Are you looking to monetise your skills and earn some money on the side? or, Do you want to generate an additional income source that does not interfere with your other ones?
Well, the answer for you is to start generating passive income sources. Passive income consists of revenue sources from affiliate marketing, renting properties, investing, etc. but most of these sources are not really that suitable for everyone as they might involve an upfront cost.
This might not be ideal for students who want to make some extra cash on the side, so that is why I have narrowed down the list to the Best 3 passive income sources which require no upfront cost or initial investment.
Here is a quick look at what they are:-
- Online Teaching
Although these income sources do not require an investment, be sure to keep in mind that none of these income sources will start generating revenues unless you put in some hard work. So make sure to hustle and grind it out.
Do you possess any skill such as Video Editing, Graphic Design, Accounting, Data Entry, etc? Then you can go ahead and start monetising your skills by freelancing to clients.
Freelancing means part-time or full time providing your services to paying clients Freelancing is an excellent option for professionals and students to earn some money in their free time.
You can start your freelancing side-hustle by signing up on websites like Fiverr, freelancer, Upwork, etc. or you can start marketing your services locally through word of mouth or on promotional WhatsApp groups.
Freelancing is a great option if you possess any valuable skills, but if you don't know any skill then you can always start learning about what interests you, and then once you get a hang of it - you can then monetize it.
When beginning out, you might struggle to find clients on different freelancing platform or even through any word of mouth. The key here is not to give up and keep actively looking for clients, and you are sure to find someone interested in your services.
By teaching online, I mean to create a recorded course/video about topics or subject that you really like or are interested in.
The number one benefit of recording a lecture is that the viewer can watch the videos anywhere and whenever he wants to. This offers the viewer an option of completing the course at his/her own pace.
There are multiple teaching patterns you can use to record your videos, and the choice is up to you.
To make your videos more attractive, you can involve the use of graphic and visualization software that will make the concept more appealing to everyone and can help explain a complicated concept.
You can also simply stand in front of a whiteboard and start teaching things by writing them down. You can also just stand and explain the topic with the help of a slideshow.
There are different methods of teaching online, and you need to chose what works best for you.
Then comes the platform on which you want to host your video. You can upload them on Udemy, Skillshare, Coursera, etc. or your private website or a locked Youtube link if you so wish.
Recording your course is just a one-time effort, so give it your best!
Now comes the part, " What do I Teach? ". The simple answer is topics that you can explain to a 5-year-old. For example, if you like math, you can take up maths tuitions. Or if you are good at Canva ( Graphic Design ) then you can make a course about it.
Blogging can be an excellent option as a side hustle if you do not have that much time to invest as in the earlier options.
You can start writing on websites such as Hubpages, Vocal, Medium, etc. where content creators are already given a hosting service ( audience ) and a domain under the name of the website.
Writing on such a website means that you can write about any topic that you like, and are not restricted to a niche. This can help you find what you write the best and what your audience is like.
By writing and creating original and evergreen content, you are sure to achieve a greater pool of audience.
Different websites have different payout schemes and different requirement of content length and authenticity. For example:- HubPages requires an article to be 700 words and after five featured articles, you can pass the Bootcamp and start earning.
The main way to earn on these websites is through ad revenue. If you run ads on your article or blog, the larger number of people who see it, the more will be the payout and so that is how you can even earn while you are sleeping.
Your revenue stream also can be increased by using affiliate links for products on Amazon and Flipkart. You can sign up using their program link and promote any product that is relevant to your article. In return, you get a small commission, if that product was bought by the reader.
This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.
© 2021 Siddharth Joshi