Top 27 Passive Income Streams While Working Full Time in 2024

April 19, 2024

The top passive income streams while working full time are local lead generation, YouTube automation, and opening a high-yield savings or CD account. Local lead generation has the potential to provide the most passive profits in the long-run. YouTube automation allows you to earn ad revenue even if you’re working on your full-time job. Opening a high-yield savings or CD account allows you to store your extra money and earn passive income annually from interests.

Still, these income streams may not be right for you. There are dozens of other options that may cater more naturally to your skill sets and lifestyle. In the end, passive income can help you save, pay off debt, or even build another income instead.

Local lead generation requires minimal effort once it’s stable. Once you’ve created your website, ranked it, and produced leads to small local businesses, generating passive income will be stable and you’ll remain in control.

Top 27 Passive Income Streams While Working Full-Time

1. Local Lead Generation

Local lead generation is the best passive income stream to have while working full time because of the amount of profit it generates\. Local lead generation produces and sells leads to local businesses. We do this by renting out the sites to businesses that do not have their own digital marketing or need optimized marketing.

In order to produce leads, you would need to have a ranking website on the Google results page. Setting up a website using organic SEO takes time. You would also need to spend capital on the website for hosting plans and its domain name. But, once the site is ranked and rented to a small business, you will be able to bring in money while you continue to work full time. 

Pros

Multiple income streams as you add more rank and rent sites

Only needs occasional maintenance once running and ranked

Opportunity to help small businesses

Cons

Takes time to set up websites

Needs capital

Not a saturated market with over 42,000 zip codes in the US alone

2. YouTube Automation Channel

Setting up a YouTube automation channel is different from a conventional influencer-style YouTube channel. YouTube automation takes advantage of tools and freelancers that can help manage a YouTube channel a lot easier and gain traction faster, like UseViral and SidesMedia. Good examples of these tools are social media integrations, content scheduling, and hiring freelancers to do the work for you.

Normally, you would do all the work, from creating content, to editing, to publishing. With automation tools, a lot of your time will be free, allowing you to focus on your full-time job. But of course, it comes at a significant cost since you’ll need to spend money for those. Setting up a YouTube automation channel also means more work should be done on your marketing and branding, since it takes time for your channel to gain an audience.

Setting up a YouTube automation channel is a great business opportunity once your channel stabilizes, gets enough audience, and gets approved for the YouTube Partner Program.

Pros

Multiple income streams possible as you expand to multiple channels

Opportunity for additional income sources like affiliate marketing, promoting your online shop, etc.

Cons

Needs capital

Takes time generate passive income

Building an audience takes time, and you can’t make money until you have an audience

3. Invest in Stocks, Real Estate, or Crypto

Investments guarantee ROI as long as it’s invested in the right place. Here are some investment ideas you can put your extra money into.

Dividend Stocks

Unlike normal stock investments, dividend stocks make you a shareholder of a company wherein you get dividend income at regular intervals. Since you’re perceived as part of the company, you’ll be paid a part of their overall profits.. The more shares you own, the higher your payments.

The risk of investing in dividend stocks is choosing the right company. A lot of beginners often go for companies with high dividend payouts without being able to sustain it. So, its very important to study the company’s financial status for weeks, or even months, before investing into it.

Real Estate

There are a lot of real estate investing options you can dive into:

Direct Real Estate - directly owning a rental property and collecting rental income from tenants.

Real Estate Investment Groups - REIGs are groups that buy certain properties and allow investors to purchase them. These groups will handle the management of the property you bought, but they will take a share of the rent profits. 

House Flipping - a more complex type of real estate investment that is ideal for experienced real estate investors. With house flipping, the goal is to get profit from a property that was undersold.

Real Estate Investment Trusts - REITs are more like dividend stocks. You buy them through major market exchanges. It’s quite good for beginner investors since it can guarantee regular profits.

Real estate investing certainly requires a hefty amount of capital, but can generate profits as most properties appreciate over time, especially if it’s at an ideal location.

Cryptocurrency

A cryptocurrency investment is a little risky for beginners because of its volatility. The markets rise and fall in just a snap and unaware traders are at risk of losing a lot of money. But if you know how the crypto market works, your investment may gain a lot of profit.

Pros

Convenient access to markets

Potential steady cash flow

Cons

The crypto market is volatile and the global economy affects stock markets

Need capital for investments

Crypto market can be at risk of cyber attacks and security breaches

Stocks markets are more stable than crypto

4. Opening a High-Yield Savings Account or a CD Account

Opening a high-yield savings account is a foolproof way of earning extra income since your money will never incur a loss. High-yield savings and Certificate of Deposit accounts are more available for online banks, while it’s less common with traditional banks. Depending on each bank, annual interest rates may reach up to 5%.

High-yield savings accounts offer interests as much as 20 times more than traditional banks. Though some traditional banks offer high-yield savings accounts, online banks usually offer more than them. CD accounts offer a little more than high-yield savings accounts, but you would have to lock-in your deposits for a certain amount of time.

There aren’t any major risks to losing money by opening these accounts. However, while these accounts offer high annual percentage yields (APY), it most probably won’t last forever since it may fluctuate anytime. For CD accounts, there’s a lock-in period for your deposits and withdrawing them for emergencies might incur your penalties.

Pros

Lower risk of losing money

Higher annual interest compared to traditional bank accounts

Convenient access

Cons

Unable to withdraw without penalties for CD accounts

High interest may fluctuate

Needs capital

5. Renting Out Your Things to Others

Having a rental business is a good side hustle while working full time. There are a lot of things you can collect rental income from, or you can invest in buying things you can rent out to others. Good examples are:

  • Storage spaces
  • Cars
  • A spare room
  • Parking space
  • House space
  • Motorcycles
  • Bikes
  • Clothes
  • Musical Instruments

There are also sites that you can list them on for others to see and send inquiries, like Fat Llama, Fetch Truck, and SpotHero.

While renting out your things to others is a good way to make use of your things to earn additional income, you should always be ready for any damages your renters might cause to your properties.

Pros

Unused property can be used for income

Potential steady cash flow

Cons

Extra expense for maintenance

Difficult renters

Risk of damages and additional expense for repairs

6. Affiliate Marketing

Affiliate marketing focuses on promoting products online using affiliate links. These affiliate links let you earn commissions for each successful customer buying the product using your affiliate link. Depending on the ecommerce platform the product is in, commission percentages vary from 3% - 7% of the product’s price.

Affiliate marketing is a great additional source of income, especially if you already have platforms with a built audience already, like Facebook, YouTube, and Instagram. If you have your own ecommerce business, you can use affiliate marketing to boost your sales by starting your own affiliate program and getting influencers to promote your products for a commission.

Engaging in affiliate marketing means you already have an audience. The more audience your affiliate link reaches, the more opportunity for referral conversion. Otherwise, you would have to double your effort on marketing each affiliate link. 

Pros

Opens up other income opportunities

Easy to set up

No need for capital

Cons

Less audience means low conversion

Competitive market

More work creating promotional content

What You Need in Affiliate Marketing:

  • Niche expertise
  • Best platforms to promote affiliate products 
  • Affiliate programs that apply to your niche
  • High-quality content 
  • Marketing and promotion
  • Analytics and tracking

Affiliate Marketing Facts and Statistics 

  • The market value of affiliate marketing is now worth over $17 billion
  • 16% of sales generated online came from affiliate marketing
  • Nearly 58% of affiliate marketers earn up to $9,000
  • 80% of branded products have affiliate programs
  • 84% of businesses use affiliate programs

Affiliate marketing can be a lucrative investment. However, this business model usually takes time and resources to really provide you with a steady cash flow. Be sure to do your research before joining the bandwagon! It’s an easy road to success, but this can also be a good passive income stream with the right metrics.

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7. Selling an Online Course

If you have talents on a certain skill, you can teach it to others by creating a digital course and selling it online. Your online course can circle around topics like starting your own business, effective graphic designing tips, or career insights. Selling an online course lets you earn passive income because it’s a leveraged asset- you’re not really teaching the course to every student, but you’ve created content which can be used instead of your time.

Selling an online course can also be a good source of leads for your future courses, or you can store those leads which you can sell to other small businesses. Depending on the niche, each online course can be sold for around $30 - $5000.

However, creating an online course takes a lot of time since you have to write the course and script, do retakes, create graphics and do editing, and a lot more. Given the competitive market, you would also have to work on the branding and marketing of your online course for it to stand out against thousands of competitors.

Pros

Significant source of leads

Income will still come in even after making the courses and guides

No need for capital

Cons

Takes time to build up an audience

A lot to work on when creating courses and guides

One take is never enough

What You Need to Create and Sell Online Courses:

  • Choose a high-demand topic for your course.
  • Create a detailed outline of the course (overall structure and delivery format).
  • Create the content and learning materials.
  • Choose the ideal platform for your course (Teachable, Thinkfic, Kajabi or Udemy).
  • Set the price based on the market demand.
  • Start your marketing campaign.
  • Launch course. 

Online Courses Facts and Statistics 

  • The global e-learning market is expected to reach the $325 billion mark by 2025.
  • In 2020, the demand for online courses has increased by 10% in the US alone.
  • The average revenue per course is around $5,000 to $10,000.
  • 87% of online courses use videos as their primary content type.
  • The most common pricing strategy for online courses is a one-time fee that can range from $50 to $200.
  • The completion rate for online courses varies widely, with some courses having completion rates as low as 3%, while others have completion rates as high as 90%.

Creating and selling online courses is another good way to earn extra money while working full time. You can work on the course project at your own pace, with no pressure. After launching the course and a few marketing tricks, this can be an excellent passive income stream. A great example of this is Oz Konar's Business Lending Blueprint. He offers multiple programs besides this main course. You can also do the same and create sub-programs or related courses.

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8. Starting a Dropshipping Store

Starting a dropshipping store is very easy to set up since ecommerce platforms, like Shopify and Amazon, offer support in setting up your online shop, including optimizing your product listings and pages. Unlike traditional ecommerce, dropshipping takes advantage of listing products you don’t own. That means you’re relying on a 3rd-party to store inventory, handle packaging, and process shipping to customers.

Dropshipping works by listing 3rd-party products at your online store. Once a customer purchases the listed products, the order will then be forwarded to the 3rd-party to handle packaging and shipping to customers. You will then have to pay the 3rd-party for whatever the price of the product is and you earn whatever is left of the product price you listed.

However, its advantages are the same reasons dropshipping is a bad idea. Having a 3rd-party control post-buying operations means you won’t have control over product and packaging quality. And since it’s your store’s name on the line, it could affect your store’s reviews. It’s extremely important to know how the 3rd-party works to boost your opportunities for earning dropshipping passive income.

Pros

Easy to set up

No need to worry about inventory, supplies, packaging, and delivering

No need for capital

Cons

Poor marketing and branding equals fewer dedicated customers

Limited access to product and packaging quality

Hard to please customers if packaged received is of poor standard

What You Need in Dropshipping:

  • Specific niche and profitable products
  • Reliable suppliers 
  • Payment processing
  • Marketing
  • Customer service
  • Analytics

Dropshipping Facts and Statistics 

  • 33% of online stores today, including giant retailers like Wayfair and Amazon, have adopted dropshipping sales models as their primary business structure.
  • Over 23% of all online transactions have been completed through dropshipping.
  • 84% of e-commerce retailers say finding the right supplier is their biggest challenge in the business.
  • 66% of online consumers prefer buying from companies with multiple shipping options.
  • There were 2.14 billion online shoppers in 2021.

Generating passive income with dropshipping is possible, even if you’re working full time. The key here is to find the best ways to automate the process. Many successful dropshippers today earn around $1,000 to $3,000 monthly. Overall, this business model is ideal for diversifying your passive income streams. 

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9. Running an Airbnb

Running an Airbnb is great if you have an extra room to rent out, or if you have to leave your home for days, you can have your home listed on Airbnb and earn extra cash while traveling. This is a brilliant use of your home or extra space you’re not using.

Having to run rental property on Airbnb allows you to collect rental income before your guests’ arrival date, so profits are guaranteed upon their booking. You can also invest in any modifications that can entice people in booking your Airbnb listing.

Renting out your property means you’ll have to get ready for maintenance. Keeping your property in top shape would definitely be a priority to keep guests coming. Your rental property will also be at risk of damages from your tenants, so repairs will be an additional expense.

Pros

Good for extra cash

Great use for unused space/home

Cons

Extra expense for maintenance

Risk of damages and additional expense for repairs

Difficult renters

10. Freelancing

Freelancing is a good way to earn extra money whenever you have free time. This idea takes advantage of working from home for other employers or companies, which you can do maybe on the weekends when you have no work, or every time your full-time work is done.

Most companies who employ freelancers don’t offer full compensation for benefits to freelancers, but most offer a higher salary than usual full-time jobs. But then again, having to work only at your convenience and from home definitely compensates for the loss. This makes freelancing a good passive income stream because you can do this in your free time and can accept project-based work for more time flexibility.

Freelancing also allows you to expand your knowledge and skills because of the wide variety of jobs you can do, like SEO, content writing, and virtual assistance. According to Upwork in 2020, freelancers make an average of $20/hour. Definitely a good way to earn extra. If you want to start a freelancing business and you are in tight budget, check out the free masterclass Online Money Maker

Pros

Easy to start with

Flexible work hours

Can do on your free time

Cons

Takes time looking for clients/employers

Less passive income in the long-run since work equals pay

Recommendation:

If you're a graduate of any engineering course and you're planning to diversify your income with extra work, you can check my list of top engineering side hustles

11. Become an Amazon FBA Seller. 

Pros

Popular e-commerce platform

Access to Prime Customers (wider network of potential customers)

Easy to set up and sell products 

Improved visibility and sales

Faster shipping process

Brand recognition and customer trust

Multi-channel integration

Cons

Reduced profits due to increasing fees 

Competitive market

Risks for delayed shipments and damaged products

Complex regulations 

Limited branding opportunities

Estimate Startup Cost:

$3,500 to $5,500 (depending on the products)

Earning Potential:

According to JungleScout, 50% of Amazon sellers earn anywhere around $1,000 to $25,000 per month.

Moneymaking Score:

What You Need in Amazon FBA:

  • Niche expertise
  • Specific target audience
  • Lead generation strategies
  • Landing pages and lead magnets
  • Lead management tools and systems
  • Sales funnel
  • Analytics and tracking

Amazon FBA Facts and Statistics    

  • 89% of Amazon sellers are profitable
  • Amazon sellers sold over 3.4 billion products, generating around $300 billion in 2020.
  • In 2021, Amazon hit a record of 1.5 million active sellers.
  • In 2023, Amazon sellers focus on expanding their business with Amazon.

Becoming an Amazon FBA seller is another good passive income source while working full time. This platform presents many great opportunities to earn more money. But unlike local lead generation, Amazon FBA may require more resources and legwork to get you up and running. Finding profitable products is just the first step. Amazon’s marketplace is already over-saturated. That means you need more results-driven strategies to stay on top of the competition. 

Useful Resources

12. Create and Sell eBooks

Pros

Low overhead costs

Wider reach

Flexibility

High-profit margin

Cons

Competitive market

Risks of piracy

Technical issues

Estimate Startup Cost:

$125 to $200

Earning Potential:

For Kindle/eBook, the royalty rate can range from 35% to 70%. Audiobook royalty ranges from 20% to 40%

Moneymaking Score:

What You Need to Create and Sell eBooks:

  • Quality content
  • Editing and formatting
  • Cover design
  • Platform to sell (Kindle, Apple Books, Barnes & Noble or create your own website)
  • Pricing strategy
  • Marketing
  • Copyright and legal considerations

eBooks Facts and Statistics 

  • In 2020, the global eBook market size hit the $18 billion mark. 
  • According to Statista, the United States is the largest market for eBooks. 
  • According to Good e-Reader, Amazon remains the most dominant platform in the e-book market, with its Kindle platform holding a market share of over 80%.
  • Fiction is the most popular genre for e-books, followed by non-fiction, education and children’s books.

Starting an E-Book business is a great way to diversify your income source while working full time. Like creating and selling online courses, you can also work or finish your product at your own pace. According to Simon Høiberg, he made $7,500 in one week by selling his E-book. He also emphasized the importance of having a solid marketing strategy to be successful in this industry.

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13. Start a Podcast.

Pros

Potential for high revenue

Low startup costs

Easy to start

Flexibility

Niche audiences

Creative expression

Cons

Overcrowded market

Requires time and effort

Unpredictable income

Limited monetization options

Estimate Startup Cost:

$350 - $400

Earning Potential:

Profit margin can range from 10% to 30%

Moneymaking Score:

What You Need to Start a Podcast:

  • A concept or idea
  • Recording equipment (microphones, audio interference, headphones, computer or laptop, recording software, etc.)
  • A hosting platform (Buzzsprout, Podbean or Libsyn)
  • A website or social media presence
  • Content plan and schedule

Podcast Facts and Statistics

  • As of 2023, there are nearly 465 million podcast listeners around the world.
  • On average, podcast listeners consume about 8-9 episodes per week.
  • The podcast market value in 2023 is worth over $23.56 billion.
  • The United States has an estimate of over 100 million active podcast listeners in 2023.
  • Most people listen to podcasts in the morning through their mobile phones.

Podcasting is another good way to earn extra money while working full time. You can monetize your content through sponsorships, affiliate marketing or use it as a platform to sell your merchandise. However, keep in mind that it may take some time to have a sizable audience or establish authority in your niche.

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14. Create and Sell Templates Online. 

Pros

Lower production costs

Easier to distribute

High-profit margins

Scalability

Low risk

Cons

Competitive market

Intellectual property concerns 

Technical difficulties

Limited appeal (some consumers still prefer buying physical products)

Estimate Startup Cost:

$10 to $20 (for basic designing software)

Earning Potential:

On average, template creators' monthly earnings can range from $500 to $1,500

Moneymaking Score:

What You Need to Create and Sell Templates Online:

  • Niche expertise
  • Find the best platform to sell templates(try Etsy store or Canva)
  • Lead generation strategies
  • Landing pages and lead magnets
  • Lead management tools and systems
  • Sales funnel
  • Analytics and tracking

Selling templates is another opportunity to create passive income. You can also do this gig while working full time. Of course, you still need to work on your product and marketing. But once you’ve established the groundwork, you can start earning passive income without too much ongoing effort.

Useful Resources: 

15. Buy and Sell Domain Names or Domain Flipping. 

Pros

Potential for high returns 

Low startup costs

Flexibility 

Easy to start

Cons

High risk

Competition

Fluctuating market

Legal issues (copyright infringement and trade mark issues)

Estimate Startup Cost:

$10 to $100

Earning Potential:

On average, successful domain resellers make anywhere around $300 to $1,500 monthly.

Moneymaking Score:

What You Need to Buy and Sell Domain Names:

  • Look for valuable domains (SEO volume, "brandable", etc.)
  • Pricing strategy
  • Marketing
  • Domain listing registration (auctions, etc.)
  • Reliable payment options or Escrow service

Domain Flipping Facts and Statistics

  • According to a report by Domain Name Wire, the average sales price for a domain name in 2020 was $3,675.
  • Another report by GoDaddy stated that the average sale price for a domain name on its platform in 2020 was $2,031.
  • The same report by GoDaddy also found that the top domain categories for sales were business, technology, and finance.
  • According to a survey by NameBio, the largest domain sales in 2020 were voice.com ($30 million), california.com ($3 million), and justfly.com ($2.8 million).

Domain flipping is something you can also do while working full time. It doesn’t really require too much work or resources. The biggest challenge here is to find valuable domains you can buy and sell. But once you have the key metrics, it can be a great passive income strategy.

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16. Make Money with Print-On-Demand Sites

Pros

No signup fee

Easy to start or set up

Low upfront costs (minimal inventory, no packaging or shipping concerns)

Scalability

Global reach

Cons

Limited control over the quality or product types

Higher unit costs (may impact profitability)

Limited customization

Shipping costs (may affect pricing and competition)

Limited data

Order fulfillment may take longer

Estimate Startup Cost:

$0 (no signup fee)

Earning Potential:

$1,000 to $2,000 monthly | Top earners now earn around $8,000

Money Making Score:

What You Need to Start a Print-On-Demand Business:

Print-On-Demand Facts and Statistics

  • The print-on-demand market for apparel is expected to reach $10.7 billion by 2025, growing at a CAGR of 7.3% from 2020 to 2025. (Source: MarketsandMarkets)
  • In a survey of independent authors conducted by Reedsy, 57% of respondents reported using print on demand services to publish their books. (Source: Reedsy)
  • The top-selling print on demand products include t-shirts, posters, phone cases, and mugs, among others. (Source: Printful)

Starting a print-on-demand business is a good source of additional income. It’s easy and you don’t need to spend any amount to start. You can definitely do this side gig while working 9 to 5. Some people also use multiple print-on-demand platforms to maximize their earnings. Overall, it’s a great opportunity to diversify your income source. 

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17. Sell Stock Photos and Videos Online. 

Pros

Flexibility

Wide customer base (global reach)

Creative freedom

Cons

Competitive market

Potential low earnings

Limited use

Lack of control

Estimate Startup Cost:

$0 (no signup fee)

Earning Potential:

On average, stock photographers earn about $0.02 per image. Professionals make about $0.05 to $0.25 per image. Royalty-free sales can make between $0.10 and $100. Extended license photos can range up to $500.

Moneymaking Score:

What You Need to Sell Stock Photos and Videos Online:

Selling Photography Facts and Statistics

  • Shutterstock has over 1 billion downloads and has paid out over $1 billion to contributors since its inception in 2003.
  • The global stock images market size is projected to grow from $3.8 billion in 2020 to $4.9 billion by 2025, at a compound annual growth rate (CAGR) of 5.2%.
  • The average commission rate for photographers and videographers on stock photo and video platforms is around 20-30% per sale.
  • According to BrightLocal, local searches result in purchases 28% of the time, compared to just 7% for non-local searches.

If photography is your passion, then this is a great way to make money from it. You can use multiple stock libraries to maximize your visibility and potential profits. The most popular stock photographs today are lifestyle photos, images with negative space, examples of cultural diversity, daily activities and drone shots. However, generating passive income from this venture does not happen overnight.  It might take a while to earn profits. Overall, it’s still a good opportunity to build a passive income source. 

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18. Sell Music or Audio Tracks Online. 

Pros

Scalability

Creative freedom

Flexibility

Diversification

Global reach

Cons

Competitive market

Risks of piracy

Technical issues

Estimate Startup Cost:

$1,000 to $2,000 (for recording equipment and software)

Earning Potential:

$50 to $100 per day

Moneymaking Score:

What You Need to Sell Music or Audio Tracks Online:

  • Quality recording equipment and software
  • File storage
  • Produce high-quality audio files
  • Find the best platforms to sell your audio tracks (CD Baby, Tunecore, DistroKid, Rumblefish, DittoMusic, etc.)
  • Set up a payment gateway
  • Check licensing and rights management
  • Pricing strategy
  • Marketing and promotions

Many musicians and sound engineers today are earning passive income by selling audio tracks online. If you’re a music lover, this is an ideal way to boost your income. Of course, creating audio tracks still takes time. But once you’ve uploaded your tracks and launched a solid marketing campaign, you can start generating passive income.

Useful Resources:

19. Create and Monetize a Blog

Pros

Multiple ways to earn profits

Creative outlet

Can build a community

Learning and personal growth

Business opportunities

Minimal capital investment

Flexibility 

Cons

May require time to grow your blog

Technical skills

Competition

Producing quality blogs also takes time

Estimate Startup Cost:

 $50 to $200 to set up a blog

Earning Potential:

$1,000 to $2,000 per month (beginners blog)

Moneymaking Score:

What You Need to Start a Blog:

  • Niche expertise
  • Website
  • Content tools (Grammarly, ProWritingAid, plagiarism checker, etc.)
  • SEO tools
  • Topic list
  • Writing guidelines (content outline, format, etc.)
  • Content calendar

Blogging Facts and Statistics

  • As of 2020, there were over 600 million blogs worldwide. This number continues to grow as more individuals and businesses recognize the value of blogging.
  • According to Statista, as of 2021, about 409 million people view more than 20 billion pages each month. This highlights the significant reach and potential audience for blogs.
  • WordPress is the most widely used content management system (CMS) for blogging, powering around 40% of all websites on the internet. Other popular platforms include Blogger, Wix, Squarespace, and Joomla.
  • Mobile devices play a significant role in blog consumption. As of 2021, mobile devices accounted for over 55% of global internet traffic. Ensuring your blog is mobile-friendly and responsive is essential to reach a broader audience.

There are many ways you can explore to maximize your profits from blogging. This includes affiliate marketing, advertising, sponsored content and much more! A successful blog site can help you earn passive income. However, you may need to hire a skilled team to really turn it into a passive income stream.

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20. Create a Membership Site and Charge a Monthly or Yearly Fee for Access to Exclusive Content

Pros

Potential passive income and recurring revenue

Increased engagement

Better data collection for future business opportunities

Exclusive content

Multiple ways to generate income 

Cons

Usually takes time to grow

Requires high quality content

Marketing challenges

Membership churn

Technical challenges

Estimate Startup Cost:

$500 to $1,000

Earning Potential:

Profit margin can range from 20% to 45%

Moneymaking Score:

What you Need to Create a Membership Site:

  • Domain name
  • Web hosting
  • Content Management System (CMS)
  • Membership management plugin
  • Payment gateway
  • SSL certificate
  • Membership levels and content
  • User registration and login
  • Design and branding:
  • Communication and engagement tools
  • Analytics and tracking
  • Terms of service and privacy policy
  • Marketing and promotion
  • Ongoing maintenance and support

Building membership sites is an excellent way to earn recurring income. However, this business model also takes time and expertise to get results. A successful membership site can also generate passive income through affiliate marketing, sponsorships and offering premium features. Some of the most success membership sites today are Smart Blogger, Magnetic Memory Method and Jan Spiller Astrology.  

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21. Make Money as an Amazon Associate/ Amazon Affiliate Program. 

Pros

Easy to use

Large product selection

High commission rates

Trusted brand

Analytics and reporting

Cons

Low commission rates for some categories

Strict rules and regulations

Limited payment options

Amazon’s cut

High competition

Estimate Startup Cost:

 $0 (The Amazon Affiliate program is completely FREE)

Earning Potential:

Commission ranges from 1% to 20%

Moneymaking Score:

What Do You Need to Become an Amazon Associate:

  • Website or mobile app
  • High-quality content
  • Traffic
  • Amazon account
  • Apply for Amazon Affiliate Program
  • Provide relevant information 
  • Comply with policies
  • Generate referral sales 

Joining Amazon affiliate program is another way to earn income from Amazon’s platform. Many people are already making money from this business model. This is ideal for bloggers, marketers, influencers or content creators. On average, you can earn anywhere between $100 to $20,000 from Amazon affiliate programs. 

Useful Resources:

22. Start an Airbnb Rental Arbitrage Business. 

Pros

Potential high returns

Scalable business model

Lower startup costs (no need to purchase the property)

Flexibility

Minimal property management

Cons

Operational and financial risks

Marketing fluctuations

Dependence on the platform

Legal and regulatory challenges

Limited control over the property

Estimate Startup Cost:

$5,000 to $10,000

Earning Potential:

Profit margin can range from 50% to 60% 

Moneymaking Score:

What You Need in Airbnb Rental Arbitrage:

  • Budget planning
  • Market research
  • Check regulations
  • Look for profitable long-term rental properties
  • Review the rental contract or agreement, including the HOA rules
  • Inspect and prepare the property for vacation rental
  • Create listings on Airbnb
  • Marketing and promotions

Airbnb Facts and Statistics

  • As of 2021, Airbnb had over 7 million listings worldwide, covering more than 220 countries and regions. This includes a wide range of property types such as houses, apartments, villas, and unique accommodations like treehouses or castles.
  • Since its launch in 2008, Airbnb has hosted over 900 million guests. This figure is likely to have grown since then, given the platform's continued popularity.
  • Airbnb is a global platform with a significant presence in various cities and tourist destinations worldwide. Major cities like Paris, London, New York City, Tokyo, and Los Angeles have a large number of Airbnb listings.

Airbnb rental arbitrage is a business model, where you rent a property on Airbnb, then re-renting it out on the platform for a higher price. Some investors rent Airbnb properties for a month, then advertise them for vacation rentals to make more profits. Some people have been successful already with this business model. However, there are also risks involved with this venture. Again, be sure to do your due diligence before making decisions.

Useful Resources:

23. Shopify!

Pros

User-friendly interface

Multiple payment gateways

Robust marketing tools

Numerous design templates available

App integrations

Wide network reach

Cons

Competitive market

Limited control

Monthly and transaction fees

Estimate Startup Cost:

$19 monthly (starter package for new e-commerce businesses)

Earning Potential:

On average, small established businesses in Shopify earn $1,000 to $2,000 monthly

Moneymaking Score:

What You Need in Shopify:

  • Select a platform
  • Identify your target audience
  • Create product listing
  • Customize your site
  • Pricing strategy
  • Create inventory list
  • Promote your store

Shopify Facts and Statistics

  • As of September 2021, Shopify reported having over 1.7 million active merchants worldwide.
  • In 2020, Shopify's GMV reached $120.5 billion, representing the total value of products sold through its platform.
  • Shopify's total revenue for the year 2020 was $2.93 billion.
  • Shopify is one of the leading e-commerce platforms globally. In 2020, it had a 9.3% share of the global e-commerce market, making it the second-largest e-commerce platform by market share.

Like Amazon, Shopify is also a popular e-commerce platform, with over 2.1 million active users. With a successful online store and good products, you can generate passive income in no time! However, this platform also has a competitive market. It requires data-driven marketing strategies to stay on top of the competition. There are e-commerce online courses you can purchase at Freedom Academy to improve your skills. 

Useful Resources:

24. Take Advantage of M1 Finance 

Pros

Free investing (the platform offers commission-free trading for stocks and ETFs

Fractional shares (investors can own a portfolio of stock or ETF)

Customizable portfolio

Automatic rebalancing the platform automatically rebalances your portfolio to maintain your target asset allocation)

No fees

Cons

Limited investment options (does not offer access to mutual funds and other investment options)

No tax-loss harvesting

Cash drag (requires users to maintain a minimum cash balance in their accounts)

Estimate Startup Cost:

$100 (minimum investment)

Earning Potential: