Best Passive Income Side Hustles 2023
Make Money with Little Work
WRent out your extra space or your car, get cash back on your everyday spending, and earn interest on your savings.
Not every side hustle requires your time. Passive income sources such as renting out your car or extra spaces in your home, getting cash back when you shop, earning interest on savings, and investing in bonds or real estate can all get you money with little work.
If you’re hoping to create a passive cash flow that can help you reach your financial goals, you might find your fit in these best passive income side hustles.
What is passive income?
Passive income includes regular earnings from a source other than an employer or contractor. The Internal Revenue Service (IRS) says passive income can come from two sources: rental property or a business in which one does not actively participate, such as being paid book royalties or stock dividends.
“Many people think that passive income is about getting something for nothing,” says financial coach and retired hedge fund manager Todd Tresidder. “It has a ‘get-rich-quick’ appeal… but in the end, it still involves work. You just give the work upfront.”
In practice, you may do some or all of the work upfront, but passive income often involves some additional labour along the way, too. You may have to keep your product updated or your rental property well-maintained, in order to keep the passive dollars flowing.
But if you’re committed to the strategy, it can be a great way to generate income and you’ll create some extra financial security for yourself along the way.
What is passive income?
Passive income includes regular earnings from a source other than an employer or contractor. The Internal Revenue Service (IRS) says passive income can come from two sources: rental property or a business in which one does not actively participate, such as being paid book royalties or stock dividends.
“Many people think that passive income is about getting something for nothing,” says financial coach and retired hedge fund manager Todd Tresidder. “It has a ‘get-rich-quick’ appeal… but in the end, it still involves work. You just give the work upfront.”
In practice, you may do some or all of the work upfront, but passive income often involves some additional labour along the way, too. You may have to keep your product updated or your rental property well-maintained, in order to keep the passive dollars flowing.
But if you’re committed to the strategy, it can be a great way to generate income and you’ll create some extra financial security for yourself along the way.
flip retail products
If you’ve been looking for ways to make money, you’ve probably come across flipping. It’s an excellent way to turn a profit, whether you just want to make some quick cash or you want to make it a full-time business.
There are no strict rules for flipping, and anyone can do it differently. There are still some items that are more profitable to flip than others. If you’re looking to score big bucks, here’s a list of the most profitable items to flip.
How to Start a Dropshipping Business
Considering dipping your toes into the world of online business but feeling overwhelmed about where to begin? Or maybe you're already running multiple businesses but want to try your hand at eCommerce to develop another income stream. Either way, dropshipping might be the solution you're looking for.
In this article, we'll teach you how to start a dropshipping business of your very own, quickly and easily. If you've never even heard of dropshipping, don't worry. We're going to get started by covering what dropshipping is, how it works, and why you should start your own dropshipping business. From there, we'll walk you through what you need to know to build your eCommerce empire from the ground up.
Let's get started!
How to Start a Dropshipping Business in 2023
- Find Your Niche
- Analyze Your Competitors
- Figure Out the Logistics of Running a Dropshipping Business
- Find a Dropshipping Supplier
- Build Your Dropshipping Business Store
- Optimize Your Dropshipping Site
- Market Your Store
- Frequently Asked Questions
Print on Demand: How Does It Work (2023)
Whether you’re an artist, writer, designer, or entrepreneur, physical products can be the perfect canvas for monetizing your creativity.
From t-shirts to posters, backpacks to books, you can put your own original spin on everyday products and sell them online. However, if you go the traditional route of buying and holding your own inventory, you may be left with a pile of products that aren’t selling.
Click here to start selling online now with Shopify
The print-on-demand (POD) industry is expected to grow at a compound annual growth rate (CAGR) of 26.1% until 2030.
Print-on-demand services offer an easier way to bypass the time, investment, and risk associated with managing inventory, helping you create custom products at a fraction of the cost of manufacturing them on your own.
This guide will give you an overview of the print-on-demand world, with tips on how to start your print-on-demand business as well as how to most effectively start selling custom products.
Shortcuts
What is print on demand (POD), and how does it work?
Best print-on-demand services for creating custom products
Creating designs when you’re not a designer
Tips for starting with print on demand
Design, test, sell, and grow
Print-on-demand FAQ
Best Platforms to Sell Digital Products Online
Create a print-on-dumbest Platforms to Sell Digital Products Online
Are you looking to sell digital products without using a website? We have covered you by reviewing and comparing the best platforms to sell digital & downloadable products.
Starting an online business has never been easier. It’s not about starting the company but knowing what you wish to sell and how you want to sell it. Services like writing, marketing, design, and development work are among the most popular among freelancers. But then, things like eBooks, books, all physical items, and digital goods can be sold and purposed online through a specific sales page.
Selling digital products is a great way to secure extra cash inflow. Webmasters, bloggers, writers, and anyone with a website can become digital product sellers. And even though digital selling presents a much more relaxed selling environment, we should still remind ourselves that things like presentation and support management count.
If you wish to sell online, one of the few things you will want to make sure you have is a reliable hosting account that’s both secure and well-managed. You can get on top quickly if there are any problems with your website. You will also want to make sure that your website looks good.
The digital selling platform you will use can be integrated natively into your website management platform, or you have the specifications to host your own version on your website. Many of the platforms on our list are working externally, meaning that you will often get links and widgets that you can use on your website. and store
7. Websites for Selling Crafts and Handmade Products
Whether you’re looking for places to sell your handmade goods or to branch into other marketplaces, there are several great e-commerce sites to help gain you exposure.
From big-name sites to smaller, niche-focused platforms, we’ve got 7 great places to sell your crafts and handmade products online.
1. Etsy
2. Handmade Amazon
3. Cratejoy
4. Zibbet
5. Folksy
6. Hyena Cart
7. iCraft
Become an Instagram influencer
Nowadays, many people have a dream to become an influencer on Instagram. However, it probably looks very easy to people who only see the tip of the iceberg: just posting pictures and videos on Instagram, getting paid for it, or receiving free products from different brands – it looks like a fun hobby, right?
What many people don’t know is the hard work that content creators put into building their accounts – it’s just like any other business that needs a lot of time, and effort and to be taken very seriously. So, if you are ready to be dedicated to start building your own business, we’ll be happy to share some advice on becoming an Instagram creator!
1. Find your Instagram niche
2. Make sure that Instagram is the right channel for you
3. Set up your Instagram profile
4. Instagram was made for socializing – so be social
5. Don’t stress about the numbers
This clearly shows that you could have double of followers, but if they just stand there and basically skip your posts, do you really need them?
By the way! Since micro-influencers usually have quite a high engagement rate and a better connection with their followers, brands are starting to look towards smaller Instagram influencers more and more!
Therefore, remember, don’t try to get just any followers so you could see the number grow – be slow and consistent, and put in the effort to find the perfect matches for you. You will definitely see it paying off! Your job is to influence people, so find people who want to be influenced by you!
Best no-code app builder for leveraging AI and automation
AppSheet, our pick for the best no-code app builder for leveraging AI and automation
AppSheet is different from the other app builders on this list. Instead of presenting you with an open canvas where you'll design your app and a spreadsheet to create your data structure, it just requires one of your existing spreadsheets to get started. Once you upload your data, AppSheet's artificial intelligence engine will automatically build an app based on the columns and rows of the file you uploaded, adding the screens to view that data and the input forms to add new entries.
This focuses the building process more on the functionality of the app, not so much on the user interface: AppSheet enforces the user experience that Google has on all its apps. Still, that basic look is excellent and fully responsive, meaning it works great on all devices and screen sizes.
There are more AI features here than just translating your spreadsheet into an app. You can set up a way to train a machine-learning model with your own data to make predictions based on past events. For example, if you have lots of data on project costs, you can feed that data to the model, and it'll start predicting the price tag of future projects. You can then use that data in the app to make calculations, show it on a dashboard, or add it to the main budget.
Once you have your app figured out, you can add automation to the mix too. There's a range of triggers you can choose from, and you can then set what happens next step-by-step. This is great to process data as users interact with your app and to strike out repetitive tasks to increase productivity. And if you want to expand automation to your other apps besides AppSheet, you can do so by connecting it to Zapier.
It may be challenging to create a digital product or a SaaS app with AppSheet, but it's an obvious choice for enterprise use cases. In addition to the features we talked about, there's a range of security and governance features that'll let your IT department set the rules for app building. Then, let your non-technical team members build the solutions they need while the developers focus on the meatier coding problems. All without security holes or hidden risks.
AppSheet speeds up development by taking a spreadsheet and turning it into an app. If you want to get a head start and then focus on building advanced functionality, give it a try. You won't be disappointed.
Google AppSheet price: Free to learn; the price for launching apps starts at $5/user/month.
Invest in vending machines
If you’ve ever enjoyed your time picking out a snack from a neat array in front of you, looking into the vending machine business could be for you. In addition to chips and soda, vending machines now offer healthy snacks and even electronics or pharmacy items. It can be a very lucrative side business or a full-time operation. Here’s what you need to know to get started.
Benefits of a Vending Machine Business
Owning anywhere from a few to a few hundred vending machines can be a manageable, successful business for owners of any experience level.
The cost to start a vending machine is basically just the cost of the machines and stocking them—you won’t need an office space to house them. Additionally, all you have to do is maintain the machines through repairs, restocking and collecting the money from the transactions.
Repairs and Maintenance
Since vending machines are in public spaces, they are subject to vandalism and occasional theft. You can work this into your business plan, even though it’s frustrating.
Even if you bought your vending machines new instead of used ones, they require regular spot checks just to be sure. Any downtime in your vending machine will be a lost profit. Working a regular checkup of your machines in your schedule will also lead to better profits in general.
How to Buy and Sell NFTs (If You Must)
Wondering how to make and sell an NFT? The possibility of turning art into nonfungible tokens is something that many artists are exploring as a potential way to sell their work. NFTs allow art to be sold in a digital form by establishing the secure ownership of an original digital asset, and they can open up access to active new communities of interested buyers.
Despite some recent examples of NFT work being stolen or mis-issued and marketplaces being hacked, non-fungible tokens are here to stay and they're becoming more important to artists. Galleries are even beginning to show NFT collections in real life
Essentially non-fungible means non-replaceable or one-of-a-kind. Nonfungible tokens, or NFTs, make otherwise easily copiable digital items scarce, and therefore valuable, by offering a way to prove the ownership of the original file or item through the creation of a digital register on a blockchain.
How to Make Money With Patents
Everything You Need to Know
What You Need to Know About Selling Patents
A patent gives you ownership rights to your invention. Simply owning a patent doesn't make you money, however.
To profit from your invention, you can do the following:
Market it yourself
Sell the patent
Sell license usage rights
After you've invested considerable time and effort into your invention, you now have a viable product, which you successfully obtained a patent for. If you decide to sell your patent, you may enjoy a quick payoff.
While thousands of patents are granted every year, only a small amount of them generate any profits for their owners. Sometimes, patents languish until they expire.
When you sell your patent outright, you gain some financial benefit, which can help finance other promising inventions or pay some bills. Selling it outright also eliminates the huge monetary outlay that's necessary to create a new business based on your product.
Quick and hassle-free payoffs are enticing to some patent owners, but they give up the right to future profits from their inventions. In addition, what you earn from selling your patent may not be much, unless your product has been around for a long time. Patent buyers usually don't want to pay much for an unproven product that may not be profitable.
What happens if the product ends up being a huge hit, however? You may sell a patent for $500, and the new owner could rake in half a million dollars in profits.
Consider your invention before outright selling patent rights. Ask yourself questions like the following:
Is it innovative?
Does it have the potential to revolutionize an industry?
Do similar products already exist?
Licensing Rights
In many cases, inventors profit more by licensing patent rights. You keep ownership of the invention, and you also earn royalty payments on future sales. You can grant license rights to one or more companies.
You have a better chance of generating more profits if you license your rights with a well-known brand. In addition, the licensee assumes any liability for product mishaps.
Licensing usage rights hold no guarantee of future riches, however. If the product fails, you won't see much profit. Royalty rates may run anywhere from 5 to 20 per cent. For you to make a substantial amount of money requires major sales. Also, if your relationship with a licensee goes bad, you may end up paying more legal fees.
Selling or Licensing Options
If you decide to sell or license your invention, make your marketing efforts professional. Prepare brochures and formal letters to showcase your product. Include prototypes when possible.
Make a list of potential users and manufacturers of your invention. When you make contact with potential clients, don't present yourself as an inventor; instead, say you're a product developer. Ask for face-to-face meetings with the appropriate parties, such as a product manager.
You should only do this once you actually have a patent. Otherwise, you should request a non-disclosure agreement before you talk about your idea. However, if the company is already working on a similar idea, they won't sign a non-disclosure with you.
Go to invention or trade shows where you'll meet people or companies that are interested in your product. You should also advertise by putting new product announcements in inventors' magazines or trade publications
Raise capital for your invention by soliciting partners who can provide the necessary capital to launch the product.
Look to brokers. Brokers can market your invention to manufacturers in exchange for a commission if your product sells. You shouldn't pay brokers in advance for their services.
Practice caution with invention submission companies because many of these entities have been charged with fraud. A number of inventors have lost out on thousands of dollars after paying these companies. Before you hire a broker or pay a submission company, check their reputation with the United Inventors Association and the Better Business Bureau.
If you have a viable product and conduct the right research, you may be able to profit from your invention by monetizing your patent rights.
If you need to know how to make money with patents, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 per cent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.
