We all dream of not only having financial freedom but also having all the time we desire to do what we want to do as well. There are people who have managed this, so we know it can be done, but how exactly and where have they started from? Well, if you live in the UK, passive incomes are one of the easiest ways of being able to get a handle on earning money and having your time.
What is passive income?
Passive incomes are generally money generated from doing a piece of work once but getting paid for it over and over again, as illustrated perfectly by this article on JK Rowling’s continued income from Harry Potter in Harper’s Bazaar.
There are many ways to create a passive income, depending on what it is that you are into, from photography through to affiliate websites. Although you can make money from doing these, you will not be able to give up your full-time role straight away. For more side hustles, see the blog post by Cash Lady.
If you live in the UK, making a passive income is definitely possible. Here are a few ideas to whet your appetite:
Free content advertising sites
There is the creation of a free content website with advertising either around the edges or dotted through any text, blogs or videos that are posted on the website. Obviously, the information on the website will have to have some connection with the adverts you choose to show so that your viewers are likely to click through on them – which for most of the adverts will be when you will get paid.
If you do not want to do the work, you can get subcontractors to write blogs about whatever you want them to write and then post them on your site to get visitors to read. Some companies will pay you for just displaying their adverts. Others will require there to be a click-through before they part with any cash.
Different niches will pay varying amounts for you to show their adverts. For example, a company selling stationery will pay you only a small fraction of the amount of commission a travel company or an insurance company will pay.
Writing your own books or designs
Other passive incomes can come in the form of writing books. Whether they are eBooks or hard copies, you write one book but continue to get paid with each sale of that book. This is also the same with printed designs on, for example, gift cards, design once but get paid over and over again when your products are being sold.
Affiliate marketing
There is also affiliate marketing. This is where you recommend or point people to various products and get a commission when the products are sold using your link. You will again have to do some work as you will need to keep blogging or writing reviews and getting the information with links in front of people in order to make money at this, or you can hire a subcontractor to do the writing for you.
But you do have to realise that if your visitor clicks away from your link and visits the product’s site without using your link, you will have lost that commission. With this, different companies will offer different commissions, and these will probably be based on their profit margins.
