Posted on: February 28, 2023 | Investing
Passive income can bolster your day-to-day income, help you afford unexpected expenses, and much more. You may be familiar with passive income already, and you may have wondered if you could build a passive income stream. In this blog post, we’ll discuss passive income business ideas that you could try in 2023. We’ll also take a closer look at what passive income is, and what a passive income business is.
6 Passive Income Business Ideas in 2023
What is Passive Income?
First of all, what is passive income? Passive income is a regular revenue stream that can continue indefinitely without regularly putting in time or energy. Many passive income opportunities require some upfront time, energy, or investment, but continue to provide returns with little maintenance thereafter. Most sources of passive income are singular assets, like a book or an app that may be downloaded numerous times, or an investment that can grow in value over time.
What is a Passive Income Business?
So, what is a passive income business? A passive income business differs slightly from other passive income ideas since it offers more room to grow and expand, and requires a bit more upkeep and investment upfront. Passive income businesses tend to offer more revenue potential as well. These businesses provide regular revenue streams without requiring full-time management, but they’re usually larger than a single asset, like a book or an app.
A passive income business differs from a side hustle or a side business in some ways. A side business or side business usually requires a bit more of your free time producing products or managing a service, while a passive income business is designed to generate income using one large investment and some minimal maintenance.
With this in mind, the passive income business ideas in 2023 that we’ll take a look at won’t focus on continually producing a product or service in your free time. Nor will it focus on a single creative asset, like an ebook or an app, or an investment, like stocks or gold.
6 Passive Income Business Idea in 2023
1. Vending Business
A vending business is a great passive income business idea for those that see themselves as entrepreneurs and are looking for room to expand at some point in the future. An ice and water vending business is a particularly good fit for passive income businesses, since it doesn’t require restocking, like other vending businesses. You’ll need a visible location near a busy road, and some upfront investment to purchase your machine. Once your machine is purchased and installed, there’s no restocking or product costs, and you’ll only need to clean and maintain the machine.
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2. Rental Business
A rental business requires a bit of time and energy, as well as some upfront investment. There is also some risk involved, since not all renters will be as careful as they should be with your assets. There are many different assets you might rent out, from musical instruments to sports equipment to a spare bedroom to a camper and much more. You may already have some of these things, or you may have to make some renovations to your home.
As you might expect, this passive income business will have more potential when renting out a second property or a spare bedroom, but renting out other assets can also be valuable.
3. Passive Photography
Many of us take pictures of landmarks or exciting places we visit, just because we enjoy it. If your photographs are high enough quality, or you are in a position to safely photograph uncommon landmarks or situations, you may be able to sell the photos you take anyway. If you enjoy photography, you can use this passive income business idea as motivation to take more photos and learn more about photography as well.
4. Rental Land
We previously mentioned a rental business as a way to earn money passively in 2023. You can also apply this to your land. Your land might be suitable to rent as a rustic camping area, fruit or vegetable farm, parking lot, or something else. You may have to prepare the land at the start to attract renters, but afterwards you’ll have a reliable passive income business with very little upkeep.
5. Storage Space
If you have a secure, environmentally controlled area that’s not currently in use, such as a basement or garage, you may be able to start a storage business. Nearby residents may be looking for an affordable place to store their car or motorcycle, they may simply need some temporary storage space while they’re moving, or someone may need a place to store a collection. This is a great passive business idea in 2023 as more people are moving for work opportunities.
6. Pet Sitting
Pet sitting is a bit different from some of the other passive income business ideas we’ve talked about. If you’re working from home and you like animals, this can be an enjoyable and profitable passive income business in 2023. Many people adopted pets during the 2020 pandemic, but had to return to work in the following years. This has many singles and families seeking some assistance for their pets. While you’re working during the day, you might earn some extra income by simply watching a pet.
With some upfront investment and a bit of preparation, you can try these passive income ideas in 2023 and be better prepared for the future. If you’re interested in learning more about starting your own vending business, get in touch with our vending experts.
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