7 Ideas For Easy Passive Income UK
Are you dreaming of living abroad but worried about the unpredictable global economy and rising cost of living? I totally get it and passive income could be your ticket to financial freedom and the ability to live life on your own terms. By generating income that doesn’t require your constant attention, you can create a sustainable financial foundation that supports the life you dream of creating. Currently, AJ and I have 4 passive income streams between us that contribute to funding our global adventures and we’re always interested in creating new easy passive income UK streams to give us even greater financial freedom.
What is Passive Income?
Passive income refers to earnings that continue to flow in even when you’re not actively working. This could come from investments, rental properties, royalties, or online businesses (and so much more). Unlike traditional employment, passive income ideally provides a consistent stream of revenue, allowing you to enjoy financial flexibility and independence for months and years to come.
Why Passive Income is important?
With everything that we are seeing happen in the world today, here are a few key reasons why you should consider creating at least one passive income stream:
- Financial Stability: Passive income can provide a safety net during uncertain times, such as economic downturns or job loss.
- Flexibility: With passive income, you have the freedom to choose where and how you live. You’re not tied down to a specific job or location.
- Independence: Passive income can give you the financial independence to pursue your passions and live a more fulfilling life.
Let’s explore some of the most popular passive income streams that can help you achieve your dream of living abroad. Now, it’s important to note that I’m not saying that any of these are easy ways to make extra income. Some may take several months to get started but with enough focus and determination, the potential is endless.
I suggest making sure that you have a variety of income streams like remote work and side hustles while you build your passive income so that you are not solely relying on one income stream.
Let’s dive into just a small selection of passive income streams that you can easily get started with today:
1. Digital Products
Creating and selling digital products like e-books, online courses, templates, or software is a great way to generate passive income. It can be started completely for free, keeping startup costs low, while keeping the potential for high profit margins, and has the ability to reach a global audience. It’s possible to get started without any specific expertise or content creation skills but competition can be fierce so you need to do some research to make sure there enough demand and not too many competitors for your niche.
I recommend selling on a platform like Etsy as it has millions of customers ready to purchase. Other platforms like Amazon Kindle Direct Publishing (KDP), Udemy, Teachable, and Gumroad can help you get started on your Digital Product journey.
I’ve been selling digital products since we started our digital nomad journey 7 years ago and now have over 3200 sales on my Etsy shop alone as well as selling on our website. I started by selling printables and now sell Excel spreadsheets and Google Sheets with orders coming in day and night without me needing to lift a finger.
My products vary in price usually between £4 and £25.00. Imagine if I sell a product for £10 and only sell 1 every day that would be an extra £300 into my account. It doesn’t take much to create a consistent income stream. I recently started sharing more about how to get started selling digital products if you’d like to learn more and even sharing ready-to-sell products that you can get started with straight away.
2. Affiliate Marketing
Promoting other people’s products or services and earning a commission for each sale made through your unique affiliate link is one of the easiest passive income streams to start with.
While it requires effort to drive traffic and generate sales, it offers no upfront costs and the potential for high earnings. Additionally, it allows for a flexible work schedule. All you have to do is share products that you are already using and love with your current network. Chances are you’re doing it already anyway but not getting paid for it.
“Girl where did you get that top from?” Someone says to you. Send them your personalised affiliate link and earn a percentage in commission of their total spend on the Amazon website. Most websites that you think of have some kind of affiliate scheme or refer and earn policy. Other Popular affiliate marketing platforms include ShareASale, and Commission Junction.
Affiliate marketing is another one of my favourite passive income streams. I only share products and websites that I know and love or personally know someone who is benefiting from it. I recommend this approach because people generally buy from people they know, like and trust. So when you speak from a place of experience people are more likely to sign up based on your recommendation.
3. Outsourced Services
Hiring freelancers or virtual assistants to perform tasks on your behalf and selling their services to clients can be a lucrative passive income stream. This approach offers low startup costs, the potential for high profit margins, and a flexible work schedule. However, it requires management skills and finding reliable freelancers can be challenging. Platforms like Upwork, Fiverr, and Freelancer can connect you with potential clients.
AJ is a web developer and in recent years has been using outsourced services to deliver some of his projects. Some of his clients may ask for a logo design alongside their website build. AJ is not a logo designer but he works with a number of talented professionals who he can outsource some of the work to. The client pays AJ for the entire project, his partners deliver the work and receive their payment and AJ add a small fee on top for their work. Easy passive income.
4. Selling PLR Products
Purchasing private label rights products and reselling them as your own after making modifications is a relatively easy way to generate passive income. This approach offers low startup costs, the potential for high-profit margins, and can be a good starting point for those new to online business who want to skip the content creation process. These days you can find PLR products for almost any niche including planners and courses. When you purchase a PLR product, the license will specify the terms but generally, you have the freedom to sell the products as your own as is or edit them to your preferred design. However, it requires branding and marketing efforts, and competition can be fierce.
5. Rent to Rent
Renting a property from a landlord, renovating it, and then renting it out to tenants at a higher rent is a popular passive income strategy. This approach offers the potential for high rental income and property appreciation. It possible to get for free but sometimes may require some upfront investment for property management. Platforms like Zoopla, Rightmove, Airbnb, and Vrbo can help you to find rental properties and list your own.
We have Stephanie of Rent To Rent Success who will be sharing how they created a multi-million pound portfolio with us on a 2 hour webinar for free. Click below to register.
7. Blog or YouTube Channel
Creating and publishing content online to build an audience and monetise through advertising, sponsored content, affiliate marketing, or selling digital products is a popular passive income strategy. While it requires effort to build an audience, you can start for free and it has the potential for recurring income with enough views. Platforms like WordPress can help you create a blog, while YouTube is a popular platform for video content.
Remember: Building passive income takes time and effort. Be patient, persistent, and willing to experiment with different strategies.
If you’d like to learn about even more ways to create passive income then grab my Passive Income Sources eBook where I share over 40 Passive Income streams that you can create from the comfort of your home below.
FAQs About Easy Passive Income UK
What is the difference between active and passive income?
Active income is earned through direct labor or services, while passive income is generated without requiring your constant attention. Examples of active income include a salary or hourly wage, while passive income can come from investments, rental properties, or online businesses.
How long does it take to start earning passive income?
The time it takes to start earning passive income varies depending on the strategy you choose and the amount of effort you put in. Some passive income streams, such as affiliate marketing or blogging, may take several months to start generating significant income, while others, like selling digital products, can yield results more quickly.
Can I rely solely on passive income for my livelihood?
While it’s possible to rely solely on passive income for your livelihood, it’s generally recommended to have a diversified income stream. This means having multiple sources of income, such as a part-time job or other active income streams, in addition to your passive income. This can help you mitigate risk and ensure financial stability.
Can I start generating passive income with no upfront investment?
While many passive income streams require some initial investment, there are options that can be started with minimal or no upfront costs. For example, creating and selling digital products, affiliate marketing, and blogging can be started with little to no investment.
Is passive income a reliable source of income?
Passive income can be a reliable source of income, but it’s important to understand that it’s not guaranteed. The success of your passive income streams will depend on various factors, such as market conditions, competition, and your ability to manage your investments or businesses effectively.
