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You don’t need another job to earn some extra money. Passive income is a great way to help you generate income without requiring much time or effort to maintain. However, this does not mean that no effort is required at all.
According to the Internal Revenue Service (IRS), passive income can come from rental properties or a business in which one does not actively participate. But many passive income streams involve some form of upfront work or investment, and it’s definitely not a get-rich-quick strategy.
Here are some passive income ideas if you want to make $500 a week this fall.
Sell digital products
Develop digital products related to fall activities—holiday recipe ebooks, DIY craft guides, social media templates, phone backgrounds, and designs—to sell online on platforms like Etsy or your own website.
Digital products are generally cheaper to produce than physical products with lower fixed costs. The inventory is also unlimited, so all you have to do is craft it once.
According to Marmalead, some sellers make $50,000 a year, while others only make a few thousand dollars. In an interview with Business Insider, Etsy seller Rachel Jimenez revealed that she makes $9,500 a month selling printable planners and seasonal templates. How much you earn depends on how much you deposit and which products you sell.
Rent Property
If you own a property, consider listing it on Airbnb or VRBO as a short-term rental. Demand, property size, seasonal trends and amenities will dictate how much you earn. Tourist destinations may even have seasonal or year-round demand.
For example, New England is a popular fall vacation destination. PureWow has compiled a list of the best Airbnbs for fall vacations based on guest reviews, amenities, fees, location, thoughtful extras, and more. Some rents were as much as $605 per night, but peak charges could increase in October due to demand.
Create a blog
If you are passionate about a particular topic, such as fall DIY crafts or activities, consider starting your own blog on that topic. According to the financial blog Millennial Money, bloggers can earn between $500 and $2,000 per month during their first year of blogging. It requires some upfront work as you will need to build a website and create content.
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Another option is to buy a successful blog. Many full-time bloggers are able to make over $200,000 a year working 10-30 hours a week, Millennial Money reported.
Start a YouTube channel
If you prefer creating video content to blog content, consider starting a YouTube channel about your favorite craft after fall. According to Teachable, DIY and crafts are one of the most profitable YouTube niches.
The Sorry Girls, a Canadian group of women who create DIY and craft content, have over two million subscribers and their videos get around 200,000 views. Their estimated monthly earnings are between $1,100 and $18,000, Teachable reported.
Become an affiliate marketer
Already have a blog or YouTube channel? You can increase your passive income by becoming an affiliate marketer. This means that you sell other people’s products on your website or channel and earn a percentage of the sales from those products.
To get started, sign up for programs like Amazon Associates and post a link to a product on your website, YouTube channel, or social media. If someone clicks on your link and makes a purchase, you get passive income from the sale.
License your photography
Photographers can license fall-themed images to stock photography websites. When someone downloads the image, you earn royalties. A popular stock image site is iStock, and royalty rates for contributors range from 15% to 45% per image. file license, depending on the contributor agreement and the file type.