7 Ways To Generate Income On The Go

Imagine a life where you can make money, travel and live life on your own terms. Most popularly, this is known as a passive income stream that allows you to live life on the go.

Books such as the 4 Hour Workweek and Click Millionaires have popularized this idea of running a business from anywhere. One day you could be in Thailand and the next day you could be in Alaska. Even though your environment would change, your income wouldn’t.

This lifestyle is truly possible and I know numerous individuals that live this life. On the side, I’ve been building my own passive income streams totally separate from the startups I work on. My reason for is that I don’t want to necessarily work for the rest of my life and passive income would allow me to buy some freedom.

In this article, I’m going to share 7 ways to generate income on the go:

1. eBooks

Digital products are an amazing way to generate a ton of passive income. If you can build a product with high demand and find a way to generate organic traffic to your product that is targeted, you will eventually convert.

With online marketplaces such as Amazon making it easier than ever to publish eBooks, it’s a great way to generate passive income. Find topics or books through which you can share your expertise and publish them online through author platforms.

2. Passive Investments

Day-traders don’t really have the most passive lives. They can work from anywhere, but they still need internet connection and a laptop if they want to make a lot of money. However, there are tons of other passive investments that can make you money on the go.

Stocks, bonds and other businesses are a great way to create passive investments. You can invest in franchises, other startups, real estate, and so many other areas of life. These investments do require some work when initially starting, but eventually can become very passive in nature.

3. Mobile Apps

The mobile application marketplaces are growing faster than ever. With more individuals getting smartphones every day, it’s a great idea to get into the app business. Just like the other ideas above, apps require a lot of work initially but very little afterwards.

You have to come up with ideas, content/features, marketing strategies, and developers. Once you figure all of these things out, your app can make money passively. You can make money by charging for your apps, advertisements or in-app purchases.

4. Membership Sites

If you have an idea for a product, service or resource that individuals are willing to pay monthly for, you can create a very strong passive income structure. Charging customers in a recurring payment model is a very solid way to maintain a long-term passive income.

Membership sites require a ton of work to establish initially, but if you can create a strong customer base – your business will become very passive.

5. Blogging

Blogging was a very popular phenomenon in the mid 2000’s. Blogging is still very popular and a very strong way to generate passive income. You write a handful of articles each month while spending a few hours to drive traffic to each article.

Setting up a blog can also be done with a very small investment. Once the domain and brand has been established for some time, it can become a lucrative passive income stream.

6. Courses 

If you are an expert or professional in a certain space, you can share your knowledge with the world. If your knowledge is in high demand, you can make a lot of money selling that information through the form of a course.

With sites such as Udemy, making a course has become easier than ever. You can create dozens of hours of content in a short few months with the technologies available in the marketplace. Once you create a marketing stream for your course, you can make steady income month to month.

You can check out the course that I made on Udemy on how to start a successful business.

7. Sell A Product

This is probably the most labor intensive of all, but can turn into a passive income stream eventually. If you have an idea for a hard good product that you would like to sell online, there is a lot of room for success.

Aside from finding manufacturers, you would need to build an e-commerce platform while figuring out an organic marketing strategy. From that point, you would have to make your strategies passive in order to work from anywhere!

Conclusion

With the internet, it has become easier than ever to run a business on the go. In this article, I shared 7 ways to generate income on the go.

photo credit: Tom Wolf | Photography via photopin cc