Getting passive income may be on your to-do list for a variety of reasons in 2024. Dropping out of the rat race tends to be a top priority for professionals who turn to passive income streams. The key is figuring out how to monetize your skills and talent and turn them into a money-making machine. Check out this post to explore some ideas to earn passive income with technology skills.
Learning how to earn passive income is often seen as a huge milestone in an entrepreneur’s career. People assume that business-savvy professionals have learned how to make money doing nothing. After all, isn’t that what passive means?
In truth, passive income does take work. Building passive income revenue streams requires far less effort than working a 9-to-5 job from now until you retire. Revenue streams you can set and forget are an excellent way to utilize your creative energy – and maximize your profits.
Technology and business professionals find it easy to start a side hustle. Because they already have the necessary skills for it. Likewise, they have the industry exposure to sustain the test of time.
There is a likelihood that you may be too busy in your day-to-day job. In that case, you can count on dedicated IT specialists to help you out. They can put the foundation for your side business, and you will take it forward.
Best Ways to make Passive Income with Technology Skills
Check out these ideas for generating a passive income with technology skills during 2024.
- Develop an App that Earns an Income
- Create a Course you can Charge for
- Start a Technology or Business Blog
- Launch a unique WordPress Theme or Plugin
- Explore Lead Generation Services
- Establish a New Business for Passive Cash
Now we dive into details on how these ideas can produce you valuable passive income with technology skills.
Develop an App that Earns an Income
If you’re a developer, coding an app could be your means to becoming a millionaire. Mobile apps are an excellent source of passive income with technology skills amid 2024.
You design, code, and launch the app only once. Then, all that’s necessary is a bit of app promotion. The app reviews speak for themselves. Though, you have to update the app from time to time.
Sure, the initial time investment is fairly steep, but a winning app could mean passive revenue for years. In effect, app income amounts to billions each year, notes Business of Apps. So, who wouldn’t want a piece of the pie?
Bonus points for creating an app that’s accessible from multiple operating systems. Thereby you expand your potential audience and passive earnings.
Deploy your app on different mobile platforms and various app stores. Currently, the presence of a mobile application on Google Play and the Apple app store is essential.
Create a Course you can Charge for
Every professional wants to be known as an expert in their field. But how can you cement yourself as the go-to guru for any technology topic? By launching a course, of course.
Online courses offer a unique opportunity to put in the work once, then re-sell the same product package countless times. Whatever is your area of expertise – whether it’s software programming, information technology, website development, or any other tech niche. Creating a course for passive income is completely doable.
You can choose which elements to include in your course, whether online with written modules or an entirely video-based setup. If you offer value – and do a decent job of promoting your course – sales continue for years without additional efforts.
Releasing updates and staying involved with your students can also boost your passive income. Moreover, you can get loads of positive reviews. So, consider this more “active” approach if you want to prolong your course’s monetary earnings.
Start a Technology or Business Blog
Take a moment to think about how ubiquitous WordPress is. Nowadays, almost every blogger has a WordPress website. Research suggests that at least 40 percent of websites are managed by WordPress. Therefore, monetizing anything connected to this CMS has the potential to earn a ton of passive cash.
Once you establish a decent blog, then you can explore different money-making options. Publishing reviews of different businesses, products, or services is a possibility. You can even use the blog for referral marketing of high-earning products.
Launch a unique WordPress Theme or Plugin
Just look at the affordable WordPress themes available; charging customers $20 for these doesn’t sound like much. But if you have thousands or hundreds of thousands of sales, that chunk of change adds up.
Similarly, you can develop a decent WordPress plugin also. Always keep the basic version of the plugin free. You can charge for advanced features and make it your passive income machine.
What’s crucial for this passive income stream is that you design and develop something useful. Then the website owners (and their audiences) will love and go on to rave about it.
Do your research here – or throw together some design ideas and start testing them out on people you know. The more themes or plugins you launch, the better the odds you’ll start earning an income from your WordPress products.
Explore Lead Generation Services
For the technology plus SEO experts out there, lead generation services might be the perfect venture for making passive income. If you’re capable of coding a website, performing SEO, and developing content, you may have a future in lead generation.
The basic concept is this: you partner with a company to promote their product or service. You launch a website, complete with audience-enticing content, for the sole purpose of sending leads to your partner site.
Building a following takes substantial effort at first. But the payoff increases as your website ages. Because it continues to attract a lot of paying customers time and again.
There’s no magic formula for this venture. But it’s a worthwhile endeavor if you’re tech-savvy and good with SEO (or are willing to learn).
Establish a New Business for Passive Cash
So far, all of these passive income product options have involved less commitment than a traditional office job. In reality, most of them cater to freelancers with at least one foot in the technology sector.
But chances are you may be more interested in starting a company rather than inching along as a freelancer. Then plenty of business ideas support passive income once you’re up and running.
A few smart passive income business ideas to put your tech skills to good use include the following.
- Domain name sales or “flipping” in which you buy domains then resell them based on market value and demand
- Drop-shipping, where you sell products online without keeping inventory on-site (and can potentially make six figures)
- Affiliate marketing, in which you create a brand that engages customers and achieves affiliate sales
- Founding a business to support other businesses
- Building a marketplace that hosts other brands or freelancers for a fee
The only catch is that you’ll still need to promote your new business. This will bring the customers who will contribute to your passive earnings. To set off on the right foot, explore marketing your new business with search engine marketing. SEM is fundamentally internet marketing through paid advertising, to get more clicks for your company’s website.
If you lean more toward the tech side of things and don’t want to mess with content and marketing tasks. There is a workable solution for it.
Hiring the SEO and SEM professionals makes your contributions to the company even more passive since they’re doing promotional work. Just make sure to search for digital marketing professionals on a trustworthy platform. Check the reviews, delivery times, and overall costs before hiring anyone for online promotion efforts.
Closing Thoughts
Grossing passive income with technology skills might just be the way of the future. With your technology skills, nothing is stopping you from accepting a cash flow while promoting passive income projects. Similarly, you can begin a lucrative passive income business of your own.
Ready to learn more about the ways technology is monumental in business today (and tomorrow)? Do you want to install a technology-powered side business for revenue generation? Count on Techliance to become your partner in building the future.
