There are a lot of ways to earn passive income, but not all methods are suitable for beginners or anyone with limitations in time and resources.
The following 7 passive income side hustle ideas have been handpicked to suit the inexperienced, cash-strapped, time tight individual that just needs to catch a break!
Go through them all and pick one that is most suitable for your situation.
The Fastest to Earn Money
I can’t start this list without talking about my first passive income stream I created online; Amazon Kindle Publishing.
Kindle publishing is my origin story of earning passive income and I recommend it to everyone who is aiming to make a full-time income from home. If you want to work from home but have no experience with business and not much money to invest, then Kindle publishing is your best option.
It took me 3 months to breakeven and 2 years to reach $2000 of passive income every month.
How it works is by finding market demands, creating a book according to the demand and then ranking it in the Kindle store. In return, you earn a royalty for every sale. It is a passive income stream because you don’t have to write the books yourself. Your job is strictly marketing and the rest is outsourced to freelancers.
The business model is simple to learn and you’re able to make a substantial passive income quickly with very little risk. You can learn more about Kindle publishing here.
The Cheapest to Start
Second on the list is POD, Print on Demand. This business model has existed for a long time and it’s a great way to make money passively as a full time business or as a side hustle to make extra money.
This passive income side hustle is perfect for those who don’t want to mess with the business side of things and only want to focus on the designs. If you’re not a great designer, then you can easily hire designers to do that part for you as well!
Sites like Zazzle.com and Cafepress.com is going to be where you make your money. These are POD marketplaces that allow you to upload your designs to the platform and for customers to have those designs printed on a wide range of products such as t-shirts to mugs.
Don’y worry if you’re not the best designer, you can hire designers on Fiverr cheaply to do that part for you. What’s left for you to do is rank your designs on the platform and the sales will roll in afterwards.
The Simplest for Creatives
This is a very simple side hustle for creative individuals. You can earn residual income from your creative side hustle with Patreon. If you produce any sort of creative material, you can showcase it somewhere on the web and have your admirers or followers become patrons to support your work.
Patreon is most well known as an income stream for Youtubers, but it is a lot more than that. Many famous web comics survived because of Patreon before getting book deals, selling merchandise and even the creator going on tour.
From online comics, indie film makers, photographers, podcasts, Youtubers. ANY sort of creative endeavour can use this passive income method.
Your income will gradually grow and grow as your creative work gains more and more exposure. This isn’t entirely passive, but the growth of your income is based on the accumulation of past work you’ve already made.
The Easiest to Start
If you truly want to sit on your arse and not do anything, like ANYTHING, then peer-to-peer lending is a great option if you have the spare money.
Peer-to-peer lending commonly earns you higher interest rates than any high interest savings account and it’s comparatively safer than any other investment you can make. The biggest plus side is, you are truly making money with money.
The bad news is, you need to invest a substantial amount to earn enough to call it a side hustle. But if you have money sitting in the bank, not doing anything and you’re 100% sure you won’t need to use it for awhile…well this is the most passive income stream on the list.
Online peer-to-peer lending sites lets you lend as little or as much as you want. So don’t hesitate to start if you don’t have much.
The Highest Earning Potential
Niche sites are by far the most profitable passive income side hustle a person can start, if they have the patience for it.
Niche sites are similar to blogs, but niche sites tend to not have a continuous stream of new content on it. They are a lot simpler in design and its focus is very narrow; earn Adsense or affiliate commission.
The aim is to build a site and produce strategic content that will get people to buy from your affiliate links. Your main focus is to draw in traffic once you create the site. Traffic can be semi-automated with the help of social media marketing tools and SEO services.
This isn’t the cheapest side hustle to start, nor is it is the easiest to succeed in, but if you get it right, you can easily make 6 figures a year passively.
You can learn how to build a website here.
The Make it and Forget it
Another one that has high earning potential, but is faster to see results is Pinterest funnels. Pinterest funnels are a type of sales funnel that leverages Pinterest’s large traffic volumes.
How it works is you choose an affiliate product that would work well with Pinterest users and create a landing page. You then create a sales funnel using Pinterest pins to redirect traffic to your landing page.
You create the sales funnel using Pinterest Ads to automate the system and make the whole thing passive. The whole thing is very lucrative if you can tap into the right niche and create visually appealing pin designs.
You can learn more about Pinterest funnels here.
The Most Technical
If you have aspirations of making your side hustle into a full blown business one day, then you might want to consider drop shipping.
Drop shipping works by creating an e-commerce website and finding suppliers that will deliver the product for you. This means, you take in orders and sell the product for x amount, then send the order details to our supplier and buy the product off them for y amount.
The different in x and y is your profit.
You can automate the whole system thanks to software and services, but you can also be more hands on to keep the costs low. It is all up to you.
Drop shipping isn’t for the casual side hustler though. Creating an e-commerce store can be difficult and expensive if you don’t know what you’re doing. The easiest way to do this is by using Shopify. You can get a FREE Shopify trial with my link.
Finding suppliers can be another obstacle. There are many courses that teach you how to drop ship successfully, but if you’re on a tight budget you can use Oberlo to find suppliers to work with.
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