10 Best Passive Income Side Hustles with Low Maintenance and High Potential Earnings
Passive income is money that you make without having to actively work for it. It’s a great way to supplement your regular income and achieve financial freedom. There are many different ways to generate passive income, but some of the best options are side hustles that can run themselves. In this article, we’ll discuss about the 10 best passive income side hustles for 2023.
These side hustles require some upfront work to set up, but once they’re up and running, they can generate income for you 24/7. This is the updated version from the previous 10 Proven Method article.
What is passive income?
Passive income is money that you make without having to actively work for it. It’s a great way to supplement your regular income and achieve financial freedom.
Benefits of passive income
There are many benefits to having passive income, including:
- Financial freedom: Passive income can help you achieve financial freedom by providing you with a regular stream of income that you don’t have to work for. This can give you more flexibility and freedom in your life.
- Extra income: Passive income can be a great way to supplement your regular income and boost your overall earnings.
- Security: Passive income can provide you with a financial safety net in case you lose your job or experience other financial setbacks.
10 best passive income side hustles in 2023
Here are 10 of the best passive income side hustles for 2023:
- Start a dropshipping store
Dropshipping is a type of retail business where you sell products online without having to carry any inventory. When a customer places an order on your store, you simply contact the supplier and they will ship the product directly to the customer.
Dropshipping is a great passive income side hustle because it’s relatively easy to set up and doesn’t require a lot of upfront investment. You can start a dropshipping store with a free Shopify account and a few hundred dollars to invest in marketing.
Once your dropshipping store is up and running, you can start generating passive income by selling products that have a high profit margin. You can also set up automated marketing campaigns so that you don’t have to spend a lot of time actively promoting your store.
- Create a print-on-demand store
Print-on-demand is a type of business where you sell custom-printed products, such as t-shirts, mugs, and posters. When a customer places an order, the product is printed and shipped directly to them.
Print-on-demand is a great passive income side hustle because it’s easy to set up and doesn’t require a lot of upfront investment. You can start a print-on-demand store with a free Shopify account and a few hundred dollars to invest in designs.
Once your print-on-demand store is up and running, you can start generating passive income by selling designs that are popular and in demand
- Sell digital products
Digital products are products that can be downloaded electronically, such as ebooks, online courses, and software. Selling digital products is a great passive income side hustle because you can create the product once and sell it over and over again.
There are many different ways to create and sell digital products. You can write an ebook, create an online course, or develop a software application. Once you’ve created your digital product, you can sell it on your own website or through online marketplaces such as Etsy and Amazon.
Once your digital product is up for sale, you can start generating passive income by promoting it through social media, email marketing, and other online channels.
- Teach online courses
Teaching online courses is a great passive income side hustle because it allows you to share your knowledge and expertise with others while also earning money.
There are many different platforms that you can use to create and sell online courses, such as Udemy, Skillshare, and Coursera. Once you’ve created your online course, you can upload it to the platform of your choice and start promoting it to potential students.
Once your online course is up and running, you can start generating passive income by students enrolling in your course and paying the tuition fee.
- Become a blogger
Blogging is a great passive income side hustle because it allows you to share your thoughts and ideas with the world while also earning money.
To start a blog, you’ll need to choose a niche and create a website. Once you have a website, you can start writing blog posts and promoting them through social media, email marketing, and other online channels.
Once your blog has a following, you can start generating passive income through advertising, affiliate marketing, and selling your own products and services.
- Create and sell an ebook
Writing an ebook is a great way to create a passive income stream. Once you’ve written your ebook, you can sell it on your own website or through online marketplaces such as Amazon and Kindle Vella.
To write a successful ebook, you need to choose a topic that is in demand and that you have expertise in. You also need to write your ebook in a clear and concise style.
Once your ebook is published, you can start generating passive income by promoting it through social media, email marketing, and other online channels.
- Self-Publishing Company with Amazon, Google Play, Apple Store, Barnes & Noble, etc.
Self-publishing a book is a great way to generate passive income. Once you’ve written and published your book, you can earn money from every sale. To start a self-publishing company, you’ll need to create an account with each of the major ebook retailers, such as Amazon, Google Play, Apple Store, and Barnes & Noble. Once you have accounts with these retailers, you can upload your book and start selling it.
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There are a few things to keep in mind when self-publishing a book. First, you need to make sure that your book is well-written and edited. You should also hire a professional cover designer to create an attractive cover for your book. Finally, you need to promote your book to potential readers. You can do this through social media, email marketing, and other online channels.
If you’re successful at self-publishing your book, you can generate a significant amount of passive income. Some self-published authors earn millions of dollars each year from their book sales.
- Rent out your property
Renting out your property is a great way to generate passive income. If you have a spare bedroom, apartment, or house, you can rent it out to tenants.
To rent out your property, you’ll need to find tenants and sign a lease agreement with them. You’ll also need to collect rent from your tenants on a regular basis.
Renting out your property can be a great way to generate passive income, but it’s important to be aware of the responsibilities that come with being a landlord.
- Invest in dividend-paying stocks
Investing in dividend-paying stocks is a great way to generate passive income. Dividend-paying stocks are stocks that pay out a portion of their profits to shareholders on a regular basis.
To invest in dividend-paying stocks, you’ll need to open a brokerage account. Once you have a brokerage account, you can start buying shares of dividend-paying stocks.
Once you own shares of dividend-paying stocks, you’ll start receiving dividend payments on a regular basis. Dividend payments are typically paid out quarterly, but some stocks pay out dividends monthly or annually.
- YouTube
YouTube is a great platform for generating passive income. You can earn money from your videos through advertising, sponsorships, and channel memberships.
To start a successful YouTube channel, you need to create content that is interesting and engaging to your target audience. You should also promote your channel on social media and other online platforms.
Once you have a following of viewers, you can start generating passive income through advertising. YouTube offers a variety of advertising options, such as display ads, video ads, and sponsored content. You can also earn money from sponsorships, where companies pay you to promote their products or services in your videos.
Finally, you can also earn money from channel memberships. Channel memberships are a monthly subscription service that allows viewers to support their favorite channels. Channel members receive exclusive perks, such as early access to new videos, exclusive content, and badges.
If you’re looking for a way to generate passive income, YouTube is a great option. With a little effort and dedication, you can build a successful YouTube channel that will generate income for you for years to come.
Tips for success with passive income side hustles
Here are a few tips for success with passive income side hustles:
- Choose a side hustle that you’re passionate about. This will make it easier to stay motivated and put in the work required to make it successful.
- Do your research and learn as much as you can about your chosen side hustle. This will help you to make informed decisions and avoid costly mistakes.
- Set realistic goals. Don’t expect to start making a lot of money overnight. It takes time and effort to build a successful passive income side hustle.
- Be patient and persistent. It takes time to build a following and start generating a significant amount of income from your side hustle. Don’t give up if you don’t see results immediately.
- Promote your side hustle actively. Let people know what you’re doing and how they can support you. You can promote your side hustle through social media, email marketing, and other online channels.
- Provide excellent customer service. If you sell products or services, make sure that you provide excellent customer service to your customers. This will help you to build a loyal customer base and generate positive word-of-mouth.
- Keep learning and growing. The world of business is constantly changing, so it’s important to keep learning and growing. This will help you to stay ahead of the curve and keep your side hustle successful.
Final thoughts on 10 Best Passive Income Side Hustles in 2023
Passive income side hustles are a great way to supplement your regular income and achieve financial freedom. There are many different passive income side hustles to choose from, so it’s important to find one that you’re passionate about and that you’re willing to put in the work required to make it successful.
If you’re looking for a passive income side hustle to start in 2023, I encourage you to consider the 10 side hustles that I discussed in this article. These side hustles are all relatively easy to set up and can generate a significant amount of income over time.
