6 Proven Ways to Make Passive Income in 2024

Introduction

Some claim they make tens of thousands of dollars weekly in passive income. Is that true? I don’t know. But it seems a bit overstated sometimes, so today, I want to discuss with you and show you precisely six proven ways to make passive income that you can start very quickly and be accessible to everyone. While you shouldn’t expect to make hundreds of thousands of dollars overnight, you can use it to passively make a few hundred or sometimes thousands of dollars per month when you do things, right?

Before I explain what differentiates successful people with passive income from those just streaming about it, let me ask you a question. How often have you thought about starting a passive income, probably more than once? Otherwise, you wouldn’t have clicked on this article, but how often have you done something about it? Probably fewer than that, right? This is very important because, many times, people misunderstand the concept of passive income.

They think that they opt-in on a website or sign up for something, and then money starts flowing in, and that’s not realistic. Passive income could quickly be the most misunderstood concept for making money. The truth is that to start making a passive income, people need to be willing to put either their time, their money, or their skills to the table to work.

So, if you’re unwilling to put your skills or money to work, you must put some time into setting things up because passive income works; like growing a garden, you need to plant the seed and nurture it for the seed to start growing and bear fruit. So, if you’re looking for the fruit, you need to be willing to put in some time and effort to set things up to be successful later on. In this article, I have planned to give you enough tricks, tools, and information to help you slash that time in half or more so that you can start making money faster. 

1- Developing & Selling Spreadsheets

So, the first way to make passive income that I want to share with you is exciting. That’s very close to my heart because everybody uses spreadsheets for different tasks, but nobody knows how to create one. So, if you are good at this or at least willing to learn how to do that. Then there are thousands, if not hundreds of thousands, of people willing to pay you for that skill. Because more than a billion people worldwide use Google Sheets, and another billion people use Microsoft Excel, a vast target audience, a considerable market, is waiting for a service or a product like this.

They are ready to buy your spreadsheets or templates because they will probably use them to keep track of the budget or manage expenses. Maybe they have a small business and use it for bookkeeping, project management, goal tracking, and sometimes personal finance tracking. There are many possibilities for using Excel spreadsheets for many things in one’s life or business. So, first of all, think about this. Do you have the skill to create something like this? If you don’t, I’m giving a link here from where you can learn everything about spreadsheets.

Once you have the skill, you need to figure out what kind of scenario you want to address. What problem are you solving for your client? Are you going to build the best budget tracker out there? Or do you want to make the best business expense tracker? Maybe you want to build the most beautiful goal tracker. Whatever it is, put your time and effort into creating something outstanding.

Once you’ve developed a dynamic template that can help people achieve a result, you can post that on platforms like Graphic River Or Etsy and start selling, and now you’re probably thinking, okay? But those cost $3 a piece, so how will I make hundreds or thousands a month? This works because you would create several templates, not just one. This way, you can solve more problems or create bundles.

So, you can sell more expensive packages once you have a broader variety of offerings. You can expect to make more, and if you can sell a few of each per day, then at the end of the month, you can probably look at $300 to $800 in your bank account only from these templates.

In my opinion, three things separate an ordinary spreadsheet from one that is successful and can potentially become a bestseller.

• Your spreadsheet needs to be unique.
• It must solve a problem or help someone do something more accessible, better, or faster. 
• Your spreadsheet needs to be clear, concise, and fit for purpose because people are paying to be able to do something faster.

So if your spreadsheet is not straightforward and it takes them more time to understand what they need to do, they won’t use it or give you good testimonials, and you won’t be able to sell as many.

2- Developing Custom GPTs

The following passive income has to do with AI. Here, I’m talking about creating custom GPTs, and before you freak out and think I don’t have any technical skills and don’t know how to code. Well, this is something you can do without any coding skills. Let me explain. It is because of the OpenAI ChatGPT Marketplace. We know everyone can build and sell custom GPTs. If you’re unfamiliar with a custom GPT, it is a model trained and designed to solve a specific problem.

That could be anything from a GPT that creates designs for faster social media turnaround, or it could create product descriptions. It could be a guide or a coach on a specific topic, or it could do market research. There are so many ideas out there that you can leverage to create an outstanding GPT that serves so many people: ChatGPT currently has over a hundred million active users per day. So, there’s a considerable market out there.

Looking to leverage this type of custom GPTs and creating a GPT is not that hard. All you need to do is leverage the GPT builder option. And then you’re chatting with GPT and explaining it. How to solve a particular problem that you are more familiar with. You can do that just by talking. You can also upload specific documentation or additional information, allowing GPT to learn more about that topic. Once you’ve done all that information, you need to test it with real-life scenarios and correct it wherever it doesn’t have the right approach.

The more you try it, the better it will suit the purpose. Now you’re probably thinking, how do I make money from this? Because the OpenAI Marketplace has recently been launched, you can create a GPT and publicly make it available in this GPT Store. Once somebody decides to use your GPT, you can share the revenue you earn on licensing your GPT with open AI. So, it essentially works like uploading an app onto the App Store for iPhones.

3- Creating Online Courses

My third passive income suggestion concerns something you’ve probably done yourself. Tell me how often you have paid for different courses online because you thought they were irrelevant investments. Well, this proves that thousands would also be willing to pay for a course, just like you and me. You do not mind the cost because online classes have quickly become one of the best methods for serving a niche audience.

They allow everybody to teach anything they know, going as deep into the content as their students need, and now you’re probably thinking, can anybody have an online course? The answer is if you have a skill that you can pass on to others and reach people who want to learn from you. Then, nothing stops you from having an online course that others can learn from. You have to create content that helps people go from A to Z and be in a better place when they’re done with your course. And then all of the rest gets done a lot easier.

So whether you specialize in marketing, illustration, entrepreneurship, or SEO, you would be able to create an online course, and you can sell online courses in many, various ways. What I like the most about online classes is that they can be entirely digital. You can pre-record everything, upload it to a course platform, and then forget about it. But before we talk about how to monetize a course, here is something that I believe you should consider while building your online course to ensure success in getting started. One way is to give some of it away for free.

So, you might consider starting and building an audience on a social media platform, where you can start educating people on your topic of choice. This will allow you to practice teaching that topic, get direct feedback from your audience, and build the following. People will demand more from you once you do that, and people will start trusting you. They will say I want to learn more from this person. So, beginning that kind of social media presence will give you a significant boost at the beginning. The skills you need to deliver a successful online class are pretty diverse.

It would be best if you had some expertise in your teaching subject. That is obvious. But more than that, you need abilities to convey the message. So, you need to be able to present the information that you will teach your students in a clear, concise, and structured way so that they can follow and get results. If you want to learn more about how you can present information or create compelling presentations, then again, short of what you covered, there are lots of resources you can learn from there.

Once you’ve created your course, you want to first look into platforms already specializing in selling online courses that could be. Udemy could be Skillshare and Teachable. You can do that in many places, but I suggest you start with them because they already have the traffic and demand, and you don’t need to pay more to put your course in front of the right students. So, for example, here’s a Udemy course on learning pilates. It’s something I’ve started doing recently.

So, I thought it was an exciting example. As simple as it sounds, so many similar courses are going for more than $20, and you can get started doing that as well. From this course, you can see that this instructor already has about 17,000 students enrolled. So think about it. Doing the math tells you you can make hundreds or thousands of dollars monthly selling courses on this platform. And this continues to supply you with a passive income stream even in your sleep.

The best part is that you only have to create a course once. So if you’re thinking, okay. But how do I get started?

• Well, pick the niche. What do you love doing? What are you passionate about? And do people ask you about most? That’s the easiest way to choose.
• Share your insights and teachings for free at the beginning on any social media platform you choose. I explained before why you want to do that.

Once you’ve started building an audience, please set up an account on Skillshare, Udemy, or any of these platforms and upload your course. Keep engaging with your audience on social media, and lead them to your course on the platform. Then start making money in your sleep. 

4- Investing in Vending Machines

The following passive income idea I have for you is one that I’ve been thinking about a lot, but let’s say the rules are slightly different in Switzerland, which is probably why I’ve been delaying it so much. Now, think about a store that makes you money without you being there to sell or without you having to attend to buyers. So, if you’re looking for a new business opportunity that you can do part-time or that doesn’t require any special skills or any training and can even involve your whole family, then a vending machine business.

It might be a perfect fit for you because think about this: you’re essentially having a retail shop that allows you to focus on anything else you want to do with your time. Either another business, maybe you want to keep your job, or perhaps you want to enjoy the time with your family and friends. Vending machines are widely appealing because they require minimal investment to get started, are deficient in maintenance to operate, and can eventually generate nice passive income.

If you can ideally outsource the daily upkeep and the refreshing of inventory just before the pandemic, the vending machine industry in the U.S. has reached 8 billion dollars. In contrast, the global market reached 24 billion dollars. This means there’s a lot of money to be made here, and you, too, can get started. For example, one of the business owners on TikTok mentioned that he made about $300 after just three weeks of starting his vending machine business.

If you think about it, it is a business model that follows the same traditional retail business model of buying merchandise in bulk at wholesale prices and then selling it in small quantities to the end customer or consumer at retail prices. The difference is the margin that you charge on the product. So, it would be best to remember that you want to choose your location. That is an essential aspect of whether your vending machine will succeed.

You also want to be mindful of the fact that some areas are going to ask for a revenue-sharing model. So you will need to pay them 5, 10, or 20% of your revenue for them to allow you to place your vending machine in their space on their property. But you can look at places like hospitals, gyms, factories, universities, schools, gas stations, and college dorms. The most interesting one I’ve ever seen, and probably one of the most used, was the offending machine at a car rental place.

Now, when you get started, you want to place it somewhere within reach for you to get there and restock your inventory. Maybe another thing to remember is what kind of products you want to sell in your vending machine because you can always sell snacks and drinks. But an option to consider is to sell something very much in trend, like healthy food, for example, or at least in Europe, which is all the rage right now. 

5- Shopify Store & TikTok

The following passive income is another exciting and potential one, which has to do with TikTok. Now, I won’t make you create a TikTok account where I will suggest you start dancing. No, there is something else that’s involved. TikTok has this tremendous growth force in social media, even though it was only launched a few years ago. That’s because of short-form content. It is very successful with Gen Z and other generations out there.

So what does this mean for you? How can you create a passive income? Well, what you want to think about is starting a Shopify store that you connect with the TikTok account. Then, you use TikTok to promote the products that you are selling in your Shopify store. Once somebody creates a massive trend with a product on TikTok, you want to have more content about that product and link to it in your Shopify store.

This way, you will be able to sell so much. I’ve seen so many success stories with this kind of setup, obviously, a wide variety of print-on-demand companies on the market. It gives you the option to sell print-on-demand stuff. So think of totes, t-shirts, pillowcases, coffee mugs, stickers, notebooks, and anything. You can think about that.

But what if you’re not, let’s say, a talented designer or don’t know what kind of designs sell right? You can always think about a niche product like a mega scrunchy or a particular type of keychain or something. Maybe you’ve seen others raving about it and believe you can do better. Because TikTok makes it incredibly easy to create valuable, highly viral content that will allow you to promote your Shopify store. 

6- Renting Out Spaces

The following passive income is accessible to anybody. Because if you have a garage or a basement, you qualify for that type of passive income. Imagine making hundreds of dollars every month just by renting out that space for storage. I mean, you could save up this money to get maybe a new home at some point. Still, even if you’re considering a new home theatre, appliances, or furniture, I think it’s pretty cool. The best part is that you don’t have to do anything because the storage industry is projected to grow as much as 64 billion by 2026.

In other words, this is not an income idea going the way anytime soon, and you can store so many things, from cars to boats to RVs. Even business inventory, there is an endless. List ideas you can think about here, and if you’re wondering, how do I get started? Remember I mentioned that you do not have to do anything, right? You can connect with interested persons willing to rent your space from your home and pay you for that.

You can use platforms like Neighbor, Peer Space, and Store My House. There are many places you can do that. Again, the nice part about this is that when you use these platforms, you will not have to deal with liability issues because they provide safe payment options. They provide contracts, storage providers, and client information. So, you are on the safe side, rather than just locking up your garage. Why not open it up, list it online, and make some money with a right, and you can get started immediately? So I mean, it doesn’t get better than that.

Ways to Make Passive Income: A Summary and a Call to Action

Passive income is money that you can earn without active involvement or work. It can help you achieve financial freedom, diversify your income sources, and pursue your passions. In this article, we have discussed six ways to make passive income. These are just some ways to make passive income in 2024 and beyond. However, they are not easy or quick solutions.

They require research, planning, investment, and maintenance. They also involve risks and challenges like competition, regulations, taxes, and customer satisfaction. Therefore, carefully and diligently choose and implement your passive income strategies.

Passive income is not a myth or a dream. It is a reality that you can achieve with the right mindset, skills, and tools. You must take the first step and start your passive income journey today. What are you waiting for? Please choose one of the ways to make passive income that we have discussed and get started now!

That’s all for today. I hope you will learn something from today’s blog post, which may help you choose your passive income way. If you like this one, you can also check our recent post regarding online businesses by gently clicking here.