There are many opportunities that tech professionals can use to make Passive Income. [Wikimedia]
Passive Income
By : Marius Ilgauskas
Do you want to maximize your technological skills to generate passive income? If so, you've come to the right place. Many people with technical and business skills have added generating a passive income to their to-do lists. There are many opportunities that tech professionals can use to make extra money.
The idea is to figure out how to maximize your tech skills and turn them into a reliable income source. You can create mobile apps, an online survey site, write e-books, etc. This post discusses these and other tech-driven ways to adapt in 2023. But first, let's define passive income.
People define passive income as "easy money" that needs little work. According to the IRS, passive income is the money you make from a venture you don't participate actively in. Generally, passive income differs entirely from your side gig or full-time job. It can include stock dividends, book royalties, and rental property profits.
With this extra source of income, you won't have to spend much time and effort after the upfront work is complete. But, maintaining and managing this additional source may take time, money, and work.
There are various tech-driven ways to make passive income, but some are easier to create and more effective than others. Here are easy ways to generate passive income:
Create an app for others to use
Start a technology blog
Create an e-book that you can sell
Sell unique WordPress themes and plugins
Now let's discuss how these ideas can assist you in generating a massive passive income.
If you're a developer with coding experience, creating apps can be the best way to generate passive income. Creating one requires plenty of technical skills and time to start, but you only design, code, and launch it once. After that bit of promoting your app, you will be able to sell it repeatedly.
Developers make passive income once they start selling their app and when people make in-app purchases. Another thing is that advertisers can pay the developer to place their ads in the app, which is a constant practice you see all the time.
When creating an app, ensure it's accessible with various operating systems and offers numerous opportunities or services. For instance, you can create an app that people can use to make money through online surveys, sharing internet bandwidth, and more. Such apps attract millions of users, meaning they can generate passive income for years. All you'll have to do as a developer is keep the app updated and fix bugs from time to time.
This method is also an easy way to make passive income, as you can earn through affiliate sales once someone purchases through the link on your blog. Recently, most bloggers have started their WordPress projects to explore online money-making tactics. If you can monetize a technology blog through this system, you can use it for referral marketing or publishing reviews for products and businesses.
Affiliate marketing can work, but you must frequently update your content with new entries to keep affiliate sales going. While you won't have to spend much upfront fee on starting a technology blog, it may take time for the blog to gain followers.
Are you an expert in a niche that people can benefit from? Every professional wants to gain widespread appeal for what they offer, and writing these expert thoughts in an e-book is one way to generate passive income. Whether you want to share about mobile apps or website development, you will still have to research, write, edit, and then promote your book.
Anytime someone buys your e-book, it generates income through royalties. So, if your e-book offers value and you promote it without stopping, it will generate revenue for years without additional effort.
Statistics show that at least 40% of websites in search engines have WordPress behind them, which means millions of people use this content management system (CMS) for their technology or business blog. When designing the website, they need WordPress themes and plugins to use. You may have seen some themes charging customers $20+. At first, it may not sound like much, but what if you sell thousands of these?
For this passive income source, you need to create something useful to users. If you make a plugin, ensure the basic version of it is free, then charge for advanced features. The more themes and plugins you have, the higher the chances of generating massive passive income.
You can use many ideas to generate passive income, and your technological skills may be the future. Apart from starting a technology blog and selling WordPress themes and plugins, you can also venture into other businesses, such as drop-shipping and domain name sales. Do you want to generate income through internet sharing? Pawns.app allows you to share your internet bandwidth and make passive income even on vacation. [GP/JS]