20 Passive Income Ideas You Can Try in 2023
As inflation continues to rise, more people are seeking ways to increase their income. But, with just so much time in the day, there won’t be much time left over from your 9 to 5 to build your side business.
As a result, many people have turned to various forms of passive income. Continue reading for our top suggestions for passive income ideas, as well as some helpful advice to get you started.
Passive income is money that you make without having to perform a lot of “active” work to keep it. In essence, you may complete most of the work upfront and put in some extra effort along the way to make money.
Although it may appear to be easy money, the majority of effective passive income concepts are the result of hard work: growing an audience, optimizing paid advertisements, and providing a fantastic experience and a competitive product.
- 1 Ways To Make Passive Income
- 1.1 1: Start A Dropshipping Store
- 1.2 2: Build A Print-On-Demand e-Commerce Business
- 1.3 3: Become An Affiliate Marketer
- 1.4 4: Sell Your Videos
- 1.5 5: Create And Sell Online Courses
- 1.6 6: Earn As A Blogger
- 1.7 7: Invest in stocks
- 1.8 8: Set Up A YouTube Channel
- 1.9 9: Create An App
- 1.10 10: Teaching Languages
- 1.11 11: Rent Out A Spare Room
- 1.12 12: Become An Influencer
- 1.13 Are you ready to get started with Qikink?
- 1.14 13: Sell Your Photography
- 1.15 14: Write An eBook
- 1.16 15: Peer-To-Peer Lending
- 1.17 16: Sell On Amazon Marketplace
- 1.18 17: Earning Referral or Affiliate Commissions Through Marketing Products or Services
- 1.19 18: Sell Used Apparel And Accessories
- 1.20 19: Start An Online Community
- 1.21 20: Get Paid To Take Surveys
- 1.22 Conclusion
- 1.23 Are you ready to get started with Qikink?
Ways To Make Passive Income
1: Start A Dropshipping Store
Dropshipping is one of the most successful forms of passive income. Dropshipping allows you to identify popular items on marketplaces and sell them to buyers all around the world. Fill your online store with products from numerous drop shipping areas, such as fashion, home décor, and beauty.
The beauty of dropshipping is that you can construct your own business and charge whatever you want for the items. Indeed, of all the passive income options on our list, dropshipping gives you the maximum control over your margins.
If you’re still unaware of what dropshipping is, it’s a business model in which you sell a product to a consumer, but the manufacturer stores, packages, and ships the product on your behalf. Dropshipping gives you access to millions of items that you may sell in your store.
Some dropshipping companies allow you to hand-pick your product photos, update item descriptions, and give your business a customized feel so that customers like shopping with you.
2: Build A Print-On-Demand e-Commerce Business
Print-on-demand may be a viable passive revenue stream and a way to commercialize your creativity if you’re an artist, designer, or business. Working with suppliers to personalize white-label products such as t-shirts, posters, backpacks, or books and selling them on a per-order basis is what it entails.
You only pay for the product when you sell it, similar to drop shipping. There is no need for bulk purchases or inventories. Print-on-demand stores are a wonderful source of passive revenue because:
- You can build things rapidly and sell them in minutes.
- Your supplier handles shipping and fulfilment.
- You can automate numerous marketing and sales procedures once your store is up and running.
You may rapidly manufacture products to sell in your online e-commerce store using a print-on-demand firm like Qikink. Overall, print-on-demand is a straightforward, low-risk passive revenue source that can be set up quickly.
3: Become An Affiliate Marketer
Affiliate marketing is recommending a product or service to a target market. It’s a terrific way to generate passive money since you get paid every time someone clicks on your referral link and purchases the suggested goods or services.
Affiliate marketing is popular among online entrepreneurs for several reasons:
It’s simple to put into action. You will just be in charge of marketing. The company will create items and fulfil requests.
It carries little danger. Joining an affiliate program is free. You can sell existing gains without making any initial financial commitment.
You’ll need to spend time developing traffic sources so that more people click on your links. Once it is in place, you may make commissions in a rather passive manner.
It’s expandable. Typically, affiliate marketers do not employ qualified staff. You may offer new items to an audience and establish campaigns while your previous work continues to generate revenue in the background.
Earning money through affiliate marketing may be a profitable method to diversify your business’s revenue streams. It only costs you your time. After putting in the time, you may reap the benefits indefinitely.
4: Sell Your Videos
If you are always caught up in drama and excitement, you should take out your phone and record it. This can help you generate some passive money. According to the most recent video marketing statistics, people are infatuated with video content, therefore you should be able to find an audience for your movie.
Why? You may sell the video to a news website. And if the video is successful, you may earn money consistently for weeks, months, and even years. Of course, the simplest method to participate is to attend public events such as protests, marches, and festivals.
There will be possibilities to sell your material wherever there is disagreement. Companies will pay you to generate viral videos as well as provide a portion of total revenue if you’re adept at generating engaging material.
5: Create And Sell Online Courses
Educators may now offer courses online more easily than ever before. Whether it’s marketing, drawing, or business, you may produce and sell pre-recorded courses with little restrictions. Online courses, like digital products, may be sold frequently without the need for inventory or stock, providing passive income.
Teaching online needs an initial time investment. You must outline your course, record it, and generate digital tools such as templates for students to take with them.
6: Earn As A Blogger
What’s the best part? To start a blog, you don’t need any design or coding abilities. A blog may be up and running quickly with a content management system and hosting service like Shopify.
You’ll need to invest time in developing an SEO marketing plan as well as writing and promoting content, but your efforts will be rewarded: the return on these passive income investments may be up to $30,000 per month, depending on how you monetize your blog.
Building a blog requires some effort. However, if you develop great material and market it throughout your platforms, you will establish a large enough following to provide a considerable income stream.
Starting a blog can be a tough challenge, but the blogging business model is growing increasingly popular as a passive revenue source. You don’t have to be an internet celebrity to make money online these days. All you need to do is locate your audience on one or two networks and direct them to your website.
7: Invest in stocks
Investing in stocks is another way to generate money quickly. If you aren’t an expert at choosing stocks, you might want to pass on this money-making opportunity. While it has the largest potential benefits, it can also result in financial loss if you are unskilled.
When it comes to investing money, most individuals commit the mistake of thinking in terms of the short term rather than the long term.
The purpose of stock investment is to diversify your portfolio while reducing risk. This may be accomplished through investing in mutual funds, exchange-traded funds (ETFs), and high-dividend companies, which provide income gradually over time. To begin investing in the stock market, you must first create and fund a brokerage account with a reputable financial institution.
8: Set Up A YouTube Channel
YouTube is a never-ending source of passive revenue. From sponsored videos to ad money, your YouTube channel may provide you with ongoing cash.
If you have a talent for video creation and are known to be charismatic, you may monetize your people skills on YouTube. Creating a YouTube channel and regularly posting videos can allow you to gain views, get followers, and eventually create an audience to whom you may market.
The key to building a successful YouTube channel is to provide content regularly for an extended period. Make sure that every video you submit is well-made and relevant to the audience. If you stay with it long enough, you’ll ultimately start reaping the benefits of passive income.
9: Create An App
If you’re not a developer, you’re probably feeling a little stuck when it comes to this money-making notion. However, you may engage someone with programming abilities to create an app for you. Toptal will link you with a plethora of app developers that are eager to collaborate with businesses to make their concept a reality.
When it comes to monetizing your software, adding it to Google Play and the App Store is your best choice. And, contrary to popular belief, having a free app can help you generate more money than having a premium app. You may generate money by adding adverts or premium features to a free app. Because the free software will attract a larger number of users, it will be easier to upsell them.
All you need to do is come up with a unique app concept, define your target demographic, and design a brand image for your product. The programmer you employ will handle the development side of things.
10: Teaching Languages
English tutoring platforms can help you locate online tutoring employment. Open English, an online platform that allows non-native English speakers to study and practise the language using a mobile app, is one of the most popular.
Because English is still one of the most commonly spoken languages in the world, there is a high need for those who are willing and capable of teaching it. To become an online English teacher, you must first be fluent in English and the native language of the pupils you will be educating.
Spanish, Russian, and Portuguese are among the languages supported by Open English.
Whales English, which focuses on teaching English to Chinese students, is another popular platform. To become a Whales English tutor, you must pass a background check and demonstrate your abilities.
11: Rent Out A Spare Room
You may rent out an additional room in your apartment to someone for a set period if you have one. Platforms such as Airbnb will link you with people seeking their next adventure. Airbnbs are chosen since they are generally less expensive than hotels, which means you can earn more passive money by offering your spare space on Airbnb.
It’s important to note that becoming an Airbnb host needs some upfront effort. You may need to refurbish or decorate your room before advertising it for sale. You may make it completely passive by hiring a part-time property manager to develop listings and maintain your homes. Keep in mind, however, that they will impose a monthly fee ranging from 8% to 10% of the monthly rent received.
12: Become An Influencer
Creating a personal brand might also assist you in making money online. While celebrities, musicians, and sportsmen may appear to be the most powerful influencers, bear in mind that even small-scale influencers may make more money now than they did a few years ago.
To become an influencer, you must first build a significant following. What are the best platforms to start with? TikTok and Instagram. Some of the most powerful non-celebrity influencers generally got their start on these platforms. If you want to establish a large Instagram audience, you should look into ways to obtain more Instagram followers.
Influencer marketing is a rapidly expanding sector: the worldwide influencer marketing industry was valued at $9.7 billion in 2020 and is predicted to increase to $13.8 billion by 2021.
You may charge for sponsored posts, open your online store and sell things, include affiliate links in your bio, sell your images, sell advertisements on your podcast, produce and sell gear, be paid to present at events, and more to earn money as an influencer.
While mega-influencers with millions of followers still exist, there is a rising trend towards micro-influencers (influencers with 10,000 to 100,000 followers) who have more narrow audiences and are perceived as more real.
Are you ready to get started with Qikink?
13: Sell Your Photography
If you are a full-time photographer or own a high-quality camera, you may earn a passive income from photography by selling images online. Pexels, Shutterstock, and other online media sources will pay for high-quality photographs and videos.
Photography, unlike many of the other passive income ideas on our list, is a service-based company that often pays you for your time. To make money with photography, you must be there at an event or session, which, even if you’re making a fortune, maybe exhausting after a while.
14: Write An eBook
We like this passive income option since it takes no money to get started. Simply compose your eBook, use a free eBook publishing tool to publish it, and select your pricing. Even if you only charge a dollar or two for your eBook, if it is useful, you will begin making a handsome passive income.
If you have knowledge or skill in a certain field, you may earn a good passive income by writing and releasing an eBook (or developing other digital goods) on the subject. Again, writing the eBook will take time, but Kindle Direct Publishing makes it extremely simple to publish, advertise, and sell your eBook.
15: Peer-To-Peer Lending
Peer-to-peer lending is when you lend money to someone else and they repay you with interest. Peer-to-peer lending is available on a variety of sites, including Prosper.
According to Transparency Market Research, the global peer-to-peer lending market was valued at $67.93 billion in 2020 and is predicted to increase at a compound annual growth rate of 29.7% from 2021 to 2028, reaching $558.91 billion by 2028.
This kind of passive income has a minimal risk of the borrower defaulting on their loan, thus it is best to lend in little quantities that you are comfortable with.
16: Sell On Amazon Marketplace
There are several methods to get passive money on Amazon. With third-party Amazon sales, you may sell things without having to deal with sales, shipping, or consumers directly, and you have access to millions of Amazon customers.
You can develop a company with Amazon’s e-commerce marketplace, but it will require upfront labour, time, and dedication before it can yield passive money. You may also buy an established Amazon FBA firm, which is a more easy option.
When you buy an Amazon FBA firm, the majority of the grunt labour is already done. If the seller has already built revenue-generating goods, all you need to do is concentrate on refining the FBA business to your satisfaction.
17: Earning Referral or Affiliate Commissions Through Marketing Products or Services
Business Insider reported that U.S. companies spent approximately $5.9 billion on affiliate marketing campaigns in 2018.
Affiliate sales are a type of passive revenue created when someone purchases after clicking on a link or entering a referral code that you have published on your website, blog, video, or podcast. You will often be paid a set commission rate or a percentage of your purchase total.
Affiliate links may be found for almost any product or service. In other words, from product reviews to software evaluations, you might get passive revenue. Affiliate programs are very competitive, and success requires high-quality and continuous content development.
18: Sell Used Apparel And Accessories
You most certainly have clothes that you haven’t worn in a year and have no plans to wear again. Why not sell them instead of letting them take up room in your closet?
There are several websites where you may sell your old fashion things, whether they be clothing, purses, or shoes. Poshmark, Refashioner, and ThredUp are just a handful of online marketplaces where you may sell clothing for cash.
You might earn money online by selling on several sites. If you want to drive offline sales, you may utilize Facebook buy and sell groups in your town to connect with individuals online and sell products in person.
19: Start An Online Community
People who want to develop in their jobs or businesses will pay a premium to have access to unique networking opportunities and material. Smart and socially conscious entrepreneurs are seizing this opportunity by forming networks of like-minded people.
Members have access to a private group where they may ask questions and network with others in return for a monthly fee. Some communities also provide extra benefits such as special online events, group coaching sessions, gift bags, and more.
This is the chance for you if you have a talent for community building. You may create a community on a site such as Facebook. You could also set up a private Slack workplace and charge users a monthly subscription to access it.
20: Get Paid To Take Surveys
You may create an account on a survey business’s website, enter your information, and the company will send you survey invitations if you qualify for their market research studies.
Market research and consulting organizations conduct surveys regularly to give market data to their clients. These businesses require honest responses to surveys to extract information for their clientele.
Survey Junkie, Opinion Outpost, and OneOpinion are three of the most popular survey aggregators.
Creating a passive income stream is a good idea for everyone. Having extra cash on hand makes things a bit simpler no matter where you are in life. You’ll have no shortage of possibilities to generate money with little effort if you use these passive income strategies.
If you have any other ideas to generate income with minimum effort, do let us know in the comments below.