Always thinking ahead: many developers share this valuable trait. In fact, even before starting a new development project, some already have a plan. What plan, you ask? The strategy for generating profit from their work.
It often includes building something for a client and getting paid an agreed sum. However, many developers code for personal projects, hoping one day to achieve success. Besides feeling proud of your creation, making a pretty penny from such ventures is possible. And, in some cases, it doesn’t involve active work: passive income is also highly achievable for developers!
Passive income for developers
Passive income is something you might have heard of before. It involves effortlessly earning money when you don’t put in significant work. For example, renting a book series or a garage counts as passive income.
But what could it be for developers? In most cases, it involves making money from their projects long after they complete them. A simple example could be an online course on learning PHP or C++ programming languages. However, your code and projects also have the potential to be sold as valuable assets. You can find many marketplaces where developers, designers, and 3D modelers sell fantastic stuff.
Selling assets
The first option for making passive income is selling your assets. For example, you might be interested in video games and dream of publishing your title sometime. But for now, you focus on polishing your skills and learning. During this time, you can create some pretty cool stuff.
Depending on your abilities, these assets are what many developers would like to have. Unreal Engine Marketplace is one of the popular hangouts for many game developers. You’ll find various assets, from 3D models to environment components and plugins. All you need to do is sign up and publish your assets. You can earn nearly 90% of the selling price!
Another option is to sell website templates or WordPress themes. Millions of people use WordPress for website management, so you have plenty of potential clients.
Developers could also take more non-traditional approaches. For example, you could create funny T-shirt designs that accurately describe developers’ routines. Then, you can post them for sale on platforms like Etsy. So, in many cases, selling assets is about how far your imagination can take you.
Consider creating SaaS
Software-as-a-Service (SaaS) is a popular trend nowadays, with many developers earning money this way. Essentially, you create and offer software to others through a subscription model. So, your clients pay a subscription fee each month (or yearly payments).
A popular trend is giving limited free access to software. Then, if users wish to get updates and unlock more features, they must upgrade to premium plans. This strategy still counts as passive income as it does require little management. Of course, you’ll fix bugs and issues, but you’re unlikely to dedicate too much time to it daily or monthly.
Monetize your projects
Many software developers consider different monetization strategies for their apps. Some, like mobile app devs, go for things like advertisements. Then, they can passively generate income through users viewing such promotions. However, you have other options that might be more user-friendly (since ads usually disrupt user experience).
One such option is Honeygain SDK, letting you earn without ruining users’ time on your app. Essentially, this Software Development Kit offers users a deal: they agree to share their unused internet bandwidth, and in return, they get some special rewards. Such rewards could be unlocking additional features or enjoying premium plans. The best thing is that users don’t spend a dime, can support your project, and use your app without interruptions!
Content creation and affiliate marketing
Developers are experts in their field. So, they have a lot to say! What about putting your thoughts in a blog or a YouTube channel? That could involve creating tutorials for beginners or sharing in-depth analyses of certain functions. Whatever topic you wish to discuss, the internet accepts it with open arms.
After setting up a blog or a YouTube channel, you can also earn through affiliate marketing. Affiliate marketing means you establish partnerships with different brands. During this, you promote their products or services. As a developer, some apparent choices include different tech gear, from noise-canceling headphones to PC upgrades. Then, you add your affiliate link and allow your audience to buy the goods through it. For every purchase, the affiliate (you) earns a commission.
Conclusion
Passive income for developers is a welcome treat, letting them generate some funding for their future projects. Of course, it might just be a way to earn some extra spending money. So, consider different options, like SaaS, selling assets, and monetizing your digital content. Additionally, don’t be afraid or hesitant to share your knowledge through online courses, blogs, or YouTube channels. All these options have the potential to bring you passive income!