Passive income is where you earn money, month after month, with little or no effort to earn and maintain. Down below are a few passive income ideas that anyone can do, to earn extra income and to save up money for anything they want, be it a new house, a new car or to pay off bills.
1. Crowdfunded rental property
This is where you can invest in real estate properties and you don't do any of the work. There are loads of sites that do this, but if starting out would recommend fundrise as they have a minimum investment of $500 and that is the lowest amount that is out there.
2. Renting out storage space
You can rent out your office room, garage or any spare space to earn passive income. Websites like neighbor and stashbee allow people to find places to rent out or to become a host for others. You can rent out your basement or rent out a room to allow people to store their items and make some money with this side hustle, depending on what the square feet is and how much is being stored.
3. Selling digital download products
Creating digital downloads is a fun and easy way to quickly make inventory for an online shop or blog. There are tons of different digital products you can choose to make including: art prints, greeting cards, resume templates, stickers, planners, website templates, craft patterns, invitations, clipart, fonts and so much more!
You'll need a selling platform such as an online marketplace like Etsy or Creative Market or your own website or blog to sell these items. I personal use payhip to promote some digital products, that being for the next topic ebooks. Also with it being digital, you do not need to spend any money for inventory space.
4. Publishing an ebook for royalties
Writing an ebook, or multiple of them, can be an amazing and fun way to start earning extra income. The thing to note about ebook writing is that it can be time consuming, to write and edit a story or non fiction book, and depending on your topic and competition you might need to do some of your own promotion in order to drive customers, not just rely on organic traffic alone.
Great places to sell ebooks is on Amazon, Smashwords and your own website! Also payhip allows you to sell ebooks at different prices, charge what you want or what the customer is willing to pay or give them away for free. Here is an example of a payhip store
5. Create an ecourse
Ecourse's can be quite labour intensive to create as they take alot of planning, patience, focus and time to organise and complete. However the price you can charge for a well laid out informative ecourse far outweighs what you could get for a smaller digital product such as an art print with ecourses selling upwards from £20 to anywhere near £1000.
Bare in mind that becoming proficient and recognised as a quality ecourse creator takes time and plenty of promoting and marketing. You'll also need to set up on an ecourse platform such as Udemy or sell on your own website or blog!
6. Selling photos
If you enjoy photography and you've got all the necessary equipment to take high quality photos, you can upload online them on stock photography websites, which might be the perfect passive income business for you to try. Keep in mind that competition within stock photography is fierce and the price point for even top quality photos is pretty low, so you'll need to be able to drive traffic and sell multiple photos per day to start seeing a good income come in.
If you love taking photos then uploading them to a stock photo platform or creating your own blog or website could be a great way to easily see a little income roll in. You can try Pexels or Shutterstock.
My Thoughts
There are loads of passive income ideas to try, for which these six is just the beginning of passive income streams and will be going more in depth of different passive ideas in the future. This is essential for the hard times of Covid 19 and hope you enjoyed reading my article.
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