If you’re currently managing a blog, you likely already understand the power of passive income. Passive income doesn’t require much in the way of ongoing effort; instead of earning wages per hour or salary per year, you’ll earn an ongoing stream of income by sheer virtue of your existence. This isn’t to say this income requires no effort at all; instead, in most cases, you’ll put in effort upfront in exchange for income in the years (or even decades) that follow.
A blog is a perfect example of how this can play out. When your blog achieves a certain level of readership, you can capitalize on that readership with a multitude of monetization strategies. For example, you could include affiliate links in the body of your content and earn a share of every sale you motivate on the destination page. You could advertise to your readers and earn income based on impressions and clicks you generate. You could even sell merchandise or other products and services related to your blog.
This approach is effective for many bloggers, but if you want to build an even better financial future for yourself, you’ll need to think bigger.
The Importance of Income Diversification
Good financial strategies include some measure of income diversification; in other words, you’re not exclusively depending on one source for all your income. Your blog may be sustaining you for now, but what happens if your readership suddenly drops? What happens if a major competitor threatens your existence? What happens if you lose your biggest sponsors?
Income diversification will help you hedge against this risk, while simultaneously increasing the amount of money you can make on an ongoing basis. So what other passive income strategies can you use to build out your income portfolio?
Passive Income Ideas
These are some of the most popular passive income ideas that could complement your earnings as a blogger:
1. Rental property
First, you could invest in a rental property. The main idea is to buy a property that would be attractive to renters; you’ll pay the mortgage each month, along with expenses related to maintenance, repairs, and other forms of property management. Your renters will pay you monthly rent, often exceeding all these costs and resulting in a monthly profit. The only real downside here is that you’ll need a sum of capital to start investing; you’ll also need to be mindful of the condition and value of the property you’re purchasing since not all properties are equally profitable.
2. An eBook
You’re already used to writing great content for a hungry audience. Why not increase your earnings through another form of writing? Create an eBook from scratch and charge a few dollars for each download. If you market it correctly and you appeal to the right niche, you could end up generating thousands of dollars per month this way.
3. Dividend stocks
Some company stocks issue profit distributions in the form of quarterly dividends. These payouts often accumulate to represent 2 to 4 percent of your investment annually. In other words, an investment of $100,000 can yield $4,000 per year or more—on top of appreciating stock prices. Again, the only downside here is the demand for initial capital.
4. Peer lending
You could also make your existing capital available to peers through peer lending. Using an online platform, you can choose the risk level you’re comfortable with, and earn an interest rate on your loan based on the risk level you choose (with higher risk offering higher returns in exchange).
5. Stock photography and videos
If you have a knack for creating visual content in addition to written content, consider selling stock photography and/or videos. These forms of visual media often require only an upfront investment of time; once created, they have the power to earn you money for years to come.
6. Self-Service businesses
You could also consider starting up a business that relies on self-service, requiring little to no maintenance on your part. For example, you could set up an automated car wash, or a laundromat that’s entirely coin-operated.
7. An app
There are many ways to make money with an app you’ve created, even if you’re offering the app for free. You could charge for each app download, but you could also make money through advertising, sponsorships, in-app purchases, and more.
Blogging can be a great source of revenue, especially if you know how to write content that people love to read. However, it’s not a good idea to rely on it as an exclusive source of income. Complement the passive income you generate with your blog by utilizing some or all of these alternative passive income ideas.