8 Profitable Ways To Earn Passive Income In Nigeria
In the last article, we discussed what multiple stream of income means and its benefits to mankind. It’s established that the attainment of financial freedom comes with a price of success. This value begins from making a strong move to begin a business or put resources into certain endeavors that will produce Return on Investment on short or long-haul premise.
In case you’re burnt out on your salary, now is the ideal opportunity to seek after different multiple income streams of your own. Regardless of whether you need to turn into a business person or not, having more than one income stream is a great idea.
To protect yourself and your family, you should diversify how you make money and where you earn income. Building multiple streams of income helps provide you and your family more security and financial stability.
This article suggests a list of quite a few passion income ideas that fits your interests and personality. Regardless of these ideas, you need to bear the honest truth in mind that these streams require you to do some work first. You may also need to acquire some skills before implementing.
Affiliate marketing
According to Pat Flynn, it is the process of earning a commission by promoting other people’s (or company’s) products. You find a product you like, promote it to others and earn a piece of the profit for each sale that you make.
As an affiliate marketer, you get paid by promoting a merchant or individual product and earn a pre-agreed commission from the product sold each week or month. Your job is to attract and convince potential customers of the value of the merchant’s product through an automated system so that they actually end up buying it. You don’t need to You don’t need to own any product or services. Click to know more about this business model.
Write an E-book
This can be a lot of work upfront, but once the eBook is created and marketed it can provide you with a passive revenue stream for years. You can sell it on your own website or offer it as an affiliate arrangement with other websites that provide content related to your eBook.
Become a freelance writer
If you love to write, it’s not that hard to start freelancing on the side from home. With websites like Contently, Upwork.com, Freelancer.com, and LinkedIn ProFinder, you can create an online profile and bid on new jobs as they are posted.
Website Design
With the continued growth of the Internet, website design has become a growing industry. Unless you already have the know-how, you’ll need to spend some time learning the technology. But there are plenty of online resources available, and the best in the business can earn a great income.
Start A Business … Sell a product
Starting a business can be risky because most small businesses don’t survive more than five years. However, when you find the right business for you, your income potential is unlimited. Most successful millionaires make their money through entrepreneurship.
However, entrepreneurship takes work, and you have to be active initially. Writing a book takes time, a course also takes effort to create, and websites have to get a steady flow of visitors before you make any money from advertising.
Register with Uber/Taxify
Join platforms like Uber and Taxify but in this case, instead of driving the car yourself, hire someone else. Reach an agreement with the driver on how much they’d remit every week to you. To get started, you’ll need to pass a background check and have a valid driver’s license and auto insurance. You also need a car that’s in good shape and reasonably new.
Invest in real estate
Many investors have made money investing in real estate. Some real estate investors start investing in real estate by purchasing a home for themselves. Then, when they decide to get a bigger home or move elsewhere, rather than selling their house, they rent it out for monthly income. That’s how I got started. Rental properties come with several benefits. For one, the rent allows you to pay off your mortgage.
You can choose to start with one or a combination of each of the passive income ideas here. But, it all comes down to how much you want to earn, how much time you have, and the amount of time you’re willing to put in.
