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If it is your dream to achieve a lifestyle where you have financial freedom, time freedom and location freedom to earn money wherever you are. Passive income is the best place to start. Here we will discuss 12 ultimate business passive income ideas to make you money.
What is passive income?
Passive income is money you earn without having to actively trade your time for the earnings. An example of this is your 9-5 job is active income that you have to show up for work each day in order to earn your hourly wage or salary.
If you’re looking for ideas on how to make money online in the future this is a great way to start.
Some people define passive income as being “income you don’t have to put a lot of work into to earn” or as Shopify defines it…“passive income is defined as active unearned income that requires minimal work to earn and maintain.”
With that being said, I don’t entirely agree with this because it sets people up for disappointment and failure.
If you’re serious about creating wealth with multiple streams of income, and passive income businesses you will have to be ready to put in hard work upfront (or spend money…you either trade money or time to create passive income).
I want to be blunt and honest with you here, if you’re looking easy ways to make money without doing any work…these aren’t going to work for you.
On the positive side there is GREAT NEWS! As, once you establish your passive income streams and put in the work you will keep making money without having to do much maintenance or work.
Benefits of creating a business with passive income ideas:
First, create a list of possible passive income streams that interest you and that you could see yourself starting (but don’t let limiting beliefs keep you from going for it) Remember you can learn how to do basically anything!
Focus on where your interests, passion and experience/knowledge can intersect.
Benefits include:
- passive income can change your life! (you’re no longer stuck in a 9-5 job with a set amount of money for the rest of your life until retirement or death…which is my nightmare and why I am passionate about creating passive income)
- do the work once and keep getting paid while you do other things
The Ultimate List of Passive Income Ideas:
1. Start creating digital products.
This beginner passive income idea is PERFECT for beginners who want to try their hand at creating and selling products online.
Digital products are amazing because there’s no inventory, no shipping etc. You create a digital product once and then you can sell it multiple times well into the future, with little to no maintenance.
Selling digital products is a great passive income idea for students and beginners.
You can sell your digital products on platforms such as:
- Creative Fabrica
- Etsy
- Your own website
- SendOwl
- Gumroad
Examples of digital products you can sell:
- digital planners
- printables
- wall art
- e-books
- educational posters/prints
- classroom decor
- calendars
- workbooks
And soo many more!
2. Investing
I myself do not know much about investing however, I chose to include this for anyone that doesn’t have time they can invest into something but has a bit of money. While investing doesn’t exactly fit into a business passive income ideas, it is a passive income idea for anyone who has some cash to invest.
I found this great article on beginner investing which I will link here. Make sure you do some research and decide what would be the best investments for you.
3. Amazon KDP- Create and Sell Books
I have created a specific “Positive Peony Publishing” KDP business to share more value and create helpful products for my readers.
I will share some of my notebooks and examples of pins I use on Pinterest to advertise them below.
Leave a comment below if you want me to share more information on how to get started with KDP, how to create books for free, etc.!
4. Create a Print-On-Demand Store
Print-on-demand or POD is a popular way people are making online income. POD is exactly what it sounds like. You create your own online store front, upload your designs onto products such as t-shirts, notebooks, bags, sweaters, etc. and when someone purchases your products the fulfillment center will print and ship your products.
There is no need to carry physical inventory so, it costs very little to nothing to create a store upfront and very little upkeep so you can continue to make passive income long after you create your products.
5. High-Yield Savings Account
A high-yield savings account is a savings account which, compared to a traditional savings account has a higher interest rate which will allow you to grow your savings.
Sometimes there are certain amounts of time you must keep your money in that account without withdrawing.
If you want to read more on high-yield savings accounts this is an informative article.
6. Start a blog
Blogging is a great way to set up passive streams of income. You can make money passively through ads, affiliate marketing, selling your own course and products on your site etc.
I absolutely love blogging, writing, connecting with people, learning and being creative. If that sounds like you too, blogging might be an amazing opportunity for you!
If you want to know more about blogging specifically please leave a comment below or contact me directly!
Benefits of blogging:
- It is ALL YOURS! If you purchase your domain, you own it and that is an amazing feeling to have your own little slice of internet real estate! No rules, you are your own boss.
- Passive income…duh. 🙂
- Connect with like-minded people
- Many different ways to monetize your blog
- Time, location and financial freedom can be your reality
- Boost your confidence
7. Rent your space
This could be done in many different ways…maybe you have an extra room or basement to rent out.
You could rent a parking space, especially in high traffic areas with little parking. I know first hand that parking spaces in some areas are highly sought after and people are willing to spend good money to have a reliable parking space.
If you have extra space you could also rent it out for storage.
8. Create a course
Is there a topic you know a lot about or have education in where you could share your knowledge? Creating a course that helps people with something can be a huge passive income generator. Yes, it is hard work up front, however once you start making sales of that course while you’re sleeping or years after you originally put in the work, it all becomes worth it. Rent
TIP: Don’t get discouraged if you think you have nothing of value to create a course on! Think about how many people there are in this world, they all have different needs and interests.
Making passive income with a course doesn’t have to be something majorly ground breaking in order to make you money.
You could offer a course on meditation, or jewelry making…there’s always someone out there that could learn from your experience.
9. Selling Photography
If you have a nice camera and/or know how to take great pictures, you could sell them online for other people to use as stock photos.
Lots of different people and professions need stock photos. You could even niche down and get super specific on one type of photo, color scheme, subject matter, mockups etc. to attract customers.
10. Advertise on your car
Believe it or not, there are companies out there that will pay you to have their logo/advertisement on your car. “Car wrap advertising” is when a company pays you to display their ad on your vehicle.
If you don’t mind driving around with an ad on your car this is definitely something to look into! You could get paid literally for just sticking something on your car.
Companies that pay to advertise on your car:
These are just a few examples of legitimate companies that do this type of advertisement. WARNING! There are SCAMS out there so always do your own research and be diligent of any scams.
11. Create a Business Passive Income with Affiliate Marketing
With affiliate marketing you can create passive income by generating traffic and sales for third-party products and/or services.
Bloggers, influencers, youtubers, and email marketers are examples of some of the people who make passive income through affiliate marketing.
There are TONS of products and services you can promote in order to make a commission.
Amazon associates for example is a popular way bloggers make passive income through affiliate marketing.
12. Create a Youtube channel
Creating a youtube channel can be a profitable way to create a passive income stream. Although it can be a lot of work, once you make the videos and drive traffic to them to get views you can make passive income from videos you made months or even years previous.
There are many free resources on how to create a youtube channel and grow your traffic. Many channels don’t even show their face and still can be profitable.
Final Thoughts
There are 12 business passive income ideas for you to start creating streams of passive income and bring yourself closer to financial freedom.
Make sure you check back in for weekly posts on the blogging and passive income series and if you have any questions or suggestions of what topics we should cover please comment them down below!
Other Articles You May Find Helpful:
Financial Growth Tips to Grow Wealth
Money Manifestation Affirmations
How to be More Productive After Work
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