The following is a guest post about passive income by Miss T blogs at Prairie EcoThrifter. She grew up in the Canadian prairies and still lives there today. She is passionate about saving money, being healthy, looking out for our environment, and most of all having fun. Her blog shares tips on how you too can live a green, debt free, and fun life.
If you run a Google search online, you will come across lots of people looking for professionals that can perform tasks for their businesses on a contractual basis. These people are known as freelancers. Freelancers can do everything from providing websites with content to creating websites from scratch. The opportunities are plentiful and the revenue potential is unlimited. Freelancing is a great way to start bringing some extra cash into your household. Here are three ways that you can freelance and generate passive income for years to come.
Passive Income – Online Website Writing
Online writing is one of the oldest forms of online passive income because everybody needs content. You can write for a blog or website and generate a one time fee but that doesn’t bring in the residual income. Instead, you should focus your efforts on writing for sites that will pay you income over the long term. Ehow, Helium, and Hubpages are all good websites for writers looking for passive income. You can take 15 to 30 minutes to write a short article and publish it on their websites. You will get paid each month based on the amount of traffic that your article receives and how many page views it get a month. A few articles on these sites could easily bring in a couple hundred bucks every year.
Passive Income – Online Book Writing
Another way that you can put your writing skills to the test is by writing newsletters and books for people looking for authors. Helping someone publish a book can be a rewarding experience both emotionally and financially. Most ghostwriters make the mistake of just asking for a one time fee for their writing help. Instead of requesting a flat fee for your work, you can request a percentage of the profits earned from book sales. A well marketed book with quality content will continually sell copies month after month. This will result in income for both you and the book seller. You may just find that a popular publication will bring in income for a long time.
Passive Income – Online Product Creation
Product creation is a fantastic way to earn passive income from a one time endeavor. There are always website owners looking for someone to create an online application or a plugin for a website. These products have the ability to generate a large sales volume because of their practicality and usefulness. If you have the ability to create such a product, you should do so with the stipulation that you receive residual income. You never know whether or not the technological innovation that you create will be the next great hit product. A small 10% share of the profits of a smartphone app could bring in as much money for you as a full time job.
As the Internet’s popularity continues to grow globally, freelancing opportunities will become even more plentiful. The freelancer that has the foresight to create useful products that people need will find himself bringing in consistent income on a regular basis.
So, have you ever tried freelancing? How has it improved your financial situation?
FYI: I worked at a dead end cubicle job from 2005-2011 for about $30,000 per year. I went self-employed in July 2011 and make between $70,000-$90,000 through blogging, professional pet sitting, hubby's reffing, and our rental home. If you’d like to start your own site (link to my free step-by-step guide), I highly suggest checking out Bluehost (my referral link with a nice discount for you, PLUS a free custom header banner from me!). Please contact me any time at budgetingfunstuff*at*gmail*dot*com with questions or just to brainstorm! I’d love to help!