Passive income opportunites can be defined as a category of income that is earned from ventures that are run through passive participation (or indirect participation). Some of the most common passive income opportunities include franchising and afilliate marketing among others ideas as we shall learn in the course of this article.
Passive Income Ideas
Passive income is a potential gold mine especially for the people who would like to earn without necessarily being physically involved in the day to day running of a particular venture. The following are great ways to build passive income.
6 Great Ways To Raise Passive Income
Leasing Assets: If you own an asset, you can enter into a long term contract agreement with an interested person. The lessee will rent your asset and in turn start paying you rent (a form of passive income). As you can see, by applying this idea you’ll be in a position to earn without any active involvement. Rent can be described as a form of residual passive income as it was accumulated through active efforts and resources at one point in time.
Franchising: This is yet another innovative way of raising passive income. It basically involves creating a great business model and then franchising it. As the franchiser, you will be able to earn by exploiting the franchisee’s talent.
Online Passive Income Opportunities: One of the best ways to raise passive income online is through affiliate marketing. Through this technique, you can be able to allow several websites to place their links on yours. For every crawler re-directed from your website to the affiliate’s website, you’ll earn a commission (a form of passive income).
Royalties: Royalties is yet another superb passive income earner. If you are innovative, you can patent your ideas for up to twenty years and earn income for this. Another good way to earn royalties is by copyrighting your work. If you are an architect or a software programmer, (or any other profession) you can be able to keep earning from your works for up to 70 years without any active involvement.
Dividends and Interest Income: Putting your money in interest bearing accounts is yet another ideal way to raise passive income. It is also advisable to invest in interest bearing dividend stocks.
Commission from Renewals: Another good way to raise passive income is by engaging in the selling of annual renewable insurance policies (such as term life insurance policies). As the insured person renews his annual insurance contract, you’ll be in a position to keep earning a given commission. This is yet another form of passive income.
As you can see, there are numerous passive income opportunities. Most of them are incubated from very basic life concepts into huge money making strategies. If you want to start earning passive income, look around you and see what you can utilize to boost your income without any active involvement. It could be an idle piece of land, an unused asset or a raw idea, just give it a try!