I’ve been beating the drum to passive income for the last year now. Every day I write something about financial mindset, retirement planning, investing, cryptocurrencies, real estate, and business. I thought I would gather up some of my small business ideas in one place.
Disclaimer, these are just ideas—it is incumbent on you to make them passive. To make a passive income stream, you will need to plan to remove yourself from the business BEFORE you start. Please read the article “Become an Entrepreneur BEFORE You Start a Business.”
There are three ways to make a business passive; (1) through automation via systems, (2) out-sourcing via virtual assistants, freelancers, contractors, or employees (3) via hiring a manager. Of course, you can use a combination of all these things.
I wouldn’t expect any business to be completely passive; however, I would aim for five hours a week. I got this number from the book “The 4-Hour Work Week.” Since we are beginners, I’ll give us an extra hour a week.
I am in the process of creating an income stream from writing books, blogging, and affiliate marketing. I have 165 books published to Amazon, and my goal is to get to 1000. Once I hit this number, I will decide how I would like to automate this business.
Now, it’s your turn to find a passive income stream. Ensure that you enjoy doing what you choose. If you like the online world, do online stuff. If you like content creation, create content. If you want to work with the earth and animals, I have businesses for that.
Creating an Income Stream is one of the toughest things a person can do, but it is entertaining to figure out what the market request and meet those demands. I am having a blast creating content! I hope you try one of these or start your own. For more ideas, read “6 Types of Income Streams.” Enjoy and Good Luck!
1. Buy a Property in a Small City. Using leverage, you can buy a home in a small city, hire a property manager, and collect that sweet rental income.
2. Buy and Rent an 18-Wheeler Truck. Once you understand how the trucking world operates, you can rent an 18 wheeler or a trailer to drivers.
3. Start a Farm. Buying land and starting a farm can be extremely lucrative, especially once you add words like organic and sustainable. You aren’t trying to make money selling crops as much as teaching others to return to earth via content creation.
4. Create an eBook Series. This is an income stream I am pursuing. Yes, it can be completely passive once you write multiple books. I woke up today to find I had made $3 from book sales—one day, that will be $30 or $300.
5. Harvest Beneficial Insects. If you love Earth, being outdoors, and insects, this is the passive income stream for you. Yes, it will require work upfront, but you can hire people to off-load that work once you have a solid business model. I never knew people use butterflies at weddings!
6. Start an Electric Vehicle Business. Electric Vehicles are becoming more and more popular, and many people would like to try them before buying them. They may as well try yours.
7. Write 1000+ Words Every Day. Writing is one of the most passive streams out there. Words seem to float out on the internet forever. You can write a blog, mini-series, ebooks, magazines, and much more. Writing is a great skill to cultivate.
8. Rent Rooms. My favorite income stream of all time. It requires almost no money or skills outside of dealing with people. This income stream can make you rich.
9. Run a Passive Airbnb Business. Prepare a room or home for Airbnb, then hire someone to do all the legwork for a cut of the profits. You may not make a lot of money with an employee, but you will have freedom of time.
10. Run a Dog Park. Yes, in today’s world, you can rent out your land so others can run around with their dogs. When done correctly, this can be very passive.
11. Run a Herb Garden. Don’t have room for a big farm? Start a small one. You can grow exotic herbs as well to maximize profits. Don’t forget to create content for your herb garden.
12. Run a Property Management Business. Are you good with people and organized? Good, then you can start a small property management business from your home.
13. Start a Community Garden and U-Pick-It Farm. You can “rent” earth to folks who live in the suburbs. They can grow their own crops and pick berries with their kids. Once you have them, there will be even more chances to offer value in-person.
14. Start a Family Business. When we talk about out-sourcing and management, why not get the kids involved? You can automate any business with your family. My wife and I are talking about starting a business selling yarn because she is a great knitter.
15. Start a Home Business. Along the same lines as a family business, find something you love. Ensure you can either automate the process, create content around it, or even build an online course. Remove yourself from the equation. (Here is an example)
16. Start a Luxury Vehicle Business. Don’t buy a nice sports car, boat, RV, Jet Skis, ATVs, Sandrail, etc., with your own money. Start a business and have it buy it for you.
17. Start a Rental Car Business. Start a ground roots rental car business through a site like Turo. Like my Ford Focus, buy a few lower-end cars, learn the ropes, and make significant profits. Then expand to luxury and sports cars. Ensure a manager can follow in your footsteps.
18. Start an RV Business. The number of people who want to live RV life increases every day—especially after the pandemic. Why not get ahead of the trend and create content and affiliate marketing in this profitable niche?
19. Become an Affiliate Marketer. Affiliate Marketing is easy, building an audience—not so much. Affiliate marketing is a numbers game, and the bigger the audience you have, the more sales you will make. Once you get it started, you will just need to add content at a steady pace.
20. Write a Book in a Week. Writing a book is a great way to maximize profits by adding value if you have an audience. Writing a book doesn’t have to be a crazy long experience, but you will need a following to earn income from your book. People won’t randomly find your book.
21. Write Book Reviews. One of my favorite ones. Find a niche and read as many books as possible. Write a book review for each one. Not only does it build an audience and promote your blog, but you can also add affiliate links to your reviews—this is probably the best income stream for anyone to start.
As always, I recommend you read some books before you start any business. Luckily I have outlined my favorite business starter books here. You can also start with one of my books titled “Retire Rich, Retire Comfortable with a Business (book).” Good Luck!
- Free PDF Downloads: Download FREE PDF books here
- Financial Mindset: Become CEO of Yourself (book)
- Retirement Planning: Retirement Planning at Any Age (book)
- Investing: How We Plan to Retire on Dividends (book)
- Cryptocurrencies: My First Book on Cryptocurrencies (book)
- Real Estate: Financial Independence through Real Estate (book)
- Business: Retire Rich, Retire Comfortable with a Business (book)
- Everything plus way more: The Biggest Book on Passive Income Ever! (book)
- I bought a Kindle Oasis: Check it out Amazon
- Read My Books for Free: Free Kindle Books Schedule
- Sign up to Access our “Hidden” Free Kindle Book Schedule
- My first Children’s book: A Child’s First Book on Passive Income (book)
- Book Reviews: 54 Takeaways from 54 Books (book)
- Want to Build Passive Income from Books and Affiliate Marketing? (Learn here)
- Writing: Can Grammarly Make You a Better Writer? (direct)
- My Favorite Chromebook: The Ultimate Chromebook (direct)
- Follow us: On our Facebook Page and Join our Facebook Group
- Amazon Author Page: Check out my author page on Amazon
Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
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