Once upon a time I believed that the only way to make money was by showing up to a job and trading my hours for money. Then, by some amazing miracle, I was introduced to the world of passive income. Passive income is a way of earning money where you do the work once, and continue to get paid for it over and over again. This can free up more time in your day and flexibility in your schedule as well as putting money in the bank. Despite my best efforts, and the fact that I’ve been obsessively talking about passive income for the last 5 years, many people still seem to be unaware of the amazing benefits it offers. That’s why I have put together a freshly updated list of passive income ideas for 2023!
*This post contains affiliate links. I may earn a commission on recommendations at no additional cost to you.
1. Start a Blog
A lot of people will have you believe that blogging is dead, however, if you are reading this right now, you know that that isn’t true. Billions of people turn to search engines like Google and Pinterest every day and land on pages that were put together by bloggers. The best part is, you can get hosting free for the first 30 days!
The biggest misconception about blogs is that they are meant to be a diary of your life. That may have been the case years ago, but this day and age it’s another way to share information, stories and ideas with people just like you. Whether it’s How To guides, travel tips, or a slew of recipe ideas, blogs are still very much in full swing when it comes to making passive income online.
Here are a few tips for getting started with a blog:
- Know your stuff – Read the 7 top questions about starting a blog here.
- Be consistent – Treat your blog as if it were part of your regular work or life routine
- Just start – If you aren’t sure what to do, the only way to learn is to take a leap and make it happen! Get a 30 day FREE trial with SiteGround
2. TikTok Affiliate Marketing
If you already have a TikTok following, a good idea would be to make sure you are monetizing it. A lot of people think you have to offer coaching, do sponsored posts (#ad), or make a ton of money with the creator fund to get paid on TikTok.
The reality is, you can easily get paid simply by talking about your favorite products (no merchandise necessary).
Affiliate marketing is something that has been around for a while now and is every blogger’s favorite form of passive income, however, not many people are taking full advantage of it when it comes to social media. To learn how this is done, take my free training on How to Make Your First $1,000 on TikTok.
3. Sell Printables on Etsy
A lot of people are quick to think of Etsy as a place where you can sell hand-made crafts that you’ve toiled over for hours. This is one way to do it, for sure. However, there is another way people are making money on Etsy and it requires less time and no physical product what-so-ever! Printables!
In fact my friends Julie and Cody were able to make so much selling printouts on Etsy that Julie was able to quit her job and work from home and Cody enjoy his passive income while traveling around the globe!
Whether you are a total newbie or someone who already has a good grip on how to make digital printouts and products, you can learn more about how to get paid from Etsy printables with their free workshop: Manifest Passive Income with Printables on Etsy.
4. Open an Airbnb
I think we all know by now that Airbnb is the top new way to stay when you travel. Having the comforts of home and the ability to cook rather than eat out are just some of my favorite reasons for opting for an Airbnb over a hotel when we take family vacations.
Whether you already own a home, or a second home, you might be interested to learn that you can actually turn either of these into a passive income generating Airbnb with very little effort.
Yes, it will require more work and funding up front to kick-start your Airbnb, but after you’ve put in the elbow grease, all it takes is hiring a property management company to allow yourself total flexibility and freedom with Airbnb ownership. Check the Airbnb calculator to see how much you could make.
5. Create Digital Products and Courses
If you are currently a coach or have extensive knowledge in a particular area, you can easily create a guide book or digital course to market and sell online.
The online education industry is booming (especially after 2020), and you could get in on all the goodness with very little start up costs.
For product pros.
If you are well established with your online presence, the best place to start would be Kajabi as they have a wide variety of pre-made templates, funnels, and website pages so you have very little work to do upfront with a variety of options for growth. Click here for a 2 week free trial of Kajabi.
For newbie creators
If you haven’t even thought about creating a product, but love the idea of getting started, a good place to test the waters would be by signing up for a ConvertKit email account and creating digital guidebooks and printouts in Canva.
ConvertKit is an email company that allows you to easily get people onto your email list and into a funnel in order to sell your digital products. The best part is, ConvertKit has recently launched the “Earn” option for creators. That means you can now sell digital downloads directly from ConvertKit rather than operating from a third party! Click here to start for free.