the selected ideas further. At the end of this procedure, you will obtain the best ideas for a good passive or secondary income.
Step 3: Start earning
You have your nest idea or ideas. When you are interested in secondary or passive income, you do not need to be happy with just one. You can use multiple ideas at the same time to earn. Therefore, do not feel discouraged if you have more than one idea. You need to divide your time equally between all of your ideas in this situation.
The last step is to start earning. Please remember that you need to remain patient during the starting phase. The earning will increase with time. Therefore, you do not need to lose your interest and enthusiasm if you are not getting enough result in the first few months.
Start contacting your potential clients or join a freelance website or advertise about your service in social media to attract your clients.
If you are a person who is just starting in this arena, you may need some guidance. There are numerous passive and secondary income ideas that you can try. Here is a small guide for you. You can find some of the best income ideas that are full-proof and offer you a generous return. Hence, if you cannot find any option or need to find some great ideas, read this section of the article. You will surely find something worth trying.
Secondary Income Ideas
Here are some multiple streams of income ideas for those who are interested in passive Income or secondary income:
Index funds and stock market
The index fund is one of the most awarding passive income ideas. You don’t even need to spend any time in it. Some basic knowledge in the stock market is enough. The best deal is that you can start with the smallest amount in the initial stage and you will get the return for sure. In case you do not have enough knowledge about the stock market, you can also take help from an app. There are also many YouTube tutorials and blogs that you will find for guidance.
Investing in an index market is easy, hassle free and offers you returns after a fixed time. You can also change your portfolios and reinvest your earned money.
If you want to invest in the stock market or index market, you need to open an account with a trusted and reputed broker. Otherwise, you can also buy the shares directly through an app with the guidance from experts, it all depends on you. Start with a small amount of money and invest as you get experience.
Dividend stocks are also getting popular. You can also have the chances of capital appreciation with dividend stocks. Your money will be running in the market and you can monitor what is happening to it without spending any time. Your investment portfolio changes each time and it becomes more mature as you grow with time.
With index funds and dividend stocks, you get a fixed annual income. Hence, if you want to earn money without spending much time, it is the best option for you.
Peer to peer lending
Peer to peer lending can be another great way of passive income. It is lending directly to people. Your money amount does not matter here. You lend money directly to people who can’t afford a bank loan. Your money goes to them through a platform or an agency or a lending club. The loan taker agrees to pay interest according to the terms of the platform. You get your principal back along with interest after the fixed tenure. This means you get some extra amount of money by lending it to other people. P2P lending offers you a great return (nearly 4% and above) and it is a steady income. You also do not lose your money, until you are lending it through a reputed lending platform.
Real estate – Rent your property
Real estate needs some effort and engagement. Therefore, you can call it a semi-passive income source. But, if you have scope to give your property on rent, you must go for it. People always migrate to other cities for work or education purpose. Therefore, if you have a small apartment or a vacant house you can give it on rent to people. You can also rent your property to different types of business owners like companies, banks, etc. and have a secondary income sorce. Usually, business rentals fetch more money, but you may need to invest more in this case.
Online renting platforms are now common and you can always find your clients and tenant through these platforms easily. You just need to put an advertisement with the details of your property and you will get calls from interested possible tenants. You can finalize the deal after you and the tenant agree on the terms. If you do not have that time, you can get brokers to find a tenant but that will make you shell out some more money.
If you want to make a bigger investment you can also choose to invest in a REIT Or Real Estate Investment Trust with your money. You will benefit from their property sells or gains or revenues. REITs offer you better and steady returns, even more than the stock markets. Therefore it is worth giving a try.
Become a Vlogger
Vlogging is also a great idea for those who want to explore their creative side and earn money at the same time. YouTube is becoming one of the most used platforms for vloggers. You can upload videos and experiences on your YouTube channel.
Its main advantage is you can vlog about almost anything. You can do anything you like – cooking, food tours, DIYs, music, art, crafts, gaming, movie reviews, general knowledge, travel vlogs and much more. A lot of people now earn regularly from their youtube videos. You start regular earning as soon as you get steady subscribers on your YouTube channel.
If you want more audiences, you can always include Google Adsense in your videos. It will help you to transform your videos into advertisements and you can earn money from a single viewer click. Besides that, make sure to promote your YouTube channel on your social media platforms like Instagram, Facebook, etc. to grab more attention from people.
You do not need to buy a great camera or anything. It works with a simple Smartphone and a medium-range DSLR. You can add to your gadgets as you earn more money. But, if you can stick with determination, you can gain a good amount of income from YouTube.
Publish your book
Yes, you have heard it right. Publishing your book can be a great alternative among the multiple streams of income ideas. If you have always wanted to become a writer or a storyteller or someone who inspires people with words, you can write a book.
Now more and more publishers allow new writers to write and self-publish their books. You can go with fiction books, but you need to wait and believe in your skill in this fiercely competitive field. On the contrary, non-fiction can be great and offers you almost instant returns.
If you do not want to invest that much money, you can always work with an eBook. Ebooks are an easy thing and you do not need to spend a lot of money to publish your ebook. There are many platforms that encourage young talents and novice writers to show off their writing skills.
In case you are good with vocals, go for an audiobook. Audiobooks are now rage and people love to hear stories. The biggest part, you do not need to use your own story in this case. You can also enrol for producing an audiobook with your writings. Many platforms allow individuals to produce an audiobook from other writers. You can also upload your work there for the listeners. If listeners love your audiobook, you will earn from their likes and recommendation.
Online tutoring is one of the best ways to earn money. There are thousands of ways to start your online tutorial. If you want, you can start your tutorial channel on Youtube and earn from it like any other Youtuber. Alternatively, you can join any online tutorial platform to teach the students. You get money according to the viewer number.
You can also join any online course platform and create a course on your favourite subjects. Learners will purchase it and will learn from your uploaded videos. You can design the course in almost any matter- the choice is yours. If your course catches the eye of some big investors, it can also get a premium feature and you can also earn collaboration with reputed educational institutions in future. Choose any subject you like- Education, Arts, Photography, Crafts, IT, Scriptures, History, etc.
Blogging is also another great way of passive income. Blogs can allow you to earn a lot of money. Blogging requires a lot of work and patience. But, it offers a good ROI. You need to find something or a subject that is in your comfort zone. It allows you to offer lots of knowsledge to your readers and viewers.
You can start with WordPress and other sites to design your blog. You may need to wait some time to make the blog popular, but it will become popular with time and you will be able to get a fixed amount of money through blogging about things.
Put your photographs on the internet
People always need stock photos for their works, from projects to education to other related things, a stock photo is often a life savior and you can earn by selling stock photos on the internet. If you are enthusiastic about photography, it is another great idea for secondary income. You can submit your photos in stock photo websites like iStockphoto or Shutterstock.
Try Affiliate Marketing
Affiliated marketing can fetch your great ROI if you are clever and patient, It is among the most successful ways of passive income and often offers more than one income sources. If you have a lot of viewers and great traffic or some trusted client base, you can surely be an affiliate marketer. In this case, you get affiliation from a company and promote their products. You earn a commission whenever someone buys through your channel or your recommendation.
Become a seller on the internet
This is one of the easiest ways of passive money-making. You can always sell your products on the Internet and earn money from it. You can also sell your services here. A lot of people now use social media platforms and online marketplaces to connect with their sellers and sell their products. In case you have just started to sell your products through Facebook and Instagram. You will get a lot of audiences from here.
After you have gained enough investment you can switch to your website and sell through the site. You can also engage with resellers and earn a commission from them. Reselling is also a great idea.
Selling needs some effort and effective products. You can sell apparels, jewellery, stationaries, DIY, handmade gourmet products, etc. You can also start your own food business here. You can sell in your free time and earn money. It is a flexible idea.
Alternatively, you can also connect to the reselling websites and sell through them. Selling is a good passive income idea for housewives, students and people who do not wish to work in a office.
Rent your flat or apartment and services to Airbnb
Airbnb is one of the most popular vacation-stay systems. If you have a vacant room or apartment, you can convert it to an Airbnb stay and rent it out to tourists. You earn through Airbnb. This offers you around the year income with some extra income in peak season. If your home is in a tourist circuit, you can take a step ahead and offer some services also. You can work as the local guide for the tourists and allow them to explore the place through the local’s eyes. You can earn and engage with people. It is a great source of income for sure.
Build an app
Apps are now an essential digital commodity. People need apps for different purposes. You can find apps for almost everything in the Google Play Store.
If you are good with programming, you can earn by making an app. You can build an independent app and wait for the user ratings to earn. Alternatively, you can start as a freelance app maker and design apps for your clients. You can earn with each app your design. And, app makers often earn a good sum for designing an app. Therefore, if you love to code, you need to follow this suite.
Start a car washing business
Car washing is one of those classic ideas that still work just fine. Car washing can help you earn a lot of money in your free time. You can do it all by yourself or hire someone to help you. You can run a basic car wash service without a lot of investment. A simple powerwasher, some detergent solution and dedication is enough. You will get plenty of clients from your neighbourhood without much advertisement. You can start earning almost instantly with car wash service. And your earning will grow as you progress in this sector.
Certificates of deposits
In case you want to find something that is trustworthy and secure, why not start earning through the CD or certificates of interests. CDs are bonds and certificates from the banks and some government organizations. You buy the certificates for a fixed amount and the certificate remains valid for a fixed time. You get the money after the certificate matures and also get some interest. The CDs allow a higher return than even the bank savings and your money remains secure with the organization. It may require some initial investment, but it is a great secondary income option.
Digital file selling
Etsy and Pinterest are one of the sites where people hunt for new ideas. Therefore, if you love digital artworks you can start selling your artworks in Etsy. A lot of people search Etsy to find home decors and other decorative items. You need to upload your works on that site. Anyone who downloads it from Etsy pays you a commission.
Design personalised items
Personalised items are one of the most sought after services. From T-shirts to coffee mugs, to photo albums and home décor, people often want to get some personalized things for themselves. You can design and make personalised items and sell them to your clients. They will give you the idea of what they expect and you make their idea a reality with your talent. Therefore, it is a good idea for creative people.
These are some of the best multiple streams of income ideas. You can choose anyone you like, Or, you can also choose multiple ideas and use them as you please. Passive incomes do not come easily and you need to have dedication and determination for earning money. But, if you can pass the initial phrase, you will get some extra bucks every month or even every year without any problem.