How can you Generate Passive Income as an Entrepreneur ?
In the entrepreneurial world, passive income is a buzzword nowadays and that’s too for good reasons. Passive income has caught the imagination of most entrepreneurs because it essentially involves an income stream that doesn’t need much of your time, especially when it is established and running smoothly.
If you are looking for a passive income stream to either potentiate your income generation or as a fall back option, this article will help you get some really exciting and viable passive income ideas that you can pursue after your main business.
1. Network Marketing
Network marketing can be very rewarding and the best thing is that you can keep earning money even when you are providing only a small part of your time. Many believe that network marketing (also called MLM or Multi Level Marketing) businesses take a long time to establish and they don’t bring in money initially. However, this is a wrong notion.
It does take ground work to make significant income from it but you can make smaller income even at the beginning. This is mainly because there are two aspects involved in MLM businesses. While the main part is to build a team of business leaders who will in turn create more network marketers, the other part is selling products.
At the beginning, it is the selling of products that will bring in smaller amounts of income. However, the main and regular passive income stream (thousands and thousands of dollars) is generated by the second part, where you have to build a team of network marketers. This is because you’ll get a certain percentage of the income generated by your downlines.
If you want to choose network marketing to generate passive income as an entrepreneur, always choose a company in which you truly believe in.
If you’re looking to go this route, my recommendation is to partner with a company you truly believe in. If you’re not passionate at all about the products and the mission of a company, your partnership will feel very forced and appear that way to your audience when trying to sell.
Pick a company that you’re already a fan of, and one whose products you’re already consuming, that align with your own company’s offerings. Some of the leading most network marketing businesses are Amway, Market America, Avon, Herbalife, Nu Skin, and many more.
2. Self Paced Courses
Create a course that your customers can learn as per their convenience. This is an optimal way of earning passive income because:
- You can charge higher payment to earn more income.
- You can have a higher impact on your target audience by offering them with a higher-priced than a lower-priced one.
Always create a course to make a difference to the lives of your customers. Once you think about your customers’ needs first and create a course to help customers, it will be invaluable to them and you’ll have no problem selling your courses at higher price points than others.
While creating your self-paced course, always remember to offer a course from which your customers are able to get benefit without having to learn from coaching. To better understand your target audience’s needs, you have to first launch a course with a group coaching program so that you can smooth out the kinks and provide your customers with the best possible solution in the simplest way possible. Group coaching programs will also help you get great testimonials from your students. These testimonials will help you establish why your course is better than others in the market and why your customers should pay you more to get the course.
Once the self-paced course is ready, you can upload it online for sales. This will help you earn a significant amount of passive income by giving effort only once.
3. Crypto Trading (Daily Trading and Hodling)
Trading cryptocurrencies such as Bitcoin (BTC), Chainlink (LINK), Ethereum (ETH), and others can help you earn a significant amount of money. The best part is that you don’t have to put in a lot of effort or time to keep earning passive income.
You can either day trade by following the technical charts or you can hold bitcoins/altcoins in your online wallet and earn rewards. Holding helps you to sell your crypto at higher prices so that you earn more Bitcoin or other crypto. When you hold and store Bitcoin in a digital wallet, you can earn rewards for storing them in the wallet (the process known as staking).
However, another viable way of making passive income is by using AI-driven cryptocurrency trading bots such as NapBots.com. These instruments are used by traders to remove fears and emotions from their trading, run techniques normally available in hedge funds, make trades automatically, even when you are sleeping or engaged in your primary source of income.
The best thing is that you can put NapBots on autopilot, which analyzes market data automatically on real-time, and makes trading operations based on indicators built with these data. You don’t have to monitor charts and candles anymore to predict your next move.
If you are a novice in the cryptocurrency market with zero trading skills, you can put your cryptocurrency trading on autopilot, get excellent ROI, and keep earning your passive income with this unique trading tool round-the-clock, even when you are sleeping. Let Napbots take full control over your trades in just a few clicks, sit back and enjoy earning money.
These are the top 3 best ways to generate passive income as an entrepreneur.
If you still need assistance, you can refer to the following guides: