Now perhaps more so than ever before, people are looking for creative ways to make some extra money. You might still have your nine to five job of course, but wouldn't it be terrific if you could figure out a way to make more money without necessarily having to put a great deal of work into the endeavor. This, for many, is the new American dream. It can be done! Again, it's about getting creative, even thinking outside the box. Below are seven great ideas for generating passive income, even during a down economy.
Rent a Room in Your Home
Many Americans right now are in pretty bad financial straits; that said, numerous people are finding they can no longer afford a traditional mortgage or their current rent. The rise of home-sharing sites attests to the fact that people are looking for more affordable means of living. If you do happen to have an extra room that could accommodate a border, for instance, empty nesters find themselves often in a situation where they do have a room or two to spare, then renting out that room is a great way to get some passive income coming in. Of course, you want to do it carefully. Make sure you have a screening process in place and do background checks so that you know exactly who will be living within your home.
Affiliate Marketing
If you have access to a computer and are savvy enough to create even a simple blog, then affiliate marketing could help you generate some additional cash. Essentially what happens is you promote certain products; when someone visits your site and consequently clicks on the link back to the point of purchase, then you get a small percentage of the sale. This is probably not going to make you rich, but it can certainly give you some extra money to play with. And if you utilize social media as well, in tandem with a blog, then you up to your chances of getting users to link to the product directly from your affiliate efforts.
Develop an Online Course
What do you know well? What sort of knowledge/expertise can you share with others? If you do have a certain vantage point and skillset that you want to teach to others, then creating an online course is a great way to earn extra money and if it succeeds you might even be able to build a constant revenue stream from it. A course can give rise to eBooks, webinars, even speaking engagements if it is done well and marketed to the right audience.
Write a Book
Again, this may not be one that brings in a ton of money per month, but then again, you never know. Nowadays with the ease of self-publishing, virtually anyone can write, sell, and promote their book on Amazon most notably. What topic do you know enough about to write an entire book on it? What subject matter would be useful to consumers? Nonfiction books offering sound advice tend to sell better than fiction; although if you have your heart set on becoming a sci-fi writer for example, then certainly write your dream novel. And after self-publishing, be sure to promote that book. The only way to make money is to get people to buy your book.
Create a Product
This isn't the simplest way to earn a passive income, but if you do have an idea for an original and highly useful product, and you can get it to sell, then it could create a measurable income stream. In the early phase, you probably want to start with a prototype before going into full-blown production. Test it out. Get a sample audience to use your product and gather relevant feedback. Once you have created your product, you're going to need to put some effort into marketing it. But again, if you hit on just the right idea, you could stand to make a decent profit.
T-shirt Designer
For aspiring artists, t-shirts are a great way to express that creativity while making some money in the process. There are several websites, such as Zazzle for instance, that will sell your creations. Keep in mind, some sites will charge fees to sell your t-shirt designs. Most usually will pay you by way of a commission—anywhere from ten to fifteen percent per shirt sold. So again, you're probably not going to get rich off of your t-shirt designs, but you do stand to make some extra cash.
Develop YouTube Videos
You get to make cool videos, have some fun doing it, gain a bit of exposure and if you hit just the right marketniche, you could also make money at it. If nothing else, you can at least send the links to friends and family—they may get a kick out of the videos.
Some have hit it big with their YouTube channels and videos. Some YouTubers make in the tens of thousands per month. That said, generally speaking, when talking about that kind of income, it's a bit more than just a passive enterprise, but generating that much money certainly can't hurt.
First Union Lending works with entrepreneurs all over the country, helping them get their ideas off the ground. Especially during this difficult time, we've been working extra hard to see our clients make it through this and ultimately thrive. If you need additional capital, we can help. We offer short term loans, lines of credit, and merchant cash advances, among other products. All of our lending solutions are customized to suit your individual needs. And some even get the money in their accounts within 2 business days—we do work that quickly. Even if you're worried about your credit score, we likely still have a loan product that can work for you during this challenging time. Call today and let's get started on this journey together!