Top 5 Passive Income Ideas
Posted on February 8, 2024
In today’s trend Passive income is much more important not only because it fulfils the financial needs but also provides the potential for financial freedom and increased flexibility. It refers to the earnings generated with minimal effort or direct involvement on the part of the recipient. Passive Income can be opted by the form of various sources but if someone opts for the online ways then below are the platforms which can take your passive income strategies to the next level.
Fiverr is one of the top freelancing platforms where the freelancers get to work on broad range of tasks/services provided by clients. The individuals can choose their specific skills and work on the projects assigned by the clients. The Fiverr platform was founded in the year 2010 and as per the recent research it has become one of the widely used freelance marketplace in the world.
On Fiverr individuals can create profiles in two ways: “As a Buyer” and “As a Seller”. The difference between Buyer and Seller is quite simple. As a Buyer, clients buy the services from the seller which matches their requirement and Seller posts their services they want to offer to client and getting the job done for them. The sellers are also known as “Gig Sellers” who create profiles and provide services which is known as “Gigs”. The services include Digital Marketing, Customer Service, SEO, Writing, Video Editing, etc. Sellers are initially offer their services starting at $5 although it may depend on the task they are offering to the buyers. Fiverr ranks one of the easiest freelancing platforms for beginners.
Upwork is another popular freelance marketplace. This online platform allows clients to post projects on various topics which helps freelancers to choose their task and work accordingly. Upwork covers a broad range of industries and skills which includes Writing, Translation, Video Editing, Digital Marketing, Graphic Design, Logo Design and much more. The main feature of Upwork is submitting proposals. This means that Freelancers needs to submit proposals by detailing their relevant experience, qualifications, and why they are the perfect choice for the project. Clients review their proposals and choose the freelancer they believe is best suited for the job.
Upwork has the user-friendly interface which is easier to navigate. It also consists of tools for effective collaboration and project management. This platform caters to both short-term and long-term projects. The business model of Upwork involves charging service fees on transactions conducted through the platform, both for clients and freelancers.
PeoplePerHour is one of the most flexible and effective platform which helps clients to find freelancers for their projects and freelancers to choose their preferable task from diverse range of projects. This website is designed to be user-friendly like Fiverr and Upwork. PeoplePerHour operates on commission-based model, with fees charged on transactions made through the platform. This website also offers wide range of categories, including SEO, logo design, marketing, writing, transcription and much more.
LinkedIn is a widely used social networking platform used for career development and business growth. Aside from Fiverr, Upwork, PeoplePerHour, etc, this platform seems to be much more effective to connect with the Recruiters offering services to achieve their target. It has become a much-needed tool for job seekers, recruiters, businesses, and individuals looking to establish a healthy relationship and maintain a professional online presence. There are two ways a person can start working by the help of LinkedIn: Firstly, either they can share a post detailing the job/task they are looking for which can boost recruiter’s visibility so that they can connect with the person looking for a job and, Secondly, the individual can connect with the specific Recruiter to check about any open projects to work on. So, the best way to understand this platform is: Strong connections on LinkedIn is very much mandatory as it can open doors to potential collaborations, partnerships or job opportunities.
Freelancer.com as the name suggests, is another freelancing website where clients and individuals looking for job can collaborate on various projects. There are two ways to sign up on Freelancer.com:
- As a Freelancer
- As a business owner
Sign up as a Freelancer will take the individual to fill up a short registration form where they need to fill detailed information including skills, educational background, and work experience.
Apart from projects, Freelancers can also participate in contests, such as visual or design work which can help them earn money along with reviews on their profiles. Freelancer.com allows individual to receive full payment only after completing a job. However, this platform charges 10% of total earnings for contests and projects. This website is familiar with PayPal or wire transfer for withdrawal.