In the modern day, more and more people are in pursuit of financial freedom, and as a result, side hustles have taken center stage. There are many reasons people may pick a side hustle outside of this as well, such as a desire to follow their passions or explore different opportunities and careers while diversifying their earnings. With that being said, not all side hustles are born equal, with some requiring a lot of work and others allowing you to make money with minimal effort.
These are known as passive side hustles. Passive side hustles provide a refreshing departure from the conventional nine-to-five and the five-to-nine grind that many people undertake when starting a side hustle. While the idea of making money passively may sound too good to be true nowadays, it is possible for many people. In this article, we will explore some passive side hustles, how to start and the benefits that come with having your own side hustle.
What is a Side Hustle
A side hustle is a term used to describe a secondary job or source of income that individuals engage in alongside their primary or full-time employment. Side hustles are typically undertaken to supplement one’s regular income and can take various forms, including part-time jobs, freelance work, entrepreneurial ventures, or any other activity that generates additional income.
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Benefits of a Side Hustle
There are many benefits to having a side hustle of your own; however, the key benefits include the following:
- Part-time commitment: Side hustles are typically part-time or involve a lower level of commitment compared to a person’s main job. They allow individuals to earn extra money without having to quit their main employment.
- Opportunities: Side hustles can encompass a wide range of activities and, therefore, allow people to try their hand at other careers without having to make the jump completely.
- Flexibility: Similarly to the first benefit, hustles offer flexible schedules that allow you to decide how much effort you put in and how much time you get off.
- Financial Security: The biggest reason for starting a side hustle is the extra income. The extra source of income can allow you to save, pay off debt or buy luxuries without any financial stress.
- Entrepreneurial Ventures: Some side hustles can even become full-time jobs later down the line if they prove to be profitable and sustainable enough.
- Diversification of Income: Side hustles also provide different income sources, reducing financial vulnerability if you were to lose your job or if you were unable to
Popular Passive Side Hustles
In this section, we will go over some minimal side hustles that can allow you to earn income if done successfully.
Dropshipping is a great passive income idea which allows you to earn money from wherever you are, even if the cash flow is minimal at the start. The dropshipping business model involves creating an e-commerce store where customers can browse and buy products. With dropshipping, you don’t have to see or physically manage the products you sell. With dropshipping, your supplier handles everything, and you pay them after each purchase, which helps limit the cash risk.
Print-on-demand stores work very similarly to dropshipping. However, they are more tailored towards being an outlet for monetising your creative works. Print-on-demand involves creating designs for products such as t-shirts, posters, backpacks, books and so on, and then working with a supplier to sell them on a pre-order basis. Similar to dropshipping, you only pay for a product after you’ve sold it, and the supplier handles shipping and inventory.
Sell Digital Products
Digital products are assets or pieces of media that are consumed online. These can include online courses, kindle books, templates, plug-ins, PDFs and more. Digital products are a great side hustle as they have very high-profit margins and are the definition of a passive side hustle. You only have to make the asset once, and then you can continue to sell it repeatedly via your online business. No inventory or storage is needed; you simply need to create a product and promote it effectively. Managing your business can be difficult; however, once you have garnered an audience, it provides a good source of passive income.
Starting a blog can be very challenging, and building an audience can be even more challenging. However, if you have good writing skills and are willing to put in the effort, blogging can provide a very good source of income. Once your blog is built, you can attract advertisers or make sponsored posts, which can bring in both passive income and active income, depending on the content you make.
Sell Stock Photos
Similar to selling digital products, if you have a knack for photography, then you can sell your photos online. Once your photos are up, you can theoretically sell the same photo forever, leading to passive income as long as there’s an audience for your photography.
Whether you buy the property and rent it out, rent out a spare room, rent out your car, or even a car parking space, renting can provide a zero-effort side hustle for those willing to rent out their space or property.
These have been some passive side hustles that you can try today. It’s important to note that no side hustle is truly passive, as every venture will require work in getting a business started or maintaining it once the income comes in. However, these side hustles are the ones that require the least amount of continual work to be done.
We hope you have found this useful and take some of these ideas for yourself and apply them going forward in your journey to financial freedom.