Imagine travelling all around Europe while knowing you are already earning money without much effort! That is what passive income is all about – you are making money work for you, instead of you working for money. With passive income streams, you are able to scale without consistent effort except for the initial phase. A job requires you to earn as much as the number of hours you work. However, passive income allows you to earn even when you’re not working.
Why Passive Income Is The Best Option For Travellers
When you travel around the world, you wouldn’t want to actually spend your hours working while enjoying the new environment. With passive income, you won’t have to worry too much about having no income every month as there will be a steady stream of income while you are off surfing the beach.
How To Earn Passive Income While Travelling
Start A Travel Blog
Without a question, this is one of the best ways to make money while travelling. By simply documenting all of your travel journeys online, you can earn a decent income by monetizing your blog. Starting a travel blog doesn’t require a lot of money as well. When it comes to monetizing your travel blog, here are some ways to do so:
a) Selling advertising space
If you have a high amount of traffic on a daily basis, you can implement Google Adsense or connect with any advertising agency to place ads on your blog. These ads could either be charged based on the number of impressions each ad receives or by someone clicking on the ads.
b) Affiliate marketing
Affiliate marketing is actually one of the easiest ways to monetize your blog. By simply placing links on your blog posts, for each click, you’ll be able to earn a certain amount of commission. This could either be based on the number of clicks or a successful sale. Amazon affiliate program is one of the popular affiliate networks most bloggers are engaged with.
Start A Youtube Channel
Another common way to earn passive income while travelling is through uploading videos on Youtube. Even though this requires a whole lot of effort at the start to gain an audience, it will be worth it because a video you upload today could still be giving you income several years later. Youtube revenue is pretty much unlimited! How you gain passive income through Youtube is when your videos reach a minimum of 4,000 watch hours and 1,000 subscribers, you can start monetizing your channel. This is done by using Google Adsense, similar to a blog. You can also promote affiliate marketing in your videos by placing the links in the description box, something most travel YouTubes would do as well.
Create An eCommerce Store
Starting an eCommerce business is also one of the best ways to earn passive income. Without an actual physical store, you can keep your costs at bay. The initial start-up costs of starting an online website are very low. Plus, with all the ready-made tools available online, it is extremely easy to build an online store within a few hours. Since most transactions are being done online, you won’t have to worry about payment methods too. Dropshipping is a business model that requires you to only own a website and sell products without keeping an inventory or handling shipping. We highly recommend going for dropshipping because it is the easiest way to run an eCommerce store. If you need additional help to get started, you can read eBooks such as Kibo Code Quantum which is packed with all the necessary information you need. Alternatively, you can watch some online tutorials about dropshipping as well if you prefer to watch than read.
Sell Stock Photos
Since you’re travelling all around Europe with fantastic scenery, you might as well make use of visiting these places by taking high-quality photographs and selling them online. You don’t need an audience to start earning passive income as well. All it takes is for you to upload your photographs on stock sites and people can easily purchase your photos. If you happen to be a freelance photographer, you should definitely consider this one of your passive income streams. Many people all around the world are willing to pay good quality photos on a daily basis, hence, you won’t have to worry about not earning any income at all from these stock sites.