10 Passive Income Strategies You Can Use
1. Rent What You Own
Renting out something you own takes little upfront work and can yield a stable monthly income. One of the most popular ways to do this is to rent out a spare room or your entire home on Airbnb. But there are plenty of other things around your house or apartment that you can rent.
2. Invest in Exclusive Real Estate
Crowdsourced real estate investing through sites like corwdfundbuilder.com is a great way to invest in exclusive real estate opportunities. Spend just $5,000 and start investing in properties while someone else deals with all of the hassles, from maintenance to upkeep. It’s also one of the few ways to invest in commercial real estate rentals without needing to be a multimillionaire.
3. Start Microbusiness and Outsource It
Entrepreneurs often suffer from dreaming up too many ideas with too little time to execute. Do some hustling to get that simple, straightforward, and irresistible-to-customers microbusiness off the ground. This could be anything from content marketing for startups to developing simple websites for dentists’ offices.
4. License Your Ideas
You don’t have to be a product guru to license an idea to a company. Although the process to create a passive income this way is a long one, it can pay off big. Take your product ideas to equipment manufacturers and seminars to get them into the hands of companies like Coca-Cola.
5. Start a Subscription Business
It’s true that a subscription business takes some upfront hustle and hard work to get off the ground, but execute it correctly, and you could sit back and watch it run itself.
6. Become an Angel Investor
You don’t need millions to become an angel investor when you can become a silent partner to a growing company right now. Angel Investors invest money in an enterprise and can see a healthy return on their investment without doing much once the set up is complete.
7. Create CD Ladders
Despite low interest rates, CD ladders can help save money and ensure a safe return on your investment. The strategy involves dividing the amount of money to be invested into equal amounts to CDs with different maturity dates. This can ramp up your return for more interest income.
8. Package Your Skills
It’s easy to dismiss your expertise as something no one would pay for, but that is rarely true. Book a free speaking event at a seminar or conference on anything from small-business bookkeeping to running a remote team. Ask your audience to sign up for your newsletter and sell your video series, print-on-demand resource book, or product to interested parties.
9. Resell Your Work
What’s lying around in your online storage? Business templates, sample contracts, PowerPoint presentations, and audio notes can all be repurposed and sold multiple times. Start big, like selling a complete series of helpful business resources to your clients, all the way down to Kindle books and membership sites that offer ongoing resources to paid members.
10. Sell Electronic Artwork
There are more options for selling digital artwork than just stock photos and WordPress templates. There are hundreds of users on sites like Etsy selling digital downloads of website buttons, graphics, illustrations, and wallpapers over and over again for a profit.