You already know about AirBnb, affiliate marketing and pyramid schemes, but there are other ways to create passive income you may not have come across. Read on for five innovative ways to make money while you’re busy doing other things.
5 Passive Income Strategies
- Go blog shopping
- Referral circles
- Real estate crowd funding
- Put your car to work
- Become an Angel Investor
Interested in these opportunities? Read on for more details on how you can get involved in earning some passive income.
Go blog shopping
You don’t have to be writing a blog to benefit from it just buy one! It’s possible to purchase an unwanted blog with evergreen content that is still attracting web traffic and generating revenue through affiliate programs and advertising.
So how much does a blog cost? Usually somewhere between 12–24 times its monthly revenue. Pick up a blog that makes $300 a month for $5000 and you’ve got yourself a passive income stream of $3600 a year.
Refer a friend (or 10)
Transform your network of business besties into a referral circle.
Start by figuring out the percentage your friend will receive for referring a client to your service or product. Depending on the nature of your business, this can be a one-time payment or an ongoing fee. Then reach out to your contacts to find out who is interested in reciprocating, put them in touch with each other, and get recommending.
Not only will you be making a bit of money on the side, you’ll also be boosting business for everyone involved.
Join the real estate crowd
Real estate crowdfunding enables you to enter the increasingly difficult-to-crack property market without a mortgage or the day-to-day risks and responsibilities of being a landlord.
With as little as a $1000 you can use digital platforms such as VentureCrowd, Brickraise and CrowdFundUP to invest in the purchase price or development of a property. Then simply sit back and collect capital growth and dividends — that are often higher than that from stocks and bonds.
Put your car to work
Maintaining a vehicle can be one of life’s biggest expenses, but now your car can pay for itself (and then some).
Do you have a second vehicle sitting in the driveway? Are you often away while your SUV stays home? List it on websites such as DriveMyCar or Car Next Door and someone will pay you to use it. An added bonus is that it’s fully covered by the company’s insurance while it’s being used but their customers.
Over a 12 month period, on average a car can earn up to$4200, an SUV up to $6000, while vans and utes can net $9000.
Spread your financial wings
Australia has the world’s most generous tax incentives for angel investors to put their money into startups, with a 20 per cent tax rebate and capital gains tax exemption for up to 10 years.
And you don’t have to go it alone — join a network such as Business Angels or the Angel Investment Network that will connect you with entrepreneurs, provide training and mentors and allow you to invest with as little as $100.