Ever wondered if you could do something more productive than watching cat videos online? Maybe your cat videos could make money for you?
The fact is that every click and swipe you make is generating passive income for someone else.
Why not make this work for you?
So what are the best ways of setting up an online income stream in 2022?
Rent Your Property
With apps like Airbnb, you can rent out as much of your property as you want for as long as you want. Instead of leaving rooms idle, you can have them generate money for you within hours.
It’s flexible. There is no restriction on the amount of space you rent, or for how long. The space is there, you click to rent it.
There’s the risk of theft or damage, and some renters can turn out to have seriously weird habits when they get behind closed doors. Vet and interview prospective clients carefully.
Whether car maintenance or pet grooming is your thing, there are millions of people out there who’ll watch videos for information, suggestions, or just a friendly chat on the subject.
Good money to be made if you hit it off: You can earn $5 per 1,000 video views through ad revenue. If you’re really successful and get millions of views, your channel could become the only source of income you need.
There’s a huge competition: Around 500 hours of content is uploaded to YouTube every minute. At the same time, you’ll have to keep updating your content to keep viewers coming back.
Market analysis apps enable you to invest money without having to spend your day studying company balance sheets and annual reports.
There’s a wide choice of services to match every kind of investor. Many of them combine automated stock market analysis with access to human advisers when you need one.
As with all investments, there is the risk of losing your money. Plus, you’re giving your sensitive information, such as bank cards or passwords, to the robot software. Which also puts it at risk.
Rent Your Car
Ever been bothered by the fact that you spend $20,000 on a vehicle that sits idle for 20 hours a day? Then the growing business of peer-to-peer car rental could be just the thing for you. You can rent your car for any period, from an hour upwards.
Many peer-to-peer companies will modify your car’s code to allow the mobile app to open it, so you don’t have to be present to hand over the keys. At the same time, rental companies provide insurance. You can pick a platform that has identity verification and/or face recognition of clients to maximize security and trust.
Many people aren’t comfortable entrusting their cars to strangers. Also, the additional mileage from renting will add to the depreciation on your vehicle.
Companies will pay to have their products promoted on social media or sites such as YouTube. Social media influencers have become a major force in internet commerce and advertising.
As well as being paid to promote products, you’ll get them for free – sometimes without any obligation, by companies hoping for sponsorship.
You need to have accumulated a large following, in the tens of thousands at least, before you become a candidate for sponsorship.
Publishing has never been easier, with many platforms dedicated to designing books and presenting them in ready-to-buy Kindle form on Amazon and elsewhere.
All you need is a laptop, and you’re entirely in control of what you write and how you treat your subject. You can publish your ebook for as little as $100.
There’s a lot of competition in the ebook market, and getting yours noticed may be an uphill struggle. It’s best done in conjunction with promotion on social media and elsewhere.
Use Passive Income Apps
There are a lot of apps that allow you to earn cash back on purchases from over 1,000 participating outlets. Other apps provide you with small payments, coupons, or discounts for watching videos or taking surveys.
Very little input is required, and some apps pay you just to sign up.
Rewards are small, and some require purchases to be made.
Create a Course
Do you have a marketable skill and a knack for explaining things in an engaging way? There are millions of people eager to learn online. Before you invest your time and money into it, make sure to protect your data from theft. Using a data encryption method such as the Surfshark VPN is a good start.
There is a wide range of opportunities to match demand from students: Udemy offers 175,000 courses on all subjects at all levels, adding more every day.
There’s lots of competition, much of it free. You need a flair for making your subject exciting and accessible to get people to pay to learn from you.
Invest in Domain Names
Internet domains can be bought for as little as $10, with an annual registration fee of a few dollars. The trick is to foresee trends and register domain names that will be in demand in the future.
If you’re good at predicting popular domain names, you could sell a domain that you bought for $10 for thousands of dollars.
There is a high chance of losing your initial investment. You have to have an expansive knowledge of trends and a good intuition to always predict the future popular domains.
License Your Work
Do you play music, take photos, or write articles? You can sell the rights to them through sites such as Alamy (photos), AudioJungle (music) or Constant Content (writing), earning a fee from each user who gets it.
You can sell the right to use your work over and over again, without limit.
You’ll need to build up a fairly large selection of artwork before you can make regular sales.
Affiliate marketing is when you earn a commission every time someone clicks a special link on your website or social media page. This link leads potential customers to order a good or a service from an e-commerce website that you partner with.
There’s no financial investment or work involved in getting the commission.
Before you can do this, you need to build up quite a lot of traffic to your site, which takes time and effort.
The internet has allowed ordinary people to make billions of dollars connecting with others who will pay to use their property, help, advice, or their opinion.
The trick is to do something you’re good at and keep an eye on the market:
- Don’t be an amateur competing with experts;
- Study the online landscape to spot fast-growing trends;
- Get ready to exploit them when they first emerge.
If your passive income scheme involves having to contact customers or viewers (e.g. videos, blogging, social media), don’t hesitate to inject your personality into what you’re doing.
People want a human touch.
There’s a good chance there’s some skill or interest you have that you can turn into money if you choose the right platforms and methods.
Don’t waste your talents, monetize them!