Setting up a passive income can benefit you in more ways than one. Aside from an additional source of cash flow, you can spend time growing your business and gaining knowledge in your preferred industry.
Here are three ways you can start a passive income project this year.
Cryptocurrency is still very much alive and well, thanks to innovations in Blockchain technology and smart applications for digital assets. There are several ways you can gain a foothold in the market, from directly exchanging money to crypto or investing, to setting up your own mining machine. You can pool together capital and get a dedicated ASIC miner with the help of Minetheasic for a more efficient process. Once set up, it’s just a matter of choosing the cryptocurrency you want and allowing the machine to collect the digital coins.
Start a Dropshipping Business
Dropshipping is the term used for a business that offers products and lets the supplier handle the logistics and fulfillment. All you need is an online platform, such as an e-marketplace or a website to get things started. Pick a profitable item(s), such as clothes or sporting goods, then set up a website and a payment system. Once the order starts coming in, your partner will be the one to handle the fulfillment and shipping.
Create a Website
Starting a website is still one of the most profitable side incomes you can have. You’ll have the freedom to choose what to put in it, e.g., a gaming website that sells hardware, a sporting goods store, or a collectible shop. On the other hand, you can turn it into a blog or a helpful resource and generate money through views and traffic. Although mostly passive, there is still some work, such as content creation and marketing, that needs to be done every now and then.