If you’re looking for ways to generate extra income, which can keep making money while you spend your time doing the things you love, here are five easy-to-start passive income ideas to get you thinking.
1. Rent some space
While you’re probably thinking that here we mean hosting people on sites like Airbnb, this doesn’t have to mean that you’ll constantly be looking after guests. Why not rent out your home while you’re travelling, and leave the logistics to a property management company.
They’ll organize cleaning, before and after a rental, key handover, and provide a point of contact for your guests. Of course, that will eat into your income a little, but you’ll still make enough money to cover your holiday costs and enjoy peace of mind at the same time.
If that’s still too much hassle, think about renting out your garage or the parking space in your drive. While you’re at work, someone else might well be grateful to know they have an allocated slot so they can get to work on time. Then, when they’ve left for the day, it’s all yours again.
2. Let your car earn money
If you already spend a good part of your day out and about in your car, consider a platform such as Uber, so that when you have free time, you can transport a couple of passengers and earn extra cash. The good thing is that you can choose when and where you work, and which jobs you want to take.
If you want your car to earn totally passive income, consider using it as a mobile advertisement hoarding for local businesses¸ who’ll pay for signage, plus a monthly fee or a barter. For example, offer to advertise a local gym, in return for a free membership.
3. Print-on-Demand Products
If you have great graphic design skills, why not print one of your designs on a t-shirt, a mug, or anything else that might sell. No need to print the items before they’re sold.
Promote them on Facebook or Instagram, at little or no cost, and print when the orders come in. If you have a great idea, but your design skills aren’t that great, commission a designer on a site like Fivver.com to create the magic.
4. Affiliate Marketing
5. Online Courses and Webinars
You want to spend time doing the things you love, and make money while you do it? Then why not create an online ‘how-to’ course or automated webinar? You don’t need to be an expert, just a little bit more expert than your target audience.
Platforms like Teachable or Carta can help you create digital courses to sell online, via your own website or other platforms. Once it’s created, no further effort is required and it can keep generating income indefinitely.