Passive income side hustles that make you money in 2023? Earning passive income helps you live the life you want. Here are a few options to consider for a side hustle.
If you want to be financially free and live life on your terms, Passive income side hustles that make you money. But, how? While some methods require upfront work to create passive income, others get the money you already have to increase automatically.
And, yes, sometimes you can act paid while sleeping. So, without further ado, let us explore passive income side hustles that make you money.
Start a Blog
Passive income side hustles that make you money? Yes. You can make money from blogging. But, you are not going to earn a passive income until you put in a lot of work. It might take you months, if not years until this happens.
The good news is that it is pretty easy to make an extra $500 – $2k per month in your first year of blogging.
Also, you can significantly increase your monthly blog revenue over years. According to Glassdoor, the average blogger makes more than $48k per year. A blogger passive income may consist of: How to Start a Blog and Make Money
The ads are run through networks like AdSense, and you get paid for each impression, click, or sale generated from your site.
This is when you get a special link to use on your site for a specific company or product. For every conversion made through a link, you are paid. Even though old posts may have been written weeks, months, or years ago, they could still generate income.
Bloggers that become authorities on a particular subject can create a course based on their expertise. It takes a lot of work to create the course. However, it becomes passive since you can sell it indefinitely without much effort.
Before you will start seeing cash flow from any of these sources, you will have to invest some time and energy. As a rule of thumb, the more time and energy you put into your blog, the higher the ROI will be.
Digital assets are products or pieces of media that can be sold and distributed through the internet without resupplying inventory. These are digital files, such as PDFs, videos, plug-ins, and templates that can be downloaded or streamed.
A user can purchase something and receive it via email or as a download after purchasing.
Among the many profitable digital products you can sell are:
- Music or art
- Digital images or graphics
- Stock photos or videos
- Membership sites
But, if you already offer a service or product, then you could also offer an accompanying digital product. For example, if you sold plants, you could sell a planting guide or access to a paywall site.
The process of creating digital products and marketing them can be time-consuming, just like with affiliate marketing. To build an audience that will buy your products, you need to create value, and trust, and establish a relationship.
As it grows and more people discover it, you may be able to earn a substantial amount of passive income there will be times when you need to update the product or add new ones, but with digital products, you can earn money at any time.
Also Read: 12 Real Passive Income Ideas with Little Money
Create Online Courses and Webinars
Online education has become increasingly popular among students, professionals, and executives as a means of improving their skills and making themselves more attractive to employers. You can turn any unique knowledge and experience into online course material, which you can further monetize.
As already mentioned, it is possible to make money through online courses in many different ways. For instance, you can charge a fee upfront for the entire course you offer on your site. Alternatively, you can offer the course for free but charge a fee for certifying or licensing each customer who completes it.
Or, if a product or service is purchased and the course is offered for free, that product or service may be offered as well. There are also subscription-based payment models and tiered payment plans.
The key is to make sure that this is a topic that you are familiar with. And, you also want to price the course well and market it through services like Facebook marketplace.
InSimilarlyyou can create a webinar, charge a fee, and make money from recordings over and over again. People can sign up for automated webinars at any time since they run day and night.
Start a YouTube channel
Building a YouTube channel or podcast takes a lot of time, energy, and a little bit of money, just like with any other form of content creation.
You can make money through ad revenue, affiliate marketing, sponsors, and selling your products through YouTube and podcasting. However, you could also offer premium content, courses, consulting, eBooks, or physical products like shirts or coffee mugs.
Furthermore, a YouTube channel podcast usually has an accompanying website where viewers can read or learn more. And, it is not uncommon to have both simultaneously. For example, you can add a podcast clip to your YouTube channel.
passive income side hustles that make you money from a YouTube channel or podcast. A successful YouTuber or podcaster could make millions of dollars from their channel each month. Yep, you read that right – every month.
Rent your Stuff
Did you know that passive income side hustles that make you money by using the things you already own? While passive income side hustles make you money, selling your stuff is one of the easiest and quickest ways.
Of course, the first option that springs to mind is renting out a spare room or entire home on Airbnb or Vrbo. Of course, how much you make will depend on the location.
But, there are numerous apps and websites where you can lint out anything. Some suggestions would be Fat Llama, Rentah, or Loanables. There are also some more niche options including;
- Neighbor for storage space.
- Fetch is a peer-to-peer truck rental platform, while Getaround lets you rent out your car.
- If you have office space, list it on LiquidSpace.
- You can rent baby equipment through BabyQuip.
- Splinter lets you rent out your bike.
- With Honeygrain, any extra bandwidth can be rented out.
Passive income side hustles that make you money are a tried and true method. If you want easy passive income, however, invest in mutual funds or exchange-traded funds rather than individual stocks.
Even though there is still some initial research, investing in the stock market is all about playing the waiting game.
In other words, once you invest, you let it sit and let compound interest do its thing. If you earn more interest on your investments, you will earn more interest. This is why investing early and consistently is so vital.
But, why stop at traditional investments? You could also explore alternative investments. Examples include crowdsourced real estate, REITs, farmland, an existing business, or peer-to-peer lending. If you rent to think outside the box, you can also invest in blue-chip art, fine wine, mineral rights, or royalties.
You will probably earn the least amount by setting up a drop shipping site through Shopify in the beginning. But, it is also probably the most passive.
There are higher margins in the other two options, though. It can, however, take some capital to start. So, that begs the question. What is your motivation for starting an e-commerce site?
Through hard work and solid marketing skills, you can earn good money if you believe strongly in a product or idea. You also have less overhead to manage with an online store, which means you generate more profit in less time.
As soon as everything is set up and running, an e-commerce site can become a passive income source. Also, some tasks like filling and shipping orders, running payment systems, and managing websites, can be outsourced when the money begins flowing in.
Businesses and individuals alike today rely heavily on websites, making this a profitable endeavor. Purchase a domain that you believe has potential by visiting sites such as Filipa, TrademySite, or Afternic. Then, build it up so that it becomes more valuable. For starters, make it more attractive and make sure it has high-quality content.
While that sounds easy enough, this is not for those looking to make a quick buck. You can make a decent amount of money if you understand how the market works, what is hot, how buyers behave, and how to attract buyers.
List Your House On Airbnb
If you have an extra room in your house, or if you travel a lot, you can become a host on Airbnb. This is one of the best passive income side hustles that make you money because it requires very little effort up-front.
You will, of course, need to keep your house in good order, and you will probably need to hire a cleaning service to make your house suitable for the next guests who visit.
Other than that, listing your house on Airbnb is simple.
To be a host on Airbnb, you need to be responsive to inquiries, accept reservation requests, avoid cancellations to the best of your ability, and maintain a high rating.
Meeting these requirements does not require too much effort, and you can earn a substantial amount of passive income just from letting people use your accommodations.
Invest In Real Estate
Arguably one of the most popular ways to make money from a side hustle is to invest in real estate. If you have the capital to buy a property, it can be a very lucrative way to make passive income.
You can earn money from your real estate investments by renting out your properties to tenants. Or, if you are looking for an even more hands-off approach, you can use a real estate investing app like Fundrise.
Fundraise allows you to invest in real estate investment trusts which have a much lower barrier to entry. Real estate investment trusts own and manage properties that are generating income, and they distribute the profits to investors.
Ownership or partial ownership of real estate is one of the best side hustles for passive income because it does not require a lot of your time to start seeing results.
Rent Out Your Car
If you have a spare car, or if you do not use your car very much, you can rent it out and easily earn some passive income.
Just like Airbnb which allows homeowners to rent out rooms in their homes, platforms like Turro let car owners earn money by lending out their cars. Turro is free to join, so there is practically zero up-front investment.
As long as you can keep your vehicle in good condition, you can help people in temporary need of a car and get rewarded in the process.
Become A Social Media Influencer
If you love social media, a great way to earn passive income is to intentionally grow your social media following. While this side hustle does require dedication, you can end up making a great deal of income without ever selling your products.
Having a large following on social media will help make any of these other side hustles for passive income that much easier. Plus, you will have a wider audience to market to if you decide to start a YouTube channel, blog, or podcast, for example.
If you can build a large following on social media platforms like Instagram, brands will begin reaching out to you to invite you to market their products and services.
They will pay you to post about their company, and big brands often pay influencers quite well.
Brands select influencers to partner with based on the size of their following and their audience engagement. For this reason, it is important to be active on social media and to communicate with your followers if you are trying to become an influencer.
In the beginning stages, this source of income is not the most passive option, but if you stick with it, you will be passive income side hustles that make you money from brand deals and sponsorships.
These days, there are all sorts of side hustles that enable you to earn passive income. From blogging to selling digital products and even creating your online course, the opportunity has never been better.