Passive income is money that you are making even though you’re not actively working. The dream for a lot of entrepreneurs is to find a way to consistently earn that type of income. In this post, I will go over a few ways that you can make passive and semi-passive income.
Write an eBook
Writing an eBook is a passive income idea that anyone can do. The thing is that a good eBook takes time, effort and dedication. Your eBook has to be interesting so that people will buy it. You also have to make sure that you have an audience to sell it to.
Vending Machines
Operating vending machines will fall into the semi-passive income group. While you don’t have to check the vending machines every day, you will have to make sure that it is stocked weekly. You also need to collect your earnings once a week as well.
Online Store
Another semi-passive income idea is to open an online store. There are ways where you can set up your store where you will never need to have physical inventory. You customers could order your product from your site; then another company could ship it out.
YouTube Channel
Many people are making money from their YouTube channels. You do have to do some work from time to time such as recording videos, but it can be worth it. Once you have a big enough following, you can add Google Adsense to your channel and start earning money from it. The more views you get typically means the more money that you can make.
Laundromat
Another semi-passive income idea is to buy a laundromat. People will always need a place to wash their clothes. Laundromats can be very lucrative depending on their location. You also can hire part-time workers to open and close the laundromat for you.
Rental Property
Owning rental property is the next passive income idea on the list. Finding the right property may take some initial work up front, but it is worth it. People will always need a place to live. Why not let them rent from you? You can also list the property on websites such as HomeAway and Air BnB.
Create an app
Almost everyone has a smartphone these days. People tend to have several apps on their phones. If you create a good app, you can potentially make a lot of money with it. If you’re creative, you can learn how to build one yourself, or you hire someone to help you with it.
Sell T-Shirts Online
Selling t-shirts online via websites such as Teespring is another good passive income idea. It is free for you to sell items on their site. Making designs on Teespring is easy. If you’re not good with designing, you can find someone to create a design for you on Fiverr or Upwork.
Create a website
The final way that you can make passive or semi-passive income is to build a website. It takes time to make real money. You will have to start a site that creates value. Also, you will need to have lots traffic coming to it. Too many people think you can just make a site and automatically start making hundreds of dollars from it. It doesn’t work like that. When you do start making money from your site, the opportunities can be endless.
Rental property is a good passive income! My parents owned some rental properties before and it was really a good source of income.
Don’t forget about classics ways to generate passive income like owning stocks and bonds.
We have rental property, and I think the less passive it is the more lucrative it is. For instance, my husband is working on fixing the washing machine for one right now. He’s able to do it for a $6 part and his own labor, but if we were outsourcing the repair, we’d be paying hundreds (if not just replacing the darn thing). We seem to have 5-6 instances of similar repairs a year.
I bet laundromats make bank! That’s something I never thought of!
I also bet Laundromats are a great money making business – in the right location. Still working on the adding value part on my website.
I really don’t think starting a website is very passive at all, but it is a good side hustle when you need to work on your own time frames.
I’ve been toying with selling t-shirts online for a while now. There are so many sites that make it so easy.