Begin and focus on just one from this list of ways to make passive income.
The extra cash may turn out to be important to have. When searching among the different selections, you may turn toward liking one far greater than the others, making it easier to perform overall.
When it comes easy, chances are greater for sticking to the objective over time.
Even just one among the several choices has potential to bring substantial returns. This depends on the individual and the concentrated time or effort given.
Most things referred to as forms of passive income do indeed take some work, whether a little or a lot up front. They then become more or completely passive over time.
What makes one idea more passive may involve the classic hiring of help for the work, or having more efficiency over time that leads to far less time involvement, or even the highly sought “set it and forget it” method.
So there are different levels of being passive. These can range from much work before things get easier, or needing a great sum of money to get passive immediacy, or even something like working only one hour weekly.
If you wish to understand what passive income is, go over and visit the definition here. There are a few basic ways of earning income listed there.
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The Passive Income Methods
1. Think Like An Owner
Go internal initially. Question why passive income is important. Why is this sought and what skills does an entrepreneur need? To even get to passivity requires some bit of dedication and thought before taking steps forward.
Imagination is key. This first ability is left quite generalized. In fact, it can be one of the most important qualities in a business owner.
Aim for success. A second thing that differentiates a business owner is to work hard, putting in the time necessary to aim for success. It’s certainly not easy and can surprise a new entrepreneur, the amount of time or work that may be needed.
Outsource tasks. Looked at from one angle, what does a business owner do? Hire people. So hire someone to do work. If you make $10 an hour, but can pay a kid to write for $5-8 an hour, this may help build some writing side business.
If you hire for $12 an hour, and make $10 an hour, things may still be worthwhile. That’s because it may take 2-3 hours for you to write something. Since that’s worth $20-30 of your time, it’s actually cheaper.
This is but one example. Opportunities present themselves in life.
Know the math. If you can’t work numbers, business may not be the way. That’s how important numbers are to an entrepreneur’s survival.
Knowing the numbers help navigate through uncharted waters, like a compass pointing the way toward safe expenses vs. reckless spending.
Most businesses fail. Presume less than 10% of long-term attempts actually survive even a few years. That’s why it’s vital to know skills such as numbers, cost reduction, being creative and more.
Get passive on your side. Understanding some of the modern failure rate, at least get the concept of passive income working for you. Paying someone without putting in the hours yourself may be preferable. If you make a higher wage normally, then the costs hurt less.
So take some moments to reflect. With an open mind, something may be discovered for beginning the way of hiring and entrepreneurship.
2. Pay Off Any Debt
This is kind of dumb to state as a passive model, though not having to pay extra money through unwanted interest rates can help an individual gain money that wasn’t there before (in a reverse kind of way).
If in $10k debt, and interest is around $200 monthly, paying this off as quick as possible can definitely find funds that weren’t there before. This is challenging for many however, since work can run in short supply. Also, financial obligations can make things a bummer regarding paying off all debt.
Regarding this as passive helps the mindset. This may be especially true if you find yourself in some great amount of personal or professional debt. When able to pay these things off, life becomes more free and money worries decrease substantially.
While we’re on the subject, here’s a bonus as it were…
Stop paying for services not used. This second thing will increase your income right away also. So what about online services, cable services, club memberships, and other things. Sit down and think away the problems. Don’t get hooked on unused things. That can be like hoarding (collecting too many physical objects around, just because).
Another tip. Sit down and list out everything you pay for that is not absolutely necessary in life. Once done, determine if you can cut some of these things away.
Here are a few highly-recommended books if you’re having trouble getting debt under control.
Total Money Makeover by Dave Ramsey
Personal Finance QuickStart Guide by Morgen Rochard
ABCs of Getting Out of Debt by Garrett Sutton
Reducing expenses is passive income. It can help to look at it like this, if not absolutely correct in all situations. Get this down before going after other true forms of passive income.
This is money already available under your nose. Then go for that wanted monetary increase! This skill can assist with thrifting your way. In other words, not wasting the money that begins to come in later.
3. Sell Your Stuff For Income
This method brings in easily available money. However, it’s more like semi-passive income. Just conjecture prices that used things around you can bring in and add the them up. You may find a sizeable lot of money.
Sell things around you. After presenting things online or to neighbors, most of the work is done. Once things are listed at eBay, Amazon, or another online marketplace, you just wait for them to be sold.
Alternatively go the old-fashioned way. Just lay out tables and hold a yard or garage sale. Do this preferably when your neighborhood is having a community one, or during the outdoor fair weather months.
Or combine the two methods. Present things online for 3 months, since one can get greater monetary returns there. Then decide to de-list everything online, and hold a regular yard sale where things get sold more cheap. Finally, whatever is left over can be donated.
4. Rent Out Your Things
Are you not using something more than a handful of times, or even less times than that per year?
Think of merchandise you have that can be rented out for a while. A service platform online may cover if things wind up being lost or gone somehow.
Let’s begin by getting creative within your surroundings. Then some sites are listed to assist with physical object renting.
By being open-minded, there may be passive income right under your nose. Feel free to adjust these concepts to make a favorable position.
1. If living near water, get a surfboard or two and rent them out. You could post a sign or two after checking local regulations. The potential could be there to get $200-$400 or more monthly, at perhaps $10 an hour. Use it for yourself and rent these out. Try to maintain advertising free or very cheap.
Perhaps you have a boat to rent out to others. That can work also, for even more money.
2. If near the mountains, try the same with hiking or climbing gear. Check regulations and waivers to shift liability out of your equipment. And check things over for safety anyway. Again, think of what can be possible to earn monthly.
3. Think of your own inventory of stuff you would feel okay with renting for a day or week. Think of things of value that are worth $100 or more to actually buy. That way, you’ll get at least $5-$10 per day for each thing hopefully.
Seriously, take some time to write down valuable stuff around that you don’t need right away. Maybe you’ll come up with 3-4 things or more. List them on a rental site or two. That’s possible passive income left on the table if doing nothing.
Examples of expensive things may include an ATV, digital cameras, unused laptops, unused furniture, high priced blenders or food processors, high priced yard equipment, durable power tools, musical instruments, inactive drones, video game consoles (even with a set of games), expensive student textbooks, or expensive sports equipment. There are plenty of other things possible.
Figure in any site platform fee. You shouldn’t mind paying a bit for the service, as something needs to bring together both sides. Renting mostly expensive things can offset any fees charged.
Some sites to help here.
- Babyquip.com for baby gear, strollers, cribs and more.
- Spinlister.com for bikes, snowboards and more.
- Stylelend.com for designer clothes.
- Loanables.com for many various things.
- Fatllama.com for many various things.
Advice. If necessary, use things before renting them. To elaborate, if you’re going to rent out a great lawnmower, cut the lawn before it changes hands.
Second, before signing up to offer things for rent, check into terms and what is covered if something goes lost for example.
Just a caution here. Be okay if what you rent gets lost, stolen or damaged, after checking you’re covered somehow by the rental site. You’ll probably not want to rent everything if some things hold value personally for instance.
5. Have A Website
This was covered in the post passive income defined. However, in addition to that basic information, there are several ways to earn from a site.
1. Ad Network
An ad network can spruce up a site nicely. The advice here is to not overdo things. A site can become cluttered and unpleasant to visit. Have the visitor in mind and ask yourself what kind of site you like to tour for example.
Ads can bring back pennies to dollars over time. If this route seems too little to exist off of, no problem. Simply decide to deposit the earnings into an emergency fund for example. Most individuals don’t have a terrific emergency fund, in case of some negative life event.
So if you want or have a website, consider Infolinks as a basic beginning for the concept of ads on your site. It’s fairly easy to get up and going with this.
2. Ad Displays
Another advertisement approach. This can bring back a bigger return. Have a site that gets a hundred, a thousand, or even more visitors per month. Then set up a page that details how to contact you. Price a block or banner ad right, for the size of your site traffic monthly.
Potentially earn $100 or more monthly. This is especially true if someone is already advertising. Just offer the recurring payment option (passive income for your site or company here).
Finally, as the site grows, the prices for your ad display offers can grow alongside. One option is to offer small ad placements for less monthly, and bigger blocks or banners for some larger amount.
The site visits need positive growth. Even monthly or more often. This is the key to all ad-based passive income approaches.
3. Ad Non-Displays
Fascinating. Many site owners don’t know about this one. If you don’t need display ads whatsoever, or to just have another income source, opt for non-display ads. These don’t appear to site visitors.
Advertisers place code involving ad retargeting, on your site of choice. It kind of hangs out in the background of code. When the same visitor goes on Facebook or some relevant advertisement site, ads will then appear from the advertiser. It’s kind of like giving off a browser cookie that tracks somewhat.
Go to repixel.co for info about this kind of thing. And other thing. It seems as if not one ounce of visitor data is stored. You may want to look into this if the money model fits okay.
4. Affiliate Marketing
No doubt about it. This can be one of the greater earners for a website.
Partner with some company that wants to sell a gadget, program or service. There are several affiliate programs, far more than just ten or twenty. A great many are worthwhile to partner with.
If you have a site focused on vacuum cleaners, get Amazon.com on your side. Try to apply for their affiliate program. Maybe they’ll offer 4% for sending individuals over to their site. For a $200 vacuum cleaner, that’s $8 for each one sold.
If a site gets a thousand visits monthly and ten buy (or 1% go to Amazon), that could mean getting $50-$100 monthly.
Not bad. But consider adding some advertising, display ads, or other methods. And at the same time, the site could be growing in size through more articles.
Once these things are under way, passive income results from having an online business or website.
Finally, you could grow from there. More advanced opportunities may present themselves for a developed website. Heck, companies are known to give products away to be reviewed. Second, they’ll give an affiliate link for earning over time!
One caution about having a site. A niche simply refers to “focused” and “on-topic” in the sense written about here. If you go too broad in topic, things could take years. So if you love nature, try to pick some specific lifestyle, animal or feature of nature instead. Write a site around one of these focused topics. This advice should help for early monetization, rather than going too broad and getting lost in the overall competition out there.
Plainly, it’s easier to begin a more narrow approach than with a broad one. Be a big fish in the small pond, not the opposite. Second, choose a domain name not too specific. If you pick GardenRoseExpert.com and decide to get into all kinds of flowers when your audience grows, the name branding was already decided kind of narrow.
Allow growth for the site topic of choice. Okay, so the domain name can be thought about for a little while. Not too narrow there.
5. Sell Your Product
With site growth comes opportunity! It may eventually be time to put together some project or product you’ve had in mind for some time.
Not only can this be satisfying, but the end result could bring back much more money than other income approaches.
Sell an eBook (electronic book) for $29.99 and this may become a steady source of recurring passive greenbacks over time.
One piece of advice. Before beginning to write an eBook, understand to go evergreen content. That’s content applicable in many time periods. If you write about tech advances for example, you may need an update or even whole new eBook every year.
6. Paid Advertising
Closely related to having a website, paid advertising would likely involve a more expensive product you either make or become a partner for.
Passive income through paid advertising. The concept is really quite hands-off. Set things up as recurring and look at how things are going weekly or monthly. This could be figuratively done in minutes.
How does this gain passively however? Well, the sales need to compound over time, more than the costs. If you test and figure out that you can sell one widget regularly, after spending $20 on ads, just spend more as you take in positive profit numbers.
Generally low-priced things won’t profit or work best for this inactive method of gaining money. It takes quite the traffic to a site to make this plan work.
If you take in less money than spent, test out other ads and adjust how things are done. For instance, spend less with more rare keyword searches. Try to find keywords that don’t charge as much as more competitive ones. Though these need to be on-topic if you don’t want people to just look and leave.
Keyword matching is very important to making ads. In fact, making targeted ads is a skill that can be improved over time. An individual can specialize.
Advice. Be sure to have an expensive product, so the ad costs can be figured into the overall selling plan. This whole thing can work far more easily with a higher priced product.
Second, the more attractive the offer is, the better chance of selling. Can you conceive a way to offer some bonus or some free add-on product? This may help the widget or the whatever to sell.
Third, and most important to money saving. Target the ads themselves. Don’t do general ad blasts out toward wherever! Be smarter. That way you won’t waste dozens or hundreds of dollars. Targeting here means directing toward only individuals that may be interested in the offer.
Fourth, and maybe most important to actually selling. Bring each click over to some nice freebie or very low cost offer. Individuals need some time before putting money out for someone or some company not even known yet.
Take the time to make some valuable free thing. This could take a day or week, not too long. Patience you need anyway if trying to form some enterprise online. Patience without success may be a real reason why so many attempts fail. So understand that things can take time.
7. Offline Affiliate Marketing
Works when having at least some family, friends or acquaintances.
If you regularly go to some business, ask if they have an affiliate or referral program of some kind. They could have a website with this feature.
Ask for a unique referral link, once a program is verified as existing. Take some of their business cards to hand out to others. Write the referral link on the cards.
Get paid for promoting some service you already use and are happy with. Of course don’t hard push sales to acquaintances. Also be legitimately okay with the service. Soft recommendations work better than being too pushy.
This kind of affiliate marketing is possible to do with no website for your part. Only the business needs to have one really.
An alternative is when both sides actually have no site whatsoever. Then the human trust factor comes into play. Make sure the company records your name down in writing somewhere, where tracking is efficient.
When your acquaintances contact the company, tell them to say you referred them. The company should then track your partnership sales.
To help with the human trust issue, try this strategy. When preparing to become their partner, state that anyone referred will let you know they bought the service. That way, you know the running tally of sales. The company should match this number while going along the partnership. If the numbers don’t match, you can state that you and your acquaintances may take your business elsewhere, to a trusted company. State in your own words, thinking this simple method through.
And there you have it! Neither partner needs to absolutely have any website involved. This is a non-tech approach to things, and it can work.
But if you do have a website, then this approach can be incorporated with ease. That’s because the tech side of things is easier to track. “Computers don’t make mistakes”.
8. Network Marketing
Network marketing is often associated with MLM (multi level marketing).
Not to be afraid here, just some words of caution. Know one simple difference. Network marketing with products or services involved is okay, even when recruiting others to help you sell. What isn’t okay is recruiting for payment alone without products or services involved. This is a pyramid scheme and is illegal in many countries.
Some legal legit companies include Avon, Mary Kay, Herbalife and Amway. These companies play mostly by the rules. You’ll not stray into black hat territory too easily with a sturdy support system from one of these.
These systems become more passive when recruiting others (having a downline) that help you make commissions through their sales. This aspect of the business can easily take years, while other passive income models may work far sooner. Indeed, trying to get a network marketing business going is difficult work.
If you want to give this time and effort nonetheless, the safest way to get involved is with one of the reputable companies. If you want to strongly get involved elsewhere, make sure to do detailed research beforehand.
Advice. Be socially adept. This kind of individual will have a great upper hand in vying for success in this field. If you’re not outgoing and sociable, you need to weigh this factor out and consider leaving this method behind.
There are other skills like being genuinely helpful toward others and having great marketing savvy that would likely give better chances of success.
9. Build YouTube Channel
The magic word is consistency.
Like a website, this is a solid choice. For both, it’s what you put into it. There’s no guarantee of success. Being dedicated with either one can take the content maker quite far.
Here’s the neat thing. With a brick and mortar based business, you must make it work or close things down due to the costs. With either a website or video channel, you can fail precisely. Life sometimes gets in the way. Later you could recommit yourself.
Video. It seems a bit more difficult to make than the written word. Some do better with the written word, some with appearing on video, some with audio or whatever. If video is your choice, study up on making thumbnails (the front-facing artwork where video placement happens), on keyword choices for videos so to get found more easily, and on lighting and other details.
Having a website mentioned here is because both models monetize very similarly if desired. Both can have money returns through advertising, affiliate recommendations, and product or service sales.
Some forms of good subject matter for a passive income video channel may include…
– Musical instrument tutorials
– Making art with tutorials
– Stock and bond investing
– Cooking with visual tutorials
– Traveling gear recommendations
– Visual dreams or relaxation slides
– Religious teaching or discussions
Advice. Begin period. If you wait to get everything figured out for perfection before beginning, you may have nothing done in the next six months.
Seeking ultimate and awe-inspiring perfection can be an excuse for motion-defying procrastination.
10. Build A Podcast
This is pure audio. This is similar to having a video channel, just no appearances. Works great for interviews or with discussions of a subject not requiring visuals.
For passivity, cover topics that don’t change yearly. This is what is known as evergreen content (perennially enduring content). If the subject matter changes its form every season or year, this isn’t too much of a passive income at all.
Some forms of good subject matter for a passive income podcast may include…
– Teaching about money
– Teaching a specific language
– Traveling tips and advice
– How to manage people
– How to care for pets
– Dreams or imaginings
– Religious discussions
Just make it a point to go evergreen, so to stay along the passive route of things.
Here’s a beginner microphone that’s easy to set up and begin with. It’s the Audio-Technica ATR2100x-USB Dynamic Microphone and has great ratings online.
Another option that comes with a filter and accessories is the Rode studio-quality microphone. Again, the ratings and quality are great.
You could also look at other microphones there on Amazon.com, determining which one is right for your situation.
11. Passive Instruction Classes
If you like to perform dance or martial arts, just add to the routine through offering teaching sessions. Place a continuous cheap ad in the local paper or tell others through free word-of-mouth offerings.
If you charge a low $10 per session, that’s $50 of mostly passive money for just one session. Maybe multiply by how many sessions you want to offer per month. At 10 sessions, that could mean upwards of $500.
This is getting paid for something that’s already part of your regular weekly routine for example. Consider it as getting your workout at the same time as instructing others. And this perhaps with an additional half hour per session, as teaching and guiding others takes some time and patience.
It may not hurt to ask if some individuals you know are interested in whatever the physical activity happens to be. Or if you can maybe swing $10 per month, test out some free or cheap ad options.
For private lesson dance instruction, in many cases certification is not even needed. For martial arts private instruction, the same is likely the case. Just check with your specific area or state for being sure.
For the most part, if you would perform the physical activity anyway, simply adding learners doesn’t add on too much additional time here. That’s why it can be classified as passive income mostly.
12. Social Influencer
Rule #1 here is to have an audience. Do you want to grow an audience alongside practicing social influencing with some merchandise your passionate about? Do you want to market something you believe in? Get or have that audience already.
Without having dozens of contacts or hundreds minimal, it may be best to attempt some other model. However, if you like this way then there’s no problem in beginning with an audience of one. Just persist as social influencing grows.
If you have more than an audience of one, sign up with an influencer network. They’ll be interested in your audience size. So if you want to influence others to buy things you like or support, give it a go.
Advice. Just don’t over-sell things. This means being too pushy. What can work is speaking or writing about a subject you’re good in or find fascinating. Then every once in a while, market relevant merchandise.
13. Brand Ambassador
Being a brand ambassador is somewhat different than being a social media influencer.
Be well known or have near celebrity status before going for this variety of income. This leverage can entice a company to work with you exclusively.
This is standing for a product or service you already use. However, it’s like an exclusive long term deal where an individual becomes the face of the brand.
Having a huge fan base or influence in the world helps the ease of transition into this specific method. Without some powerful status, it’s probably best to move on to something else.
It is possible though to have a big social circle online. This may entice some company to want to participate with you there. This is probably more like being a social media influencer, or a small-scale ambassador.
The big difference here is that one is long term (the ambassador) and another may just be paid for one sponsorship (the influencer). Being a brand ambassador is definitely more stable. Both of these ways don’t take much time or effort whatsoever.
14. Rent Storage Space
This is quite easy and passive income to make.
Do you have extra space? How about a nice studio, spare room, separate place, a medium-sized room, or large backyard?
Some sites to help here.
- Neighbor.com for small to large storage space.
- StoreAtMyHouse.com for similar storage space.
- PeerSpace.com for photo shoots and similar.
- SpotHero.com for parking space renting.
- LiquidSpace.com for office suite renting.
You store things, not people. Some don’t want strangers around whatsoever and so this way works better. Just offer to hold on to things someone needs out of the way for a while.
To be competitive, storage may involve cheaper rates than lockers and common storage unit facilities. Still, one could make $25-$100 or more monthly. Combine two or more storage offerings and make even more.
15. Rent Vehicle Ad Space
There are places that cooperate with you to send out advertising to onlookers. Vehicle advertising is a modern day thing where banners can be placed for promoting some brands.
So what advertising places are available to partner with?
Some companies include Carvertise.com, Wrapify.com, Stickerride.com and Nickelytics.com.
Make your fuel costs free. This way of thinking may help you get motivated toward wanting to car advertise. Getting one or two hundred can really help out or indeed pay a whole fuel bill for the month.
Don’t pay anything. Smart companies will not charge you for the privilege. Wrap shops known as partners, help to place and remove ads on your vehicle of choice. This happens free of charge.
Also, verification just happens through an app that tracks mileage. In some cases, a GPS can be placed on a vehicle. Nothing too difficult. This proves to the brand you work with that you’re actually advertising.
So what are the regular base earnings? These may begin around $100 for the month. Then one can grow with the brand from that point.
Advice. Travel some distance before signing up. Skip and move to something else if you don’t get around very much monthly. Be near or within the city for better rates. Some companies may have minimum mileage per month or only have offers in certain cities or regions.
Choose something you believe in. This is the cool part. Go with a company you like or believe in somewhat. That’s probably better than riding alongside something very distasteful. This being stated, all companies are not available in every place.
Team with Uber.com, Lyft.com, or some other taxi-like service. Vehicle advertising is passive. Driving as a taxi service is active. Teamed up, both of these things can bring a nice monthly income.
One tip here concerning if you’re thinking about doing this. Drive for Uber or Lyft or some ride share opportunity. Then you can prove your mileage to the advertising wrap company. This can bring the dual income, if you don’t meet certain minimum mileage requirements for the advertising.
Finally, having ads on a vehicle makes it appear more taxi-like. This may make you feel kind of confident, as being in business for yourself.
16. Rent Your Vehicle
If you have a vehicle just sitting around most of the time, try one of the rent-your-ride sites and make a hefty yearly income. Even though appearing risky, renting your vehicle out can bring back some nice money.
Earnings can surpass 5k or 10k yearly under the right circumstances. Offering rent for half the monthly time can bring back this amount potentially.
Even if you travel, parking a car around some airport and setting up a pre-arrangement can help earn passive income also. There are options for this kind of thing also.
You’ll want a clean title, vehicle insurance, and fewer than 100-150k miles in many circumstances. These things may be required for the sites listed here. Insurance policies may also be offered with the companies.
Some sites to help here.
- Turo.com for cars.
- HyreCar.com for cars.
- GetAround.com for cars.
- Avail.com for cars.
- Boatsetter.com for boats.
- GetMyBoat.com for boats.
- Outdoorsy.com for RVs.
Advice. Finish all you need to do during a day or two of the week. Then try and offer the rental for 4-5 days and you’ll be set for earnings.
Of course read all the fine terms, since a vehicle is a major thing. You’ll want to make sure you’re covered in some circumstances.
17. Rent Your Land
Have some decently sized land? Rent to campers, farmers, social group events and more. Advertise your land.
Some sites to help here.
- HipCamp.com for RV space or camping.
- HomeCamper.com for the same.
- LandRenter.com for farm or hunting property.
- Tillable.com for big farm land.
Advice. Spruce (no pun intended) things up a bit and command a higher price. Do some land alterations and prepare for renting things over the long term. If you want to do this, prices could in theory be raised 50% or more.
For a secondary way to advertise, try the old classified ads for free or very low cost. Especially if taking time to spruce up the land, you’ll want to put it out there some within advertising.
18. Rent Living Space
Become a landlord. It’s easy nowadays. The only difficult thing is determining whether you want to let others rent a part of your abode.
Have or make unused space. Then set it up as a viable passive income source. Just make it habitable and place an ad or more.
Renting an apartment is different (subletting), and needs to be included in lease terms. Please don’t attempt this without knowing your lease. Avoid this potential legal problem.
To be safest, only rent to others after knowing your local regulations. These things should be fairly easy to research. After understanding the local rules, feel free to rent away!
Proper research beforehand. Although this may take an hour or two minimum, these steps can set you up for passive income over time. Through forging a way into the rental market, you’re then set up for success in this area.
There are a couple of other options for renting just a certain part of the time, if not perhaps months at a time. In fact, the shorter the stay, the greater income potential.
1. Try Airbnb.com for listing an individual room, house, or place to rent.
2. Also try Vrbo.com for vacation rentals (cabin, condo, beach house).
Advice. Know the local rent prices. Then set yours some below the average. This should move things along more quick, to find an individual.
Make a list of preference for ones wishing to rent to. Maybe a family member or friend comes before others. After that, maybe someone from the local retirement community or club you’re a part of.
You can perform a search or place ads in this manner, from top to bottom of some preference list. Careful with individuals close to you however. Have an understanding that this situation won’t damage relationships. Or else, it may be preferred to lean toward renting to strangers.
19. Sleep License
Participate in a sleep study. Stay overnight at a sleep center. Take some of regular activity things to avoid boredom if possible.
Try out sleepeducation.org/find-a-facility for facility location. However, if testing is not listed within your locality, you could email or call them. Probably best to email so they don’t forget.
Then wait to hear back, without sitting by the phone with impatient expectation. Just try to have them let you know to contact you when having available sleep studies in your area.
Some places pay thousands, the more you’re willing to let the days go by and stay with them on-facility. Boredom can sometimes pay off.
Passive is one thing. Giving your whole day or week over, may be something else you’re unwilling to participate in. Just understand this before seeking to participate.
Advice. If you have a Google account, try the Alerts feature listed under their programs. Enter “sleep study” and your city or locale. Set an alert to be notified by the day or week. This can help you passively look for passive income, instead of going back to universities and websites for possible changes.
20. License Yourself
There are quite the number of different scientific studies, research studies, and other focus groups available for the searcher.
These are various ways of licensing your time. Just place your city or local into the Google Alerts program. Add on these keywords for each line, along with your locale – sleep study, scientific study, research study, focus group, psychology study. Try also the plural form.
So set ten or twenty alerts and go crazy for opportunities here. Don’t forget to add your locale or state for each one. Think of other descriptions if you can. Then select daily or weekly alerts if possible. Wait for the offers to reveal themselves.
Some pay less, some more. One can make hundreds over a few days.
21. License Your Ideas
Rent your idea to a company. The leverage for success here lies in the company already being in business. If you’re just some guy or girl off the street, it’s difficult indeed to make it at all in regard to marketing, development and selling the idea or product.
That’s where licensing comes in. It’s like a big partnership and is a great way for a simple idealist, inventor or entrepreneur to try for passive income success.
Funding can be a problem. Here’s the thing. If you build a new product from the ground up, putting your own money and marketing into the effort, you could lose big. How do you know for sure that the project will take off?
This problem is especially the case for beginners, not having enough money or knowledge. That’s why licensing an idea can be a great idea to take license with. Have one or many similar things to try and license, for greater chances.
Don’t bring high risk to the table. Companies don’t want to spend much money on some thing or widget that is totally unproven. Instead, look at what sells to consumers already.
Does something already seem deficient to you? Are there problems with something on the market, where it could be developed better and sell better for a company? You need to add value.
Adding value to the partner company is an absolute necessity. Without this vision and presentation, a would-be partner has no motive to work with you.
For adding value, both the benefits to the company (sales or marketing improvements for example) and to the end consumer need to be shown clearly.
To do this, a brief sell sheet needs to be drawn up. A nice presentation is required here, but not too lengthy. You want to get noticed, not agitate with lengthy words. Big companies (or small) are busy with other things. There are easy tutorials in existence about how to do this. Quite easy in fact.
Visit uspto.gov for the PPA (provisional patent application). Next to the sell sheet, a PPA is a nice thing to have. And “nice” meaning required, if your idea is something more extraordinary.
Having an idea that can apply to more than one company (e.g. a great car improvement) stands perhaps greater chances. Whatever the way you choose, research the companies before you approach them. This research is like traveling with a map vs. getting lost going somewhere.
Many big companies are just too convoluted to pay any attention. You’ll have to persist by reaching out to a certain member of marketing, product development or management. Social business platforms like LinkedIn can assist with this effort.
By setting up a LinkedIn profile applicable to being an inventor or to the product concept itself, you may garner attention more fully from the company’s team member.
By being subtle (not too pushy) and persistent, you could actually make it with this method. Communicate. This is definitely key here. Don’t just toss your idea into the abyss and shrug your shoulders. Get to talk with someone in the process, if at all viable. This greatly increases chances of success. Get feedback on what you could do better. Even write things down to learn of each attempt.
It’s very possible to like an idea so much, that you don’t give up even after a hundred rejections. Or after further thinking, maybe the idea itself could even be improved more.
Advice. Read from an author who has experience in this area. Consider the reading as like having a tutor within this field. The author has other books also.
One Simple Idea by Stephen Key
Become A Professional Inventor by Stephen Key
Licensing an idea can be great passive income no doubt. Though success chances may not be sky high, things that grow the odds include having a positive mindset, persistence and contacting companies.
As long as you don’t make this a lifelong requirement and have other main work you do, it shouldn’t detract too much from living. Idea licensing is probably one of the ways written of here that don’t take too much time from life. So it’s taking a shot at a great passive income possibility.
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