5 Side Hustles To Earn Passive Income in 2020
Today we’ll be talking about 5 amazing side hustles that can earn you a handsome passive income in 2020.
Entrepreneurship is an art. If you are a born seller you would find multiple ways to make extra bucks on spare time for earning passive income. There are myriads of channels out there in the market through which you could earn money without leaving your 9 to 5 job. In fact, it wouldn’t be an overstatement if I say that you can make it your primary income.
I have curated some amazing and proven side hustle ideas which you can start today and start earning within less time.
1. Flipping on Amazon and E-bay
You might have heard Gary Vaynerchuck saying about this unique idea which can earn you good money without investing anything except your time. Retail arbitrage has become a rage among youngsters.
All you have to do is Buy at low and sell at high.
Retail giants like Amazon and eBay provide a platform for third-party sellers to sell their goods online. You can make an account on Amazon or eBay. All you have to do is find a trending product listing on these platforms. Buy a product at a low cost or free cost from anywhere.
You could even buy it from garage sale, Craigslist or any other local market, Upload your product screenshots and description on a popular multi-vendor store. Set a high price and Boom! Your product is available for listing on eBay or Amazon. When your buyer buys your product, Amazon transfer the money directly to your bank account by deducting its commission.
2. Rent on Airbnb
Airbnb is a vacation home rental marketplace that lets travelers and tourists find accommodation at affordable rates than hotels. These accommodations are basically residential houses that are not used by the owners.
If you are planning to get out of your town, you could rent your property and earn extra bucks while you are out of town. All you have to do is register your property on the platform. Set a competitive price for your residence. The tourists or nomads will find your property on an Airbnb. If they decide to stay at your listed property you get paid. Airbnb will take some decided amount of commission on that.
List your property on Airbnb as a vacation rental property and start earning from your home, using your home.
3. Become a Youtuber
Do you think you have an X factor or unique skill that needs to be seen by the world? If yes then you can become a Youtuber for passive income. Youtube provides you a platform to generate engaging videos on your expertise and upload on it free of cost.
If people find it worthy they would like, share and subscribe to your channel. You can upload funny videos, educationals, informational, promotional, reviews, or any other kind of videos for your niche.
Youtube pays money to a YouTuber once you cross 4,000 watch hours in the previous 12 months and 1000 subscribers to start earning money. Once your channel gets enough subscribers you can also monetize your app further by displaying YouTube ads on the channel.
Remember one thing though, you need to create a decent video quality content and learn some basic video editing skills to stand out of the common crowd of Youtubers.
4. Make an App
Despite having millions of apps in the app store and play store, the app-based business has never reached its saturation point and it never will. Every new day a unique app idea comes up and people embrace it with open hands (or thumbs).
Do you have an out of the box app idea? You can develop an app for that and earn a massive amount of income through play store app store and in-app purchases.
If launching and running a startup seems a lot of responsibilities then you can go for a simpler option. You can also sell an app idea to a mobile app developer or a venture capitalist. You can also approach an angel investor who will invest in your app idea.
Try to create an app that solves the problem that the most common people are facing. These kinds of apps have a good chance of getting higher downloads and become popular among users.
5. Peer to Peer lending
If you have a bit of extra money that you don’t need right now, then you can invest that money and lend it to someone who is in need. It is like a money rental service but the lender gets significantly good interest in lending it to a needful person.
For example, your friend wants to start a startup but s/he doesn’t have the required budget on his side. What you can do is give him/her your money and in return, you get the interest on the given amount. This way you can raise a monthly side income and parallelly help your friend as well.
In 2020, there are a plethora of opportunities for earning extra income whether it is online or offline. Flipping household items, lending money, renting on Airbnb, and selling an app idea are some of the few ways to generate a passive income.
As new marketplace-based startups are making their place on the internet, there is a vast opportunity for such side hustles. Keep researching for new ways, new ideas, and new tactics to generate side income.