10 Extra Income Ideas You Should Consider for Your Business

Passive income is an excellent way to achieve financial independence, allowing you to earn money with much less effort. Diversifying your income streams helps you create a balanced cash flow that works for you 24/7. 

Whether your goal is to supplement your main income stream or build long-term wealth, passive income strategies are great for achieving financial independence. 

There are plenty of ways to do so, but in this article, we’ll find out more about the 10 passive income ideas you can use to boost your startup revenue. 

1. Investments 

1.5% of the world’s population are millionaires. Many of these millionaires are investors. There are different types of investments, but the most common ones are: 

1. Cryptocurrencies: Known for their high volatility, investing in cryptocurrencies can offer great returns if done right. However, it’s always important to read white papers and do enough research before you invest in any cryptocurrency. 
2. Stock dividends: Represent ownership in companies and are paid quarterly. 
3. Real estate investments: Purchasing rental properties can yield passive income. This includes residential properties, commercial spaces, and co-working spaces. 
4. Peer-to-peer (P2P) lending: Lending money to individuals in exchange for an interest payment. This can generate high returns over time. 
5. Exchange-Traded Funds (ETFs): Diversified portfolios of bonds, stocks, and other assets that track a specific index. 
6. Bonds: Corporate or government bonds are a great source of income through regular interest payments. 
7. Crowdfunded real estate: Allows you to mix your funds with other investors to invest in much larger real estate projects. 

Investments are a great way to make extra income, but it’s important to always do research before you start investing. 

2. Parking space rentals 

Renting out unused parking spaces can be a simple and effective way to generate passive income, especially in busy urban areas or near popular venues. The earning potential will depend on the area you are located and it’s always important to first check local regulations before you list your space. 

In order to attract renters, it’s important to offer competitive prices and clearly describe your space’s availability and features. Parking space rentals usually require low maintenance so it’s important to ensure your property is being used in a good manner. 

3. Selling online courses 

Creating and selling online courses can easily become a passive income stream. You can begin identifying your niche and researching your market demand. You can sell online courses by including videos, quizzes, and other supplementary materials. Overall, plenty of hosting platforms like Udemy, Coursera, and others can address your target audience's needs. 

Online courses generate ongoing income and the best part is that you don’t need to do much work regarding maintenance. The only thing to do is to make sure you continuously update your content and engage with learners to get positive reviews and attract new visitors who are interested in learning. 

4. Sell coaching programs 

Coaching programs are another excellent way to generate passive income. These programs not only earn you ongoing income but allow you to share your experience in a certain field with individuals who are eager to grow in their professional careers. 

The type of coaching programs you offer will depend on your niche and level of expertise. Therefore, take a step back and see where you are more experienced and what kind of coaching services you can offer. It’s important to always offer coaching services in fields you are passionate about. 

Coach programs will change based on structure and time length. They can last for a few weeks, or up to a few months. However, popular coaching programs will usually last anywhere between four to twelve weeks. 

Coaching programs can either be on-spot, aka, live interactions, or recorded and delivered later on. It offers feedback real-time interaction and many opportunities for learners to grow in their professional careers and make a good income. 

5. Start a blog 

Blogging is one of the most excellent ways to generate a passive income, especially when it’s effectively utilized. Creating a blog helps you share your experience, knowledge, and insights on topics you’re passionate about. 

The beauty of this is that you can combine this passive income with other ideas you have. Starting a blog is a straightforward act and an effective way of generating passive income, so there’s not much you need to do. You can write your content on your own through Word, Google Docs, or anywhere else, or even use the help of AI tools to do so. 

Consistent and engaging content combined with proper marketing strategies can help transform your blog into a passive income stream. 

6. Sell templates 

If there’s one passive income idea that is more than easy to do, it’s selling templates. The demand for pre-made templates, regardless of whether it’s for a presentation, business plan, website, or any other task. The need for templates is often required from students, entrepreneurs, and businesses. Not only does it save them time, but allows them to get their work polished and receive a cohesive look. 

Pre-made templates can easily be sold online, especially on special platforms like Shopify, Etsy, and even on your own website. Once you create them, you can quickly upload them for sale and can repeatedly generate passive income over time. 

Once you create and set your templates up, they can repeatedly generate passive income without needing any additional effort from your side.

7. Selling videos and stock images 

A quick and effective way of passive income is selling stock photos and videos. This is an excellent way to earn passive income through videography and photography skills. Every time one of your images and videos gets downloaded, you generate income. 

Prices differ, but the average is usually between $200 to $500 monthly and earnings can quickly add up which help increase your portfolio. Key advantages and disadvantages of selling stock images and videos include: 

Advantages

1. You can sell your images immediately 
2. Stock images are in high demand and prevent any copyright issues 
3. Trends can last to long-term sales

Disadvantages 

1. Generic content might not perform that well
2. Stock platforms might offer you low commissions 
3. Stock platforms have high image standards and if you don’t meet these requirements, you might not be accepted to list your images and videos there 

8. Dropshipping 

Since popular platforms like Amazon came into play, dropshipping has been a standard business choice. The dropshipping market reached nearly $301 billion in 2024, which means it’s a trending market.  

Dropshipping businesses can earn anywhere from hundreds to thousands of dollars per month. The good side of dropshipping is that you don’t need inventory management and you can test different suppliers to see which one is the best choice for you. Also, dropshipping has low overhead costs that allow you to effectively manage your website and all other important operations regarding dropshipping. 

Some disadvantages of dropshipping include having to compete with too many competitors and a low-profit margin. However, if you follow the right steps, find the right suppliers, and enter a niche that isn’t too competitive, this is an advantage for you. 

9. Home cleaning and lawn care 

If you’re not afraid of physical work, home cleaning, and lawn care can be an excellent way to generate additional income. You can also turn these passive income ideas into a business, but if you want to do it just for fun, that’s a whole different story. 

Home cleaning and lawn care services can be done anywhere, and don’t go any further, you can find them in areas next to you. It might be your next-door neighbor or someone you know. Therefore, it’s never a bad idea to do it as a side hustle. 

10. Start a YouTube channel 

Starting a YouTube channel is never a bad idea if you want a good passive income. This passive income might even turn into a large number if you are consistent and reach a large fanbase. 

First of all, define your niche and always seek to create high-quality and consistent content. You might need to buy some basic equipment such as a camera and mic, to begin with. However, you don’t need to buy the best products out there. 

Promoting your content on social media channels is also an excellent way to grow your audience and collaborate with other creators. While building ongoing and successful channels is important, YouTube can definitely be a great way for you to earn a great income in the long term. 

The number of options is endless for generating passive income 

Choosing which passive income is the right choice for you will strongly depend on what your financial goals are. It’s important to first clarify and define what your goals and objectives are. 

Consider which income type is the right choice for you and which one doesn’t take too much of your time. Any idea that takes up too much of your time shouldn’t be considered from your side. Therefore it’s now time to sit down and carefully think about it. 

If you’re new to this field, it’s best to sit and analyze which option is less risky for you.