Types of passive income in Kenya

Types of passive income in Kenya

Types of passive income in Kenya

Making money while sleeping also known as passive income is one the aspiration of very many people around the world and Kenyans in particular.

The truth is that building a passive income stream usually isn’t passive at first. It requires time, money, skills, or all three.

But where do you start? The question of actually establishing a passive income is very elusive to very many people.

The first step is to just identify the first project and work on it step by step over time until it starts generating an income passively.

Building multiple streams of passive income has tremendous benefits in the long term: it can make you very resilient and better able to weather economic shocks when they come like the covid19 that we are experiencing in Kenya and the rest of the world.

Passive income is a long term choice that requires short term tradeoffs. If you’re willing to commit small financial investment and time, you could be earning effortlessly for years to come.

In this article, I will list some of the proven ways that you can employ to make a passive income in Kenya; the fundamental thing to know however is that it does not come very easily.

Start a Blog

This is one of the main ways to ultimately created passive income. You do this by leveraging on the internet.

But there’s more to making money online passively by blogging than just posting content online.

If you’re looking for an extremely cheap, yet highly scalable way to create a passive income for yourself, you might want to take a moment and read this article, The Ultimate Blogging Guide!

If you can consistently use your blog and create a lot of value for a lot of people, you can generate an extraordinary amount of passive income.

As you post to your blog, more and more, your site will start ranking on search engines bringing in traffic whether you put in any additional time or not.

A blog is the most cost-effective method of creating a truly passive income stream I know of. Hour after hour, day after day, your blog is out there doing work for you.

What’s the catch? It takes time to get it rolling. That’s it. The sooner you start, the sooner an income stream can begin to grow.

Make YouTube videos.

This is one of the newest passive income ideas that is growing rapidly in Kenya today.

The only effort you will need is at the onset is coming up with a video script or idea, shooting the video, and then promoting it.

Once it’s done and it goes viral, it becomes a completely passive source of income.

As long as your video is informative or entertaining, you can monetize them on YouTube. Shoot, upload, and embed Google AdSense to the videos.

When people watch the videos or click on the links with ads, Google will pay you.

In Kenya, for 1,000 views of your video on YouTube, you could get paid about KES 100 (i.e. 1$). This however increases as your viewers increase.

If you can get decent traffic, viewers, and clicks to your videos, then there is also the possibility of getting kickbacks for product or service mentions.

Making money on YouTube passively can take a lot of time and effort, before you earn your first coin on YouTube in Kenya or anywhere else you will need to invest a huge amount of time.

You require at least 1,000 subscribers to your YouTube channel and a total of at least 4,000 view hours before you can even qualify to get paid for Google ad-sense.

Become a Social Media Influencer

Did you know that you can get paid for posting on social media? There are a variety of ways to earn money as a social media influencer.

You can work with companies to produce sponsored posts/content which the company will pay you for.

Typically rates for sponsored posts are calculated by how many followers you have and your engagement rates.

You can also earn income as a social media influencer by sharing affiliate links, writing sponsored blog posts or by hosting events/attending events as an influencer.

Write an e-book

Are you conversant with a particular subject, topic, or issue more than the average person on the street?

Well, you could make money selling e-books.

Of course, developing an e-book comes with a lot of upfront investment in terms of time and/or money but once you have your book out there, it will all be worth the passive income potential for years to come.

A little marketing here and there is all you will need once the book is ready.

You can either write the e-book yourself or hire an e-book writer from Fiverr or Upwork or any of the freelancing sites.

Airbnb

Airbnb allows people to travel all around the world and to stay in accommodations that are a lot less expensive than traditional hotels.

Their site breaks rentals into three categories: private room, shared room, and entire home.
Airbnb charges you 3% on every booking for their services, but you can set the nightly rate at whatever you want. People around the world are making impressive passive incomes through Airbnb.

Build App Or Product

If you have a skill or service that you can share with others, you can build an app or create a product to sell.

For example, if you are passionate about fitness and have a background in creating workouts, you could create a workout app.

You could also create a physical or digital product, such as an e-book or physical book if you would rather do that instead of an app.

Hiring someone to create an app for you can get expensive. If you are willing to learn, you could create an app on your own or barter services. Creating an app or product is a great source of passive income!

Selling products that you create can also be very profitable. Sites like Etsy allow you to sell your handmade, custom, and unique products. It’s simple to set up a storefront and get started!

Being in Kenya, there are so many websites where you can sell your products online like Etsy, Jumia, OLX, which are just a few of them.

Create an online course.

Like e-books, you just need to be better at any one thing than the average person on the street and you can make passive income delivering your expertise as an online course.

These could be skills or expertise acquired through formal training or stuff you’ve learned from experience over the years.

And there are several platforms whereby you can host your online courses such as Udemy, etc.

Print on demand.

This passive income method basically involves selling t-shirts designs for free online through websites such as  TeeSpring, ViralStyle, or Merch by Amazon.

The advantage with these print on demand platforms is that you make money with ZERO upfront cost, without the need for any inventory.

All you have to do is just design the items, and promote them through various campaigns, and make money online without any investment or inventory selling t-shirts.

Once somebody buys your design on a t-shirt, mug, or hoodie, the company makes it, ships it to the customer, and you get paid via Payoneer whatever price you had set up for the item.

Types of passive income in Kenya

Types of passive income in Kenya

Types of passive income in Kenya

 


Comments

6 responses to “Types of passive income in Kenya”

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