33 Residual Income Ideas
Since most people earn through active income, making a profit from residual income seems to be something only a special few are lucky to do. This is actually not true. Anyone with a little extra money and plenty of determination can find the time to set up a residual or passive income business. What is not true, though, is that residual income, earns money while you do nothing.
If you want something to succeed, you also need to spend time and effort in getting things going before you can sit back and relax. In essence, active income lets you earn money while you are working, while residual income continues to earn money even after you’ve stopped working.
Now that you’re ready to start building up your own residual income, here are the best ideas to try.
If you own a blog or website…
1. Construct a website that will serve as a guide for a specific topic and get similar niche companies to advertise on your site
Information-rich guides or how-to themes are a great way of drawing more traffic to your site. Once you’ve attracted a loyal following, reach out to other businesses that might be interested in advertising their products on your site.
2. Feature conversations with guest speakers as videos or podcasts on your website
Find guest speakers to interview and make a podcast or video show. Start with offering viewers or listeners free videos then get them to pay a monthly membership fee to access the other videos on your website.
3. Write book reviews for your blog or website and link the featured book to Amazon
If you’re an avid reader, you’ll enjoy reading and recommending books, plus you make a little profit from making use of Amazon affiliate links. Just make sure your books fit a particular niche or target market and sign up for Amazon’s affiliate program.
4. Create a forum for jobseekers and recruiters
To get your website noticed, begin by putting up a lot of helpful articles for jobseekers. When you have a certain number of jobseekers following your website, reach out to recruiters and have them pay a small fee to advertise their job postings.
5. Consolidate and arrange public knowledge into an easy-to-use database
The age of the internet is the age of readily available knowledge that anyone can access. However, not all of this knowledge is arranged for efficiency. Research on information for a particular subject, anything off free online directories, for example, and format them on your website so that anyone or anything on the list is easy to find. You can then charge for unlimited access to your database.
6. Make an app for smartphones
If you have some talent in software development and design, or you know someone who does, all you need is an idea for a useful app, then just market it on the Apple or Android App Store and social media. You can also get some ideas of what will sell from lists of currently popular apps.
7. Produce your own videos on YouTube and link Google Adsense to your account
How-to videos that teach a skill or solve a problem are searched for and viewed quite frequently. Videos are in fact quicker and more preferred by some people compared to reading up for the information they need.
8. Build a website focused on a certain topic and offer deals from similar niche companies
Create some content for your website centered on a particular theme, fashion, for instance, and then make it easy for consumers from that target market to shop for discount coupons on your website. To do that, you need to sign up to become an affiliate of several similar niche companies.
9. Review several products for a certain category and then link to Amazon
Choose your specialty and then start writing reviews for products. Make sure your content is unique, then sign up for an Amazon affiliate program and link those products to Amazon.
10. Create plenty of articles and submit them to article databases or directories
Write lots of articles and then get them published on different sites. You can eventually earn some money from becoming a regular contributor for those sites especially if your topics are those that are frequently searched for but don’t have a lot of information on. It’s also better if you can include keywords in your articles.
11. Build a library or database of useful images or clipart
Select a target market and capture various high quality photos they’d be interested in or if you’re more artistic, draw some clipart. You can either sell these on your own website or sign up for an account with a major stock website.
12. Start an online community or forum for your target market
Advertise on social media and invite more people to join. Get your members engaged on different topics and issues, then offer products and services that are interesting and relevant to them.
13. Set up a blog and register for an affiliate program
Create content and choose products and affiliate links specific to your niche. Your blog will look more credible this way. Find several products to promote, through text links and not just images, so you have better chance of increasing your sales.
If you have a knack for online selling…
14. Be a seller on eBay for hard-to-find items
Do your research and look for items that are not easily available locally, find a wholesale source for these products and start selling them on eBay. To make it even easier, you can also hire a Virtual Assistant to help manage your eBay store.
15. Write and sell your own ebook
Bloggers and writers will find this easiest to do. You can market your ebook on your site, or sell it on Amazon Kindle, iBooks and other ebook sources.
16. Design or develop a new product or device
Channel your inner inventor and create a new product that solves a common problem or does something unique. Market it on your website and social media and sell on eBay.
17. Offer to build a website for individuals or businesses
Advertise your website design and development service then hire freelancers to do the website design and content writing for the website.
18. Create materials for an online course
If you’re well-versed and experienced on a certain topic, make a lot of materials, like lessons, quizzes and videos, and charge a membership fee. Once you’ve developed all your materials, just keep marketing and advertising your course.
19. Organize your blog’s content and sell it
This is easy if you already have a popular blog or website. Turn your past blog posts into a book and have it published. You can also rearrange your posts into a comprehensive guide for your chosen topic and put it all together in an ebook, online course or video series.
20. Use your blog to sell products
If you’ve got a large number of followers on your blog, it won’t be too difficult to offer them products from your niche, whether it’s clothes, arts and crafts, or an ebook.
21. Create a virtual store for products that are usually not shopped for online and set up drop shipping
You can check out and compare the prices of most gadgets online but what about for other products like crafts, household items, and collector’s pieces? Select items that are also not very bulky or too expensive to ship.
If you’re more business-savvy…
22. Advertise bundled services for businesses and outsource the work
Create an efficient system and process for your business idea, whether it’s writing and posting a certain number of articles on a website, transcription work or research projects, and outsource the actual work to freelancers.
23. Set up an online store for a certain service and hire contractors for the task
One example of a service that’s ideal for this would be printing brochures. Again, outsourcing is a big help when it comes to automating your work.
24. Purchase an active online store
If you have a little extra cash and you have experience running and managing a business, you can buy someone else’s business, and develop and restructure it to make more profit.
25. Develop a design or image that can be printed on any item and sell your work of art
Creative folks can easily create and upload a design or pattern which customers can just buy and download. Think of photos or designs can be used anywhere, from bags to shirts, key chains or souvenir items.
26. Purchase a piece of property and rent it out
This is potentially one of the most profitable but also requires more capital. You’ll need to know more about how to manage a rental property, as well as the laws and policies involved. Location is, of course, an important factor.
27. Invest in high quality equipment and tools and put them up for rent
You can earn a little profit from renting out equipment that people need but don’t really want to keep long-term. Carpet cleaning machines, for example, are too expensive to buy and maintain and may take up too much space for homeowners.
28. Start a small-scale lending business
If you’re willing to take the risk, you can deposit some of your cash in an online account and offer it up for a loan to acquaintances or other people you can find online. You will need to carefully evaluate your potential customers though.
29. Collect leads online for businesses
You can either use online directories with information that’s free for the public where you collect information and create different databases for different categories, or you can create a website for a specific niche and include an inquiry form to gather the details of interested individuals.
30. Rent out your spare room
Aside from renting out equipment, you might also consider renting out the extra room in your house. Airbnb has already been successful at promoting this kind of business.
31. Make use of rewards programs or loyalty programs
Since you use a credit card anyway, familiarize yourself with the rewards program so you can accumulate points, earn cash backs and win freebies. If you frequently shop at a certain store, sign up for their loyalty program so you can get great discounts.
Lastly, if you’re knowledgeable about investing…
32. Find startup businesses that need investors
Although this is quite a risk and it’s understandable to feel anxious about shelling out a huge amount, you can avoid potential pitfalls if you do a fair amount of research first. Check the company’s background and the business owner’s history and look for a business that offers regular cash dividends.
33. Become a serious investor
The most successful passive income-generating model would be investing in various stocks, shares, mutual funds, etc. This also involves the greatest amount of risk, requires more specialized knowledge and needs a little more time before you can make a huge profit.