Four Passive Income Ideas You’ve Probably Never Considered
Passive income is like the holy grail in business, to the point where some people think that it doesn’t exist. However, we’re here to tell you that passive income is not a myth, and there are tons of ways to generate income 24/7 with little to no maintenance. Many of these methods will require a significant initial investment, but some passive income businesses can be started with only a few pounds. Let’s look at a few passive income ideas you’ve probably never considered.
Invest Through a Robo Advisor
If you were always scared to invest in the stock market because of your lack of knowledge, know that you can use as a robo advisor to build a portfolio for you. You won’t get rich by using them, but a robo advisor could get you steady returns and allow you to beat inflation.
Robo advisors will usually start by asking a few questions. They will ask questions like your age, what kind of returns you would want, your income, etc. They will use this information to gauge your level of risk tolerance and build a portfolio that will allow you to reach your objectives.
Most robo advisors will invest your money through ETFs, or exchange-traded funds. Exchange-traded funds are much like mutual funds as they’re made of a collection of stocks. But, unlike mutual funds, ETFs are traded over the stock market. You can buy ETFs that follow a certain index or target a specific industry.
ETFs are a much safer and predictable way to invest in the stock market. If you don’t fully understand it, a robo advisor will be able to find ETFs that fit your investor profile. Another thing that robo advisors can do is adjust your portfolio’s level of risk as you grow older. They can recommend riskier investments when you’re younger and safer ones as you approach retirement.
Coin Operated Rides
Vending machines are one of the most well-known passive income businesses, but not enough people talk about coin-operated rides. These require even less maintenance than vending machines since you don’t have to worry about inventory. Just place the ride in the right place and collect your money whenever you want.
One of the best places for these rides is shopping malls, but you can install those anywhere there are lots of children. You could target fast food or family-oriented restaurants in your area, for instance. A lot of them might be interested if you offer to give them a portion of the money, and you could have a few machines set up and make money very fast if you approach enough businesses.
You don’t only have to go for rides either. You could also go for coin-operated massage chairs, for instance. If you manage to get one in a busy mall, you could have steady business all day and rack up a lot of money without too much effort.
PLR Content Site
If you don’t know what PLR content is, it is content that marketers or businesses can buy, modify, and put their names on. People use PLR content to craft blog posts and marketing messages, or package them together to create unique products.
You could set up a website and post all sorts of PLR content there. This could be unique articles, e-books, short manuals, or auto-responder message series. You could decide to use a membership pricing model or have people buy the packages they want. You could also focus on one specific niche or have a general store.
All you’ll need to do is find someone to create the content for you and build your inventory. You’ll have to set a limit on the number of licenses you sell on each package as it is better to keep the content exclusive. Once you have enough content on your site, you’ll only have to add new packages from time to time and will be able to make money 24/7 on autopilot.
P2P lending is another great way to earn passive income, but you must be able to handle risk. The rates you’ll be able to charge will be directly correlated to how risky the loan is. This is also a method that will require a significant initial investment if you want to make real money. If you are ready to deal with people occasionally defaulting on loans and aren’t looking to get rich quick, P2P lending could be an option.
These are all great passive business ideas you should consider if you want to make money without too much effort or maintenance. Look at what it would take to start these businesses and how much of a time and investment they require.