Thinking of the ideal long-term future for your career and family without breaking the bank or stretching yourself too thin? Spending many hours working a full-time job seems like the default option, but what if there was a way for you to earn passive income, enjoy your family, and live your life however you choose?
The Rainmaker Family has helped over 12,000 parents create online income to see their return on investment without sacrificing precious family time. Here, we’re sharing six opportunities to make an extra income from the comfort of home, so that you can enjoy valuable time with your family.
1. Freelancing Via “The Gig Economy”
If you’re naturally resourceful, willing to take on multiple gigs, or have an innate special skill you don’t get to use often, consider hopping on “the gig economy” train. For instance, do you have an extra room in your house that you’re willing to rent out? Look into Airbnb. Depending on how often you rent out your space, it could be an easy way to bring in close to $10,000+ per year. Do you have an extra car or one you don’t use frequently? Rent it out on Turo!
Apps like Airbnb, Turo, Instacart, and Swimply have created ample ways to make money leveraging resources, Ask yourself: are you willing to set up an outside gig for extra income?
2. Sell Stuff From Around the House
Surprisingly, on average, Americans accumulate an average of $3,000 worth of items in their house that they no longer use. In our opinion, the best place to sell household items is Facebook Marketplace due to its interruption marketing model. Unlike search based selling platforms like eBay or Amazon, users browsing Facebook Marketplace may not realize they want to purchase a certain item until it shows up in their feed.
By listing things around your house, paired with a great price, you have the ability to make some quick cash to investinvest in other areas of your life, whether that’s growing your primary business or spending more time with your family.
Love going to thrift shops for vintage goods? Selling upcycled items online can be a great way to exercise creativity and make additional income. If you’re artsy, perhaps you can repurpose old furniture or clothes to sell through an online marketplace. Poshmark is a great resource for selling upcycled fashion, particularly name brand clothings. Best of all, you can list any item you’re selling right from your phone.
If you can level up by hiring someone part time underneath you to source and sell items, you can make passive income with this type of creative venture.
4. Become a Virtual Assistant
Nowadays, more business owners are taking advantage of the opportunity to hire Virtual Assistants for administrative help. If you wish to become a Virtual Assistant, you must devote at least 10 hours a week to admin work. However, you will be able to work from home and set your own hours.
This method is ideal for those who are comfortable being a freelancer or independent contractor, who want to make a consistent income and have the time to devote to it. This is not passive income at all, and not very scalable, but, leveraging a unique skill set, you can create greater value for a business and get paid for doing so.
5. Try Affiliate Marketing
Imagine getting compensated to assist other companies with product marketing. Through affiliate marketing, you use referral commission links to promote products you support. If people buy the product through your special link, you’ll get paid by the company. If enough people use your affiliate link over time, this could become an easy way for you to build more passive income. Companies like Amazon pay 3-6% which is not much, but any purchase the person makes on Amazon in the next 24hrs after using your link, you’ll also make commissions off of. Other companies pay as high as 40% commissions on sales, so be on the lookout for those!
6. Start Your Own Amazon Business
Did you know that over 50% of businesses that sell products via Amazon are small businesses? If you’re hoping to create and sell a niche product, look no further than this method. First, you’ll need to find a supplier or manufacturer to make your product. Then, you’ll work with the supplier to ship your product to Amazon distribution fulfillment carriers. Eventually, Amazon will fulfill products with 2-day shipping to your customer base, generating passive income. This is our favorite method that we’ve seen thousands of families succeed at including our own. Learn more about Amazon FBA and how young families are building passive income in this blog.
7. Try a Little of Everything
There’s no need to limit yourself to just one passive stream of income! Try each of these and see which works, then combine the most successful ones to maximize your earnings. Once you have a few successful ways of earning income from home and start seeing the earnings stacking up, you’ll be hooked.
For more tips on building your business through methods of passive income, listen to an episode of The Rainmaker Podcast or join The Rainmaker Challenge with our free guide! Quit sacrificing your valuable family time. Consider participating in The Rainmaker Challenge to help you build your Amazon business in just one week!