Making money while you sleep is the ultimate 21st-century flex. After all, generating extra cash flow with multiple income streams allows people to achieve their financial goals. Passive income is real, and you can leverage it too. Therefore, we want to share three unique passive income sources that most people ignore. Let’s get started!
Buy blog websites
Blogging is a huge online business model that can serve a consistent passive income for a long time. However, people end up quitting on their blogs way before it starts getting any traction online. That’s unfortunate. Another reason why people don’t start with blogging is their lack of writing skills. But, there’s a way out to make money from blogging. Buy established blogs and start making money off them.
Start by searching for blogs in a particular niche. Connect with the blog owners to know if it is for sale. Ask for screenshots to confirm that the blog is making money. Negotiate on the price and set up the contract to transfer the domain registration, hosting, and other files. Most importantly, find out how much Google traffic the blog is currently receiving because it is the traffic you will use to scale the blog in the future.
Examples: Blogs For Sale, Flippa
Peer-to-peer lending
If you have money sitting in your bank account, you can start lending it to your friends or other people and start generating interest. Give out loans on interest rates that you define. This is an excellent passive income source since you are eliminating the need for people to go to a bank and complicate the process of getting a loan.
However, we suggest you set up a solid peer-to-peer lending system that doesn’t allow people to run away with your money. Make strategic and calculative moves to ensure you are lending money to the right people. The risk of lending funds and never receiving them back is quite high in this passive income model. But, you can always mitigate the risks by creating a fool-proof system.
Examples: Lending Loop, Funding Circle, Kiva
Buy and sell books
The third unique passive income strategy can be buying and selling books online. If you ever go to Amazon and search for books in a particular niche, you will find listings that don’t have enough sales. Not saying these books don’t have enough value to start making money for the writers. But, the reason why the sales are so low is that the book isn’t being marketed online.
Here’s what you should do. You should connect with the writers and see if they are willing to pass on the rights to you. If they agree, negotiate the price and begin the transfer of ownership. Once you have the book, start pushing the traffic towards the listing and generate significant passive income.
Examples: Amazon, BookScouter
Keep Reading!
Negotiating is a skill that you should learn. It will help you buy the above products at low costs and further bump up your profit margin. The three passive income ideas mentioned above are effective. Indeed, they will require some effort to get started. But, once you set things up to perfection, the dream of living on passive income can become a reality. Loved reading this post? Don’t forget to check out other informative posts on the blog or visit our website www.biziplans.com/home and subscribe to be in the know ahead of our launch!