Work, work, work. That’s all us entrepreneurs seem to be doing and preaching. We are often quoted as saying “anything is possible if you’re willing to work hard enough.” And hey – this is still totally true. But the thing is, there are a lot of people who literally have little time to side hustle. Or they are simply too tired at the end of the day to do anything but veg out on the couch until bedtime.
While I still recommend working hard on what you are building so it can grow faster, there are definitely some side hustles that are a little more passive than others. Writing an ebook or creating an online course offers more flexibility than a side hustle like driving for uber.
13 Passive Income Streams
Ebooks may be the ultimate no-hustle side hustle because they can also help you build authority in a subject area while making a profit. Of course, you have to write the book first and that does require some time, but once it’s on a selling platform, you’re all set. You can market it as little or as much as you want, but if you publish it on a platform like Amazon, the selling process is all automated. Check out how this guy made $2,000 from a backpacking book he wrote in a weekend.
2. Stock Photography
Stock photo sites are pretty picky about the images they accept, but if you know your way around a camera, this could be a good way to make some extra cash. This photographer attributes a small amount of her photography income to stock photos. If this side hustle interests you, you can check into a few of these sites to sell your own photos to:
While typically not considered passive income, there is definitely a market for things like pre-designed logos or printables that people can download over and over again. Check out this blog post about successful Etsy shop-owner Sarah Gilcher and find out how to turn your talent into a recurring income. But you don’t have to use Etsy. There are literally hundreds of platforms you can sell your designs on as an artist. Cat Coquillette makes her living using sites like Society6, Redbubble, Casetify and more.
4. Rent Out a Room
It doesn’t get much more passive than letting someone sleep in your spare room or borrowing your house while you’re gone. Airbnb has made it super easy for people to find people willing to pay for a spare bed.
This one will require a little more work, especially if you are committed to quality customer service and growing your business. But basically, you can set up a retail space online and let someone else do the packing and shipping. You can find out more about that here.
6. Create an Online Course
Do you have a skill others could benefit from like cooking, writing or underwater basket-weaving? Seriously, there’s a market for almost anything you can do. In fact, this millennial made somewhere around 60 grand in a month teaching people on Udemy how to create an iPhone app!
7. Lend Someone Money
Lots of people are choosing to invest their money with peer-to-peer lending companies like Lending Club and Peerform as a high rewards investment method. Basically, the lender will invest certain amounts into the club and receive higher interest rate profit because of the elimination of the middle-men, otherwise known as banking institutions. You can read about Jeff Clements, who made $10,000 with peer-to-peer lending here.
8. Invest in Dividend Stocks
If you do your research, you can make a pretty hefty income investing in dividend stocks through online brokerage firms. Fidelity and TD Ameritrade are two of the most respected platforms to get started with.
9. Rent Out Your Garage
Nope. Not even kidding. Similar to Airbnb, Air Garage provides a platform to easily rent out your spare garage or driveway space.
10. Retail Arbitrage
Okay, it’s a bit of a stretch to call this one passive income because you have to shop for items to sell, but if you use the Amazon FBA program, it’s all hands-off after that. You simply buy the products, ship them to Amazon and they do all the work. You can read here about how Michael earned enough to pay off his car with this side-hustle.
11. License a Product
While you need one heck of an idea to make this work, there are some people like Nate Dallas who make a killing licensing their ideas. In fact, he made $300,000 by licensing one to Mattel. This is a perfect passive income opportunity for the person who is constantly coming up with great ideas but doesn’t know what to do with them.
12. Design T-Shirts
Tons of companies like Spreadshirt and Cafepress allow designers the unique opportunity to upload designs onto their platform for t-shirts that they print on demand for customers. This girl has found success using Instagram to market her shirts.
13. Affiliate Marketing
There are so many ways you can make money with affiliate marketing, the possibilities are practically endless. But some are a little more passive than others. For example, some people start niche blogs and earn money mostly from affiliates, but blogging requires more work than a typical passive income stream strategy. Other ways you can make money with affiliate marketing are social media, HubPages, or even an online storefront through a platform like Shopify.
Building a portfolio of passive income streams is the best way to secure your future. In fact, folks like Pat Flynn make a fortune by exploring various passive income streams and passing them on to others. The best advice is to not limit yourself to one income stream, whether passive or not. That way, when one fails you or you’re unable to work for a period of time, you will have other revenue sources to get you through.
What types of passive income streams have you read about or tried? We want to hear about them!