The coronavirus has kept many people in their homes. While this is frustrating at best and potentially financially devastating at worst, being forced to spend more time in your house or apartment does give you the opportunity to earn extra passive income.
To make valuable use of the extra time on your hands, consider the following ideas:
Take Paid Surveys
Numerous apps and platforms reward users for taking surveys. By using them, you’re basically participating in remote market research groups.
Keep in mind that many of these surveys don’t demand a substantial amount of attention. You can often complete them on your phone while watching TV. Thus, the next time you’re binge-watching your favorite show, consider making a little extra money while doing so.
Make Money from Your Hobby
Hobbies offer productive ways to pass the time when you’re stuck inside. In many cases, they can also help you earn passive income.
For example, maybe you like to knit in your spare time. You could sell your finished products online to turn an already rewarding hobby into a financially rewarding one. True, this isn’t entirely passive, since you need to create products to sell, but the process won’t feel as much like work if you enjoy it.
Write a Book or Make an Online Course
Many people have successfully generated passive income streams by leveraging their expertise and self-publishing ebooks or online courses. While the process of writing a book or creating an online course takes time, if you now have a lot of extra time to spend as you see fit, you’ve never had a better opportunity to start working on such a project.
That said, you need to consider the market you’re targeting before diving into the process. You won’t earn money off an online course or ebook if there’s no audience for it. A book featuring your own insights on life may contain genuine wisdom, but if people don’t already know who you are, they won’t pay to read it. You need to offer content that people consider genuinely valuable.
Of course, you also need to consider your own expertise when choosing a topic for an ebook or online course. Even if there is a market for your idea, if you don’t have the necessary qualifications or experience to provide accurate or helpful information, you should choose another topic.
Start a YouTube Channel or Podcast
If you’re a natural entertainer, or if you have expertise in a particular area, consider using your spare time at home to start a podcast or YouTube channel. If you attract enough attention, you can earn money via advertisers.
This is a particularly good idea to keep in mind during times when many people are also spending more time at home. They’ll be looking online for entertainment and educational content to a greater degree than they already do. You could earn money by supplying it.
If you don’t have the equipment necessary to start a YouTube channel or podcast, you could instead start a blog to earn money. Many people who’ve earned above average amounts of money via passive income streams actually started out blogging.
Rent Out Storage Space
Do you have a decent amount of extra space in your home? If so, you might want to earn a little extra money by renting it out to people as an alternative to a traditional storage unit. If you offer better rates, they might be interested.
Just make sure you’re prepared to keep their belongings safe. You could end up owing money instead of earning it if you agree to store someone’s belongings and they end up damaged.
If you’re a talented photographer, you could sell your work via platforms such as Shutterstock and iStockPhoto. Although you might not be able to go outside to get outdoor shots, you may already have a collection of outdoor pictures you’ve taken in the past.
Additionally, you could take photos in your home, trying to find subjects and angles for shots that people would be willing to pay for. This gives you the chance to earn extra money while also boosting your skills and exercising your creativity.
Invest in Someone Else’s Business
There’s a good chance many people will use the time they have at home to start the home businesses they’ve been thinking about for years. They’ll need money to do so. If you have enough money saved, you could provide initial funding in exchange for partial ownership of the business.
Of course, you need to carefully assess all opportunities! You have to feel confident you’re investing in a business that will succeed.
Spending time at home can be boring when you don’t have the option to go out. However, you can choose to take advantage of your situation by earning passive income. These ideas will help.