24 Other Little-Known Passive Income Ideas

  • other passive income ideas

You’ve reached my favourite part of this passive income series! This section is filled with weird, wacky and wonderful passive income ideas that I’ve come across and learnt about over the years.

Some of these little-known businesses are raking in a fortune by exploiting gaps in the market. Most of them benefit from having low overheads and high-profit margins, the essence of online business!

Let’s go!

The Vacation Property Broker

I came across this business while checking out some of the domains for sale on Flippa. This is something I hadn’t come across before and it sparked my interest as I noticed the site was making an average of $5000 a month over the last three months.

So here’s the gist: 

Beachfrontwest.com sells villa bookings to holidaymakers in the Dominican Republic. They partner with hotel type organisations that manage villa’s in touristic communities, and list these properties on popular vacation rental sites like HomeAway.

Average profit per sold booking is $500-800.

A typical booking involves answering queries and confirming down payment details. Also, requesting pre-payment, and emailing reservation details to both hotel and customer.

Why don’t these hotels list on Airbnb type sites?

According to the owner, they do list on instant booking sites like Expedia and Booking.com but the hotels are too busy to deal with the general queries and questions they get from customers that book through platforms like Airbnb.

This is essentially operating on the affiliate marketing business model, but instead of going through an affiliate program, they’ve cleverly negotiated deals directly with hotel suppliers.

This is huge.

Why? Because a typical affiliate program in the travel niche pays around 3% for bookings like this. So you’d usually be making under $100 per booking instead of $500-800.

Day to day operations for this type of business could be easily outsourced to a virtual assistant. So, instead of spending time on the phone with customers, you can pour yourself a freaking Peroni because you’re making sweet passive income!

The bottom line

A perfect example of a business spawned from a gap in the market. Companies are willing to outsource the management of vacation rental bookings, and they’re willing to pay good commissions for someone to do it.

Cost of Launch
Difficulty Level
Profit Potential

The WordPress Theme/Plugin Designer

If you come from a development background, themes and plugins could be the one for you. Over 59% of websites are powered by the WordPress CMS. That’s millions of webmasters. And they all use themes and plugins!

It’s fair to say, the market is huge.

ThemeForest and CodeCanyon are the main places to buy and sell your themes and plugins.

19 out of the 8000 WordPress themes in ThemeForest crossed $1 million dollars in sales. The most popular theme is called Avada (it powers this site too!) generating $16 million in gross earnings and $10 million in profit since it was released.

Based on sales history, Avada is raking in around $220,000 a month.

Amazing right?

But what about all the other theme and plugin developers?

The truth is that many developers don’t make a dime with their creations. 76% of WordPress themes on ThemeForest earn less than $1000 a month. And less than 1% cross $10,000 monthly recurring revenue.

Part of the problem is that Envato (the owner of ThemeForest and CodeCanyon) take a 30-70% cut of your profit. You’re also limited by the marketplace rules.

How to make money as a theme developer

ThemeForest charge high commissions because they have access to buyers. But you can move past this by striking out on your own. Build your own website, create a blog and master how to market and promote your offer.

This way you’re not competing on price with thousands of other themes. You can offer multi-site licenses, subscription plans and keep all the delicious pie to yourself!

The kicker is learning how to drive, nurture and convert traffic effectively. Oh, and you need to offer some kind of support for your themes/plugins too!

The bottom line

Creating a full-time income from themes and plugins isn’t easy but with the right skills and attitude, it’s definitely doable. Personally, I would avoid this unless I had a developer background and was crazy keen on themes/plugins. This is definitely one of the harder businesses to succeed with.

Cost of Launch
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The Dropshipping Store

dropshipping passive income streams

Ahh, Dropshipping. A revolution in physical product sales. A product fulfilment method where the “dropshipper” doesn’t hold stock of any items. Products are only purchased when the customer puts an order through. The supplier then ships the product directly to the customer!

Some of the benefits include:

  • No shipping or returns handling – Suppliers manage shipping, returns, inventory and stock levels.

  • Less risky – You don’t need to purchase stock in bulk that might not sell.

  • Low startup cost – You don’t need to invest in inventory up front.

  • Location independence – A Dropshipping business can be run from anywhere with an internet connection.

  • No shipping or returns handling – Suppliers manage shipping, returns, inventory and stock levels.

  • Less risky – You don’t need to purchase stock in bulk that might not sell.

  • Low startup cost – You don’t need to invest in inventory up front.

  • Location independence – A Dropshipping business can be run from anywhere with an internet connection.

Here’s an example:

Fourth World Problems is a Dropshipping clothing store that sells women’s swimwear.

The original owner came up with the idea after working in a surf shop and seeing how much girls were willing to pay for bikinis… lol!

The site regularly makes around $10,000 a month in profit after all expenses, and most traffic comes from Facebook ads. They work with around twelve suppliers on Aliexpress so don’t hold any product inventory.

They use Shopify to power their site, (which is the most popular e-commerce website solution).

Running this business takes roughly between one to three hours per day (fulfilling orders, marketing, maintenance, support). All of this stuff can be outsourced!

How do I know all this? The business was for sale at the time of writing this article!

The bottom line

Dropshipping is a fantastic business model that takes most of the risk and frustration out of selling physical products. Finding great suppliers, competitive products and effective marketing are the crucial cogs to a concrete Dropshipping business.

Cost of Launch
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The Outsourced Local Business

This is one of the more creative passive income ideas I recently thought about…

Build a website based on iPhone repairs. Get it to the top of Google for various related search terms. Keywords like “iPhone 6 repair” get thousands of searches every month. Many of these keywords have super low competition.

Make the website beautiful. Stunning. Gorgeous! Aim for a design that invokes the same feeling of quality that the official Apple website has (but don’t steal).

Offer an exquisite service

Offer a concierge-like service for the broken devices. You could send out special padded boxes for people’s phones with free fully insured shipping or offer a super fast turnaround time.

By doing this, in combination with a clean, user-friendly website, you’re able to charge more for your services.

You want the sales process to be sublime. Fluid. No questions asked from the customers because you’ve covered everything.

Once you’ve taken payment, redirect your customer to a page that tells them where to send their phone (along with any other details they need).

Answer every question so there’s no requirement for customer support. The iPhone repair business receives the phone, fixes it all up and sends it back to the owner.

This entire process can be fully automated. The only thing you’ll need to do is settle your costs with the device repair business once a month. Oh, and you can hire a VA to handle any admin/customer support/payments if required.

The bottom line

Many brick and mortar businesses have barely scratched the surface when it comes to driving online sales. Outsourced online services will help them bridge this gap and earn you a hefty dose of residual income in the process.

Cost of Launch
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The Job Board with a Twist

Create a website dedicated to helping candidates improve CV’s, land more interviews and get better jobs. This will be a lot of work at the start but keeps the level of risk down as you won’t be paying a developer thousands to design a bespoke job board site for you.

Once your site starts gaining traction (i.e starts ranking for relevant keywords and getting traffic), introduce a job listings section. Now you can easily convince recruiters to post jobs on your site as your website is already full of potential candidates!

Most job boards charge hundreds of dollars for a single job listing. You can start low and steadily increase prices relative to the site’s popularity.

The bottom line

Apart from a few main big players, there aren’t many sites dedicated to helping candidates land better jobs. Especially not in specific niches. Using content marketing to grow the site from scratch lets you test out this idea on a shoestring budget.

Cost of Launch
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The Stock Photographer

Stock photo websites like Shutterstock, Getty Images and Stocksy will pay commissions when you make sales of your photos. Stocksy pays one of the highest commissions, up to 50% per photo.

You need to create a professional portfolio of images if you want to make any real income from this idea. Your photos also need to be approved before they’re published. Each stock photo site has different conditions that need to be met for successful photo submissions.

The good news is the work only needs to be done once! When your pictures go live they can be bought, again and again, netting you a tidy little commission each time.

The bottom line

If you’re a photographer, this can be a nice little way for you to earn a few extra bucks a month. Don’t expect to make a living from this strategy though as there isn’t a lot of money in this.

Cost of Launch
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The Foreign Language Business

Speak more than one language? Any of these passive income ideas listed so far can quite easily be replicated in a foreign language. When it comes to search engine rankings, foreign language’s tend to have WAY less competition compared to English.

If you speak another language, and you’re planning on starting a business that involves search engine rankings, I would compare keyword competition for both languages before making a decision.

This is assuming you’ve got an idea of the type of keywords you want to target.

If you can put in less work and get the same results, it’s a no-brainer, right?

The bottom line

Starting a business in a foreign language can be a super smart move if you’re looking to rank a website in the major search engines. English keywords have (by far) the highest competition for rankings out of any language.

The Digital Course and Membership Site

One for the more seasoned digital entrepreneur. This is tough to pull off. It’ll take a while to setup. And you might cry with the amount of content you need to get this one going.

But it’s massively passive once the work is complete!

I say it’s worth busting your balls creating a video course and tons of written content if it’s going to be one of the best of its kind. And your customers will thank you for it by paying you $1000+ without asking for a refund, basically ever.

If you’re an expert in any specific niche, you can’t go wrong creating a comprehensive course.

Some essential steps for finding a profitable niche include:

  • Identifying a market with enough demand.

  • Testing your product in the marketplace before you create it.

  • Identifying a market with enough demand.

  • Testing your product in the marketplace before you create it.

For any type of keyword research, I use Mangools. Don’t bother doing this if you aren’t going to do proper research first. Most course topics are saturated with content already so doing your homework is essential.

To make sure people are willing to pay for your product, you can set aside a budget of $250 and setup a fake sales page.

You can create one in a few minutes and split test different price points to see what works best.

(If you’re looking for great landing page software, check out the case study post I published on two of the most popular tools — Clickfunnels VS Leadpages.)

The bottom line

Creating a course and membership site is time-consuming and painful at first. But once you’ve created the content you can enjoy a reliable stream of residual income for years to come.

Cost of Launch
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The Viral Content Sharing Website

These sites seem to spring up out of nowhere, don’t they?

This is one of the passive income ideas that doesn’t require too much work in terms of content.

I’ve seen many of these sites on Facebook. The articles they share usually have some click-bait type headline making it oh-so tempting to click.

It’s not uncommon for a site like this to get millions of hits a month through sharing content that is already going viral.

It’s easy to assume these businesses produce no original content, but this isn’t true. The big players in this game often create ultra shareable content that ends up going viral.

Viral sharing sites add value by curating interesting content, presenting things from a fresh, new perspective. They’re great case studies for content curation done well!

Here’s an example:

Upworthy is a well-known content sharing site that actually produces a tonne of their own stuff.

I just finished reading the above article and learnt how a juice company helped a national park grow and thrive after dumping orange peels onto the land! It looked incredible!

How do they get paid?

Usually through native advertising and traditional banner ads. You know those ads that look like articles? The ones that are normally at the bottom of articles? Those are native ads.

Many content sharing sites will also have articles on their site but you’ll see “promoted by” another company at the top. Another form of native advertising.

Upworthy cleverly integrates their ads into some pages…

The entire top of the page is encouraging people to volunteer. As you scroll down you find more sidebars from State Farm and the usual Upworthy articles in the middle.

Creating a site like this would be soo not passive at the start!! The most important thing is to have an eye for shareable content.

The bottom line

Sharing interesting content gets you likes, followers and subscribers. A viral content sharing site is essentially a curator of content from around the web. The key is to find interesting stories that you can curate into something super compelling.

Cost of Launch
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The Serial Organiser

In this internet age, we no longer suffer from lack of information. It’s more a lack of organised information. Bringing information together is similar to curating content. There’s money in collecting useful info and packaging it into a product for people.

Here’s an example:

Let’s say I’m an investment banker graduate looking for my first job. It would be crazy helpful to have access to a document with all the banking firms in my local city. Sure, this information is available on the interwebs, but it’s all over the place!

I could package this into an e-book and sell it through Facebook ads, Youtube or through a niche blog.

You’ll want to hire a VA to do that actual data collection part as this will be mind-numbingly boring.

The bottom line

A simple concept of collecting information can generate passive income if packaged in the right way. Do some research, find gaps in the market and I’m sure you’ll discover some golden opportunities.

The Retainer Writer

Start a writing business without doing any writing.

Wait, what?

Ever heard of ghostwriting?

Many writers outsource their client work and have it “ghostwritten” by a cheap freelancer. This is a “white-label” service where a writer can put their name on something they haven’t written themselves.

Launching this business would involve negotiating writing retainer contracts with businesses. This can all be done remotely. You can find gigs for writers on sites such as Problogger, Contena and Blogging Pro.

Is it lucrative?

Some businesses pay hundreds of dollars per article.

Once you land contracts with businesses you can outsource the work to a ghostwriter. After you’ve secured a few retainer contracts, and found some reliable ghostwriters, you can sit back and watch the residual income flow into your bank account!

The hardest part will be finding a ghostwriter with similar writing skills to you (they will want to see samples of your writing before hiring you).

Alternatively, you can provide examples from your ghostwriter but I don’t know if this will work as the content usually has the author’s name at the bottom.

I mean, you could say you ghostwrote it, but that would be lying 😉

Joking aside, the best way to do this is to start a freelance writing business, take on clients and complete the work yourself. If you’re successful, you can start taking on staff and provide services for clients as a writing agency.

The bottom line

If you have decent writing skills you can start a retainer writer business. Mastering your pitch will put you in a position where you can land awesome writing gigs. You can then complete the work yourself as you establish yourself in this space, and from there, the sky is the limit.

Related Content: How to Secure Epic Remote Writing Jobs Using Contena

Cost of Launch
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The Backseat Translator

Another one for the multi-lingual readers! If you’re able to read and write fluently in another language, you’ve got a valuable asset that can be put to good use.

Translation services are in high demand right now as more content is being produced in languages other than English.

You can start off by providing your own translation services to people as a freelancer.

Getting your hands dirty will help you understand the business from the ground up. Once you’ve figured out a process that works, you can document it and start thinking about outsourcing.

After you’ve established a proven process for acquiring clients, I would start thinking about outsourcing your work to other translators so you can take more of a backseat approach.

I would test a few translators at the start and pick out the best ones from there. You could even build an authority website and create content on translation services to generate leads from organic search. Branching out in this way will help you establish your brand and charge for premium services.

Did some really quick keyword research and stumbled onto a goldmine of translation keywords with crazy buyer intent and low competition…

That’s an average of $9.71 cost-per-click. This means advertisers are willing to pay nine dollars for a single click to their website from people looking for translation services.

The bottom line

Translation services of all types are in high demand. And judging by the competition, this demand isn’t being met! This is a business that can be started, grown and outsourced relatively quickly. Oh, hello passive income stream!

Cost of Launch
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The Problem Solver

When it comes to earning residual income, a little creativity goes a long way. And the ideas I’ve shown you so far have hopefully got you excited, pumped and fired up to get started.

Being a problem solver, in general, are the stem cells of successful business. It’s a logical way of thinking. An approach that you take to obstacles. A mindset, if you will.

This may seem a little off-topic, but I assure you it isn’t!

Businesses provide solutions to problems faced by people as well as other businesses. The best way to build a business is to develop a product that serves a hungry market. How do you find a hungry market?

By finding out what problems exist in the marketplace. 

What problems do people have? What obstacles are businesses struggling with?

If you can effectively identify these things, you’ve got an unlimited, untapped pool of business ideas with a high chance of success.

The bottom line

The birth of a business idea should come as a direct response to a need in the market.

You can identify a market need by researching problems. Building a successful business isn’t some mystical formula based on pure luck. It’s a perfect half-way meet between market demand and your product/service that provides a solution.

The SRDS

Another interesting little idea I came across on one of my late-night Quora binges!

SRDS stands for Standard Rate and Data Service. They own direct mailing list information that people can use to identify large groups of people sharing a common interest.

The idea involves the following: 

  1. Identify a “hot market” by finding people that share a common interest as well as purchase history. (For example, Golfers. Passionate about the sport and lots of money to spend!)
  2. Devour 10 books on the market you’ve chosen (sounds a lot but should only take 3-4 hours each to skim read).
  3. Extract golden nuggets of information from books and refine into exceptional content that you can use to create an incredible info-product (could be e-book, training manual, even a training course).
  4. Write an awesome sales letter that highlights the secret info you’ve learnt. It’s gotta be really good. if you don’t get this right, you won’t convert.
  5. Contact a list broker (check reviews to find a good one), tell them about the list you found on SRDS and say you want to rent 5000 contacts.
  6. Mail your physical sales letter to 2000 people as a test to gauge interest. If you get a decent response (make quite a few sales), rent the entire list and send your sales letter to everyone.

Get ready to rake in hundreds of thousands of dollars. Now, this may sound crazy far-fetched but people have been doing this with huge success for a while now. And just think, how many people still use physical letters? People’s email inboxes are flooded but drop boxes are empty!

The downside is that your postage will cost quite a lot, and you’ll have to hire someone people to write out the addresses for you (unless you want to lose your mind).

You can read the full post on Quora here.

The bottom line

A clever idea that utilises the now under-used direct mail strategy. This won’t produce passive income but has the potential to generate an enormous sum of cold, hard cash in a short space of time.

The SAAS Company

The rise of the internet has given birth to the SAAS company.

SAAS (Software as a Service) is a subscription powered business model where the consumer pays a monthly fee in return for a service.

Building a SAAS company is definitely one of the toughest passive income ideas on this list. It requires some start-up capital and months/years of dedication. But it beats putting your money into a company as an angel investor in exchange for a measly 1% stake in a business.

SAAS companies come in all shapes and sizes in different industries.

Here’s an example:

ConvertKit is a SAAS company that specialises in email marketing for bloggers. They provide a platform for bloggers to create and manage their email marketing campaigns.

The software helps bloggers grow their business by implementing effective autoresponder and automation sequences. It’s one of the most user-friendly platforms out there. And it’s the email marketing software that we use here on Bengu!

They have payment plans based on the number of subscribers you have, starting from $29 all the way up to $79+ a month.

Just 1000 customers paying $29 will already bring you up to $29,000 a month in MRR (Monthly Recurring Revenue).

In October 2017 Convertkit grossed over $864,000! 

Don’t believe me? You can check out the metrics for yourself here:

https://convertkit.baremetrics.com/stats/mrr

You’d be surprised to know that Convertkit was a failing SAAS startup no less than three years ago. Back in October 2014, Convertkit was grossing $1337 a month in revenue.

You can read more about the Convertkit story on Nathan Barry’s blog (the Founder).

The Juicy Details

The costs of building a SAAS company are down to the degree of outsourcing required to build your MVP (Most Valued Product). Bootstrapping is a popular term used to describe people who fund the start-up of their own SAAS companies.

This works if you have a background in programming/software development. If you can actually design the product yourself, it’ll cost you WAY less money. That said, many successful SAAS companies outsourced their entire technical design process.

Two ways of financing your SAAS:

  • A guy by the name Ryan Shank outlines how he built his SAAS business for under $40k in just a few months in this article.

  • Another guy by the name of Dave Mytton describers how he built his SAAS company for under $3k in this article.

  • A guy by the name Ryan Shank outlines how he built his SAAS business for under $40k in just a few months in this article.

  • Another guy by the name of Dave Mytton describers how he built his SAAS company for under $3k in this article.

Quite a contrast right?!

The bottom line

A SAAS company is a superior alternative to investing your money in other start-ups. While you do need to dedicate a few months/years of your life to this, the passive income rewards can be huge if you create a service that sells really well.

Cost of Launch
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The Hacked SAAS

Similar to a normal SAAS company but with a unique twist that brings affiliate marketing into the mix. These software companies use other business models to maximise their earnings.

Here’s an example:

Domcop is a useful tool that groups together expired domains with good SEO metrics. They aren’t a domain registrar (like Godaddy), they just have powerful search features that help people find the expired domains they’re looking for (a perfect example of “the serial organiser” implemented well).

Like any other SAAS, they charge a monthly subscription fee to use their service. But they also use affiliate marketing to generate additional revenue.

When searching through Domcop, you have buttons that take you to the domain registrars to bid on or purchase the domain. Each one of these buttons is an affiliate link!

A clever way you can combine strategies from business models to maximise revenue.

The bottom line

Passive income ideas aren’t limited to one thing at a time. While it’s important to focus on one thing when building your business, you can still use strategies from other business models to maximise your revenue.

Cost of Launch
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 The Online Marketplace

Did you know you can create an online marketplace website in a matter of hours?

Think Airbnb for “niche”.

Most people assume this takes weeks/months and requires an entire team of developers to pull off but it can be done in a seriously short space of time. These types of sites allow people or businesses to list their services.

Here’s an example: 

Studiotime.io is a marketplace where people rent out their music studio’s on an hourly, daily or weekly basis. Bet you didn’t know a site like this even existed!

A great example of a marketplace website from a creative angle.

It was created by a guy by the name of Mike Williams. He took this thing from idea to draft product in the best part of a day!

After finishing the website design in a just a few hours, Mike set out to get his first few sign ups. He used Craigslist, Twitter and Product Hunt to generate spectacular buzz for the official launch of this marketplace.

Studiotime makes money by charging a monthly subscription fee to music studios.

Hello, passive income!

Fancy building your very own marketplace site in just a few hours?

This video I found on Youtube walks you through the process from start to finish:

The bottom line

Airbnb sparked a revolution in the way we book accommodation. The same concept has yet to be applied to various niches. Online marketplaces serve a huge need for people with specific shared interest from all over the world.

Cost of Launch
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The Remote English Tutor

Love teaching language?

Remote tutors are in high demand as more people switch to the convenience of learning via digital classroom!

6500+ people are searching for terms similar to “online English tutor” every month.

If you’ve got a background in teaching or you just love language, you can earn good money teaching English to people remotely. In fact, anyone can do this. More importantly, anyone can outsource this!

Turning this into a residual income operation involves a similar process to “The Retainer Writer” business idea.

The three steps to outsourcing a remote tutor business include: 

  • Establishing a proven process for generating leads.

  • Converting leads into customers.

  • Hiring freelancers/employees to tutor the customers.

  • Establishing a proven process for generating leads.

  • Converting leads into customers.

  • Hiring freelancers/employees to tutor the customers.

The best way to figure out how to set this up is to see what other people are doing in this space. I found out there are only really one or two competitors ranking organically for the main search terms. So, it wouldn’t be too difficult to build a website that can compete with the competition.

The bottom line

Learning language is big business. More people than ever are looking to learn languages online through private tutoring. This type of business can be grown quite easily into a solid stream of passive income.

Cost of Launch
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The Kindle Publisher

kindle publishing

Kindle publishing has been around for a few years now. But did you know people have been raking in thousands of dollars in passive income every month by publishing Kindle e-books?

This chart shows the growth in e-reader ownership from 2010-2014 in the US:

Those numbers have probably waned off a little now but there’s still huge demand for books on Kindle.

Kindle is clearly the market leader in this space. Making money with this involves self-publishing books on the Kindle marketplace. These books don’t have to be that long as most only sell for two to five dollars.

Doesn’t sound like much, right?

Would you believe that people outsource the writing of these e-books and have created six-figure incomes from publishing and selling these books on Kindle?

It blew me away too. Especially considering how low these books sell for in the Kindle marketplace.

This passive income idea will require a couple of months to master the basics and build your foundation. But once the work is done, you can reap the rewards for months, if not years to come.

I came across some great resources while researching this idea, including an entire “how to” guide on building a thriving Kindle publishing business on Reddit:

I will say that a lot of the information is quite old out there though so I’m really not sure how effective this strategy is at the moment. Still definitely worth a look though!

The bottom line

Kindle e-book publishing is a quirky idea for creating a passive income business. While much of the content on this topic is a few years old, there’s no denying the tremendous amount of people that still buy and read e-books on their Kindles.

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The Short-Term Let

Got some guest rooms that are always empty? Maybe you’ve got a holiday home that you don’t use for most of the year.

Websites like Airbnb, HomeAway and VRBO allow you to list your properties to rent for as long or as little as you want. If you have parking space for vehicles, these can also be rented on a short-term let basis.

Renting out your space on a short-term basis makes more money than a traditional lease. This experiment by Paula Pant runs through the pros and cons of renting your space on Airbnb.

While a lot of this stuff can be systematised, there’s always a risk of cleaners not showing up or even people throwing orgies at your place of dwelling. We’ve all heard the horror stories!

Thankfully, there are things you can do to minimise risk. You’ll also want to check your local laws as it’s actually illegal to offer short-term lettings in some places.

Overall, renting out your space can provide a healthy sum of semi-passive income.

The bottom line

Renting a place you own never comes without risk, but with proper due diligence, you can enjoy a steady stream of semi-passive income from your property investment.

Cost of Launch
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The Car Rental

Does your car spend most of its time sitting on the driveway?

You can make hundreds of dollars a month by renting out your car to people by the hour, day or week. Sites like Turo and Hiya Car are marketplaces where you can list your car and find customers.

I found a Maserati GranTurismo on Turo for $128 a day! FUN!

Personally, I wouldn’t rent my car out if it had low mileage as I wouldn’t want to rack up the miles, but each to their own!

While the income is pretty passive, you’ll have to communicate with customers and do hand-overs. Hiyacar actually offers a keyless solution which allows for a more “hands-off” experience.

The bottom line

Renting out your ride is an easy way to make extra cash on the side. Just don’t expect to make thousands of dollars a month from it!

Cost of Launch
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The Storage Space Rental

Did you know you can rent out your garage space?

Think AirBNB for your car.

A Colorado-based company called STOW IT is changing the face of vehicle storage by connecting people that have space, with people that need it!

Their service enables you to rent all types of storage space from single car parking to double garages and entire warehouses!

Unlike traditional storage companies, STOW IT doesn’t lock anyone into contract agreements and listing your space takes only a few minutes on their website.

The bottom line

If you’ve got some free space you could be making an extra few hundred dollars a month by renting it out to someone.

Cost of Launch
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The Web Hosting Company

Did you know you can start a web hosting company without any infrastructure?

You can instead, leverage computing power from the largest hosting companies in the world through becoming an official reseller.

This method allows you to offer fully-featured hosting services under your brand name while eliminating any financial risk you’d have to take if you purchased your own infrastructure.

The web hosting industry has been expanding quite rapidly for the past ten years and is showing no sign of slowing down. There are clear gaps in the market for niche hosting services.

If you’re in the web design business and you aren’t reselling hosting, you’re throwing money down the toilet. Many web designers recommend hosting solutions to clients but they aren’t getting paid for it!

Offering web hosting as a reseller is 100% monthly recurring passive income. It requires no extra work on your end apart from setting up the customer with their account in the first instance.

The bottom line

Website hosting reselling is THE perfect passive income idea if you’re in the web design/development space. The web hosting industry is consistently growing which means more opportunities for you to make money!

Cost of Launch
Difficulty Level
Profit Potential

The App

Apple no longer owns the largest app store. Google Play has 400,000 more apps compared to the Apple app store in 2017. It surprised me too! But in terms of making money, Google play isn’t as lucrative.

Why? Because their ad networks pay very little, making it more difficult to make good money with an app. That said, with the right app, there’s still plenty of money to be made through both app stores.

The cost of an app depends on a variety of factors including: 

  • Who you hire to design your app (offshore developers/well-established native agency)

  • The features of the app (design, ratings system, API requirements and more)

  • The type of app you’re creating.

  • Who you hire to design your app (offshore developers/well-established native agency)

  • The features of the app (design, ratings system, API requirements and more)

  • The type of app you’re creating.

An app can cost anywhere from just a few thousand bucks all the way into the millions of dollars. There are way too many variables to give you any solid numbers. The easiest way to get a ball park figure is to use the following methodology:

The cheapest way by far for development is going offshore but you’ve really gotta watch out for unqualified developers.

I came across a really neat site called Code Mentor X. These guys specialise in connecting people to the top 2% of freelance developers, helping to ensure you don’t pick the wrong person for the job! All developers they recommend go through a strict vetting process before being approved.

You also maintain the cost-saving benefits of using freelance developers instead of big brand agencies.

Being on a tight budget means you can’t have it all: 

app-dev.gif

The best way to go navigate your idea process is to find out what’s worked for other businesses.

Researching the most popular apps will give you invaluable insight and perspective into what works, and what doesn’t. After establishing what works, create something similar with a unique twist. You’ve really gotta nail the key differentiators here!

If you’re interested in finding out more accurate costs for apps, check out this handy app calculator.

The bottom line

Building an app is always going to be a gamble. The journey can be painful and expensive. But the passive income rewards can be massive! Reaching success with an app can mean millions in monthly recurring revenue. Big league passive income potential.

Cost of Launch
Difficulty Level
Profit Potential

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By | 2018-09-23T15:12:17+00:00 July 9th, 2018|