Businesses demand constant productivity, but aren’t willing to increase pay. As a result, many people take up 2nd jobs and side hustles.
Side hustles may not be new, but here are some new ideas for how to generate “passive” income.
“Passive” income is money earned without consistent effort after the initial setup. Some passive income ventures are easier and provide better returns than others.
“Dropshipping,” for instance, is a great beginner’s market. It’s a way to fulfill retail orders without keeping inventory. It also requires little startup capital, but can bring in a 15-20% profit margin.
“Print-on-demand” is another option. Users create custom home and fashion items to sell through an online store like Shopify. This industry is also relatively low risk.
One downside however, is that users should be relatively familiar with graphic design in order to get the best returns.
If you have photography skills, licensing photos is another option. Pictures can be licensed for commercial or non-commercial use. Sites like 500px offer a monthly income off of downloads and image usage.
Don’t let the term “passive” fool you. You WILL have to put in some effort in order to generate cash flow. But it’s not much, and it’s typically just at the beginning. Some streams only generate a couple of hundred dollars a month – but extra money nowadays can go a long way!