A passive income business is one where you set up a sales funnel for a product or service once and then all you need to do is promote it. Easies passive income ideas you can execute today.
1. Digital Products
When you create a digital product, you only have to create it once and the delivery can be fully automated. There are many ways to create and sell digital products. Etsy is a great marketplace to sell templates for menus, resumes, invitations, gift certificates, organizers, tracking worksheets, and more. If you specialize in user interface design, you might consider creating website templates and themes on sites like Envato marketplace and Templatemonster. For the developers in the audience, selling software can be extremely lucrative. Sell your mobile applications on the Apple or Google app stores, or distribute custom software on your website. If you’ve ever wanted to write a book but were terrified by the publishing process with Kindle Direct Publishing you can distribute your book as an eBook with no upfront cost.
2. Online Courses
Simply author your work, create your book cover, and publish to Amazon! Do you have a specific skill or knowledge that you could teach to others? If so, you might consider selling an online course. Creating courses can be extremely lucrative because they can often be priced for several hundred or even thousands of dollars! To create a course you need to outline your lessons, record the videos, and post the content to a site where visitors can find, purchase, and take the course in an automated fashion. Some of the best platforms for course creation and distribution are Udemy, Skillshare, and Teachable.
3. Print on Demand
For the fashionistas and graphic designers out there, now is the best time to start your clothing line! With print-on-demand services, you simply need to create and publish your designs on a basic eCommerce site like WordPress or Shopify. You can then connect your website to print-on-demand service providers like Printify or Printful. When you make a sale on your website, your design is printed by a 3rd party onto clothing, tote bags, hats, coffee mugs, whatever! And then automatically shipped to your customer!
4. YouTube Channel
It may not seem like it, but YouTube can be a great source of passive income. Setting up a YouTube channel is free and the tools to record high-quality videos are relatively inexpensive. Many successful YouTube channels don’t even require the author to show their face! Through advertising, affiliate marketing, and brand deals, YouTube channels can continue to make money years after the videos were published.
5. Sell your Art
Each piece of artwork only has one original, but you can turn your artwork into a passive income money machine by selling prints! With sites like ArtStorefronts, you can become your art gallery where visitors can see your art hanging in their homes! As a photographer, you can generate passive income by selling your photos! Publish your photos as stock images on sites like Shutterstock or Getty Images!
6. Start a Blog
Information can be timeless. That’s why blogs can be a great source of passive income. Bloggers earn money by including ads, affiliate offers, email campaigns, and other monetization strategies in their content. By creating blog posts that are helpful to people now AND IN THE FUTURE, you can continue to earn income from posts you wrote 5 years ago. Take a hiking blog for example: by creating helpful tips on how to find trails in the area, the best times to hike, and places to eat nearby, as long as that trail exists, people will be searching for it and finding your blog post for years to come!
7. Rent your Stuff
A great way to earn extra income is by renting your property to other people. But that doesn’t just mean real estate. There are a ton of other things you may already own that people are willing to pay to use. If you have a vehicle but don’t use it very much, you might consider renting your car to others on sites like Turo or Getaround. Have extra parking space? Check out Stow It where you can loan your garage or driveway to people who need extra vehicle storage. Do you have land you’re not using? With SniffSpot you can host a private dog park on your property!
8. Pet Sitting
Rent your pool on Simply. Rent your tools on SpareToolz. The options are endless! Are you retired or working from home and love animals? If so, pet sitting may be a great way to make some passive income just by watching someone else’s pet. When you care for someone’s pet overnight in your home, this is called “boarding.” According to Rover.com, boarders make 2x more than pet sitters who don’t sit in their own homes.
9. Advertise on your Car
You’re already at home, so why not get paid to hang out and play with other people’s pets? If you spend a lot of time in your car, you might be passing up free money! Car advertising companies like Nickelytics, Wrapify, and Carvertise pay drivers hundreds of dollars a month to place magnetic advertisements or vinyl wraps on the sides of their vehicles. You’re already going to be stuck in traffic, might as well get paid for it!
10. Peer-to-Peer Lending
If you had a friend that needed to borrow $100 and paid you back $110 in two weeks, would you do it? If so, with apps like Solo you can earn a 5-10% return on your loans within 2 weeks! Really,
11. Real Estate Investing
Real estate investing with less than $100!? That’s right, if you’re looking for a steady passive income stream, you might consider crowdfunded real estate investing. Unlike traditional real estate investing where you have to purchase an entire property, with sites like Fundrise you can invest in shares of properties and earn passive income from monthly rent payments, property sales, and appreciation!