2020 has been a tough year, especially for small businesses. We have all had many eye-opening realizations about financial stability. And the most prominent one would be the fact that relying on one income stream is not an option anymore.
To survive and thrive in the post-COVID19 world, having multiple income streams has become a necessity. For small business owners, building a couple of passive income streams can ensure that your business can stick through the toughest times too.
When the times are tough, passive income streams can help you fund your small business, with almost little to no effort. In this article, let’s see some of the top passive income ideas that will support you during these unprecedented times.
What is Passive Income?
Passive income is the process of earning money from a business in which you aren’t actively involved anymore.
Many people mistake passive income for money that