Passive income simply implies that an individual makes profit consistently for a job he only did once. It is further explained as making money without really having to work for it. Passive income is regarded by me as one of the major difference that exists between the rich and the poor. The rich engage in many income streams and make profits from all of them at the same time. While the poor puts all his hope on only one income stream. In Nigeria’s economy today, to have a passive income seems necessary than taking a look at convenience.
However, it is important to note that the passive income you engage in will make money for you but you have to be watchful. You can not just open the business and sleep off. It will require you to have spare time, commitment and capital to start up the business. When the business finally grows, you can then reduce your supervision towards it and make money while you sleep. The beauty of passive income is that you do not need to invest again or put more effort when your money starts coming in. I know Nigerians buy into the idea of making money while sleeping in the comfort of your homes. But this cannot be achieved without having the knowledge of passive income ideas. Passive income ideas include:
1. Affiliate Marketing and Adverts
Affiliate marketing is one of the best and easiest way to make money online. To earn passive income from affiliate marketing, people must click on the affiliate links you have on your site. When people click the affiliate link on your site, you then receive a commission at no extra cost to them when they buy a product or goods. It is one of the ways to make money without leaving your computer.
I have created a guide that would help those who are interested in Affiliate Marketing. Once you get this guide, you are sure of making almost $200 monthly.
2. Create an event center/hall
There are a lot of Nigerians who celebrate special days like Birthdays, Weddings etc and even those who organize seminars. Majority of them would not want to do this under the open air for fear of either rain or the hot sun. They would prefer to hire a hall or an event centre to do want they want to do. You can earn passive income from creating an event centre when people hire your hall. You do not have to be present always, you can hire the services of somebody who will be in charge of collecting the money and releasing the place. If this idea is something you can conjure up with your money, then it is widely advised to do it.
3. Build an Online Course
Building an online course can also be a great source of passive income. It works like this; you create an enriching online course that will assist people in taking care of their problems or needs. The online course may be in form of a video, e-book and emails. You earn passive income from this business idea when prospective customers sign up to buy the online course package, and in return, your system automatically sends the buyers the email or e-book depending on what you created. You will fix a price so that when they see the online course package and are ok with the price, then they pay and you get credited into your local bank account or PayPal account if it’s a foreigner purchasing it.
Freelancing is another moving source of acquiring passive income. You can either sign up for Fiverr or any other freelancing job. Freelancing can be done anywhere and anytime depending on your work schedule. In Freelancing, a job will be assigned for you to do, and on the completion of the job, you get paid by any means. The freelancing job may include content writing.
You can also hire other people to do the job if you are not available, and when the job had been completed, you get paid and also your employee gets paid by you. It is one good source of earning passive income because it does not require much time to do. This book I created will help you earn on Fiverr. Top Fiverr freelancers make about $700, and you too can.
Engage in Network marketing
Network marketing is what the majority of Nigerians engage in to earn passive income. You are required to build up your network and once its set, you start earning money. The challenge that faces Nigerians is that they fail to follow up their referrers and explain to them what they are engaging in really means. Another challenge Nigerians face and are scared of is the issue of Ponzi schemes. They are afraid to venture into Network marketing for fear of getting duped because they think they might fall into the trap of Ponzi schemes owners.
Let people run your owned business
Nigerians far and wide also engage in this. There are many businesses you can start and give it out for someone to manage while you receive your income at the end of the day or month. Transportation business is one of it. You can buy a bus, then hire a good driver and a conductor. Their job is to carry passengers to their desired location. At the end of the day, the money realized would be shared between each party involved.
In conclusion, there are many business ideas you can engage in and earn passive income while you sleep. The numerous passive income business ideas listed above are very lucrative and easy to start. There are some passive business ideas that require huge capital to start up and there are some that require little or no capital. It all depends on what you have in your pocket. Overall, passive income business ideas are massive in terms of making it big.