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10 Brilliant Passive Income Ideas for a Financial Freedom

10 passive income ideas

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Those of us who are busy sending out our resumes in the hope of gaining that perfect job can also use their time wisely to create an alternative source of income. You never know, while you are waiting for that perfect job offer you may stumble into something lucrative that you can keep going!

There are many people who work a job on the side during the evening and weekends or run something flexible that fits around their family commitments. Sometimes this can lead to them giving up the day job to focus entirely on their own venture.

Whether you want to try something that gives you a bit of passive income on the side without much effort, or you want to nurture a skill or hobby you have to make it more lucrative, there is usually a way of doing this.

1. Rent out your space

Do you have a spare bedroom to rent out? You can make a steady income from letting a room in your home without too much effort. You could let to a student if you live near a university. If you are close to a city you may be able to let a bedroom to a professional business person who may be in need of somewhere to stay between Monday and Friday and then they return home for the weekend.

Parking is becoming more of a premium these days too, so if you have some available parking space in a popular location you could make a really easy passive income from renting out your parking space. Places near train stations are also popular for rail commuters.

2. Merchandise design

These days it is very easy to go online and design your own range of products from t-shirts and mugs to bags and key-rings. Companies like Spreadshirt and CafePress are great places for you to start if you have a creative flair.

write ebook
Credit: unsplash.com/@jamestarbotton

3. Writing ebooks

If you have a passion for writing, then why not self-publish your work online. You can sell your ebooks through places like Amazon Kindle and Smashwords to create a passive income for your work. You can even get your book printed through a print on demand service such as Createspace.

4. Create an app

For those who know how to create software, then an idea for a phone app can be a great passive income source. Yes, there are thousands of apps available but people are making money from them every day – if they didn’t there wouldn’t be so many being created each day!

5. Make money from your photographs

Do you enjoy taking pictures? If you are a bit of a camera enthusiast then you can make some passive income by selling your photographs through websites such as istockphoto.com, CreativeMarket and similar sites. You simply upload your photos and each time a customer pays to download one to use, you get a royalty payment. This can be a great passive income for doing something you love.

6. Become a pet sitter

There are lots of pet owners who prefer to place their beloved pets in the care of an individual rather than use boarding kennels or catteries. You can take care of people’s pets while they are away on holiday, on extended work trips or even during the daytime while their owners are out at work.

7. Affiliate marketing

Affiliate marketing is another way to grow a passive income. Many online merchants operate an affiliate scheme that you can sign up for. There are also larger affiliate management companies that you can join such as AffiliateWindow.com who run affiliate services for other companies.

You can place your live affiliate links on your blog, website or social media sites and when someone clicks through the link and makes a purchase, you get a percentage of that sale.

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8. Graphic design

If you have graphic design skills and access to graphic design software at home, then you can offer your services in the gig economy. Many people now work as a freelancer either as their main job or extra to their regular job. You can offer all sorts of help through many of the online gig sites such as Fiverr.com. Popular gigs include logo design, creating flyers and posters, book cover design, infographics, banner ads and business cards.

9. Video creation

There is a great demand for short videos for product marketing and reviews or for video introductions for websites etc. These can be advertised through gig sites and can often take no more than a few minutes to put together. So if you are comfortable appearing in front of a camera and can speak clearly and confidently, then creating short information videos could be your thing!

10. Proofreading and editing

Do you enjoy reading? Do you have a good eye for grammar and spelling? Then you could proofread and edit books in your spare time for money. There are a lot of self-publishing authors who need the help of a good proof reader and editor. Many authors may have the creativity to craft a story but are not so hot on grammar and spelling. If you love reading then you can get paid for something you enjoy doing in your spare time.

Featured photo credit: unsplash.com

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