Earn Passive income online can be a great way to help you generate extra cash flow, whether you’re running a side hustle or just trying to get a little extra dollars each month. You can use passive income streams to help you get out of debt or achieve financial independence sooner. 

Adding passive income streams to your life can give you more freedom, flexibility, and money.

What It Takes To Earn Passive Income?

Before we start, I think it’s a good idea to first clear up a couple of misbeliefs. Even though the word “passive” makes it sound like you have to do nothing to bring in the income this just isn’t true. Passive income streams require an upfront investment and a lot of nurturing in the beginning.

After a few months of hard work, these income streams start to build and are able to maintain themselves, bringing you consistent revenue without much effort on your part.

8 passive income ideas 2024

1. Blogging
2. Affiliate marketing
3. Print on demand(POD)
4. Amazon FBA (Fulfillment by Amazon)
5. Sell design online/digital products
6. Create an online courses
7. YouTube Channel
8. Dropshipping

If you’re thinking about creating a passive income stream, check out these 8 strategies and learn what it takes to be successful with them.

1. Blogging

Blogging is the most famous source of passive income and It’s true that it can take some investments and quite a bit of upfront work. Blogging has helped countless entrepreneurs and job workers earn passively through affiliate links, courses, sponsored posts, and other services.

Some of you may be thinking that I don’t have any money, so I can’t start a blog.” (Luckily, it doesn’t cost much at all to get started.) you can start with the Bloggers platform it’s a google free service all you need is to log in and start writing.

To start a blog:

• Select a perfect niche that you love to write about
• Select a domain name
• Choose a Hosting platform(in my opinion Hostinger shared hosting is good for your start)
• Choose a blogging platform like Blogger(free to use and a good way to learn) or WordPress(you have to invest a little money in the domain name and web hosting but it’s totally worth it).
• Write content, Design your blog, and promote through social media, quora, or Q&A websites.

So be patient and just write what you love passionately.

2. Affiliate marketing:

Affiliate marketing is the process where you promote other company products in return for a small commission for each sale, with affiliate marketing website owners, bloggers, social media “influencers” promoting a third party’s product by including a link to the product on their website or in a social media account. 

This is the most common form of passive income because you simply promote someone else’s product or services and get paid.

To start an affiliate marketing:

• Select a specific topic that you love to promote or already know very well.
• After selecting a topic it’s time to build a website even though there are other ways to promote your affiliate link but creating your own online space is the best way for the long term.
• Finding a good product is the main factor because if you promote the bad product to your customer they will never come back to you again, so promote those products that you know very well or have already used before.
• After creating a website you need to find a product to promote and go for the one which has higher commissions and low competition for the product category you chose. Some of the best affiliate programs are Clickbank, CJ Affiliate, and Share a Sale.

3. Print on demand(POD):

If you’re an artist or graphic designer, print on demand can be a profitable passive income idea for you and it also sharpens your creativity. It’s a process in which you work with a supplier to customize white-label products like T-shirts, Mugs, Sweatshirts, or posters and sell them on a per order basis. 

Print on demand is similar to dropshipping. The only difference is that you pay for the product after you sell it. You don’t have to worry about inventory or buying products in bulk. POD is a good passive income idea because you can create products design quickly and put them up for sale in minutes. Shipping and fulfillment are taken care of by your supplier.

To start a POD:

• Before starting anything, you need to first pick a niche where you’re most likely to succeed. Only go with what you like to design. If you don’t have an idea, create a list of all things you like, for example, Sports, healthy living, anime, etc. Your niche must be popular enough to attract a wide audience.
• Once you’ve selected a niche, it’s time to find products within that niche like t-shirts, mugs, sweatshirts, joggers, etc. best websites to find POD products and services are Printful, Printify, or Cafepress.
• Set up your own online store with Shopify or free signup in marketplaces like Etsy, Amazon merch, eBay and Redbubble
• Once your store is set up, you can automate marketing and sales campaigns to get customer’s attention.

4. Amazon FBA (Fulfillment by Amazon):

Fulfillment by Amazon (FBA) is a service provided by Amazon through which the company stores inventory for sellers and when customers place an order they pack and ship your products to them.

It’s a pretty simple concept: sellers send their product to the amazon fulfillment center and then Amazon packs and ships the product to the customer. You don’t have to worry about setting up an inventory. As long as you handle the sales & marketing and make sure you stock your product before it sold out, the rest is done by Amazon.

To start an Amazon FBA:

• First product research: You have to find a product that is low in competition and high in demand.
• The next step is to create an Amazon seller account. The Individual account includes a $0.99 per item fee. The Professional account is a $39.99 monthly fee for unlimited items.
• Once you have your account, you need to list the items you want to sell on amazon. Click the link for a complete setup tutorial on how to sell on amazon.

5. Sell design online/digital products

Digital products are the most profitable products to create. A digital product is something that a customer can download instantly to their computer after they buy it. It can be a report, eBook, Brand kit, online tutorial, or even a membership website.

Digital products are great ways to earn a passive income because they have high-profit margins and you can sell as many as you want. Many digital creators increase their passive income by selling Brand kits, printable files, SVG files, etc. One more benefit of digital products is that these are downloadable files so there’s no need to worry about storage or inventory.

So, if you’re an artist or graphic designer, or writer, selling digital products can be a profitable passive income idea for you.

6. Create an online course

Similar to digital products, creating an online course is also a great source of passive income because you only have to create it once and it sells repeatedly. Sure it’ll take time, expertise, and effort to build a course, but once it’s ready to be uploaded online you can generate a decent amount of money from selling just one course.

To create an online course:

• You need to first pick a niche that you’re interested in. 
• Before you invest a lot of time and money into the project, you have to research Supply and Demand for your Course, how to price this course or if people will even be interested in it.
• Make sure your content is unique and understandable and also make sure it fills a need. What do people want to learn about? What will they buy?
• Choose platforms like Udemy or Skillshare for start.

7. YouTube Channel

Are you an expert in cooking, dancing, or teaching physics? 

Then YouTube is the right platform for you to earn a passive income. Of course, it is going to take some time and effort but it is totally worth your time and it’s free also. There is nothing bigger than this, you are making money doing something you love.

Your main source of income from YouTube is from ad clicks, affiliate sales, sponsorships, and branded integrations.

To  start a YouTube channel:

• First, you need a niche, choose something you are an expert in or like doing whether it is dancing or cooking.
• Learn any video editing software to edit your video to look cool and interesting like adobe premiere pro(paid), Filmora(free and paid).

For more info check out Your Starter Guide to YouTube Marketing

8. Dropshipping

Dropshipping is one of the best passive income sources you’ll find online. In dropshipping, you sell someone else’s products at your own price. 

It is a retail fulfillment method where a store doesn’t keep the products in inventory. Instead, when a customer purchases an item from your store then you order the item from a third party and have it shipped directly to the customer. As a result, the seller doesn’t have to handle the product directly.

Dropshipping is great for anyone who wants to earn part-time because running a store doesn’t demand as much operational capital as the traditional retail model. You don’t have to open a brick-and-mortar store, hire employees, keep the lights on, pay upfront, or stock products. Instead, you open an online storefront and buy products from suppliers and send them directly to the customer.

Remember This

It’s going to take a significant amount of time and money in the beginning but I assure you earning passive income is everything it’s cracked up to be! Pick an idea, make a plan, and dedicate yourself until that income stream comes to fruition.