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Explainers - News around Africa - Profiles - August 18, 2020

5 Interesting Ways to Start Earning Passive Income

Passive income has long been the ultimate goal for entrepreneurs seeking to free up their time, separating the everyday tasks and responsibilities from the capacity to generate steady revenues. However, the daunting challenge of generating a reasonable amount of cash flow from automatically recurring income sources is often too much for most people to handle.

Actually earning passive income can be a difficult process. It requires a lot of time investment with usually little to no return for an initial period. It can take months and even years before a passive income stream begins to generate revenue, which can be frustrating for even the most motivated entrepreneur.

A proactive approach will be to invest time in passive income streams that begin to yield profits within a considerably short period of time. We’ve picked some of the key ways to start earning passive income. Let’s dive in.

 

1. Sell Your Photos

If you’re skilled in photography or live in an area where images are in demand, this is a good time to take advantage of the revenue that comes from stock photography websites. These huge photo libraries address nearly every possible subject you could imagine. Photographers will submit their photographs to all of the stock photos websites, allowing them to be purchase by magazine publishers, artists or any company with a website. You get paid for your images when they are downloaded. And the wonderful thing about stock photo websites is that pictures can be traded several times, so you can keep making money without any effort. Some the top stock photo websites are Shuttershock, Photoshelter and Getty Images.

 

2. Create How-To Videos

earning passive income

YouTube is increasingly becoming the go-to medium for tutorial and courses. Instructors can monetize their videos by charging a monthly fee or password preserved content only for paying clients. Consider this story of this real estate agent who made $100,000 on YouTube in one month. Whilst creating this kind of videos for youtube ensure to observe the phrases people are searching for. Start typing “how to [your topic]” into the search bar of YouTube to find possible search phrases, and note the phrases that are generated in the auto-fill dropdown. Make sure you use the same keywords when writing your video title, description and tags.

READ ALSO: 10 Most Wanted Skills in Today’s Workforce

3. Turn Your Interests Into a Monetized Podcast

earning passive income

 

Podcasting is the process of using the Internet to make digital recordings (audio or video) of broadcasts available for downloading to a computer or mobile device. Whilst the practice of podcasting requires expensive sound and video recording equipment, it doesn’t always have to be the case. You’ll be up and going using a low budget camera, laptop and free recording tools. Plus, podcasts don’t have to run every day (once a week is best), and better when they are short. There are various ways of earning a passive income out of podcasting. Brand endorsement is the most apparent but you can also use it as a forum for selling your own goods or services. Here is a detailed guide to launching a podcast.

4. Become a Translator and Interpreter

earning passive income

Wherever you find expat communities where English isn’t the first language, you will find that interpreting and translation services are in high demand. Translation and interpretation can also be performed on-line. You can find a range of tools to be a translator or interpreter here. One of the best is Welocalize, which in 2020 placed the top on this list of the top 20 remote-employment firms.

5. Type for Cash

If you’re a fast typist, a great opportunity for earning passive income awaits you. The process is simple: Listen to an audio file through headphones and type it out. “As a transcriber, your pay is directly linked to how fast you type. Transcription workers are compensated by the hour of the recording (length of the audio file), rather than by the hour of work. The time spent processing a translation is determined by the nature of the voice, background noise, the speaker’s accent and the speed at which people talk. “The typical transcriber — typing between 75 and 100 words a minute — will complete one audio hour in four working hours. Consider Rev, a service that employs professional transcribers.

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