After the lockdown and related stuff, having just one source of income seems not enough for a typical family to live. So people were forced to build multiple streams of passive income in addition to their regular 9 to 5 job.
Passive income ideas have become more popular these days, and so many people are looking at profitable ways to gain wealth. Even students or teenagers are building something for their brighter future, so a steady income can be generated every month or similar interval.
You need a source of passive income, which is for a longer term. This way, you can make a steady income for years or decades. Therefore, investing in long-term ideas is always recommended.
It may take some time to get started with the environment, but profits will be very high and consistent once you have established yourself in it.
This post will show you the best passive income ideas in India that will grow your wealth steadily.
Best Passive Income Ideas in India to Gain Wealth
Now, let’s take a look at India’s best passive income ideas that will grow your overall wealth. In this article, we will be covering ideas like:
- Blogging and Vlogging
- Dropshipping
- Domain Flipping
- Sell Photos and Creating Stuff
- Intraday Trading
- Peer to Peer Lending
- Host with Airbnb
- Rental Income
- High Yield Deposits
So, without any further ado, let’s get into the list.
1) Blogging and Vlogging
Let’s start with blogging.
You don’t have to worry about any technical aspects like coding when starting a blog. Instead, get a domain name, a hosting service and use a CMS like WordPress.
But, you need to write high-quality content for the audience. There are a lot of niches available like health, insurance, travel, food, fashion, and so on. These are well-paying niches when it comes to advertisements and sponsored articles.
But when you choose a niche, you need to pick one which you can perform well. Writing something you don’t know will not help you get more website visitors. Of course, you can always consider making the website a multi-niche one if you are comfortable with it.
You also have to beat your competition by combining great content with intelligent SEO. This way, your content will rank higher on Google search result pages and can get more visitors to your articles.
Later, you can generate revenue by integrating your blog with contextual ad platforms like Google AdSense, Media.net, PropellerAds, etc. Many ad networks are available that will pay you a good amount of money for views or clicks.
Now, let’s come to our next topic.
Vlogging is all about creating funny and informative videos for your audience.
Obviously, you need a camera and some video recording skills. But they are secondary factors.
What is more important here is content. It must be unique, engaging, and consistent.
YouTube is the platform where you are going to upload your videos. Once you have created a channel and started uploading videos, you can monetize them with Google AdSense. On the other hand, you can also monetize the channel with affiliate links, sponsored content, or so.
Your videos must get more views to earn more. If your channel receives views from top-tier countries like the USA, UK, and Canada, your revenue can increase.
Blogging and vlogging can generate a steady income passively if you can work efficiently.
2) Dropshipping
According to the Ministry of Commerce, by 2025, the eCommerce market in India will be worth $200 billion. You can get a share of this pie.
One of the great things about dropshipping business is that neither you buy products nor own a warehouse to store them.
You get orders and ask your suppliers to deliver the products to customers. You are just a middleman who earns a profit.
You can start selling merchandise with a minimum investment.
You need to take the following simple steps.
- Find a supplier like Amazon, Flipkart, eBay and join their affiliate network.
- Build your own eCommerce site (or blog) and list products you wish to sell from the suppliers.
- Promote your website through various social media platforms like Facebook, Instagram, YouTube, Twitter to get customers.
- Once you start getting orders on your website, place the order with suppliers and they will directly deliver the products to the customer’s address.
You earn commission depending upon the category of the product you are selling. Usually between 8% – 30%.
Just focus on building the website and promoting it via social media. Once you have established your presence online, you will earn money doing nothing.
3) Domain Flipping
Domain flipping could be an extremely lucrative business if you know to do it the right way.
You first purchase a domain and later sell it for profit to the highest bidder in this business.
Companies and individuals are willing to pay massive money for premium names. For example, voice.com was sold for $30 million, sex.com for $15 million, and hotels.com for $11 million.
Usually, a shorter name is worth much more than a longer name. You have to choose futuristic names which could see a great demand in the future.
A domain name could cost you $10 to $25. You need to buy a dozen of them with different names. You don’t need much budget to get started.
Once you have bought the domain name, list them on websites like Flippa. Flippa is the middleman between buyers and sellers. Here, bidders will bid your domain names, and you will sell to the highest bidder.
Flippa takes a percentage of the sale.
Another option is selling the domain privately. However, to do this, you need connections and a lot of networking. If you have those, you can sell directly to the bidder without any third party involved.
Choosing a domain name and listing would take a lot of effort from your side. But, overall, domain flipping can be a great way to earn money.
4) Sell Photos and Creative Stuff
Selling photos online is one of the best passive ways to make money. It does not take a lot of capital or experience to get started.
You just need a smartphone with a powerful camera that can take high-resolution pictures.
Photos are in great demand by professionals, individual bloggers, graphic designers, content creators, big corporations, big and small businesses, and so on.
Some of the most famous images you can sell are people and culture, attire, cities & architecture, nature, travel, food, objects, etc.
Some of the best third-party sites where you can sell your photos are Shutterstock, Etsy, Fotomoto, Alamy, Adobe stock. If you are confident, you can create your own website and sell photos through the site.
As a contributor, you earn up to 50% for each photo you sell on these websites. Each website has its own terms and conditions for uploading images. They also protect the copyright of each photo.
Similarly, you can also sell creative stuff like hand paintings, handicrafts, and other decorative things on Etsy, Amazon, Craftsville, etc.
5) Intraday Trading
Intraday trading is quite different from investing. Intraday trading is short-term, and you get results within a few hours.
You buy or sell a stock the same day. You don’t need to hold it for the long term as you do with investing.
Money is really great if you know how to trade. But, unfortunately, before you start trading, you require a lot of research and practice.
Reading charts and technical analysis is the key to making the right trades. I would recommend you to take training from experts before you start trading.
After training, you can start with paper trading, which is a kind of mock trading. Then, once you have developed trading psychology and confidence, you can enter the market.
Intraday trading can work both ways. It can make you rich but also take away your entire wealth. It is a double-edged sword.
However, still, this is one of the fastest ways to make money passively.
If you find trading too hard, then you can invest in mutual funds. Large-cap and blue-chip companies based funds are the safest, and they will give you high returns.
6) Peer to Peer Lending
Peer to Peer Lending or P2P is where you lend money to an individual or a business, and they pay you back with interest.
Let’s say someone wants to borrow some money from you. So the borrower creates an account with a P2P lending club and is given a loan on a fixed interest rate.
You also create an account with the same club and buy the debt. Then, whenever the borrower makes the monthly payment with the interest rate, both the principal and interest are paid in your account.
There are third parties P2P lending clubs where both the creditor and the debtor can create their account and transact without any trust issues.
There is another traditional way of P2P lending where no third party or banking channel is involved. Instead, people just borrow from you and return back with interest. But the major drawback with this practice is a risk.
If the borrower refuses to pay your money back, then there is no way you can recover the given money.
7) Host with Airbnb
India is one of the attractive tourist destinations around the world. Each year, India gets over 20 million international guests.
Have you ever thought of renting your house or bungalow to tourists for a few days and making money from it?
If you live in a big metropolitan city like Mumbai or New Delhi, where a lot of people come to visit for business and pleasure purposes, then you can rent your entire house or just one room to them and earn money.
This could be the easiest way to earn a passive income right from the comfort of your home.
The best part of this is you don’t need significant capital to get started. You can list your house on www.airbnb.com and find out how much you can earn in your city.
If you live in Mumbai and rent just one room to 2 people, you can easily earn well over Rs 25,000 per month.
The amount of money you earn depends upon the house and the facilities you provide.
Similarly, if you have an empty apartment, then you can rent it and earn extra cash.
8) Rental income
Rental income is probably the most popular passive income idea in India. Everyone knows it, and it does not need any further explanation.
You rent out your property like a residential apartment, bungalow, a commercial shop, or office space to clients.
You will get paid depending upon the city you live in. For example, in Mumbai, renting your home or office space is a huge business. So people rent out their property through a real estate broker.
Landlords can rent their property to students, working professionals, businesses who are living in the city. You will make money doing nothing.
However, if the market is down, then your rental income may go down substantially. But this is not the case. Most of the time market remains steady.
So rental income can be a consistent source of passive income.
9) High Yield Deposits
National Monthly Income Savings is a scheme offered by India Post where you can invest a maximum of Rs 450,000/- and earn interest at the rate of 6.6% per annum.
You get paid every month for the interest. The interest does not accumulate in your NMIS account.
You can start investing in an NMIS account with an amount of just Rs 1000. The monthly income that you make through interest would depend upon the amount you have invested.
Your entire investment is safe with the India Post, and you can withdraw the investment after one year at any time.
Bank fixed deposit is another old option where you earn a passive income through interest.
Today most banks are giving interest at the rate of 5% to 8% on fixed deposits.
Fixed deposits are really significant for senior citizens because banks pay an additional .5% interest if you are a senior citizen.
Moreover, all FD accounts in India are insured up to the amount of Rs 100,000.
Always deposit your money in reputed banks that have a national presence and not on local banks. This way, you can make sure that your money is always safe. To track the investment, you can use an online banking facility or the bank’s mobile app.
Conclusion
If you need to make money, you have to invest money first.
These are the best ways to earn passive income when you live in India. However, some of these ideas come with a little to medium risk. So, do your own research before investing money.
We hope you have found this article helpful and enjoyed the read. If you did, please consider sharing this article with your friends and fellow bloggers on social media. Also, for more related articles, feel free to check out our blog.
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