Hi and welcome back again to another part of this multipart series. This series is about passive income ideas you can use to create an extra income. In today’s part, we will talk about automated business and side hustles as passive income ideas. This is the 5th part of this series. There are 4 more parts before this. You do not have to read them to understand this part. However, to learn all the ways you can make passive income, then read the previous 4 parts below.
- Passive Income Ideas (Part 1 – Investments).
- Passive Income Ideas (Part 2 – Real Estate).
- Passive Income Ideas (Part 3 – Digital Products & Content).
- Passive Income Ideas (Part 4 – Online Presence).
After you read those previous parts, you can continue with the today’s part.
Automated Business / Side Hustles passive income ideas.
First before we go into the automated business and side hustles, its important that we mention this. These methods at the very beginning, might not be passive as they require initial setup. However, once you finish the initial setup, you can be able to automate the entire system and turn it into a passive income.
With that in mind, now lets go into the automated business and side hustles passive income ideas.
Idea #27. Setting up Vending Machines and earning profits.
One of the ways that you can create a passive income is through setting up vending machines. You can buy these machines from the sellers. Then set them up at various locations where you expect to get a lot of customers. Some of the places that you can set up your vending machine is inside malls maybe in the hallway. Additionally, you can set it up at a petrol station.
However, remember that for some of these locations, you might need authorization of the owners of the petrol station or mall. By the way you need to note that some of those venues might charge you rent for setting up your vending machine there.
Once you set up your vending machine, keep it stocked and keep collecting your income. You do not have to be there doing it daily. You just keep collecting your passive income.
Idea #28. Set up ATMs and earn from transaction fees.
Another great way you can earn passive income is through ATMs. You can setup ATMs across the city and keep collecting income from transaction fees. Here is how it works. People have electronic money in their back accounts. These people sometimes want to withdraw cash. These people do not have to always go to banks to withdraw their money. This is where you come in with your ATMs. You fill cash in your ATMs, then let the people use your ATMs to withdraw their money. For this service, you charge them a fee.
The fee might not be such a large amount but the secret is in the numbers. The more transactions you get, the more money you make. Believe this amount can really rack up so quickly and you end up with a lot of money.
Idea #29. Set up Laundromats and charge for the laundry services.
Another great way that you can earn a good passive income is through laundromats. Most people don’t like cleaning their own clothes especially if they do not have cleaning machines. Nobody likes cleaning clothes manually. Hence where an opportunity comes in for you. You setup laundries allover the city or town and let the people use your laundry services. The people come and use your machines to clean their clothes and pay you for the service. You know you are providing everything to them from washing machine, washing powder and water. All they need to do is put their clothes into the washing machine and let it clean for them.
Idea #30. Set up self-service Car Washes.
Another great way that you can create a great passive income with is setting up car washes. Not the car washes you think of. The manual car washes cannot be automated nor passive. This is because that would require you to be working at the car wash washing the cars. The kind of car washes that we are talking about are the self-service car washes. These do not require you to always be there with a hose cleaning cars.
Hence you end up making passive money every time someone comes to get their car cleaned.
Idea #31. License Your Ideas (IPs).
Ever heard of IPs? These are Intellectual Properties. Intellectual property, shortly known as IP is something that you created as an idea or an intellectual mostly electronic product that you own. IPs can be ideas, software, code, design, patents or anything that is of high value that only you came up with.
Such ideas or IPs can really make you a lot of money. Many people do not know this but there are so many millionaires in this world by just earning from their IPs or patents. I will give you an excellent example. Do you know the inventors of AK-47 rifle have lived to make billions for the AK-47 rifle design? Yes that weapon is made in so many countries around the world by so many manufacturers. These manufacturers use the designs of the original designers of the rifle. Then they make the AK-47s. Since they are making the guns for profit, they have to pay the AK-47 original designers for the patents.
Idea #32. Buy Existing Websites that earn an income.
Another great way that you can use to create a passive income is through buying existing websites. There are millions of websites on the internet. Yes not all those websites make money or are monetizable. However, there are many of them that actually bring in an income. There are so many ways that websites make money, whether its through ad revenue, or sales, or selling products, or selling services. There are so many ways that websites make money.
You can buy any of those websites that make money and make it yours. From there hence you become the new owner and the revenue come to you. The best thing about websites is that you do not have to be there doing anything manually on daily basis. Its simply some files sitting on some server somewhere.
Idea #33. Silent Partner in a Business.
I know most people who are not investors and those who are not into investment do not quite know how it works. Investment in the simplest way can be described as putting your money into a company that you believe its growing and let the money multiply. You do not have to be the one running the company nor be involved in the running of the company. You might not or ever even know who runs the company. All you know is that you bought shares of that company and let the value grow.
Hence this entire process can be fully passive. Once you buy your shares you can even forget about it and only come weeks, months or years later only to find your revenues. There are dividend shares that pay you for the profit that the company makes. On the other hand there are shares that do not pay dividend but you get to grow your wealth.
Conclusion.
This brings us to the end of part 5 of this multipart series about passive income ideas. In this part we have talked about 7 Automated Business / Side Hustles passive income ideas. This brings the list of our passive income ideas to 33. Come back again tomorrow for the 6th part of this series. In the 6th part, we will talk about Assets You Already Own passive income ideas.
