3 Most Efficient Passive Income Streams You Want to Know About

This is not a guide how to make easy money. There is no such thing as easy money, even passive income will require some amount of work at the beginning, but this effort will really make you appreciate every penny that will flow into your account. That being said here are three streams I consider the best for passive income in 2021.

1. Shopify eCommerce.

As 2020 changed our world drastically it also forced eCommerce to accelerate 10x forward. At the height of the COVID-19 pandemic, 10 years of ecommerce growth happened in just 90 days.

Sourced from McKinsey

Since lockdowns and fear forced people to stay at home. A lot of consumers shopped online during the pandemic and this trend will continue. This is why Shopify could be a perfect candidate for passive income in 2021.

At the moment of writing there are 4 ways to create passive income with Shopify:

• Drop shipping — build your store and sell products online. If you find the right products and create a brand that will retain your client base you can become a very successful business and make a lot of money while you’re sleeping.
• Shopify Partner Program, Affiliates — Earn an average of $58 for each user who signs up for a paid plan with your unique referral link. Source: Shopify
• Shopify Partner Program, Build and migrate stores — if you’re a technical person, or maybe even have some front end development experience it will be a great opportunity to earn recurring revenue by building new Shopify stores, or migrating stores from other commerce platforms to Shopify. Set up your clients with a trusted, customizable, and intuitive solution to run and grow their businesses.
• Shopify Partner Program, Develop themes or apps — as a programmer you can build apps or themes then sell them on Shopify’s marketplace you’ll then earn a recurring revenue as a Shopify Partner from every item sold.

Please visit Shopify Partner Program page to get more details.

2. Medium partner program

I’ve been using medium.com for a couple of years and I never new you can make money there. Medium offers partner program and you can get paid pretty good based on engagement. It doesn’t always equal out to a big amount of money but as I recently started to experiment with style and topics and try improving my writing skills any extra passive income I pick up from it is nice. You can have great success and make some real money if you get picked up by one of the in-house publications or you need to get a lot of followers, 5000+.

Based on the stats from Blogging Guide:

In the general Medium writer population, typically 7%-9% of all active writers earn more than $100 in any given month. Among the Blogging Guide respondents, 51.2 % earned over $100 per month! Source: Blogging Guide.

I really like medium as you can monetize from day 1. You do not need any equipment or degree to start sharing your knowledge.

3. Youtube

On the opposite side of easiness comes youtube. Yes, it’s not new to us, but it still generates a lot of money and the future still belongs to it.

It’s not that simple anymore, post a video and make millions. This get-rich-quick schemes are not working anymore. YouTube became a very competitive. You’ll have to work very hard from the very beginning. As of today here are requirements to become Youtube Partner:

All YouTube creators can apply to join as long as the program is available in your country. Once a channel reaches 4,000 watch hours in the previous 12 months and 1,000 subscribers it will be reviewed to join the program.

But beside just making money from Adsense on your YouTube channel there are a couple of new methods:

• Sell products or merchandise — as mentioned at the beginning you can create a Shopify store and start selling your products there.
• YouTube membership — channel memberships allow viewers to join your channel through monthly payments and get members-only perks like badges, emoji, and other goods. If you’re eligible, these are the policies and guidelines will help steer you out of trouble.
• Let your audience support your work through “fan funding” like Patreon.
• Becoming an influencer on YouTube — create brand-sponsored content or or advertise specific products in your videos. To be successful here you should be transparent about it, not endorsing anything you don’t actually like or believe in. As a general idea Influencers charge about $20 per 1,000 subscribers.

Conclusion

I hope I could bring some ideas and informed you on some new trends in passive income streams. Please feel free to comment below and let me know what passive income streams you think will be trendy in 2021?

P.S.

Did you know that you can clap up to 50 times? Try it :)