3 methods to generate passive income this year 

Would you be willing to believe it if we told you that it is entirely possible for you to generate passive income? 

This is indeed the case! However, there is still some effort to be made before reaching the stage of “financial freedom”. In fact, passive income is not equal to easy money, because it usually takes discipline at the beginning to put everything in place. That said, the business model used is quite different, especially in terms of flexibility for time management. In addition, activities that generate passive income can be extremely lucrative when properly set up. 

Here are some business tracks to explore this year to quickly become profitable. 

1. A print-on-demand store 

This business is particularly suitable for artists and designers who want to put their talents at the service of others. 

This source of income is a real boon to monetize your creativity. For this, you need to do some research to find trusted suppliers which will personalize your white label products. For example, your mission is to create a logo or any other design that will then be affixed to a T-shirt or mug (produced by one of your suppliers). 

Here, what is important to understand is that it can relate to any type of product that can be sold to order. 

In addition, it is only after the sale of the product in question that you will make a payment to your supplier. As for the delivery, it is entirely managed by the distributor. Your sole goal is to launch your shop and start the procedures required to promote your business. 

Need more advice to get your business off the ground? So, go to the website : https://enzohonore.com/ to be accompanied by a professional coach. 

2. The sale of digital products 

As the name suggests, digital products cannot be physically touched, and this is their biggest advantage. 

Their creation does not require a huge budget and their margins are relatively high. Your task here is to produce a unique resource that can be sold online for several years, without fear that it will become obsolete. However, you will probably have to make updates on a regular basis, but in any case, you will be profitable. 

Also, you don’t need a stock to keep these items because everything is done online.

For example, digital products can be in the form of: 

• PDF files; 
• Software extensions;
• Kindle books; 
• Music; 
• Guides; 
• Kits;
• Download streaming; 
• Software, etc. 

Some entrepreneurs offer their services to other professionals. For example, if you have increased knowledge in tool development, you could provide your services to a company that wants to market an application to trade cryptocurrencies. 

In short, the possibilities are multiple with this type of business and you should probably consider it.

3. Online training

Do you have knowledge in a particular area? Would you like to make money from this?

So, know that selling online training is a promising and profitable business. Whatever the chosen subject (marketing, accounting, design, entrepreneurship, etc.), it is now possible for you to offer courses and sell them to third parties. Again, the sale can be made many times and over the years, you will only need to update the topics to continue their marketing. 

Your only initial investment is time, because, yes, you have to be diligent to create the courses, record them and especially make them interesting for students. 

Nevertheless, you are completely free to choose the duration and format of your online courses. You can even opt for live classes or stay on the “download” format. Clearly, this is a business that can help you generate passive income by starting with a small budget. But you should definitely put in the time needed. So, do not hesitate to embark on this adventure if you think you can do it! You will surely find your account and as you will have understood by now, this year is the perfect time to put yourself through new challenges. However, remember that to achieve them, it is important to be rigorous and disciplined. Without it, success will take longer to arrive.

Want to know other ways to make money online? This article provides you with 34 more ideas!