There are many ways to make passive income; some require an upfront investment, while others require little money or effort.
One of the easiest passive income ideas is to write an e-book. You can use a low-cost digital publishing platform like Amazon to sell your book on a worldwide scale.
Dropshipping is one of the most popular ways to make passive income online. The business model is fairly straightforward: you create an e-commerce store, sell products, and then have your suppliers ship them to customers on your behalf.
While this may seem like an unconventional passive income idea, it’s actually a great way to build a sustainable stream of income that you can rely on.
This type of passive income can be difficult to build in the beginning, but it can be made much more automated with some careful planning and outsourcing. Eventually, it will become almost 100% passive and you’ll be able to sleep well knowing that your business is running smoothly all the time.
2. Peer-to-peer lending
Peer-to-peer lending is a good way to earn passive income, especially if you have extra cash that you’re not using. You can register on websites like LendingClub, Credible, Prosper, or Worthy and make loans to borrowers who don’t meet the requirements of conventional banks.
While you do take a risk, P2P lending can provide returns of between 6 and 10 percent, which is much better than investing in stock or bonds. However, you’re also at risk of losing your money if a borrower doesn’t pay you back.
3. Renting out your car
Renting out your car has become a popular way to earn passive income, especially for people living in areas with Lyft or Uber service. But you have to remember that renting out your car means additional wear and tear on your vehicle, so you may need to pay for repair costs in the future.
Another creative passive income idea is selling stock content, which includes photos, videos, music and written content. There are plenty of websites that allow you to sell this kind of media. Some of them offer a commission for every sale you make.
Webinars are a great way to monetize your knowledge, skills and expertise. They’re also a great way to increase your visibility and credibility.
One of the best things about webinars is that you can offer them to a large audience, regardless of their location. They’re also inexpensive to produce and can be easily marketed on Facebook, Twitter and other social media channels.
Another creative passive income idea is to write a book or create an online course. These can be a lot of work but they’re a great way to get your name out there and raise your profile at the same time.
5. Creating your own blog
One of the most popular passive income ideas is to create your own blog. This requires a fair amount of time to get started, but once you gain a following it can be an extremely lucrative source of passive revenue.
Another popular way to earn passive income is by creating an online course. These courses can be incredibly helpful and can give you the freedom to leave your job while earning some money.
6. Selling eBooks
If you’re an expert on a particular topic, you can sell your knowledge in the form of ebooks. You can sell them on Amazon, Barnes and Noble and many other platforms.
If you do this consistently, you can make a substantial amount of passive income while you sleep. All you have to do is write your book, set up a sales page and online store, advertise it, collect payment, share product links on social media and watch the cash roll in.
7. Stock photography
If you have a decent camera and a portfolio of photos to sell, stock photography is a great passive income idea. You can get started by uploading your images to one of the many stock photo sites online, and you’ll make a cut each time an image is licensed.
There are a few things to keep in mind when selling your photos, including the fact that you need to ensure that the images meet the site’s specific requirements (dimensions, size, etc.). However, once you’ve done this, you can earn a steady stream of passive income each month from the sales of your photos.