Due to the current state of affairs, many people have been left with no other option but to stay home and conduct all their businesses remotely.
While we hope and pray for a swift return to normalcy, we must also remember that every cloud has a silver lining. If you’re a non-essential worker, then being stuck at home is a blessing in disguise.
There’ll probably never be another time when you have as much free time as you do today. You can use that time to explore different interests, learn new things, read books, and even start businesses. All these activities will help take your mind off all that’s going on in the world at the moment.
Also Read: Do I need an LLC to Sell Online?
This article will go over 10 passive income businesses you can start while stuck at home.
Passive income is income that you earn without having to put in continuous effort. All the work goes into setting up the business, however once it’s up and running, it will keep generating money even in your sleep.
Your only job will be the occasional maintenance to ensure the engines are running smoothly. You can also give a boost to your sales by implementing various digital marketing tactics.
10 passive income businesses you can start today
1. Write an e-book
If you have profound knowledge on a particular topic, you can write an e-book and then publish it on the Amazon Kindle Store, where you’ll keep earning from its sales perpetually.
If the idea sounds daunting, you can outsource the work to a ghostwriter and only provide guidance on what to write about. So many writers do that.
2. Create an online course
Creating a course is similar to writing an e-book in the sense that you’ll be sharing your knowledge with other people and getting paid for it.
You can use platforms such as Udemy and Teachable to create courses on almost anything you’re good at, including cooking, art, photography, graphic designing, etc. The possibilities are endless.
Each class or lesson within the course will be in the form of pre-recorded videos, therefore you’ll not spend any time actively teaching. Students can enroll and access the modules without any further work from you.
3. Sell stock photos
If you have a decent smartphone camera, you can take pictures of various things in your home, and then upload them on stock photo sites like Shutterstock. Every time people download your photos, you get paid a commission.
Stock photos are mostly used by advertisers and publishers, therefore they must be of the highest quality. You can browse through Shutterstock to get an idea of the quality expectations.
4. Display ads on your phone
This is truly one of the easiest ways of making money. There are apps that will pay you real money to rent space on your phone’s lock screen to display ads.
Similarly, some apps will pay you to allow them to collect data about your phone usage. Such data is usually sold to phone manufacturers to help them improve their devices. If you have no serious privacy concerns or important information that you keep on your phone, then this might be something to consider. It takes no effort from you whatsoever.
5. Invest in a small business
Investing in local businesses can be a great way to generate passive income, although it does require that you have some capital at hand.
A lot of small businesses could do with extra cash to help them stay afloat. As an investor, you’ll have no involvement in the day-to-day operations. Your contribution to the business will be your capital injection.
Every month you’ll get paid a certain percentage of the revenue the business generates, depending on your agreement.
6. Money lending
Money lending can be a lucrative passive income business if you set up strict policies to ensure that you get back your money.
Also Read: How to Find a Freelance Web Developer
Make sure to only lend to people who are capable of repaying your loan and have assets that you can use as collateral.
7. Invest in cryptocurrency
Although the crypto market can be volatile at times, you can invest in coins that have the highest potential for growth in the long term, such as Bitcoin and Ethereum.
Both Bitcoin and Ethereum have generally been on an upward trajectory, despite the frequent fluctuations in price. Don’t be in a rush to cash out, you’re likely to make more money by holding as long as possible.
8. Join a recurring income affiliate program
Affiliate marketing is one of the most common ways of making money online. Some programs pay affiliates a fixed amount for the sales they generate, while others pay a recurring commission every month, including Shopify and ClickFunnels.
Recurring commission programs can help you create passive income because you’ll be getting paid indefinitely for every customer you refer.
9. Buy a blog that already has traffic
This is like buying an existing business that has customers. You can find some great deals on blogs that have traffic on Flippa.
The easiest and most passive way of monetizing a blog is by displaying ads on it using Google Adsense. You can also make money by promoting different affiliate products, or by charging for sponsored blog posts.
You can easily set up your dropshipping store using Shopify, and then import hundreds or even thousands of products from AliExpress or Amazon using plugins such as Alidropship.
Every time somebody buys something from your store, you simply transfer the order to AliExpress and have the products delivered directly to the buyer. It takes very little effort since you’re not fulfilling the order yourself.