10 passive income streams you should take advantage of

3 min read

If you have an active income that you earn from either working for an organisation or from running your business, it would never hurt to have a passive income stream that guarantees returns regularly, am I right?

What would be ideal is a venture that can keep earning you money without your active participation in running in every day.

That been said, here are 10 passive income streams you can take advantage of here in Nigeria

1. Real Estate

If you are fortunate to own some real estate, what are doing letting it waste away. Depending on where the building is located you can rent out the place either for office use or as a private residence.

Undeveloped land can also be leased out till you will need it back.

Even if you don’t own a place you can pool resources together with a group of likeminded people to buy a place and then rent it out. The returns might not be immediate but will manifest in the long run.

2. Create an App

There are a number of online resources that can help teach how to create your own app. So time for you to create that app you always dreamed of and make some money from it. Tools like udacity.com can teach how to make apps, some of these courses are even for free.

The cool thing is you can put up your app for free and still make money by offering in-app purchases or with in-app adverts

3. Sell stock images

There is a market for stock images for marketing purposes. Sites like shutterstock, canva and more accept pictures that you can put up for a fee.

So if you have loads of good quality photos you can make money from them. If you don’t have the images yet, then get to snapping some right away.

4. Create a course

If you are an expert in a field, then you can earn money teaching it, and no, you don’t have to go to class or anything like that. You can simply create a course on an online learning site like udemy and then get paid for your knowledge.

5. Sell e-books

Remember all that expert knowledge you have? Compile them into an e-book and sell to people in need of the information inside. Make sure to price your book for your target market.

6. Blog

There are quite a number of examples of successful blogs in Nigeria. However, choose what you are good at to talk about. When you blog gets decent traffic you can earn income from advertising on it.

7. Vlog

Sort of like blogging but instead make videos instead. The equipment you need is cheap and you might already own. A well-lit corner of your house can be your set and your mobile phone your video camera.

Make vlogs topics be about what you are passionate about. It could be cooking, how to fix stuff or just about your favourite sports team.

The more views you get the more money for you.

8. Referral marketing

You can earn money by referring customers to a company’s product (becoming their affiliate)  you receive a commission on sales made through you. This method works well if you have good social media clout.

9. Storage rental

If you have large space that isn’t suitable for an office or house, you can still rent it out for storage.

10. Hire out your car

Instead of leaving your car in the parking lot for hours, you can have it earn money for you while you are at your day job.

There are services that offer ride sharing like Uber and taxify, or you can go the more traditional route of hiring a driver and getting monthly or weekly returns.

A company like gomyway also offers a service of getting paid to take fares along your regular day route.

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Usman is a content developer and screenwriter. Bizarrely, he has never been seen in the same room with Batman, leading many to believe he is indeed the Dark Knight. He refuses to comment on these claims.

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