Hello Hiveans!
A passive income is like a dream for a normal person because it is known that you can earn more money with very less hard work. The problem is a normal person can't find a way to generate passive income. If you are seeking yourself in these type of people then you don't have to worry because today I'll give a much knowledge of passive income. Today, in this post I'll tell you 5 passive income ideas in which you can earn money without your too much presence and these ideas are for every type of person. It means, if you can invest more money then this post is for you or either you can invest less money than also this post is for you. I'll tell you ways of passive income as well as their pros and cons.
Before getting ideas of passive income it is compulsory that what actually passive income is? Let's make it simple, a person earn money with two ways, one is active income and the other is passive income. In active income, till you worked till you get money from it, means, it consumes your regular time and hard work and when you stopped giving these two things then you will be stopped to getting income. But, the passive income is much different from it. You don't need to give you whole time to earn money means, you give less time or even when you don't give time,even then it will generate income for you. Some people may assumed form it that we don't have to give any time to earn money but that's not true, you have to give time sometimes for managing that passive income. So I hope you have cleared about this concept, so, now, let's see what are the ideas to get passive income.
Let's get started......
1. Write an E-Book
People may worried about how can we write a big book, yes, because sell fell books are much lengthy about three hundred two fifteen hundred pages but that doesn't means, you have to write large book. There are lots of topics in which we can write an e-book like, you know a story which is very engaging, so you can add little bit more phrases and give it a fare title, so your e-book will be prepared. And you can give it a fare price and can upload on Kindle app. Now, some people may have questions, who will read our book? For increasing the sale of this book, you need to find out some YouTube channels, who create story type contest and then you can increase your sale by giving these channels a particular amount. The advantage is, when you promote your book and when sales increased then the Amazon Kindle will rank your book as your sale increases. This will increase your income gradually. The risk in this ideas is, your engaging story have to be engaging, that people shows interest in it then your book will give a fare passive income. You can hire a ghost writer with the help of freelancing websites, they will change your boring stories in engaging and interesting.
2. Sharing Your Home Space
Here is person in my neighborhood and he is very introvert type. He don't like to talk with too much people. That's why his whole hall was empty and he didn't give it to anyone for rent. And one day a business man came to his house, he had the business of clothes and he was seeking a place to store his cloths stock. Then he told my neighbors that he needs his hall for storage of his clothes stock and he will give him fifteen thousand Rupees per month. My neighbor agreed quickly because it was a win win situation for him. So like that, may be, lots of people are at your surroundings which have large business and seeking place for storage. When you find that person then it will be a good source of passive income. You just have a much space at your house or any garage in which they can store their stock. But there is a risk in it because you will responsible for that stock, you must get a proper responsibility and care take of that stock.
3. Vending Machine
Those people who are hearing the name of vending machine for very first time, let me tell you that it is a automated machine which have chips, cold drink, water bottles or chocolate etc. The advantage of that machine is you don't need to give your presence like a regular shop. You have to just set it one time and it will create a passive income for you. The risk in this idea is, foreign countries have these vending machines almost at all places but in Pakistan, it is in very less number. The reason behind that the people in Pakistan is uneducated and in disciplined. You may watch all these type of small crimes that a Robbery happens in a shop at day light or someone scratched on a car. It means there are lots of people in Pakistan who give losses to public property for no reason. That's why you have seen less vending machines in Pakistan. But the advantage is that there are many places in which nobody will damage vending machine, in gym, in shooting store, or restaurant, in which people are much educated. These type of places will give protection to your vending machine and as well as a good passive income will be generated. So choose a better place for placing vending machine.
4. Become a business partner
We get so many ideas day by day, the ideas in which if you build a business, it will give you much profit but having less money stopped us to executing that ideas. Some people have much money but don't have much time to give it to business. So if you are facing this problem then you can choose this idea for passive income. You can do a partnership with another businessman in which the profit will be distributed among both. The benefit of this idea is, this will Sav your time, hard work and many more factors, you just have to invest in others business, your partner will grow your business and you will get a handsome passive income without doing hard work. The risk is, where two minds will thing instead of one mind, there will be conflict and it is normal. This conflict may break you partnership, so first choose a person that you trust him a lot.
5. Affiliate marketing
This source is much attached with a influencer, YouTube channel or a place where you are connected with lots of people and that people follow you. You can suggest your audience about any products or service and for that a selling company will give a fare commission for that. There are many platform or companies have their affiliate programs, you can joint that program and can earn a handsome commission form it. If you build a large audience many brands and companies will approach you for promotion of their product or services. You can also join it yourself like, Amazon, daraz, Ali baba and many more selling store are exist which will give a handsome commission. The benefit of affiliate marketing is you will earn a pretty much more income from it and the risk in it is, you must use the product or service first. If that product or service is not good, you audience will be reduced for suggesting wrong products. So suggest any product or service after using it.