Very possible, the hardest part is finding the area of interest.
What niche market or opportunity do you see yourself enjoying as a hobby. Enjoyment or purpose is key because passive income often requires putting in some time. At least at the beginning and on going.
Here is an example: I'm good at marketing, enjoy talking business tactics, sharing my expertise and like to write, although I'm not good at it. :)
One option I saw a few years ago was starting a strategy blog, this blog shares random thoughts, stories, tactics, tips, FYIs, etc. regarding business. I run Adsense on the blog to generat income from there. But my bread and butter when it comes to making passive income from the blog is the affiliate links I have on there. I enjoy reading and think I'm really good at finding great stories, bios, and How To books and I share some of those there, I think I have one of my favorite albums listed there and links to courses and services offered by other companies and some for my own companies (I run a web development firm, a business analytic and advertising team, and a hosting platform that is cheaper than GoDaddy) I have links there. All affiliates or ads to my other services.
All I do is drive traffic there once in a while and see the commissions add up. I do my homework in driving the right traffic.
Also, another example which is connected to the prior is that I have landing pages (see: trainer.unthink.me for example) where i get registrations for single page landing pages done by a contractor that works for me and we split the earnings. I don't do anything, but post them once In a while on Instagram.
I also have an affiliate system for online programs im vested in, and help drive traffic to increase the bottom line and get commission. I also don't do anything for this one. did take time and effort in finding the right market to advertise and message to use. Once that was done the rest takes care of itself.
Another example, a friend of mine has a blog about a particular lens piece for a camera loved by many professional photographers, they come to his blog (which he doesn't invest much time in anymore) to find information about tips and how tos for the lens... During the time he updated the blog daily and then weekly he would share his own affiliate links to Amazon and collects money that way. Because the niche was so targeted and there are a ton of people looking for that information he gets good return on that.
This is what you call a lifestyle business, but what the people that make money off selling lifestyle businesses don't tell you is that is for those who don't require much income.
Another passive income is investing, consider investing in family or friend that maybe wants to start selling Mary Kay or something, you invest in them by buying the products for them. The person sells you collect either an interest or perpetuating until you find some agreement of full repayment to you.
Buy a soda or vending machine if you have a truck and are handy with fixing stuff. You can always find deals on snacks and sodas and in a good spot a machine can generate average $50 per cycle. May not sound like much, but if you get yourself a couple of them you have a small income stream that can be saved and used to buy a candy machine or another vending machine... And give you weekend spending money.
These are just some ideas I hope help you get your brain flowing to see that you might not need money to do something and if you do you might have more choices than you realized before.
Depending on your skill you could do youtube videos. Im able to generate over $5K of monthly passive income via two channels I operate.
Want to know more?
I have personally, single-handed raked in over half-a-million dollars ($500,000+) in honest Google Adsense revenues. So, the short answer is Yes, it is possible, and highly advisable.
The key to success is an unwavering passion about something that you can continue doing day in day out, and have the patience to keep doing it while the project takes roots.
Today you can generate passive revenue streams from websites, mobile apps, affiliate programs, and more. Rather than continue taking in vague terms I suggest you call me and we can discuss your specific situation and what is the most applicable direction.
I also want to say the phrase "passive" is somewhat misleading. You have to push pretty hard to get that ball rolling. You can start a podcast for the price of an Xbox and a couple of games. With a podcast people can hear you. it makes you more real. I had a blog for years and a email list over 1000. When I turned that same information into a podcast, and people could hear my sarcasm instead of reading italic words, they began to know, like, and trust me at a much quicker rate. With the right niche and affiliate product you can make some nice cash. The beauty of podcasting is you post the audio/video once and its there until you take it down. Try and make evergreen content.
There are lots of classes you can take. AppSumo has a great one about making your first dollar online. I think "passive" is a misnomer in most cases, but you are going to work hard at the start of all businesses. You can BUILD a passive income stream over time, but it's going to be very hard to just spin something up and not have to work for it. I'm happy to discuss this with you. I started several of my businesses while working a desk job as an FTE and have figured out a number of shortcuts and hacks over time to do this.
I am absolutely certain that this is possible. The question is how much time are you willing to invest. For less than 100$ you will get a basic website setup for example. From there you can do pretty much anything. If you want to produce an info product, you can do that by recording yourself with your built in camera of your laptop. There is no real reason holding you back. And the money certainly is not the problem.
But it's all about motivation and actually sitting down and doing the work. And that's where I speak from personal experience. We often know all the ways. But we don't execute. Registering a website is easy. Actually putting content there and reaching out to others to share it. That's the scary part.
If I had to start from the ground up:
- register a domain
- build a blog in your niche
- develop an info product right form the start
- offer services related to the niche as well
- build a Facebook community with people who are interested in your niche
- do some kind of live interactive stuff (Facebook Live Streams in the Group, Page or do Webinars)
This process would cost you much less than 1k. Marketing the whole thing with Facebook is the place where I would spend the money once I have a product.
If you want to discuss this furhter, we can schedule a call and develop a plan or product for you. I have experience in developing ideas and product road maps. It's a field that is so much fun and a great place for brainstorming.
Cheers and enjoy the journey.