15 PASSIVE INCOME IDEAS FOR STUDENTS
Having Passive income ideas is like taking one step towards consistent earnings. You might have to invest some amount of money in the beginning but you will receive a consistent monthly revenue. People want to look out for ways to earn passive income because it is a supplementary source of income for many people. If you are one of the people then you should go through some of these best Passive income ideas that can help you earn a higher income—
1. Stock photography– If you enjoy taking pictures of everything that is around you, say, nature, food, or people, then stock photography is just an ideal option for you. It will help you convert your photos into a passive income source. People, nowadays, choose to buy stock photographs because it is much cheaper than hiring a professional photographer.
Websites such as Shutterstock, Adobe Stock, or iStockPhoto provide you an amazing platform to sell your photos. You simply need to create your photo portfolio, upload images to the platform, and collect a check (or money transfer) each month for the royalties that you receive on your photos. You do not have to worry about the technicalities of the photo sales, that is handled by the platform itself.
2. Writing an E-book- E-books are books that are published in a digital format. They can be read online on devices such as Amazon’s Kindle, on iPads or tablets, on smartphone apps, and personal computers as well. Also, in today’s era, it is easier to reach out to a million of readers worldwide through the use of the internet.
So, if you are someone who wants to share your knowledge on a particular topic or are willing to do research and make money out of this, then writing e-books can do just the thing for you. You can write how-to guides or tutorials, or you can put together a collection of recipes and convert this into an e-book and earn a passive income.
3. Creating online courses- The popularity for online courses has increased exponentially in recent years. And chances are that if you are a knowledgeable person and are passionate to earn money, then creating an online course can do just the right thing for you. There are several platforms such as Udemy, Coursera and Teachable that allows you to teach anything from mathematics to music to art.
The best part about this passive income idea is that once you have done creating the online course, you will get paid every time someone signs up for it. Make sure that you choose a topic that you have an advanced knowledge of and excelled skill level.
4. Affiliate marketing- Affiliate Marketing is a process in which website owners, social media influencers or bloggers promote a third party’s product and earn a commission on the number of sales they make. The best part is that you don’t have to spend the time and money to create your own products or services, because someone else has already done the hard work.
So, make sure you are convinced about the product and service that you choose to earn money from because you will have to create lots of content about it, to motivate others to buy it. Most affiliate programs offer up to 20% commission, but depending on the net value of the product or service, commissions can range from 4% to 50%. So, before you sign up for anything, make sure you have weighed all variables carefully.
5. Print on Demand or Merchandise Design- This is one of the most popular ways to make passive income these days. E-commerce is at its all time high and printing on demand on products such as clothing, mugs, phone cases, bags and more is gaining quick traction. The best part is that personalization is the new normal and this helps you to customize products and become an entrepreneur.
In this process, you can either create your own branded items or choose to print for some other website. But make sure that you are savvy at graphic designing because there is a lot of competition in the industry and you have to get ahead of all your competitors
There are several methods of utilizing YouTube to generate additional income. Many involve tons of upfront work such as content creation, monetized with ad revenue. However, while this is often not the foremost lucrative way of making money on YouTube, it is surely a legitimate way of fuelling your passive income.
The principal income stream you’re most likely to initially investigate is advertisements. Regardless of whether you wish to build your passive income niche via content creation or making creative videos, joining the YouTube Partners Program and setting up monetization is very important. However, it must be noted that if you need to apply for the YouTube Partner Program, you can possibly begin the application procedure only when you arrive at an edge of 1,000 subscribers and 4,000 legitimate open watch hours in the course of the most recent year.
- Sign in to the YouTube account you would like to monetize.
- Click the icon for your account within the top right corner.
- Click YouTube Studio.
- In the left menu, click on Other Features > Monetization.
- Read and comply with the YouTuber Partner Program terms.
- Create a replacement AdSense account or connect an existing one to your channel.
- Set your monetization preferences.
- Once that’s done, head back to the dashboard and click on the Analytics tab on the left side. From there, you’ll get to choose Revenue from the tabs at the highest, then scroll right down to the chart Monthly Estimated Revenue to urge a thought of your predicted revenue.
The number of views you receive doesn’t correlate directly with revenue earned. If your video gets thousands of views but nobody watches or clicks the ad, you won’t make any money. This is often due to YouTube’s criteria for billing advertisers: a viewer must click a billboard or watch the ad fully (10, 15, or 30 seconds) for you to be incentivized.
ENJOY OUR MEMBERSHIP BENEFITS
- Get The Most Comprehensive Profile Evaluation
- Personalized School Suggestions (Dream, Competitive, Safe)
- A cohort of resources to 3X your Selection chances
DIGITAL DISPLAY ADVERTISEMENTS
Display advertisements are promotions that show up in the online space. The initial Display advertisements were ‘standard advertisements’, hyperlinked, picture-based promotions formed as a strip, and generally situated at the head of a site page. Afterward, as website architecture turned out to be increasingly unpredictable and innovative, these advertisements developed to a scope of shapes and estimates, and included short videos, intuitive components, spring up capacities and the sky’s the limit from there. Today, standard promotions essentially allude to a particular size, of 468 x 60 pixels.
Display advertisements regularly have low navigated rates — only 0.05% overall organizations and stages. Be that as it may, while CTR is significant, it’s not all that matters. At the point when different measurements are thought of, such promotions do affect brand mindfulness and expectation to buy. Notwithstanding the measurements on ‘banner blindness’, when purchasers get so burnt out on online advertisements that they don’t generally ‘see’ them any longer, Display promotions accomplish work, and execution advertisers use them as a significant piece of their online procedure, especially in retargeting marketing campaigns.
Google Adsense is in fact easy revenue. At the point when you make another post on your blog or site and incorporate Adsense promotions, that blog or site can possibly make you cash once, however again and again. That page and the promotions are there everlastingly, or until you bring it down.
CREATING A NICHE WEBSITE
A niche website is nothing but a dedicated space or blog catering to a particular set of people. Building a niche or specialized site has become a demonstrated method to make a respectable wage if you’re willing to invest the energy and time to reap the benefits of it. A lot of individuals everywhere throughout the internet have had the option to develop their specialty sites into an automated revenue that gives them cash each month with almost no effort.
This may sound unrealistic, however, indeed, this is a reachable reality. That being stated, a niche site isn’t an easy money scam, and it will require some serious knowledge and time to set up. When that is done, however, the pay turns out to be generally latent.
However, it must be noted that building a niche site takes some experience in developing websites, costs a certain amount of initial investment, and ordinarily includes the formulation of quality content just to build up a loyal audience.
PRE MONETIZED BLOGGING
Pre Monetized Blogging is an incredible solution for writers who get paid for investing their crucial time in setting up a blog by writing some really creative and informative content. Earning money through blogging does not sound realistic but the fact is that certain platforms have emerged over time and you get paid for publishing the content on their site. Medium is one such platform that is popular these days where writers are paid monthly based upon how much time the members of medium spend to read their article.
Many articles of various niches may not be read on the medium since they can be found in many newspapers such as current affairs, education policy, etc. You need to think about a topic that is unique and which will help you to earn even after you stop writing on a platform. The content should be valuable attracting a large number of readers.
You just need to sign up, create an account, and post an article. When you post the content, you become part of a particular platform such as medium and it monetizes your article. Once it is monetized, you earn money when a premium member reads an article.
GATED DIGITAL PRODUCTS
Each individual is unique with some special skills but among them are certain people who use digital products to deliver the content that will not only help others to learn but grow as well. In the developing world, several people want to buy digital products that hold valuable information by an expert. It can be a social media course for increasing your reach or a customized template to explain a particular issue. If you are a beginner, you can offer the products for free for a certain time and when you grasp a hold over it then you can charge for it.
You cannot take it from somewhere else, you have to use your own created digital products to be successful and earn some amount of money. If your product has the ability to drive traffic to your content then you will become popular as well and able to establish your identity.
Ensure that your product is not too expensive otherwise, people will not buy it. The ordering requirement should be fulfilled in less time as no one wants to wait too long. You may start at scratch but you can later make it your permanent business as well.
Dropshipping and e-commerce stores
Dropshipping is a retail fulfillment business method where you can sell products without stocking upon them. It is essentially a marketing business platform where you curate products for your customers and partner up with wholesalers or suppliers to provide that product to your customers. It is an extremely lucrative business as it requires very low capital for kickoff and maintenance.
You can set up an e-commerce website from the comfort of your home, curate the list of products you want to sell, advertise, and market those products and then make the sale. Once the sale is made, your supplier fulfills the order from their end. It is an amazing way to earn without even being in direct contact with the products. No need for stocking up, maintaining inventory, or having a giant warehouse. Simply connect with suppliers and market their products for them. It is a low risk and high reward plan where you can make a commission off of every sale you make.
For the longest time, investments are considered to be exclusively for rich people, but that idea couldn’t be further away from the truth. Investment income no matter how small is a sure way to generate passive income even when you are sleeping. There are various ways to do that. You can invest using a free or low-cost broker. They allow you to start investing in small amounts and also provide various educational blogs and tools to get you started on your investment journey.
Another great way of investing is to buy an index fund. An index fund holds shares to all stocks in an index allowing you to invest across a wide range of industries. It not only makes your investments highly diversified but also allows you to reap less volatile returns on your investment.
If individual stocks or index funds don’t interest you, there is another way of investing money. You can use mobile apps for investments. Registration fee is minimal in the apps and they let you buy individual stocks or a selection of ETFs for a nominal fee. With their interactive and easy user interface, you can invest easily and reap benefits by a simple touch of your fingertips.
If you are a creative soul with a penchant for creating beautiful artworks, your talent can open a plethora of passive income options for you. Digital artwork is a booming business and you can dabble into it and make money, no matter your skill level or art style. All you have to do is figure out who and what you want to sell. From keychains, t-shirts, logos, templates, wallpaper designs to posters, there is so much you can create using your digital artworks. You can sell them directly using a social media platform or website, or partner up with an e-commerce platform and sell on a print-on-demand basis.
Another way to generate income through your artworks is to get direct commissions for portraits and other custom merchandise. You’d have to deal with clients directly in this case, but considering that you are offering unique artwork, you can price them higher than the generic pieces of your portfolio and earn more profit.
A membership website is a website that requires you to use a login to enter and access various pages on that site. Essentially you can have free pages or members-only restricted pages on your website. You must have come across various such sites on the internet, from fitness blogs, mommy blogs to spiritual websites, all of them have a membership option where you get to access certain pages of the website only when you become a member.
Membership websites are a great way to create content and build an online community. If you are proficient in an area, you can use your expertise to start an online course, have a couple of free pages, and then offer courses and other packs based on membership levels.
Another way to use this method is to form an online community, this requires time and constant interaction, after all the only way your community would grow is when you offer content or interaction regularly. For example, Eddie Faria created a multi-tiered membership site for video game design students called Game Arts Academy. His idea was to provide accessible and affordable education to students in this competitive niche. He created an interactive interface and provided content and courses based on skill-level and end goals. Today 10k+ students at Game Arts Academy learn game art courses and converse with each other using slack, making it a highly viable business model and a tight-knit supportive community.
Crowdfunding is a method of raising money by pitching the project ideas to a group of people and organizations. You usually give them a breakdown of what your end goal with the money is and pitch the idea as to why they should offer you their money. Crowdfunding can be a tricky source of generating income but if done properly can help you kickstart your project or business plan without leaning on banks or loans.
You can use crowdfunding by first determining a project or investment plan that is sure to generate profits for you, then pitch the idea to your crowd or source of funds and offer them something substantial in return, it could be stocks, rewards, or a stake in return. And once you have collected the money, you can invest, generate profit, give your source or crowd their dues and then reap the benefits. A great example of this is the venture of Flow hive, a beehive box for the home that makes it easier to get honey without disturbing the bees. In 2015, Flow hive started a crowdfunding campaign to bring their product to the market. The campaign went viral and generated over 13 million dollars.
These were some of the top passive income ideas that can help you earn a high amount of income. These might need investment at the moment but later on you will be benefited with increased cash flow. There always will be many sources of income for you but it depends on you to choose the best one for yourself. Passive income will only be consistent when you put in your efforts and hard work in the work you’re doing. So, follow some of these ideas and get a higher income!
Follow us to get the latest b-school updates!
You Might Also Like