Who doesn't want to earn passive income? If there's one thing we've learned from Covid pandemic, nothing is certain. Many businesses had to shut down or lay off workers because of lock downs and other restrictions. So many people lost their jobs or income sources that were working so well for them.
This is how life is. It's uncertain. One way of dealing with this kind of uncertainty is to try and create a diverse portfolio. Invest in many different types of businesses. For example, businesses that already have an online store and home delivery services managed to do much better than the brick and mortar stores.
Even if you are not a business. You need to work on creating some passive income sources. Remember that when we say passive income, it doesn't mean one of those get rich quick schemes. Also remember that passive income sources will always take some time or money before they can start to produce results.
Following are five practical but actual ways of earning passive income that will work in 2021.
Lead generation:
Did you know that less than 65% of businesses have a website. In other words, 35% of local businesses don't have a website. And even if they have a website, very few businesses actually know, or have the time to learn about online marketing or lead generation. What you can do is to spend some time learning a little about online marketing and help those businesses. Luckily, Google or FB ads have made the process of lead generation quite simple. Once you know how to use Google ads for lead generation, you can easily start to help those small businesses. There are courses that can teach you the process in a matter of days. Modern Millionaires is one of those courses. You can read this review to learn more about it.
Create and sell a course:
If you do not want (or you don't have the money to spend on) a course, you can also consider creating your own course. This might sound a little too ambitious. You might be thinking what can I teach others. But many of you have a college degree, professional experience, or even a hobby or interest that you can use to create a beginner or advanced level course. There are platforms like Udemy or SkillShare that make this incredibly easy.
Buy and Rent a property:
If you don't want to spend time on learning a skill or creating a course, there's an easy way (though it will take a significantly large investment). The conventional method of buying and renting a property is an evergreen method. You just need to "choose" the property type wisely. If you are living in a large metropolitan area, it can be an apartment or a shop. You can also consider buying a property at some tourist location and earn a handsome amount by renting it out through platforms like Airbnb.
Create an App:
Smartphones users are increasing with every passing day and they will continue to increase. If you can think of an app that will be of help to some of those users, it's fairly easy to get it built and uploaded to Google Play or Apple store. You just need a good idea and a target niche.
Drop shipping:
If you want to start an online store but doesn't have the money or resources to buy and store inventory, you can consider going the "Drop shipping" route. Dropshipping suppliers allow you to see their products. Buyers will come to your site and make an order. You will forward the order details to the suppliers and the products will be shipped to the buyers directly from the supplier. You can simply keep your profits without going through the hassle of selling, shipping, or managing returns.
These are just some of the methods and as you can see, none of them will bring overnight profits. However, all of them are real business models that are working for so many people and they can work for you. Choose one that suits your interest and start working towards financial freedom.