5 Passive Income Streams You Can Set Up Online

You don't always have to be constantly working in order to make money. Passive income is income that you accrue after making an initial time investment to create a product or service that continues to make money without you needing to do anything else. Passive income streams can literally make you money while you are asleep and give you the opportunity to enjoy more free time not spent working.

However, before you can start to earn this income you have to set up an income stream. Here are five ideas of passive income streams that you can set up using not much more than the internet!

Create a YouTube Channel

Some of the most successful YouTubers make fortunes that rival those of any celebrity or A-List star. You don't have to be quite this lucky to make some money from the video sharing site, however. If you manage to create a channel that gets enough viewers, you can use Google AdSense to monetize your videos! This approach will require some skill, as it is a crowded market.

Write an eBook

Getting a book published via traditional methods is difficult, time-consuming, and highly competitive. Thankfully, the barriers to creating eBooks are much lower. Many writers have made a lot of money from writing and publishing eBooks for Amazon's Kindle products. Again, this is a crowded market, but there is little to no risk involved in writing and publishing an eBook apart from the time investment.

Create an Online Course

If you have a skill that you can make money or even just enjoyment from, then you have a skill that other people might want to learn. If you are an expert at a particular field, whether it is sales or baking cakes, why not share your secrets and wisdom via an online course that teaches people the lessons that you have learned? Online courses can be in written, audio, or video format, and are hosted on sites like Udemy and Skillshare. You can even use your online course to promote your eBook, or vice versa!

Start a Blog

Starting your own blog can be a surprisingly profitable endeavor. If you have something interesting to say and know a thing or two about how to get web traffic, you can monetize your blog through ads, and/or advertise your own products too! Blogs don't have to look plain and generic either-web design agencies like ALT Agency in Birmingham can help you to design a site that looks slick and professional.

Start an Online Store

An online store can be a great way of making a passive income. Even if you have none of your own original products to sell, you can use the drop shipping model.

The drop shipping model of e-commerce entails setting up and maintaining a website and its administration, while teaming up with a supplier who will send their stock directly to the customer. You don't even need to stock the products yourself!