Best Ways to Make Passive Income: 15 Side Hustle Ideas for 2023
Money produced through minimal active involvement or effort is referred to as passive income. There are various side business ideas that can produce passive income in 2023, while it can be difficult to truly “set it and forget it.”
1. Dividend Stocks
Invest in dividend-paying stocks or exchange-traded funds (ETFs) that provide regular payouts.
2. Real Estate Crowdfunding
Invest in real estate through crowdfunding platforms, which can offer rental income and potential appreciation.
3. Peer-to-Peer Lending
Lend money on P2P lending platforms and earn interest on your loans.
4. Rental Income
Rent out a spare room, apartment, or property on platforms like Airbnb or VRBO.
5. Create an App
If you have coding skills, develop a mobile app or software that can generate income through ads, in-app purchases, or subscription fees.
6. Write an E-Book
Publish an e-book on platforms like Amazon Kindle Direct Publishing and earn royalties on sales
7. Automated Dropshipping
Use automation tools to streamline your dropshipping business, reducing the time needed for management.
8. High-Yield Savings Accounts or CDs
Park your money in high-yield savings accounts or Certificates of Deposit (CDs) to earn interest.
9. Create a Niche Blog
Build a blog around a specific niche and monetize it through advertising, sponsored posts, and affiliate marketing.
10. License Your Photography or Art
If you’re a photographer or artist, license your work through stock photography or art websites.
11. Invest in a Business
Consider investing in a small business as a silent partner or through a platform like StartEngine or SeedInvest.
12. Create an Online Course
Share your expertise by creating and selling online courses on platforms like Udemy, Teachable, or Coursera.
13. Affiliate Marketing
Promote products or services through affiliate links on your blog or social media, earning a commission on each sale.
14. YouTube Channel
Start a YouTube channel on a topic you’re passionate about and monetize it through ads, sponsorships, and merchandise sales.
Set up an e-commerce store and partner with suppliers to ship products directly to customers, avoiding inventory costs.