Many people have hobbies they enjoy spending time on in their free time. What if you could get paid for doing what you love to generate passive income? It’s possible!
Have you ever had a hobby that was just so enjoyable, you wanted to do it all the time? Whether it’s cooking, photography, or gardening, there are tons of ways to generate passive income from your hobbies – whether it’s by selling products or giving lessons. Here are seven ways to generate passive income from your hobbies and make some extra cash while doing something you love.
1) Start A Business
One of the best ways to generate passive income is by starting a business. Whether it’s a small online business or a brick-and-mortar shop, if you’re passionate about what you sell and willing to put in the time and effort, it’s possible to make money while you sleep.
Remember, though, that it’s not as simple as just setting up shop. You need to have an active presence on social media, be present at events and festivals in your area and even network with people you know in real life.
Doing business is a lot of work! Thankfully, there are other ways to generate passive income—ways that involve a little less (or no) work but still offer valuable rewards. Here are seven great ideas for starting or adding to your own passive income portfolio.
2) Create An Information Product
If you’re looking for a way to generate passive income, one of the best ways is by writing an information product. An information product is a book, software package, video course, or any other type of content that’s intended to help people solve problems or achieve their goals.
An information product can be your hobby. For example, if you love to bake cakes and share your recipes with friends and family members, you could write a cake cookbook. It’s like having your cake and eating it too! Once you publish your book, it will sell on its own without additional promotion on your part.
3) Freelance Writing
If you have a hobby that other people enjoy, or if you already run a small side business, freelance writing is an option for earning extra cash on a regular basis. If your work has been published online before, then finding clients can be easier and faster. You may even have old blog posts you can repurpose and turn into pieces for hire. Sites like Upwork allow freelancers to create profiles where employers looking for writers can find them based on criteria like location, experience level, hourly rate and more.
There are also many popular blogs out there that offer money making opportunities through guest blogging (see below). All you need to do is contribute articles with helpful information about a topic of interest, link back to the company’s website in the author bio area at the end of the post, and voila! They might send you some free products or samples as payment. Plus, it’s a great way to expand your network and establish yourself as an expert in your field while getting paid at the same time.
4) Use Your Existing Skills
In many cases, you may already have a skill or hobby that can be used to generate passive income. For example, if you enjoy writing, you could monetize your blog by selling advertisements. If you enjoy photography, offer your services as a photographer for weddings and other events.
You could also provide consulting for those with the same skillset as you. To find more ideas about how to make money with your existing skills, try searching on Google.
A second way to use an existing skill is through crowd funding sites like Kickstarter and IndieGoGo where people will fund projects in return for rewards (or sometimes just out of the goodness of their hearts). You don’t need any new skills to use these platforms—all it takes is an idea and some creativity!
5) Invest in Cryptocurrencies
Investing in cryptocurrencies is a great way to generate passive income. The price of most cryptocurrencies are at an all time high, so this is the perfect time for you to invest and make some money. One way you can invest in cryptocurrencies is by buying and holding the currency for an extended period of time. Another way you can invest in them is by trading them, which can be risky because the price could go up or down rapidly. But if you know what your doing it’s a great strategy.
Other ways to invest in cryptocurrencies is by mining them or investing in Initial Coin Offerings (ICOs). When it comes to mining, you have two options: mining cryptocurrency with your computer or mining cryptocurrency with a powerful GPU (graphics processing unit) rig. With either option, the only cost is electricity. Investing in ICOs is another good way to generate passive income.
An ICO is when someone creates their own cryptocurrency and sells coins to investors during an initial offering. There are plenty of scams out there, so do your research before investing in any company offering coins during their ICO. You should also look into the company’s mission statement, financial statements, and team members before deciding whether or not to invest.
6) Participate in Paid Focus Groups
If you have an opinion, a passion and some free time, you can make money by participating in focus groups. The more time that you are willing to spend and the more opinions that you have, the better your chances of being selected for paid surveys.
These focus groups are typically run by market research firms and are in-person sessions. You will be asked a series of questions regarding everything from specific products you’ve recently used, to your feelings on new trends and even politics. The goal is to help companies develop better products based on real customer feedback.
The payment for these focus groups usually ranges between $20 and $80 an hour, which makes it one of the best ways to make money online fast with no startup costs.
7) Start A YouTube Channel
A popular way of generating passive income is through a YouTube channel. If you have an idea for a YouTube series, you can set up your own YouTube channel and upload videos that would help your audience grow. You can also be notified when people share or comment on your videos, which gives you the chance to talk with them one-on-one.
Another reason why it can be a good idea to have your own YouTube channel is because it’s free.
While you’ll need some equipment, such as a video camera and computer, you won’t need to pay any fees or taxes on these items. You’ll also save time by not having to go into work at all! Just make sure that your videos are high quality so they’re more likely to get views and subscribers.