Have you heard of the term passive income or residual income? It’s the kind of income that generates money while you’re not actually working on it. Nothing sounds quite as perfect as sipping Pina Coladas on the beach and still making money. But, unfortunately, passive income isn’t quite like that. I mean, it kind of is, but before you can be carefree on the island, you have to do the work upfront – and sometimes it’s a lot of work. But once the bulk of the work is done, you’re only required to do occasional updates, and you’ll be making money on vacation! 

So, how exactly do you even get started with something that will generate passive income? First, I want you to close your eyes and picture yourself relaxing on a beach lounger and drinking out of a coconut. Now that you’ve imagined yourself there, here are 5 examples of how you can make it a reality: 

Create a workbook/e-book.

A workbook or e-book is a great way to make some passive income. It can be a lot of work upfront, but you can easily generate money from it. You can also revise and edit it to create new additions or add sequels. One great product can lead to another great product. Workbooks and e-books are also easily accessible from anywhere in the world, which means your potential for reach increases dramatically. 

Create a blog. 

Although it might take a bit of work to get a good blog up and running, it has helped so many entrepreneurs make passive income through sponsored posts and affiliated links. Most bloggers start with one area of interest, but they can very quickly add more and increase their potential to make passive income.

Create a course. 

In what, you ask? Whatever you want! It can be something specific to your business or something you’re really good at. Maybe you want to teach people tips and tricks for using your favourite app. Or perhaps it’s a course on finances, pottery, or yoga. Whatever you choose, do your research, take the time to make it perfect, and showcase your expertise! 

Create YouTube videos. 

YouTube is a great place to upload video-based content. People watch how-to videos, tips and tricks, fails, and just about anything you can think of. It’s a great place to share your services, products, knowledge, and expertise. Sponsored videos and ad revenue will have you reaping the rewards long after your video is viewed. But, like blogging, building your audience can take a while. You need to stick it out for the long haul and be consistent. 

Create your brand and become an “influencer.” 

I know it sounds cliché, but with enough followers and consistent content, the request for sponsored posts will start coming in. Annnnddddd, sponsored posts will make you money on social media.

There are plenty of other ways to make passive income if our suggestions aren’t your thing. Rental properties, Airbnb’s, investing in stocks, creating digital images, etc., are all ways where you can earn some passive income while you’re snoozing by the pool.