4 Steps Easy Passive Income Sources for Programmers in 2021
Opportunity to earn from $500 to $50,000 per month
Who doesn’t want to earn some extra money? But the matter is everyone has a job, and to earn extra cash , we’ve to offer overtime .
Regularly working extra hours is nearly impossible and also harmful for your physical and psychological state .
That’s where passive income comes. you’ll earn money without actively working. There are some ways to make passive income but let’s mention how programmers can do it.
What is passive income?
Passive income is that the money you earn that doesn’t require you to dotons of “active” work to continue making it. Like if you own a house, and you earn money from the Home rent paid. you’ll earn money from the house rent without working actively.
According to Wikipedia, it’s called progressive passive income when the earner expends little effort to grow the income. Programmers have more opportunities than any others to create passive income due to their skills.
Here are the four easy ways:
1. Sell Software for a One-Time Fee
This is one among the simplest ways to earn money as a programmer and therefore the best use of your skills. an awesome majority (89%) of B2B researchers use the web in their research process. There are some excellent marketplaces where you’ll sell your software.
Let’s learn where you’ll sell and how much you’ll earn.
App Store/Play Store: you’ll sell your mobile app within the Apple app store or Google play store for a one-time fee. Setup is simple as they handle the payments.
You will earn 70% from each sale within the Google play store. Starting July 1, Google Play is reducing the service charge from 30% to 15.
Apple also takes 30% commission, but it’ll also lower its charges to 15for little business owners.
You can also spend a couple of bucks on promoting your app within the store, otherwise you can do SEO. Once you begin to get customers and an honest rating, the cash will come automatically.
Themeforest: this is often the most important WordPress theme marketplace on the online . the large traffic this website gets will assist you get your first few sales, then it’s off to the races.
If you sell your products exclusively on Themeforest, you’ll earn 62.5% of every sale. Your commissions increase consistently as your total sales increase. Once you reach $75,000 in total sales on their platform, you’ll keep 87.5% of every sale. Non-exclusive authors get only 45%.
CodeCanyon: this is often another popular marketplace by Envato. If you’re curious about selling WordPress plugins, CodeCanyon may be a good candidate for your products.
There are plenty of other marketplaces where you’ll sell your software.
Programmers are earning lots of money from selling themes. you only need to make a decent theme or software.
The top two themes from the last month in Themeforest have earned $780,000 and $128,700, respectively.
Do some marketing research . Find a good niche. People usually wish to spend on productivity or business tools.
The hardship of launching: 5/10 (Not so easy)
The hardship of revenue-generating: 7/10 (Hard)
2. Start Blogging
I find this option easier than others. The hard part is to be accepted as a writer in good blogs/publications. Before you begin writing, read tons of articles. i’m sharing some sites where you’ll earn money as a tech writer:
Medium: For passive income, Medium is one among the simplest . you’ll write once and get paid per the reading time of the members. While it’s hard to earn money at the start beginning, there’s no limit. A piece of article might generate $200-$1000 or maybe more if it can attract a decent number of readers!
You can also start your own personal blog. However, it’ll be hard to get traffic at the beginning. Furthermore, you can earn more by putting affiliate marketing links within the article.
But if you would like a hard and fast or active income, there are many blogs available to earn money with programming/technical writing.
Some of them are clubhouse.io, tutorialspoint.com, vonage.com, digitalocean.com, and lots of more. they’re going to pay you between $250-$500 per article.
Read tons before you begin writing. you’ll also take a brief course on writing.
The hardship of launching: 2/10 (Very easy)
The hardship of revenue-generating: 4/10 (Easy)
3. Make Video Tutorials
If you’ve got any particular skills related to programming, you’ll make a video tutorial about it and sell it in an educational/professional-learning marketplace.
If you’ll make tutorials in English, then you’ll tap into the worldwide market. Now, almost every country has “Udemy” sorts of local marketplaces. you’ll also try them.
There are many sites where you’ll earn money, but i will be able to recommend two.
Udemy: Some people are killing it with huge sales ($20,000 a month or maybe more!) while many aren’t making one cent. the typical course creator can make $15-$30 per month per course, but those at the peak earn $2,000 per course — monthly .
Skillshare: Teachers typically earn between $0.05 and $0.10 per minute watched. this suggests that if your students watched 10,000 minutes of your class within the first month, you’d earn between $500 and $1,000.
I know some junior Bangladeshi programmers make $500 passive income per month by making tutorials in the local language!
Talking to the camera might cause you to feel uncomfortable initially, but you’ll get accustomed it. Try practicing in front of mirror first and see your visual communication .
The extra benefit is you’ll learn more on the subject once you start teaching.
The hardship of launching: 6/10 (Hard)
The hardship of revenue-generating: 5/10 (Easy)
4. Making a SaaS Product
Saas means “Software as a Service.” SaaS is one among the simplest business models. you’ll make software and sell it for a monthly subscription fee. We use SaaS in our everyday lifea lot, like Adobe software, Microsoft Office, Dropbox, Slack.
If you’ll build useful products that folks need, you’ll earn plenty. You don’t need to build complex software like those. you’ll build some easy, useful software.
One of my senior developers made $1000– $1500 per month from his SaaS product. He made an app that helps people slim down. His secret formula was an excellent easy UX. He grabbed 500 paying monthly subscribers who pay $2 per month. He also earns extra bucks by showing ads to free customers.
You can find another motivational story here. one founder earned $20k/month from their three SaaS products.
Tips and complexity
Create a 2–6 month plan. First, do some marketing research and use similar sorts of products.
The hard part is how people will find your software? There are some services/sites like sellSaaS which will assist you to get customers. But it’s better to partner with some marketing agency on a revenue-sharing model.
The hardship of launching: 5/10 (Not so easy)
The hardship of revenue-generating: 8/10 (Very hard)
Why you ought to Consider Passive Income
More time for yourself
Passive income is all about the connection between time and money. you’ll earn while you sleep this way. Isn’t that great?
Those who work overtime for extra cash should definitely try it. it’ll give them longer for themselves because the entire point of passive income is to earn without working actively.
Most of the programmers do full- or part-time jobs. Some also are earning from freelancing. These sorts of active incomes are good but could bea bit risky in some situations. you would possibly lose your job during a company or global crisis, like COVID-19.
It’s not limited by some time and energy . It can have a positive and significant effect on your ability to create wealth. So why don’t you provides it a attempt to become more stable financially?
There’s no guarantee of what proportion passive income you’ll earn. which will be either good or bad. you’ll earn tons quite your expectations, but you furthermore may can earn tons less.
But if you never try, you’ll never know. it’d happen that you simply would earn 10x or 100x quite your active income. you would possibly not need to do your regular job if you earn enough money!
I follow one rule — one metric — to calculate if i’m successfully earning passive income or not, which is:
Per hour passive income > per hour active income
Suppose in your full-time job you earn $30 per hour. If you write a blog that earns $300 in its lifetime and it took you three hours to write down that blog, then your per hour earning is $100.
But i will be able to ask that you simply not calculate in the beginning so much. you’ll also become happy and excited once you see your blog, tutorial, or software helps thousands of people!
Many programmers do this as a hobby! So, give it a try once. i’m just sharing a number of the choices . If you research — you ought to before you begin — i’m sure you’ll find other ways.