If you are looking to create another stream of income, here are some passive income ideas that can help you out with this. Choose the idea that fits best for you and start earning some extra cash.
The standard retirement age in most countries is 60. Anyone who starts out on their career plan to work till retirement, some people even work beyond the retirement age!
This thought process, and approach to retirement, has changed by leaps and bounds lately. People do not want to work till 60 anymore. They want to retire early so that they can get to all the things they missed while working actively and saving money.
But, if you want to retire early, how much money should you have saved?
Rachel Richards, author of the book “Passive Income, Aggressive Retirement: The Secret to Freedom, Flexibility, and Financial Independence” says that you should have saved at least 2 Million dollars in order to retire at 40.
As easy as it may sound, saving a whopping 2 million dollars is impossible even if you worked 6 days a week and saved every penny that you earned until you turned 40.
This is where the concept of passive income comes to your rescue.
What is Passive Income?
Passive income is the money that you earn with very less to no active efforts or participation from your end.
While a major part of your income comes from your business or a 9 to 5 job, it directly results from your active participation. This income will keep coming as long as you put in your energy, time and efforts into the job.
Passive income, on the other hand, does not take up as much of your time or energy once it is set up. You will keep earning even when you are travelling, having a fun time with your family or even when you are asleep!
How exciting does it sound to earn money even while you are asleep, right?
Advantages of having a passive income
Having financial freedom can account for a lot in our lives. However, is it the only advantage of having a passive income?
Here are some advantages of having a passive income:
- You need to create space in your house for your at-home business. You might need to turn spare bedrooms into an office or warehouse and should be ready to deal with the change of working from home permanently.
- You will still need to be compliant with all the regulations related to your business. Just because you’re working from home, it does not mean that you can turn a blind eye to rules and regulations.
- Sometimes, at-home businesses can make you feel lonely and overwhelmed to do everything on your own from home.
Even if none of these advantages speak to you, having a passive income stream is the most exciting thing you can do in your life.
Having taught all our lives that money comes through hard work alone, having an income stream that does not really need a lot of active effort is really exciting and motivating enough!
Now that we have looked at what passive income is and its advantages, the obvious next step is to analyse a range of passive income ideas.
Passive Income Ideas That Actually Work
No money comes easily, and that is true for passive income too. While setting up your passive income stream, it takes a lot of hard work and time.
But once it is all set up, and the income starts flowing in, it requires very less interference from your end.
Here are some of the best passive income ideas and all the details you need to know about each one of them so that you can make a well-informed choice.
1. Start affiliate marketing
Affiliate marketing is a simple way to make money online. This advertising business model requires little to no startup capital.
You just need to join the right affiliate programs and create engaging content in the chosen niche to drive traffic, get clicks, and eventually convert them into sales.
Since online shopping cuts down on the experience of physically judging a product before buying, people are more dependent on product reviews and ratings.
A survey by Brightlocal showed that over 75% of people trust online reviews as much as they would trust a personal recommendation.
This has driven brands to hire people to try out their products and give their reviews on social media platforms like YouTube, Instagram, etc. and pay a commission to the reviewers on every sale made through them.
2. Become a blogger
It takes some time to find your niche and drive traffic to your blog once you have set it up. But once you have a regular following, you can add affiliate links in your posts, or sell your own products on your blog.
You can also earn through AdSense, but that is possible only when you have a high traffic inflow to your blog on a daily basis.
3. Become a YouTuber
Starting your own YouTube channel works similar to starting a blog. Instead of written content, you will create video content and upload it on your channel.
YouTubers earn majorly through AdSense, but they also earn through brand promotions, affiliate marketing, etc.
Once you have created a following for your videos, even if you stop posting any new content, your videos will get viewed and the AdSense revenue will keep coming in!
4. Become an Instagram influencer
Instagram may have started out as a photo sharing social media platform. However, today, businesses use Instagram to sell their products and attract a following. They often use Influencers to promote their products and services too.
Depending on the number of followers, the engagement rate on each post and their influence in general, instagram influencers can make anywhere from 100 dollars to 1 million dollars or more per instagram post.
5. Start a rental property
Renting out your property is one of the sure shot passive income methods that has been around for a long time.
If you have a property or you have saved up some money that you can invest into a property, this passive income idea is the best option for you. It takes very less to no effort and you will receive a constant income every month in the form of rent.
6. Start an Airbnb
Much like renting out a property, starting an Airbnb comes with a lot more flexibility in the initial investment. The property you are renting out can be as small as a single room or as big as an entire mansion.
It is also a temporary rental as you will rent out the space to people travelling in from other places or countries. Since a lot of travellers are looking for a safe and home-like place to stay, this could be an easy way to earn a little extra cash.
7. Start a car rental service
Whether it is to save money or to escape consumerism, people are choosing to rent cars rather than buy one. Unlike investing in a property or land, the value of a car only keeps depreciating with time!
So you can make the most out of it by investing in a bunch of cars and renting them out to people. This way, you will receive a constant income with no efforts, really!
8. Write a book
If you have a story to tell people or knowledge that can add value to someone’s life, then you can write a book!
It doesn’t really need to be a physical book for your story to sell. You can create an ebook and it will sell just fine with the right pricing and right marketing.
9. Compose music
If you are more creative and into music, composing music and licensing it can be the best passive income idea for you. The best kind of passive income is the one that can be made from your passion!
You do not even have to invest in instruments to record your music. You can rent out a studio on an hourly basis to compose your music.
10. Start a dropshipping business
Dropshipping business model has caught up pretty quickly with those who want to start a business without all the initial investment in the products and delivery services.
In this business model, all you need is a well designed online store where you add product pictures and build a virtual catalogue. You can price the products with a nominal profit margin.
When an order is placed, the manufacturer packs and ships the product. You receive your profit margin with every sale made. For more information, read our complete guide .
11. Start print-on-demand T-shirt business
Though T-shirts are a necessity, wearing a plain, out of style T-shirt is not a necessity.
T-shirts can be amped up by printing custom quotes and graphics on them. They also make for an amazing customized gift by printing pictures, dates or dialogues on them.
Print on demand T-shirt business is more of a successful side hustle rather than a passive income because it takes some effort to print the T-shirts per order received. However, you can also hire a personnel to do the printing!
Learn more about selling a t-shirt online here.
12. Create and sell digital courses
If you are a professor or a subject matter expert who wants to share your knowledge and skills with people who are willing to learn, you can create a digital course and sell it online.
13. Create and sell digital products
Digital products are things that are created digitally and they can be used both online and offline. These include digital art, graphics, editable templates, and so much more.
Creating digital products takes a one time investment of time, energy and money. Once it is ready, it can be sold many times, making it a really profitable passive income idea!
14. Sell stock photos
This is the best way to earn from your passion for photography and videography. Taking stock photos is a particular niche that you have to master.
However, once you get a hang of it, you can upload your photos on your website and create a license for them.
15. Start a homemade products business
If you are into arts and crafts, you can start a business out of it and sell your handmade products. Make a profit out of your hobbies!
16. Start a franchise business
If you want to start your own business but do not really have a winning idea, you can buy a franchise of an already established business.
This requires a huge investment to start with. However, running a franchise business is kind of easy and laid back, provided you have chosen a prime location and a trending brand.
17. Invest in stocks and bonds
Investing money in stocks and bonds is one of the high yielding passive income methods. However, it requires a lot of research and analysis to invest in the right business.
Once you have learnt to invest in stocks and found the right stocks, the income keeps flowing in, whether it is day or night. However, it is important to remember that investing in stocks is a long-term thing.
18. Domain flipping
Buying and selling domain names can be a good source of passive income if you know how to choose the right names.
I know what you’re thinking, aren’t all good domain names taken? The answer is no. There is always a potential to come up with a creative value-addition domain name. You never know, it might fetch you a good return in the future.
You could research a few profitable niches and try relevant hot keywords. All you need to do is check the domain availability and buy it at a price that you think is reasonable.
Buying a good domain name can be like buying a hot property. You know that its value will increase over a period. It might not give you value instantly, but you might have a chance to gain in the long run.
19. Podcast subscription
Podcasts are growing and gaining massive popularity. People across the globe love to hear podcasts while doing other tasks. Listening to a podcast doesn’t need much attention.
You can listen to a podcast while cleaning, cooking or driving, etc., and still be productive.
There are different podcasts to entertain or energize. Some give you ideas or educate and inspire. Plus, most of them are free. Pick a niche you think will suit you the best. Grow your audience, and you can monetize it through advertising networks. You could also promote affiliate marketing products or get sponsorships.
If your podcast is adding value to the audience and trust you, then you could charge a small subscription fee. This way, people will not mind a small fee in exchange for the value they get through your podcast.
20. Invest in Vending machines
Vending machines can be a wonderful source of passive income. They are one time upfront investment and a low-maintenance idea. The first thing to do is set up the vending machine. Then all you need to do is replenish the stock weekly or twice a week and collect the cash. If you don’t have the time then you could hire someone to do the maintenance part for you.
Analyze the type of goods you want to sell in the vending machine and their profit margins. Choose a good mix of products to get the sales going. You could buy stock items in bulk or stock up inventory at a wholesale price and increase your profit margin.
Determining a good spot to put up the vending machine is vital. Busy spots are crucial to drive traffic and increase your vending machine sales. Think of a busy location where people are more likely to buy a snack, beverage or other items from a vending machine. Examples can be schools, airports, malls etc.
21. Create an App
If you are a coder or no coder, you can create an app and earn money from this growing trend. Have good coding skills? You can decide on a niche and build an app. Explore building a simple or complex app. If you don’t have coding skills, you could hire someone to create it.
You can monetize the app by running in-app ads and charge a premium fee for extra features. There is another way to monetize your app. If your app has gained popularity and success, you can sell it and make a hefty profit.
22. Consultant and mentors
Mentors and consultants add tremendous value to the company or people’s lives. They guide you on unknown pathways. It helps you avoid expensive mistakes.
Especially those that could cost you money, time, energy and resources. Why waste time making mistakes when you can learn from others and avoid them. They have deep, insightful knowledge of subjects.
Mentors help individuals and businesses to design plans to achieve goals and success. They share your journey and celebrate your success.
There are different types of consultants like start-ups, tax, HR, finance, etc. It’s an interesting passive income idea to get paid for your opinion, knowledge and advice.
23. Build excel worksheets
Excel spreadsheets allow you to create frameworks for problems. Accurately designed excel templates save time and help get desired outcomes.
You could also develop calculators or trackers to increase efficiency and productivity. If you believe you’re proficient in excel, here’s a good passive income idea.
There are many methods by which you can create an excel template. Spreadsheets act like micro custom software to manage small databases. Create pre-made excel templates that allow easy data tracking.
You could try creating spreadsheets for small businesses, bookkeeping, inventory management, attendance trackers, goal trackers, project management etc. The ideas are limitless.
You could monetise them on app stores, online stores, creating your own website, consulting domains, etc.
24. Peer to peer lending
Today, there are many apps that allow you to lend money to borrowers. If you have excess money you could loan it to borrowers on digital lending platforms. The percentage of interest you can earn depends on the hosting platform, the duration and the amount. Interest rates also differ from personal loans to business loans.
These loans are unsecured and involve high risks. In case the borrower defaults on payments then you might end up losing the entire amount.
In order to minimise risk and still get benefitted from Peer to peer lending(P2P), you could analyze the profiles of prospective borrowers. Instead of loaning a huge lump sum amount to one individual, diversify by choosing multiple borrowers with smaller loan amounts.
Also, compare the digital lending platforms that offer P2P lending. Check for the best interest rate service provider. A primary check before deciding on a platform is to validate the authenticity of the P2P digital lender with a thorough background check including online reviews.
25. Storage rentals
Suppose you have unused spaces like a spare room or basement in your house, then consider turning them into a storage space. People are looking for secure, accessible and convenient storage options.
They could use these services for storing seasonal items. Try it when they lack enough storage space at home. Some might use it while renovating their homes. Others might store vehicles like cars, boats and motorcycles.
Another option is renting real estate and converting it into a storage space. Or rent a commercial storage unit to start this idea. Appoint the right people to run the business to make it a passive income idea.
Storage rentals could be a lucrative idea. Compare and offer full-service or self-service storage options. Decide short-term or long-term storage rental service options.
26. Rent a billboard
You could buy or lease a billboard and rent it to companies for advertisements. Or start an advertising agency renting out many billboards. To make this a passive income idea, you only need the right people to run and maintain the business.
Choose from a variety of places like small lots of land to tall buildings. Explore electric dashboards or go with a regular billboard.
To earn the most income, understand outdoor advertising laws, permits and billboard signs. It’s crucial to select proper locations and set attractive rates. Locations usually determine the renting rates. It drives traffic and offers advertising visibility with an impact.
27. Invest in REITs
REITs are real estate investment trusts. They are companies that manage properties and generate money from them. There are different types like retail, residential, healthcare, office, and mortgage. Some have diverse portfolios, while others specialise in a specific property type.
If you do not have enough funds to invest in real estate, then don’t worry. You could still own real estate investments in your portfolio by buying REIT shares. Like any other company, you can buy shares of REITs on the stock market.
Most REITs are volatile like any other stocks and get affected by the markets. REITs yield high dividends, which could be a passive income source.
It’s a replica of buying and selling stocks. Hence, you must understand the end-to-end process. Do thorough research and assessment of the REIT companies before investing. Like any other stock, if you don’t understand why your investing in REIT, you might end up in losses.
28. Flipping websites or blogs
People are making a great source of passive income by taking up this venture. You will need the right skills and knowledge to make this a profitable investment, or you could lose your money.
There are many ways to do this. You can invest your time and energy or hire a team of members with the required skills to make it happen.
All you need to do is pick a niche, find a website, check its value and make a reasonable offer or a price you think you can be profitable. Now, improve the site with good SEO practices and strategies.
Meanwhile, you could monetise it with ads for additional passive income. Drive traffic, create popularity and sell the website.
29. Create a job board
Today people search and post jobs all across the globe via job boards. Some famous ones, like Monster, Indeed, Glassdoor etc., are successful. Social media sites like Facebook groups and LinkedIn provide excellent networking opportunities. As a result, it fulfils job requirements.
You could replicate the success of these sites and start a job board to earn passive income. Explore niche-specific job board options. A few examples are Remote Ok, Pro blogger or Dribbble. You need a good platform that can capture job board submissions. It must also offer data automation with functionality.
Monetize your job boards by charging listing fees, ads, and email newsletters. You could also try affiliate marketing, selling databases etc. Yet a crucial element is to publish quality content with good job listings.
Drive traffic and make the site popular and relevant. Your goal should be to make it a reliable source for employers to find employees. This idea could generate a significant passive income if you achieve all the above criteria.
30. Flipping real estate
Buying and selling properties are expensive yet a great source of passive income. You buy a home, fix and renovate it and sell it for a profit. Flipping houses requires planning. It also needs specific skills with the proper knowledge to execute the business.
If you have the bandwidth, you could take care of all the renovation works. If not, give a contract to firms to take care of all the landscaping, electrical and plumbing works and renovations. This way, it could be an excellent passive income idea.
The selling price generally depends on the location and the type of property you buy. Also, the time and market price influence the selling price. But, one should be cautious while investing in multiple properties.
It could cause capital lock-up. Plus, renovation charges could just shoot up your expenses and eat up your cash flow. It’s essential to budget all your expenses in this business.
31. Invest in a business
Earn income by investing in a business. You could invest the money as a sleeping partner or an angel investor. Invest in a start-up or fund as a venture capital debt. You make money as the business grows.
In return for investing, you could get private equity or a share of a percentage of profits. If the company or business gets acquired or sold for its growth, there is an opportunity to earn well.
There is a new trend of micro venture capitals, where you could invest small amounts of money. Check the terms and conditions before investing in any sites or companies.
32. Sell your Video
Today people across the globe love videos, and they have become a part of life. If you love making videos and find something unique, you can record a video and make some passive money.
Be it a controversial topic, a funny video, something you think might go viral, or some news-related topic. Companies pay you to sell those videos. Sites like Newsflare or Rumble allow you to monetize your videos.
33. Create a software (SAAS) and sell
If you are a coder or non-coder, you can still make money by creating software. Start by discovering a good idea for the software. Look around and identify a problem to solve. Build software that offers powerful and impactful solutions. Do market research to see if there is a solution that already exists. Check if the answer is simple or complex.
People like simple and effective solutions. Get a feel of the competition and see how you can differentiate your product that adds value to your customers. Budget all the costs and expenses, you might incur to complete the project. Ensure you get good coders who can deliver on the idea.
Test the quality and accuracy of the software before you approach the clients. You could do a test run by offering it to a target segment to get feedback, social proof, and reviews. If you have achieved all the milestones and feel the software is complete, think of selling the software copyrights.
You could hire a freelancer to get the whole software completed and convert this into a sound passive income idea.
34. Flip retail products
Flipping can be real easy passive income idea if you know how to source the right products at a low price. Flipping involves buying at a low and reselling the same product at a higher price. You could do this by buying in bulk at a wholesale price. Or stock up inventory and resell them for a retail price.
Another way is to place bulk buy orders during sale periods or buy them at sale prices. You could also automate the order management system to save time and make it a passive idea. Choose from a wide range of niche-specific retail products.
35. Advertise on your car
You could turn your car into a moving billboard. People in different geographies are wrapping their cars with ads. This is a great passive income idea. Just like how you see buses and taxis displaying ads.
Now you can advertise on your vehicle and make money. You could choose from a range of specialist marketing firms to start car advertising.
A few famous ones are Carvetise, Adverttu, StickerRide, Wrapify etc. Also, beware of car advertising scam companies. The catch is that companies want advertised cars to make rounds on specific busy routes for the ads to display.
Check for state and city laws for vehicle advertising restrictions.
36. Bond ladder
A bond ladder is a portfolio of different bonds that mature on distinct dates. It is a strategy to generate regular passive income. You could buy bonds that mature at a future date for more than a period of one year.
The idea is to space the investment between maturities to build a bond ladder. You could also use the matured bonds to revisit or reinvest in bonds with higher interest rates.
Retired people generally use bond ladders as a strategy to boost returns and get the income rolling. It’s vital to understand and invest in high-quality bonds. Please read the terms and conditions before investing the premium amount.
Do not fall into a trap for high-yielding bonds. The bond ladder strategy helps you to manage interest rate risk. It allows you to navigate through fluctuating interest rates.
Here’s an illustration from the Fidelity website to help you get an idea of how exactly bond ladders work.
37. Paid guest posts
Every company with an online presence is always looking to create high-quality content. In pursuit of driving traffic to their site, they want to create valuable content and design differentiators to beat the competition. The main aim is to generate visibility and rank up the google search results.
If you are highly skilled in a particular topic and think you can talk endlessly about the topic, then consider guest posting if you’re an expert in a specific subject and have good writing skills. Then try guest posting.
Find a company with guest post requirements and pen down your thoughts on the topic. This is a unique way to make passive income with less effort. Don’t worry. There are thousands of companies with multiple niche requirements.
Explore various topics, pick a nice topic and write on it. You could go with fiction or technical stuff. Get started by submitting a guest post request, and if the company approves your application, you could write and make money from it.
38. Earn from cash back
Cashbacks are offers given to cardholders. You can see a small percentage of the refund amount on the total transaction buy price of a product or service on your account. Notice this when you make a card payment or an e-wallet buy. This refund is nothing but a cashback.
There are various types of cash backs like flat rate, tiered rate or different rates cashback. You can redeem the cashback through bank deposits, gift cards, or offset it against credit card payments.
The cashback offers vary from many banks to vendors. In some cases, they work based on reward points. You could keep collecting the rewards and redeem them one-shot or partially at a later stage. Installing certain apps on your phone could also present you with cashback offers.
39. Rent an RV
According to the Recreational Vehicle Industry Association, as of 2021, over 9.6 million households own an RV. This trend is here to stay and grow.
If you own an RV or are thinking of buying one, you could make an excellent source of passive income by renting it. Rent it when you’re not using it instead of storing it in storage spaces that add to your expenses. Switch from storage renting expenses to generating extra income.
40. Sell your unwanted stuff
Do you have this habit of constantly buying new things? Don’t have enough space to store them? Or do you have items piled up over the years that you have never used or think you might never use them?
Chances are you’ve been hoarding these things for many years. It’s time to declutter and get that money rolling in. Then, the best thing to do is sell your unwanted stuff.
You could start by inspecting the items that you will not use. Create a list of it and look for items that could potentially make money. Set a price for each of them. Now, you could either put up a sale in your garage, sell them in a flea market, or sell them online.
This idea will not only help you generate some passive income but clears your home and mind with more space.
41. Help businesses bring clients
Businesses and solopreneurs are looking for people who can boost their sales. In this process, they value referral marketers who can help them expand their customer base. If you are a marketing person or a salesperson, try assisting businesses in bringing in clients. Or, if you have excellent networking skills and connections, this might be a good fit.
It could be a fantastic source of passive income as they pay you a referral fee or a bonus. All you need to do is send some emails and messages.
You could also automate this process and create a system to bring in clients continuously. The reason referrals are highly encouraged is that 92% of consumers trust referrals from people they know.
42. Invest in high-interest savings account or CD
A certificate of deposit (CD) is a sort of time deposit with a bank. The bank pays you a specific interest rate on the principal amount for a particular lock-in period. You can also generate some passive income on your savings account money via interests.
Various banks offer different interest rates. Check for the best interest rates and go with that bank. However, if you’re going with an online bank, it’s essential to check reviews, credibility and risks before proceeding.
43. License a product idea
Is there a product idea in your mind that you think is unique and solves a problem? Or suppose your product idea can achieve higher efficiency over other alternatives in the market? Then, build it and test it to see if it works.
And if it works, you have an incredible product that could generate an excellent passive income. Patent it, and if your patent is approved, you could licence it to brands and earn royalties from it.
An issued patent gives you the freedom to sit and earn extra money. You don’t have to go through the headache of producing, marketing and selling the product. Be smart and present the product’s usefulness with results, reviews, and prototypes.
Before you enter a licensing deal, understand the negotiation process and the terms and conditions offered by the brand. Once the contract is signed, there cannot be any changes made.
44. Rent your tools and other stuff
Do you think of items in the house that are useful and sitting idle for a long time? You could rent them out, still own them and make money. For example, do you have large coolers? Fishing Camp kits? Boats? Extra furniture? High-quality vacuum cleaner? Lawnmowers? Toolbox? Jet Ski? Golf Carts?
Look for ideas where people need to use certain products but may not be willing to purchase them. Make a list of it and spread the work in your neighbourhood. This way, people will become aware of your services and rent items as per their requirements.
It is an intelligent way to make passive income. If there is any particular product in high demand, consider purchasing it and making money.
45. Sell e-books
Writing an e-book is just a one-time effort. You can earn money through royalties or sales. Pick a niche that interests you in writing a book. Or decide on a topic, and you can hire a ghostwriter to complete the book.
Be creative, use differentiators, and genuinely try to add value to your readers. Also, this will benefit your readers and help you build a good relationship with them. It will help you in marketing your book and get good reviews. Ensure your book has a great design cover to attract visitors to make a buying decision.
Amazon’s KDP platform helps you to self-publish your books and earn royalties.
This incredible passive income idea could look like a vast one-time effort, but it will fetch you returns for many years to come.
46. Sponsored social media posts
Do you have a large following on Tiktok? Then, this passive income idea might interest you. Apart from posting your own content regularly, you could post a sponsored post once in a while.
Sponsored posts are like endorsements where companies pay you to create content to promote their products. You post them on your profile to reach out to your audience.
Amidst all these promotional posts, it’s vital to continue growing a meaningful audience. Keep the engagement rate growing. Doing so could attract many high-quality sponsors, which means more money.
The rates for sponsored posts depend upon the audience, engagement rate and the type of influencer you are. The idea is to create strong content promoting sponsored products. Ultimately, it influences your audience’s buying decisions.
47. Dividend stocks
Companies pay their shareholders a certain percentage of their profits as dividends. Dividends can be a great passive income idea. One needs to research and select the right kind of stocks that yield high dividends.
It requires a one-time investment to buy the stocks and get dividends. The formula is simple, the more dividend-yielding stocks you own, the higher dividend you earn. Diversify your portfolio by investing in many dividend-yielding company stocks. It will reduce the concentration risk.
For example, if a company declares $1.5 as a dividend per share. If you own 1000 shares of that company, you could make $1500 as a passive income.
Nowadays, there are options to invest in exchange-traded funds (EFTs). EFTs comprise certain shares, and some also pay dividends.
Like any other stocks, dividend stocks are also subjective to market risks and be careful while investing
48. Rent out your car
This idea helps you to earn passive income by renting out your car. If your not using your car for a few days, you can list it and rent it out. Or if you have a spare car sitting in your garage idle, then you could get the car driven on a regular basis via car renting platforms.
A few risks associated with this idea is not everyone drives carefully and it might lead to repairs or accidents. Your car might also get messier as people tend to dirty cars while travelling.
49. Audio books
Audiobooks are on the boom, and the world is shifting how they perceive books. It’s no longer about reading a book. There is an increasing trend in listening to an audiobook. Listening to an audiobook helps people become more productive.
It motivates people to listen to an audiobook while performing other tasks like cooking, cleaning, exercising or even driving. Audiobooks cater to a larger audience, including non-book readers.
Tap into the potential of this emerging industry. Take this opportunity to create an exciting audiobook that could generate an excellent passive income.
Creating audiobooks is just a one-time effort, but it will fetch you returns for many years to come. You can start by choosing a niche, writing the book (or hiring a ghostwriter), and recording it. You could either purchase the equipment and record it at home. Or try voice-over artists on platforms like ACX.
Take an online survey and get paid for your time and opinion. Are you wondering whether I heard this right? Yes, there are many online paid surveys. If this interests you, this could be a small or big passive income idea.
There are different types of surveys like sleep studies and medical surveys that pay you really well. Other surveys, market research, etc., might pay you relatively low.
While taking surveys, it’s important to protect your data. One way to do this is not to overshare your personal information. You could create an email address just for surveys to avoid spamming your inbox with unwanted junk emails. Ensure you have good anti-malware software to protect your system.
A crucial check is to ensure you sign up for legitimate surveys, read reviews and avoid getting trapped in fake scam surveys. You could also try this in your free time and generate some passive money.
Annuities are an insurance product that pays you a fixed amount of money every month. There are different types of annuities like an immediate, deferred, fixed, and variable annuity. There is also an accumulation phase or a vesting phase.
These are risky investments and it’s crucial to understand the instrument before investing. Annuities are a bit confusing and might not be the right investment for everyone. But irrespective of how long you live if you buy an annuity then your guaranteed income is a life long income.
52. Invest in cryptocurrency
Cryptocurrencies have gained a lot of popularity in the last few years. You could buy a cryptocurrency and make a passive income from it. Crypto investing can be in small or huge amounts. There are different types of cryptos, and you can buy them from various sites.
Cryptos are interest-bearing digital assets. You could buy them and hold them for a while to see their value increase or sell them once their value increases.
How to Get Started?
There are many ways to generate passive income, but not all of them are created equal. Some passive income ideas require a significant upfront investment, while others can be started with little to no money.
The best passive income ideas are those that fit your unique skill set and circumstances.
How to Bring Your Passive Income Ideas to Life?
Now that you have gone through the passive income ideas, you must have gotten a hang of what kind of business can make for good passive income.
Next, let us look at how to bring your business idea to life in 4 simple steps.
1. Choose an idea that works best for you, your skill set and your budget.
While you choose an idea, make sure that you have done enough market research and have closed in on your ideal customers, too. If you have a product that no one is willing to pay for, you obviously cannot turn it into a business.
2. Invest in the raw materials and start creating your product
Whichever passive business idea you have chosen, it will need some kind of initial investment, maybe as time and effort if not for money.
Invest whatever it takes to create a product that will sell. If you can create a product that addresses a problem or an issue, it will sell much faster!
Of course, we all have to make money. But money has to come second to the desire to help people.Rob Cubbon
3. Set up your online store on an eCommerce platform
Once your products are created, you will need a platform where you can display them, price them, and market them to your potential customers.
Dukaan is one eCommerce platform that can support any kind of business that you plan to set up. Be it a dropshipping business or a handmade products business or selling your digital products, you can create an online store on Dukaan.
Dukaan is an easy and safe platform that has been chosen by thousands of business owners and resellers already. Download the app and you will see what we are talking about!
4. Start selling your products.
Your eCommerce platform should be your one stop shop for managing everything related to your business easily and efficiently. Choosing the best eCommerce platform matters the most in that case.
Dukaan has recently launched Dukaan Delivery, a trustworthy system that ships out products and ensures its safe delivery.
Marketing your products is also an important task in order to keep your business running successfully. With Dukaan, you have access to premium marketing tools that make this task a lot easier on you.