You may be wondering what passive income is; it needs minimal work but delivers a result without having to be employed by a company. This sounds great, right? A passive income source is a brilliant way to get extra money to go on extra holidays, further your hobbies and dreams or take the pressure off in day-to-day life. Just because it is passive doesn’t mean you have to do nothing. It usually requires either a bit of upfront investment of money or time, but once you have done the groundwork, you can increase your cash flow relatively quickly.
6 Easy Passive Income Ideas
We have created a list of 6 of the easiest ways for you to make a passive income source.
1. Rent out space you are not using
Do you have a garage, driveway or room in your house that you don’t use? If the answer is yes, then you could be sitting on a way to make money. If you live in a dense parking area like New York City or Boston, where public parking is at a premium, this is an easy way to get passive income from your home. Monthly parking can be incredibly tricky to find, but with so many apps and services available online, you can rent your space out to make some extra cash using companies like spothero, parking.com and whereipark. All you have to do is find a service provider, register for an account, describe your space, place any restrictions around when they can park and set a price; customers then can search and find your space and book it.
2. Use your home as an Airbnb
If you’ve ever used Airbnb to find a place to stay, then you know how excellent the service is. It’s like the old days of Craigslist, where you could pay for a room in someone’s home or apartment instead of a hotel. This is great if you want to get a better bang for your buck—or if you’re traveling with friends and family who can split the cost of an apartment or house.
But did you know that there are people who make passive income by renting out their homes on Airbnb? If that sounds interesting, here are five steps to getting started:
- Sign up and create an account at AirBnB
- Choose your location and price range
- Upload photos and describe the features of your property, so potential guests know what they’re getting into when they book with you—and give yourself some time before accepting reservations so everything is ready when people arrive!
- When guests request dates, we recommend responding as quickly as possible; this helps keep them happy while also ensuring they don’t book elsewhere while waiting on your response. There are lots of tools available online such as Email Scheduler, which can help streamline this process by sending automated responses based on certain conditions.
Consider using vacation rental management software such as iGMS to boost your Airbnb occupancy rate.
3. Sell stock photos
If you are a budding photographer, you can pair your hobby with a way to make extra money. If you have ever thought about where websites get their photos from, then wonder no more! These usually are bought from stock photo websites. Every time someone purchases your photo, you receive a commission. In addition, popular sites like Shutterstock have millions of images for sale.
4. Buy a rental property
Buying a rental property may require some upfront cash, but it is the oldest tried and tested form of passive income around. To make this even more hands-off, you can hire a property management company to do the hard work for you. This is a longer-term investment opportunity but a great way to sit back and pile up the cash.
5. Write a book
Self-publishing is a great way to make passive income. Since you’re the one who writes and publishes the book, there’s no overhead cost to you, and if you have an audience, it can be quite lucrative. Of course, you need to have a good story and editing skills before even considering publishing on Amazon or another platform. If writing is your passion, however, this is a great option to follow your dreams whilst making some money.
6. Design wall art
You can make your own digital prints and sell them on Etsy! Many homeowners are looking for unique images for their homes; this is a relatively easy way to get paid for creating beautiful designs. You can even go down the route of creating famous quotes that people can print off and use in their homes. You only need to make your design once, and then you can sell it repeatedly. An excellent way to start is to browse online and see what popular prints people are looking for.
There are plenty of ways to make passive income
It is best not to have preconceived notions that all passive income streams are alike. While some of them can be easy to set up, others may require more work and will be more challenging to maintain in the long run. Finding the right balance between ease of setup and ease of maintenance is key to creating your ideal passive income stream. It’s probably best not to jump into anything too difficult or time-consuming until you’ve had a few successful runs.
If you’re looking for multiple outlets for your stream, consider combining different income streams—for example, selling products online and advertising space on your website or blog. With this combination, it’s essential not only that both parts are profitable but also that they complement each other well.
Passive income is a fantastic way to make money. It can be a little tricky at first, but with some time and luck, you can start seeing results quickly. There are so many ways to make passive income that it’s hard to pick just one as your main source of income. So invest in a few and start increasing your cash flow today.