If you think that getting more hours at work or another full-time job is the answer to earning some extra money on the side, then you’ll be delighted to know that other opportunities exist. The truth is that there are dozens, maybe even hundreds of residual income ideas out there for you try. Most of them are part-time and easy to get involved in.
Two of the best things I like about residual income streams:
- Unlike passive income streams, residual income opportunities don’t require any initial investment to get going. All they require is your time for the service.
- They can be earned on your own terms. Don’t think of it the same as a regular “job”. Residual income is usually earned when you negotiate a one time or reoccurring fee for your services. Depending on how good you are, that could end up being a pretty significant amount of income over time!
Residual Income Ideas for You to Try:
- Babysitting – Everyone needs someone else to watch their children for them every now and again.
- Walking a dog – Dogs need lots of exercise, and sometimes when time is short it can be helpful to have someone else take “Fido” for a stroll.
- Playing in a band – When musicians need reliable talent, they will be willing to hire other musicians to come perform or record with them.
- Freelance writing – Not everyone is a great writer. Those people that are can provide a great service to those who need good, quality content.
- Coaching – All athletes need a mentor if they want to develop, especially at a young age.
- Blogging – Even if you start a free blog on WordPress or Blogger, you can still add advertising to your pages.
- Programming – Sure a lot of people know how to operate a computer, but even fewer of them know how to do the really technical stuff – especially when it comes to websites and app development. Knowing your way around code can really come in high demand.
- Consulting – If you have a proven reputation or results, businesses will gladly pay to seek your advice on issues they have.
- Being a trainer – When people need to get good at something very specific, they will hire a professional that can work with them on developing them to their full potential.
- Speaking – There are dozens of hotels and conference rooms across the world that fill each day with people gathering to hear established individuals deliver their message and help motivate them to success.
- Cooking – Who doesn’t like to eat good food that was prepared by someone who wasn’t them?
- Housecleaning – Cleaning always end up last on most people’s list of priorities. Some of us would gladly outsource it.
- Affiliate sales – When you promote someone else’s product or service, you get a cut.
- Being a tutor – Academics can be tough. Sometimes a little one on one assistance can be just the right kind of extra help we need.
- Teaching a class – Computers 101, public speaking, yoga, etc. People are ready to learn, and businesses need qualified instructors to show them what they want to know.
- Royalties – One of the best residual income ideas. Play with a band and record a song that becomes popular, and you’ll get passive income the rest of your life.
- Selling stock photography – This is a very trending industry. Advertisers and marketers everywhere need your candid and original photos, and they’re willing to pay to license them.
- DJ music service – When was the last time you were at a wedding?
- Sales Leads – Sometimes when the phone doesn’t ring, a business will need to hire you to help them generate leads. If you already have a well established list of contacts, then they may even pay a little more because they know that you’ll be a sure thing!
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