If you are able to sell useful services to other people (with a minimal investment of time and effort) you can make a significant amount of money.
Here are a few examples of how to earn passive income:
Create an information blog
A blog is essentially a website that gives information about a particular topic and is written (usually but not always) by a single person. You can then make plenty of money from advertisements, for example.
Useful topics for blogs could be:
- How you lost weight – make sure you give details, facts and insider insights
- How to look after a pet
- Making home crafts
Blogs cost nothing or next to nothing and you don’t have to worry about steep start-up costs.
Put together an online community
You can create a website (or pay someone to do it for you) that caters to the needs of a particular community. For example, you could start a student community for your area. Your website could be regularly updated to reflect the latest social and cultural events, career opportunities, rental accommodations etc.
If you are busy with a regular job, you might want to consider paying a student to regularly update your website. By charging a small membership fee, you can hope to create a steady stream of passive income.
Play the Middleman between Clients and Writers
Look for clients willing to pay you to write. Source the job off to a cheaper but reliable source(s). This way you can skim off a profit without having to do the work yourself. Tip: Keep a watch on quality and content so that your client is satisfied with the end product.
Rent out your Car
If you commute to work using public transport, consider renting out your car. Ensure that you have adequate third party driver insurance (also referred to as third party liability) from Charles Goodman & Co Insurance. This can turn out to be a steady source of passive income.
Driving People to Work
If you use your car to drive to work, you can offer to drop other people who work in the same area – and charge a fee for it. This way, you do not have to really invest extra effort (you are driving to work anyway); at the same time, you are able to provide a useful service.
As you can see, it is possible to create a passive income stream through selling useful services. Do you make money by offering a service to others? Share your moneymaking tips in the comments below.