If you’re looking for a way to supplement your income, it’s time for you to look into various passive income ideas and find one that suits your skills and schedule. Not only is this a great way to build wealth; savings from your passive income can also act as a cushion just in case you lose your job. If you’re looking to switch to being self-employed full-time, practicing with your side hustle while still being employed can help you ease into the transition.
Keen to find the perfect passive income idea for you? Here are 10 great examples you should try:
1. Write an ebook
With many e-publishing platforms like Kindle Direct Publishing, it’s now easier than ever to self-publish and get distributed all over the world. You don’t have to write a thick book either; most ebooks go from 30 to 50 pages, all about different niches and expertise. To make this work, you have to do a bit of online marketing either on your social media or on your own website or blog.
2. Design fonts or graphics
If you’re a graphic designer, you can sell bundles of your fonts or graphic illustrations on various marketplaces. Creative Fabrica is a good platform for this, as you can sell your designs as part of their subscription plan and get percentages every time a subscriber downloads your products.
3. Shoot stock photos
Budding photographers can earn extra income by putting their photos on stock photo sites such as Getty Images or Shutterstock. Take the time to do some research and find what kinds of photos are in demand on such sites so you can tailor-fit your photos to the current needs of the market.
4. Rent your space
If you have a spare bedroom or parking space in a strategically located area, renting them out can generate some extra income. For this, you will have to partner with middle-man sites like AirBnb so you won’t get scammed (or be mistaken for a scammer). You will also need to do a bit of marketing for people to find your space.
5. Do affiliate marketing
Bloggers and YouTube creators supplement their content creation income with affiliate marketing partnerships. Affiliate marketing is simply getting a cut or commission each time a person clicks on and buys a certain product from a link on your site. The commission isn’t all that big if only one or two people click and buy from your link, so you will need to have an established following for you to earn from this.
6. Sell your design on print-on-demand sites
Another way for graphic designers to earn income from their designs is to partner with print-on-demand or POD sites. These sites will produce and distribute your designs on physical merch like shirts, mugs, and other items. Creative Fabrica has a dedicated POD library for fonts and graphics that you can incorporate into your design. Downloading from this library ensures that your design elements have a full POD license which allows you to sell your designed goods on POD sites.
7. Create a course
If you have a particular expertise and you love teaching, creating a video or audio course could be a good passive income idea for you. There are many sites where you can easily distribute your course like Skillshare or Teachable.
8. Make financial investments
If you have a bit of extra dormant savings, you can invest part of it in stocks, mutual funds, or bonds. You may need to get the advice of financial experts to make the best decision, or start with low-risk investments first. After investing your money, you may not be able to access them for a time, so be sure not to invest everything that you have at hand.
9. Be a social media content creator
Being a content creator may not be entirely passive as it’s an ongoing activity that you need to devote time to. But since you’re most likely always on your phone, why not make money while you’re at it? Many social media content creators are able to leverage their acting abilities or video editing skills to eventually get lucrative sponsorship deals from brands and other businesses.
10. Create handmade products to sell
Creating handmade products can be a fulfilling and profitable endeavor.
With the help of Creative Fabrica and the CF Spark tools, creators are allowed to generate images, patterns, sketches, and more and develop a variety of products to sell, including clothing, home decor, DIY wall art, stickers and accessories. This combination not only provides an outlet for creative expression but also the potential for a successful business venture.
Most of these passive income ideas will require legwork to start and maintain, so in a sense the term ‘passive income’ may be a bit of a misnomer. However, what makes them passive is that once you put in the hard work and get everything established, earning from them can become almost effortless. So if you’re looking for a way to build your wealth doing what you love, there’s no better time to start than now.