The first step to creating smart passive income is understanding what it means. Smart passive income simply means recycling your existing work into money-making machines, instead of doing the same tasks over and over again.
First off, if you think generating passive income means spending thousands upon thousands on start-up costs like franchises and office space… well, yes. But it isn’t limited to that. There are plenty of ways to get started earning recurring revenue without laying out a single penny. Here are just a few:
Sell your junk on eBay or Craigslist
If you’re a big-time junk collector, then here’s a quick and easy passive income idea for you.
Simply list your junks on eBay or Craigslist, or both, to make some quick cash. This is a win-win situation because not only will you make money from selling your things, but other people will be able to get rid of their old junks that have been sitting in the garage collecting dust because they don’t know what to do with them.
Here’s what you can start doing today:
List all your old books and DVDs on eBay and watch the cash roll in. List all your old clothing on Craigslist and wait anxiously for interested buyers
Write an eBook or online course
You can make passive income by writing an eBook or creating an online course that will teach people what you know. Plus, if your book/course is good enough, Amazon may even feature it on their site where you’ll get instant exposure to millions of readers worldwide. And if not Amazon, maybe one of the other big-time publishers like iUniverse or CreateSpace will notice you.
Rent out spare rooms with Airbnb
If you live in a desirable city, then it might just be profitable enough to rent out extra rooms on Airbnb.
From home office to spare bedrooms, renting out extra space on Airbnb is the perfect way to get started earning passive income. You can rent out your entire house or just an empty room; it’s up to you. However long you decide to list for, setting everything up will be easy (and free) via Airbnb.
Once you’re all set up, start sending out feelers to your friends, family, and social media contacts to drum up some interested guests. Then watch the money roll in while you kick back and relax.
Sell t-shirts online with Teespring
If you have a knack for coming up with original and quirky designs, this is the perfect way to make smart passive income.
The concept behind Teespring is simple: you design a T-shirt, upload it on their site, set your price, and get paid whenever someone buys your shirt. All you need to do from there is create more designs to start making money.
No need for fancy office spaces or employees that will eventually eat away at your profits. The best part about it? You don’t even have to leave home to do any of it (except the time you spend designing t-shirts, of course).
Sell on Etsy
Selling stuff on Etsy is one of the easiest passive income ideas that you can do from home.
Simply find some nice-looking handmade products on Alibaba and start selling them on Etsy for a profit. This is a win-win situation because not only will you make money from your sales, but other people will be able to get cool homemade stuff that they otherwise wouldn’t have been able to find anywhere else.
Sell on eBay
eBay is another great place for selling digital and physical products online. You can sell absolutely anything on this site, including Your artwork Vintage clothes, books, unused equipment (like old smartphones that you no longer use), and much, much more.
Plus, you can even get people to do all of the hard work for you by selling their stuff through your eBay store.
Here’s what will happen: Someone will list a product for sale at a low price point. You’ll send them a message offering buy-it-now pricing. They’ll either say yes or make up some excuse as to why they can’t sell through your eBay store. And if they do agree to work with you, you’ll make a quick profit selling their stuff for them.
Sell old books on Amazon via Bookscouter
Have an overflowing bookshelf at home? Then why not delete all of the unread titles and then sell them for some extra cash? All you have to do is head over BookScouter and enter the ISBNs of your books.
What will happen is that the site will tell you exactly how much money (or cents) each book is worth, so it’s kind of like an online game where every time you enter a different title it tells you how much you could have made if you’d sold it. A few notes on this though: Check the condition of the book before selling. Make sure to delete any personal information from the inside of each book. Don’t use older books because their value usually decreases with every passing year
Sell old electronics on Decluttr
Decluttr is one of the easiest ways to sell old electronics online. All you have to do is find items that are in good condition, then put them into a secure box and ship it off to Decluttr.
They’ll give you an instant offer for your stuff, usually around $20 — $25 per item, but if they can’t sell it there (due to high demand) they’ll send it to their warehouse where someone will take care of selling it for you.
The way it works is that you download an app onto your phone or tablet, then scan each barcode or UPC symbol one by one. Once everything has been scanned, just sit back and watch as Decluttr does all the hard work for you.
Sell courses on Udemy
Because Udemy gives its instructors 100% of each sale, it’s no wonder why so many people are selling courses online these days. And best of all, you can reach a whole new audience by doing so because Udemy has over 1 million monthly users who are hungry to learn whatever you have to teach them.
All you have to do is sign up for an account, choose a topic, then start creating professional video lectures that teach people something interesting. Once you’ve made all of your videos, go ahead and upload them onto Udemy and set a price.
With all of the new technologies, trends, and challenges that are coming our way, it’s easy to get overwhelmed by the idea of adding to changing your income stream. But if you’re smart about it, you’ll always find convenient ways to make more income. Find a strategy that’s unique to you and make the most of it.