Passive income is a type of income that you make while you sleep. It is the money that you earn by not working on it actively or with minimal activity and the good thing is the hard work you put into generating a passive income will pay you back year after year.
Passive income gives you financial freedom as well as the freedom to enjoy your life whereas with the active income you are not so free. Many businesses give you passive income but in today’s world called the world of the internet, it is quite easy to create multiple passive sources of income just by sitting on the couch.
Creating a passive source of income is not a piece of cake, you have to put so much effort in the beginning and once it is created, it reduces your effort and increases earnings. Warren Buffett once quoted that
“If you don’t find a way to make money while you sleep, you will work until you die.Warrent Buffett
This article is about the best and most viable 7 passive income ideas in Pakistan that everyone can do and finally, I will tell you the strategy to convert your active income into passive income. so let’s start with 7 passive income ideas in Pakistan.
7 Passive income ideas in Pakistan
1- Starting a Blog or Youtube Channel
As I mentioned above, making money on the internet is a trend these days and many people are making good money from it. There are many ways you can make money on the internet but starting a blog or YouTube channel can give you a passive income.
Starting a blog can be a bit complicated for you if you don’t have enough
knowledge about blogging, SEO, etc but now it is not a problem as there are many free courses and videos available on the internet that you can watch and learn.
While on the other hand starting a YouTube Channel is not so tricky but if you want to be a professional then you must learn. You can also buy a ready-made blog or Monetized YouTube Channel from Flippa that will save you a lot of time and effort.
2-Sell Your Course Online
The Internet gives you many opportunities to make money according to your comfort zone. As you may have noticed on the internet, many people are selling their courses online and in return they make money.
If you are an expert in any field and can teach someone, this opportunity can help you to earn passive income. All you need to do is create your course and sell them online. One of the many websites that allow you to sell your course is udemy which is also very popular.
You can also market your course on social media, including Facebook and YouTube, and earn money while sleeping.
3- Affiliate Marketing
Affiliate marketing is also a passive source of income. It is a form of advertising in which the company compensates affiliate marketers in the form of commissions to generate traffic or lead to the company’s products and services.
In affiliate marketing, you have to promote product links on the internet, and in the case of sales, you make money in the form of commission. Commissions are based on percentages which are different in every category. As a matter of fact, 15% of the digital media industry’s revenue comes from affiliate marketing.
There are many eCommerce websites with affiliate programs that allow you to make money, including Amazon Associates, eBay, Draz, and Goto. If you are good at affiliate marketing you can join these programs and earn good money with minimal activity and if you are new and unfamiliar with affiliate marketing you can learn from the internet.
4- Sell Your License Products
Aside from the course, you can also sell a lot on the Internet, such as if you are good at photography, videography, music, etc. You can sell your product like photos, videos, and music with your license and if someone needs your product they will pay you.
Many websites allow you to sell your photos, videos, and music online including Shutterstock, unscreen, and SoundCloud. Not only this, you can sell your CAD blocks, ebooks, and other digital products on the internet and earn passive income.
It will take some time and effort in the beginning but once it is done you can make money while sleeping or enjoying the beach.
5- Real Estate Business
Real estate is one of the largest businesses in the world, and the majority of the world’s richest men are in real estate. Being a big business, it requires a lot of investment but on the other hand, it has a huge amount of profit.
After the success and fame of Bahria Town, people are building housing schemes in its style. If you have a lot of investment then investing in a housing scheme is the best choice and this is also a trend in Pakistan but if you do not have much investment then you can buy a small house and rent it to a needy person.
Buying a home might be a little bit hectic process but it will pay you in the form of a passive income. Also, buying a commercial property for rental purposes is much better than buying a home.
6- Automate Your Business
Many people are running their businesses and making good money but they have to spend almost all their time in business which makes them tired and unable to enjoy their life. If you are one of them, you can earn passive income from your business by not working actively on it.
All you need to do is to hire the necessary staff and assign their responsibilities, not only that you have to build a system that runs your business even in your absence. usually, Businesses hire managers to run their business smoothly but in today’s world, you can take the help of technology to automate your business. After that, you don’t have to do anything, you just have to check the reports and monitor your business.
7- Invest in Stock Market
Investing in the stock market or buying shares is also a way to make money at home. It is also a passive source of income because it does not bound you to work 9 to 5, it just requires a little work at the beginning.
The stock market is a device for transferring money from impatient to patientWarren Buffett
The stock market allows you to buy shares and make a profit on them. At the same time, the value of the shares you buy is gradually increasing. The stock market allows you to sell your shares, so you can sell your shares at a profit whenever you want.
In this business, you must be an expert in buying and selling shares because the risk factor is very high in stock trading but if you are not an expert, it will be difficult for you, so must learn before start.
How to build Passive income
Many people work hard to build passive income but not everyone succeeds because they do not have the right plan. Most people have been dependent on active income for a long time and are not happy because they have to work longer. when they hear about passive income and its benefits, they quit their job and start working on them.
After a while, they run out of money and failure becomes their destiny. You do not have to make these mistakes, you need to make the right plan to achieve the right things.
First of all, make a plan about what you are going to achieve and how much time you need to achieve your objective. Number two is, If your family is not supportive or your family is dependent on you, then don’t quit your job, and start with a side hustle.
Once you get the response from what you are doing then you can quit your job but remember that you should have enough savings to survive for 6 to 9 months because your passive income does not make you a millionaire overnight.