6+Best Passive Income Side Hustles to Earn Extra Cash
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When it comes to passive income side hustle ideas, there are several ways to make money on the side, which could only require you to work a few hours a week.
In particular, consider searching for a different strategy to build your side business such as affiliate marketing or drop shipping- so that you could earn steady passive income if successful.
It’s easy to say than take action because you need to put a lot of time and effort to build a step-by-step before your business side hustle can actually generate some revenue.
For this reason, you must ensure to utilize all the available resources such as outsourcing, and building a winning team- so that you and your business can effectively be more productive than ever and be able to achieve long-term goals.
Let’s discuss the several side hustles to make money for beginners and entrepreneurs:
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One of the very first smart passive income ideas is to create an affiliate marketing business, in which you could find different ways to make money by promoting the affiliate products and services associated with your business niche.
If you believe those affiliate products would add more value to your customers or audience, then you may consider offering to them and earning an affiliate profit when customers successfully purchased through your referral links.
For example, if your niche is relevant to blogging, then you could find reliable web hosting providers for your users to launch an online business at minimum costs. Alternatively, you can get in touch with several services to provide discount codes for your audience.
There are two options you can start an affiliate business:
- Without a website: In this case, you must be an influencer with a few thousand followers on social media or Youtube, so that you offer great affiliate products to them and make extra cash.
- With a blog or website: As your business platform to promote other companies’ products and services.
We have limited time to cover multiple tasks for our start-up; thus, we need to ensure that we are the most efficient and well-organized to drive the business toward the next level.
Thus, you could consider outsourcing some of the tasks to freelancers as a virtual assistant on Fiverr, which cost starting around $5. Those freelancers will take care of Facebook and other social media posts and answer any inquiries from customers.
Launch an Online Course
Another value added to your customers and audience in every corner of the world is to create and launch online courses. It’s because you help people solve their problems by providing an excellent course and educating them on how to do things properly.
And, one of the online platforms you may consider using is Udemy, which allows you to create an online video course on different types of subjects.
Keep in mind that you must have the experience and the right skill to launch and offer the online course to your users or consumers. Thus, the content must be of high quality and ensure delivery value for them.
Launching an online course doesn’t require too much capital, and if your online system becomes widespread. It would prove to be an excellent profit-margin business.
With the dropshipping business, the first requirement for every entrepreneur is to have an eCommerce website- so that you can start selling products on your website from the third parties-providers to customers.
Instead of keeping products, your suppliers will package items and ship them to customers when they successfully purchased on your websites, which means your dropshipping business doesn’t pay for storage to keep products.
As your business relies on a strong platform, you must use premium-quality hosting providers to ensure there is no service disruption from the customer end and can load faster when they click on your site.
Read next: Amazon dropshipping
Print on Demand
Print-on-demand is one of the side jobs from home that allow you to make money by selling your own design on your platform. It’s another form of dropshipping, but the products you custom design are based on the customer’s needs and expectations.
Some of the popular print-on-demand products such as designed T-shirts, face masks, phone cases, and coffee cups, which you can see businesses offer on social media like Facebook or Instagram.
In order to custom design products, you must have premium design software like Canva– it is easy to use and helps business owners to print their designs.
Rent out your vehicle
One of the smart passive income ideas is to rent out your car to others if you have a spare car or no longer need it for daily driving. In this case, you could earn extra income when someone hires your car.
One of the great options is to work with a car rental firm like HyreCar, which allows you to list your car on the platform.
When someone decided to rent a car on the platform, you will receive a request and can earn extra income for every rent.
Apply for cashback sites
Perhaps, this is the easiest way to make money on the side as passive income because you almost don’t need to do anything instead of shopping online and receiving cashback rewards.
It’s considered smart shopping online due to the fact that you use the cashback sites like TopCashback to purchase at one of the most favorite brands online and save money for it.
In addition, members can download the chrome extension from TopCashback to receive automatic discount codes and promotional codes every time they are shopping with the site.
Rent out your space
The next passive income idea would be renting out your space. If you have a spare room, storage, garage, basement, or even parking lot- you can turn those into a regular passive income by letting other people who most need a space.
In particular, You can list your unused space on Neighbor and let other local people who can use your space and keep their stuff.
It’s a win-win solution for renters and hosts, the former can save money to keep their equipment at local hosts’ houses while the latter can make extra cash for renting out the unused space.
Keep in mind that there is some restriction on what products renters are not allowed to store in the host’s space such as drugs, hazardous materials, etc.
Related reading: Neighbor.com Review: A Great Way to Earn Extra Income
Key Takeaways on passive income side hustles ideas
- The list of passive income ideas for beginners, includes drop shipping, affiliate marketing, online courses, rending out your space, etc. You may select one of those ideas to create a business.
- Keep in mind that you can’t expect to earn extra income right away from your business because it requires a lot of hard work and commitment to building a successful business.
- One of the easiest ways to make extra cash is to sign up with top cashback sites, where you can earn cashback rewards for shopping online at one of your favorite stores.
- After your business has generated some revenue, you may consider scaling up by outsourcing the tasks to other freelancers at an affordable fee. Thus, it would give you more time to increase your productivity and focus on more important tasks.
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By Jiro Nguyen.
The content is only based on the author’s personal opinion and research experience. It is for informational purposes only and does not rely on as a comprehensive or substitute for professional advice.