Most Indian millennials are making enough money from their jobs but hardly getting time to spend with themselves.
You tirelessly run behind money without spending enough time in doing what you love. This is why a new source of passive income can give you what You are looking for: Freedom.
You are at the right place.
You will discover new passive income ideas that you can start without leaving your 9-5 job and security.
But as I am writing about money, let me tell you, these are not quick rich schemes. It takes your focus and works to make it a reality.
I can't make fake promises like many social media gurus because you can not become an overnight success. This doesn't happen in reality.
Success in a passive income business depends on your willingness and effort. It completely depends on how much time, money, and energy you are willing to put into building "systems" initially that can work for you later on.
However, if you start a business in the right way, you can reach a position where you are spending 1-2 hours every day and make much more than your monthly income. And I am saying this because I have lived this lifestyle. Not because I want to sell you a coaching program.
You will be able to get cool ideas that most people are unwilling to share to make money while sleeping. And if you implement, you will start seeing the results soon.
What is Passive or Residual Income
Passive income or positive inward cash-flow without actively participating in the money generation process is everyone's dream.
There are hundreds of articles published on the topic. Still, I will only focus on the practical ideas in India's context (and in the context of other Asian countries.
India is a unique country. Unlike other countries like the US and the United Kingdom, it differs in terms of opportunities we have to build wealth passively.
The dividend stock, equity, mutual funds, and stock market are a few of the popular ways to make money, but most of them are well known.
Also, it needs a deep understanding of the market, and you need to keep yourself updated with the price and associated factors.
As several articles have already been published about building a passive income with the stock market in 2021, I am skipping it entirely.
But I would suggest you look at this book ( Intelligent Investor by Warren Buffet ) recommended by the legendary investor Warren Buffet. This evergreen book discusses the very first principles one needs to learn before jumping into the investment world.
Here I will discuss the five unique ideas to build your passive income in 2021 as I will explain the subtle principles that do not change with time.
I have intentionally skipped some great ideas to make money by "building a babysitting service" or "car wash" as they are not really useful in India.
Let's jump in.
Passive Income Ideas that Work in India
India is a rapidly changing market, and smart individuals are aware of it. There are many ideas people living in cities like Bengaluru and Delhi are using to make handsome money from their homes' comfort.
Even in India's tier-two cities like Pune and Hyderabad, passive income opportunities are massive.
Consulting and Coaching Business
Consulting and coaching business can be a lucrative money engine if you have an existing skill or expertise.
Writing a Kindle Book for Passive Income
This first idea which I am going to tell you is crazy. Many people can write really well. The problem is, they don't know how to sell.
Recently, I attended a program called Kindle Mastery. It teaches how to start making passive income with the help of publishing books on Kindle. And if you are serious, this is the most comprehensive program ever.
The benefit of publishing Kindle books is that you can start this business from anywhere globally and make a good income. You can also sell these eBooks from YouTube channels and Instagram.
Some people prefer reading Kindle books, and they will buy it without even thinking. But it would help if you learned the right strategies for it. For example, find the right niche and find the writers to write for you.
Another good reason for choosing Kindle publishing is that you don't need to invest a huge investment in making money like other businesses. You can start for as low as $100 if you put the right investment in learning.
By partnering with other publishers, you can earn extra commissions that will be 100% passive on the top.
The Evergreen Franchise Business for Additional Income
I don't know why people don't start a franchise business to generate residual income. This business has many advantages over other non-traditional ideas.
You don't need to spend your money and time on initial brand recognition campaigns in a franchise business. Further, the companies provide excellent support for their newly opened center. They will guide you at every step.
You don't need to experiment with your shop's designs, marketing, promotions, and everything goes as per the previously well-tested formula.
There are a few disadvantages of this way of additional income. The major one is the significant investment cost associated with the business.
If you are thinking of an educational venture, there is not much testing you can do with the system, and everything needs to be done according to the board.
What to keep in mind while opening a franchise
In the end, it is not about the shop but the surroundings. Coffee shops, Schools, Hubs, Parlors, and any other business needs a good mass of customers who should be repetitively turning to you.
It will take a significant amount of money to set up a good franchise at the " right location. " You will need to properly research and create a financial backup plan before you jump into the business. It will take a while to reach even the break-even.
Franchise often need to hire people to run daily activities. It would help if you counted this in your variable expenses. If your franchise can handle, you can use Internshala and LetsIntern to hire students for your franchise.
Renting Agriculture Lands to a Farmer
Renting your farms is another idea that can pay you handsomely without your direct involvement. Agriculture lands are much cheaper than residential properties, and you don't need much documentation over them.
There are millions of farmers in India, and it is not, in fact, hard to find one who can grow crops and divide the profit.
This kind of rental income has multiple advantages as not many people are willing to jump in. If you have a little understanding, the Yield can be great, and it is a completely passive income stream.
Over the years, agriculture rules have become much more straightforward, and the demand for farming lands and production is increasing. Renting farming lands to someone is another good way of making passive income.
Keep in mind while renting your farm.
People end up in court if contracts are not written properly. You may need a 100 Rupee stamp and a good notary to write a contract between you and the tenant.
It is good to distribute the production between you and the tenant fifty-fifty. But there are multiple ways to decide. Don't forget to keep small things in mind like electricity bills, water costs, and other overheads and stay clear while building the contract.
Offline Affiliate Marketing Opportunity in India
Most people are aware of online affiliate marketing to generate passive income. But you can use the same model for your offline business and earn for a lifetime.
For example, institutes who are struggling for admissions, good clinics, and specialists who need more patients can welcome your such offers.
Just don't get greedy in this case as it is a big responsibility, and you don't want to end up harming someone. But you will be respected everywhere if you can do it smartly and with honesty.
This idea can work with shops, malls, hospitals, institutes, and real-estate.
Keep in mind while becoming an Affiliate.
You are like the ambassador of the firm. If the firm has a bad reputation and is involved in a controversial activity, you will be the first person to come after. So be careful in selecting the firm to make good money.
You don't want to end up promoting services in your locality. You can start from there, but the good idea is to work with scalable enough someone.
Create Passive Income With E-Commerce
This is a huge segment in itself as there are hundreds of ways to make money online for a long period. But to make it simple, you can divide it into two different segments.
First, building your products and selling them online. Make a good product (physical or digital) and sell it through online marketplaces like Amazon, Flipkart, or SnapDeal.
You can even build your own website with Shopify to make an e-commerce store and sell your product.
The other way is to promote someone else's product. Through Google Adsense, Affiliate Marketing, or promotional content, you can earn amazing passive money.
Some skills are necessary to start online income if you can't invest some money, or otherwise, you can hire a good digital marketing company that can help you set up your digital money-machine infrastructure.
Keep in mind while making money online.
There can be hundreds of hours of training on this topic, as this is the first and most important part of the process.
You don't want to end up promoting something no one wants to buy. Also, the audience you are trying to select must be capable enough to pay you for the products.
Making money online is hard, and there is a big competition. You need to acquire essential skills like copywriting, website design, and marketing (SEO, SMM, PPC, etc.) to stay in the game.
Again, it will take some time to develop these skills and earn a profit, so stay patient and keep doing good work.
Paid Software Development for Additional Income
India is an IT powerhouse for even the top companies in the world. Your knowledge of programming and application development can open unlimited ways to generate passive income while living in India.
Even if you don't know how to make a complete software, you can learn it online and start building. You can make it open-source (used by anyone) and ask for a donation like Firefox (browser) or ask for subscription fees from the users.
You can even make WordPress themes, Plugins, and other similar software that people are always ready to buy online. There are thousands of people who use their own websites or online marketplaces to sell their digital products.
Keep in mind while building an application to make money.
The customer often pays more for good support. It is essential if you are building software and thinking to make money from it. So, an experienced team of programs and designers is expected in this case.
Marketing is essential for any product. A good product also requires a good promotion to reach the right audience. As software is a digital product, in this case learning digital marketing can be of great use. This will help you to scale up your business and bring more sales.
The Final Verdict: Which Ideas Will Choose You
As I have written several times, it's not you who choose the work. Work chooses you. Before becoming a creator coach, I was running for job interviews. I even tried to build two startups, which miserably failed even before starting up properly.
Fortunately, I met my mentor, who helped me build a predictable source of passive income, rare in many cases.
To find which passive income ideas will work for you, go for the market research as per the products you plan to promote and analyze your strengths and interests.
To find which passive income ideas will work for you, go for the market research as per the products you are planning to promote and analyze your strengths and interests.
Sources and further reading
- 28 Passive Income Ideas You Can Start Today [Make Money 24/7] (goodfinancialcents.com) - Want to make money while you sleep? Here are 28 passive income ideas you can start quickly that will put your cash flow on auto pilot.
- 7 Reasons Why (Only) Passive Income Assets will Make You Rich (cashoverflow.in) - Last Updated: 16 May 2019 If you are not making money while sleeping then you will end up working.
- 15 Passive Income Ideas To Help You Make Money In 2020 (indiamicrofinance.com) - 15 Passive Income Ideas To Help You Make Money In 2019: Start a Blog, Publish an ebook, Create an Online Course, Produce an Audiobook, Create a Mobile App..
- Passive Income Ideas: 35 ways To Make Money From Home in India (theincomehacks.com) - Are you looking for creative ways to make money online or Offline? Top 35+ Passive Income Ideas to start work from home in India 2018.
- 20 Passive Income Ideas for 2020 (thestreet.com) - Passive income can be the economic engine that drives more money into your bank account - even when you're sleeping. Learn more about passive income, how the IRS feels about it and take some of our 20 ideas for a spin.
- Is Passive Income Truly Achievable? (entrepreneur.com) - A guide to getting checks in the mail without any extra effort.
- 19 ways to make money without lifting a finger (msn.com) - 19 ways to make passive income now
- Six ways to create multiple sources of income - How to earn passive income (economictimes.indiatimes.com) - Deep down we all know money cannot buy happiness but at the end of the day, we all need money to survive and thrive in life. If you are looking for ways to create multiple streams of income, here are a few ideas that might help you. How to earn passive income
- 2020 marks the dawn of passive investing era in India, and how! (economictimes.indiatimes.com) - The global growth story in passive products has been strong and broadening.
- SoleBlogger.com - A Complete Digital Blog! (soleblogger.com) - SoleBlogger.com is a simple Blog with some unique contents on different topics. The Blog mainly covers subjects related to Blogging, Startup ideas, Machine Learning, FinTech Solutions, WordPress & Web Development.