Do you feel like you’re stuck in a rut? Are you tired of the 9-5 grind? If so, you’re in luck. It’s time to start looking for alternative income streams and this article will help you do just that!
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There are several ways to make money outside of the traditional workforce, and we’re going to explore some practical ways to start engaging in life rather than dreading it. Whether you’re interested in starting your own business or finding new ways to make money, there are plenty of options available to you. So, without further ado, let’s get started!
Alternative Income Stream: Passive Income
The focus of this article will be on passive income streams. Sure, there are alternative income streams such as freelancing, consulting, and other active forms of making money. But, the disadvantage of those alternative income streams is that it is often just a different form of 9-5. You can choose your hours and have much more flexibility overall, however, you are still essentially trading your time for money.
With passive income, you’re not limited by your time. You can make money while you sleep, and it’s a great way to generate income without having to put in the hours. While there are a lot of ways to create passive income, we’re going to focus on five specific methods:
- Online Courses
- Real Estate Rent
- Royalty Income
- Affiliate Marketing
Alternative Income Stream #1 – Online Course
One of the great things about the internet is that you can share your knowledge with the world through online courses. If you have a skill or expertise that others would be willing to pay for, then creating an online course is a great way to generate passive income.
There are several platforms that you can use to create and sell your course, such as Udemy, Skillshare, and Teachable. The great thing about these platforms is that they handle all of the marketing and payment processing for you, so you can focus on creating high-quality content for your course.
Affordable education that teaches practical skills is in demand these days. With the cost of college tuition rising, many people are looking for more affordable alternatives. That’s where online courses come in. If you have a skill or expertise that others would be willing to pay for, then creating an online course is a great way to generate passive income.
The best part of this alternative income stream is that once the course has been created, it can be sold over and over again. Each time someone buys your course, you generate income without having to do any additional work.
Although it can be helpful to teach a trending interest, evergreen (timeless) courses tend to be more successful in the long run because they can be sold year after year. Think about a course that you could create that would have long-term appeal. For example, a course on gardening or investing in real estate. These two topics are always in demand and will likely never go out of style.
Alternative Income Stream #2 – Rental Property
Another great alternative income stream is real estate rent. If you have a property, whether it’s a single-family home, an apartment, or even just a room in your house, you can generate income by renting it out.
Finding undervalued properties can be challenging. Many real estate investors make the mistake of working 9-5 scrolling through listings on Zillow. Although it can be helpful to use technology to your advantage, the best way to find deals is to get out there and network with other investors.
Additionally, working with a real estate agent and asking them to present some options each week that fits your specific criteria can help reduce the workload of finding deals.
There are several platforms that you can use to find renters, such as Airbnb and VRBO. The great thing about these platforms is that they handle all of the marketing and payment processing for you, so you can focus on finding quality tenants for your property.
You can even hire a property management company to take care of the day-to-day tasks, such as screening tenants and handling maintenance issues.
The best part of this alternative income stream is that it provides you with a consistent source of income every month. Once you have tenants on your property, they will continue to pay rent as long as they stay there. This gives you a predictable and passive income stream that can help you reach your financial goals.
An alternative to traditional real estate rental income would be renting out other forms of property. For example, if you have a car, boat, RV, or another recreational vehicle, you could rent it out when you’re not using it. There are several platforms that you can use to find renters, such as Turo and RVshare.
Rather than having your property sit idle when you’re not using it, why not put it to work and generate some passive income?
Alternative Income Stream #3 – Royalty Income
If you’re creative and enjoy making art, writing, or music, then you can generate income by selling your work as royalty-free content. This means that you give someone the right to use your work in exchange for a one-time payment or a recurring royalty payment.
There are several platforms that you can use to sell your work, such as Shutterstock and iStockPhoto. The great thing about these platforms is that they handle all of the marketing and payment processing for you, so you can focus on creating new pieces of content.
The best part of this alternative income stream is its passive income. Once you’ve sold your work, you don’t have to do anything else to continue earning royalties. This gives you a consistent source of income that can help you reach your financial goals.
Although it would be incredible if you become the next big star with your song being played over and over again on the radio, it’s not necessary. Even a helpful ebook published on Amazon’s Kindle Direct Publishing can generate a nice passive income stream.
Alternative Income Stream #4 – Affiliate Marketing
Affiliate marketing is an alternative income stream that allows you to earn commissions by promoting other people’s products. When someone clicks on your affiliate link and makes a purchase, you earn a commission. The great thing about this alternative income stream is that it doesn’t require any inventory, so you don’t have to worry about storage or shipping costs.
Additionally, many affiliate programs offer recurring commissions, so you can continue to earn money even after someone has made a one-time purchase. For example, let’s say you’re a fitness enthusiast and you promote a fitness program that offers a monthly subscription. If someone signs up for the program using your affiliate link, you’ll continue to earn commissions as long as they remain a paying customer.
The best part of this alternative income stream is that it’s relatively easy to get started. By signing up for an affiliate program like Amazon Associates or Clickbank, you can start promoting products and earning commissions right away. Through media channels such as Facebook and Instagram, you can reach a large audience of potential customers.
Affiliate marketers are masters at monetizing attention. If you can build an audience, become an authoritative figure in your industry, and sell products that solve people’s problems, you can generate a significant income through affiliate marketing. Rather than work a 9-5, you can document your journey and bring in alternative income from your affiliate marketing business.
Alternative Income Stream #5 – Business Ownership
Vending machines, e-commerce websites, and other small businesses can provide you with a consistent stream of alternative income. There’s a diverse range of opportunities available, so you can find an opportunity that fits your interests and skills. While business ownership is not for everyone, it can be a great way to generate alternative income.
Not everyone is meant to be the CEO or lead a Fortune 500 company. But, that doesn’t mean you can’t be a successful business owner. With simple business models and low startup costs, alternative income streams like vending machines and e-commerce websites are within reach for many people.
Business ownership can also come in the form of investments. You can purchase a small business or invest in a franchise. While there’s more risk involved with this alternative income stream, there’s also the potential for higher returns.
Dividends are a more risk-averse way of earning an income passively. By investing in companies that offer dividend payouts, you can generate alternative income without having to actively manage a business.
The Bottom Line
The 9-5 should not necessarily be vilified if you love what you do and you’re surrounded by a great team. It can give a sense of purpose to many people. However, it’s not the only option. If you dread waking up to an alarm clock, have terrible bosses, or you’re not fulfilled by your work, there are alternatives.
If you’re looking for more freedom and flexibility in your life, consider pursuing an alternative income stream. These five alternative income streams can provide you with the freedom you’re looking for. Rather than wait until retirement and hope that a pension will cover your living expenses, take control of your finances now and build an alternative income stream.