Three Steps to Selling Your Idea

Perhaps you've got a keen mind for inventing--but not much of a head for business. Or maybe you're good at both, but you'd rather focus your time on developing ideas rather than launching a full-scale business. Fortunately, there's an option that suits your needs perfectly: licensing your invention idea. Licensing is simply the process of selling your idea to a company that'll develop it fully, taking on all the business-related tasks that launching a new product involves. Licensing can also be a great option for those whose financial resources are very limited.

Just as there are steps to starting your own business, there's a smart way to approach licensing your invention. I break it down here into three main steps.

Step 1: Gather Information
Yes, it's the information age--which means the more info you're armed with, the better off you'll be. Licensing your idea is no exception. Before you even consider approaching prospective companies to sell your idea, be sure you're clear in the following areas:

• Know your market. This means gathering as much feedback as possible on your own invention idea. Focus group testing, even among friends and family, is one good way. You should also compile data on similar and competing products--info on what's out there, what's selling and who's producing it, for example.
• Do some legal legwork. Go as far as you can to determine if your invention is patentable or if it can be produced without infringement on other filed patents. A preliminary patent search on www.ustpo.gov will get you on your way. Also, the more information you can gather about regulatory issues or necessary legal steps, the better.
• Look into production. Learning about the production process can be extremely helpful, particularly if your invention calls for unique materials or unusual manufacturing techniques.

Step 2: Prepare a Professional Presentation
After you've gathered all the relevant information, you'll need to present it to potential licensors. Along with your most effective tool--a three-dimensional prototype model--you should develop a simple sell sheet to convey all the information you've gathered.

Your sell sheet should be a one- or two-page document that clearly states the following:

• The problem, challenge or need the product meets
• The product's features and benefits
• Your product's market
• The legal status of your invention (ie: patent pending, copyright or trademark info)

You should also develop an introductory letter to accompany your sell sheet, which introduces yourself, explains why you're contacting the licensee, and sets a time when you plan to follow up.

Step 3: Pinpoint Your Targets
You've gathered and prepared your information. Now what? Your next step is to determine the most appropriate contacts for this awesome new business opportunity. As a first step, I recommend you create a list of at least 50 prospective targets. As with any type of sales, the more prospects, the better. It's a numbers game, and most companies will turn you down for one reason or another. Also note that a more focused list will bring you more effective results.

So how can you identify companies that might make a good fit? If it's a consumer item, it's as simple as a shopping trip around town. Go to a store where you'd expect to see your product sold and jot down the names of manufacturers who produce similar products. You may also be familiar with many of these companies from your prior market research.

Another way to identify prospective manufacturers is to identify the trade association that serves the industry in which your product will fall. Visit their websites and look for member lists. Some trade associations list the manufacturers scheduled to exhibit at their upcoming trade shows.

Online databases can also be a great resource. Local public business libraries are often linked to database systems that allow you to search for companies in specific industries. And, from your own computer, you can visit www.hoovers.com , a great online database that provides information about many large-sized companies. The site even enables you to find companies that have specific key words in their description.

How to Become a Good Businessman

Regardless of your definition of success, there are, oddly enough, a great number of common characteristics that are shared by successful businesspeople. You can place a check beside each characteristic that you feel that you possess. This way, you can see how you stack up. Even if you don't have all of these characteristics, don't fret. Most can be learned with practice and by developing a winning attitude, especially if you set goals and apply yourself, through strategic planning, to reach those goals in incremental and measurable stages.

The Home Business Musts
Like any activity you pursue, there are certain musts that are required to be successful in a chosen activity. To legally operate a vehicle on public roadways, one must have a driver's license; to excel in sports, one must train and practice; to retire comfortably, one must become an informed investor and actively invest for retirement. If your goal is success in business, then the formula is no different. There are certain musts that have to be fully developed, implemented and managed for your business to succeed. There are many business musts, but this article contains I believe to be some of the more important musts that are required to start, operate and grow a profitable home business.

1. Do what you enjoy.
What you get out of your business in the form of personal satisfaction, financial gain, stability and enjoyment will be the sum of what you put into your business. So if you don't enjoy what you're doing, in all likelihood it's safe to assume that will be reflected in the success of your business--or subsequent lack of success. In fact, if you don't enjoy what you're doing, chances are you won't succeed.

2. Take what you do seriously.
You cannot expect to be effective and successful in business unless you truly believe in your business and in the goods and services that you sell. Far too many home business owners fail to take their own businesses seriously enough, getting easily sidetracked and not staying motivated and keeping their noses to the grindstone. They also fall prey to naysayers who don't take them seriously because they don't work from an office building, office park, storefront, or factory. Little do these skeptics, who rain on the home business owner's parade, know is that the number of people working from home, and making very good annual incomes, has grown by leaps and bounds in recent years.

3. Plan everything.
Planning every aspect of your home business is not only a must, but also builds habits that every home business owner should develop, implement, and maintain. The act of business planning is so important because it requires you to analyze each business situation, research and compile data, and make conclusions based mainly on the facts as revealed through the research. Business planning also serves a second function, which is having your goals and how you will achieve them, on paper. You can use the plan that you create both as map to take you from point A to Z and as a yardstick to measure the success of each individual plan or segment within the plan.

4. Manage money wisely.
The lifeblood of any business enterprise is cash flow. You need it to buy inventory, pay for services, promote and market your business, repair and replace tools and equipment, and pay yourself so that you can continue to work. Therefore, all home business owners must become wise money managers to ensure that the cash keeps flowing and the bills get paid. There are two aspects to wise money management.

1. The money you receive from clients in exchange for your goods and services you provide (income)
2. The money you spend on inventory, supplies, wages and other items required to keep your business operating. (expenses)

Related

• Keeping Your Customers Satisfied -- It's All in the Details

• Why You Should Never Prejudge a Sales Prospect

• Why Teamwork Should Be Your No. 1 Sales Tool

Success Secrets of Sales Superstars

5. Ask for the sale.
A home business entrepreneur must always remember that marketing, advertising, or promotional activities are completely worthless, regardless of how clever, expensive, or perfectly targeted they are, unless one simple thing is accomplished--ask for the sale. This is not to say that being a great salesperson, advertising copywriting whiz or a public relations specialist isn't a tremendous asset to your business. However, all of these skills will be for naught if you do not actively ask people to buy what you are selling.

6. Remember it's all about the customer.
Your home business is not about the products or services that you sell. Your home business is not about the prices that you charge for your goods and services. Your home business is not about your competition and how to beat them. Your business is all about your customers, or clients, period. After all, your customers are the people that will ultimately decide if your business goes boom or bust. Everything you do in business must be customer focused, including your policies, warranties, payment options, operating hours, presentations, advertising and promotional campaigns and website. In addition, you must know who your customers are inside out and upside down.

Related: Keeping Your Customers Satisfied -- It's All in the Details

7. Become a shameless self-promoter (without becoming obnoxious).
One of the greatest myths about personal or business success is that eventually your business, personal abilities, products or services will get discovered and be embraced by the masses that will beat a path to your door to buy what you are selling. But how can this happen if no one knows who you are, what you sell and why they should be buying?

Self-promotion is one of the most beneficial, yet most underutilized, marketing tools that the majority of home business owners have at their immediate disposal.

8. Project a positive business image.
You have but a passing moment to make a positive and memorable impression on people with whom you intend to do business. Home business owners must go out of their way and make a conscious effort to always project the most professional business image possible. The majority of home business owners do not have the advantage of elaborate offices or elegant storefronts and showrooms to wow prospects and impress customers. Instead, they must rely on imagination, creativity and attention to the smallest detail when creating and maintaining a professional image for their home business.

9. Get to know your customers.
One of the biggest features and often the most significant competitive edge the home based entrepreneur has over the larger competitors is the he can offer personalized attention. Call it high-tech backlash if you will, but customers are sick and tired of hearing that their information is somewhere in the computer and must be retrieved, or told to push a dozen digits to finally get to the right department only to end up with voice mail--from which they never receive a return phone call.

The home business owner can actually answer phone calls, get to know customers, provide personal attention and win over repeat business by doing so. It's a researched fact that most business (80 percent) will come from repeat customers rather than new customers. Therefore, along with trying to draw newcomers, the more you can do to woo your regular customers, the better off you will be in the long run and personalized attention is very much appreciated and remembered in the modern high tech world.

Related: Why You Should Never Prejudge a Sales Prospect

10. Level the playing field with technology.
You should avoid getting overly caught up in the high-tech world, but you should also know how to take advantage of using it. One of the most amazing aspects of the internet is that a one or two person business operating from a basement can have a superior website to a $50 million company, and nobody knows the difference. Make sure you're keeping up with the high-tech world as it suits your needs.. The best technology is that which helps you, not that which impresses your neighbors.

11. Build a top-notch business team.
No one person can build a successful business alone. It's a task that requires a team that is as committed as you to the business and its success. Your business team may include family members, friends, suppliers, business alliances, employees, sub-contractors, industry and business associations, local government and the community. Of course the most important team members will be your customers or clients. Any or all may have a say in how your business will function and a stake in your business future.

Related: Why Teamwork Should Be Your No. 1 Sales Tool

12. Become known as an expert.
When you have a problem that needs to be solved, do you seek just anyone's advice or do you seek an expert in the field to help solve your particular problem? Obviously, you want the most accurate information and assistance that you can get. You naturally seek an expert to help solve your problem. You call a plumber when the hot water tank leaks, a real estate agent when it's time to sell your home or a dentist when you have a toothache. Therefore, it only stands to reason that the more you become known for your expertise in your business, the more people will seek you out to tap into your expertise, creating more selling and referral opportunities. In effect, becoming known as an expert is another style of prospecting for new business, just in reverse. Instead of finding new and qualified people to sell to, these people seek you out for your expertise.

13. Create a competitive advantage.
A home business must have a clearly defined unique selling proposition. This is nothing more than a fancy way of asking the vital question, "Why will people choose to do business with you or purchase your product or service instead of doing business with a competitor and buying his product or service?" In other words, what one aspect or combination of aspects is going to separate your business from your competition? Will it be better service, a longer warranty, better selection, longer business hours, more flexible payment options, lowest price, personalized service, better customer service, better return and exchange policies or a combination of several of these?

14. Invest in yourself.Top entrepreneurs buy and read business and marketing books, magazines, reports, journals, newsletters, websites and industry publications, knowing that these resources will improve their understanding of business and marketing functions and skills. They join business associations and clubs, and they network with other skilled business people to learn their secrets of success and help define their own goals and objectives. Top entrepreneurs attend business and marketing seminars, workshops and training courses, even if they have already mastered the subject matter of the event. They do this because they know that education is an ongoing process. There are usually ways to do things better, in less time, with less effort. In short, top entrepreneurs never stop investing in the most powerful, effective and best business and marketing tool at their immediate disposal--themselves.

15. Be accessible.
We're living in a time when we all expect our fast food lunch at the drive-thru window to be ready in mere minutes, our dry cleaning to be ready for pick-up on the same day, our money to be available at the cash machine and our pizza delivered in 30 minutes or it's free. You see the pattern developing--you must make it as easy as you can for people to do business with you, regardless of the home business you operate.

You must remain cognizant of the fact that few people will work hard, go out of their way, or be inconvenienced just for the privilege of giving you their hard-earned money. The shoe is always on the other foot. Making it easy for people to do business with you means that you must be accessible and knowledgeable about your products and services. You must be able to provide customers with what they want, when they want it.

16. Build a rock-solid reputation.
A good reputation is unquestionably one of the home business owner's most tangible and marketable assets. You can't simply buy a good reputation; it's something that you earn by honoring your promises. If you promise to have the merchandise in the customer's hands by Wednesday, you have no excuse not to have it there. If you offer to repair something, you need to make good on your offer. Consistency in what you offer is the other key factor. If you cannot come through with the same level of service (and products) for clients on a regular basis, they have no reason to trust you . . . and without trust, you won't have a good reputation.

17. Sell benefits.
Pushing product features is for inexperienced or wannabe entrepreneurs. Selling the benefits associated with owning and using the products and services you carry is what sales professionals worldwide focus on to create buying excitement and to sell, sell more, and sell more frequently to their customers. Your advertising, sales presentations, printed marketing materials, product packaging, website, newsletters, trade show exhibit and signage are vital. Every time and every medium used to communicate with your target audience must always be selling the benefits associated with owning your product or using your service.

18. Get involved.Always go out of your way to get involved in the community that supports your business. You can do this in many ways, such as pitching in to help local charities or the food bank, becoming involved in organizing community events, and getting involved in local politics. You can join associations and clubs that concentrate on programs and policies designed to improve the local community. It's a fact that people like to do business with people they know, like and respect, and with people who do things to help them as members of the community.

19. Grab attention.
Small-business owners cannot waste time, money and energy on promotional activities aimed at building awareness solely through long-term, repeated exposure. If you do, chances are you will go broke long before this goal is accomplished. Instead, every promotional activity you engage in, must put money back in your pocket so that you can continue to grab more attention and grow your business.

20. Master the art of negotiations.
The ability to negotiate effectively is unquestionably a skill that every home business owner must make every effort to master. It's perhaps second in importance only to asking for the sale in terms of home business musts. In business, negotiation skills are used daily. Always remember that mastering the art of negotiation means that your skills are so finely tuned that you can always orchestrate a win-win situation. These win-win arrangements mean that everyone involved feels they have won, which is really the basis for building long-term and profitable business relationships.

21. Design Your workspace for success.
Carefully plan and design your home office workspace to ensure maximum personal performance and productivity and, if necessary, to project professionalism for visiting clients. If at all possible, resist the temptation to turn a corner of the living room or your bedroom into your office. Ideally, you'll want a separate room with a door that closes to keep business activities in and family members out, at least during prime business and revenue generating hours of the day. A den, spare bedroom, basement or converted garage are all ideal candidates for your new home office. If this is not possible, you'll have to find a means of converting a room with a partition or simply find hours to do the bulk of your work when nobody else is home.

22. Get and stay organized.
The key to staying organized is not about which type of file you have or whether you keep a stack or two of papers on your desk, but it's about managing your business. It's about having systems in place to do things. Therefore, you wan to establish a routine by which you can accomplish as much as possible in a given workday, whether that's three hours for a part-time business or seven or nine hours as a full-timer. In fact, you should develop systems and routines for just about every single business activity. Small things such as creating a to-do list at the end of each business day, or for the week, will help keep you on top of important tasks to tackle. Creating a single calendar to work from, not multiple sets for individual tasks or jobs, will also ensure that jobs are completed on schedule and appointments kept. Incorporating family and personal activities into your work calendar is also critical so that you work and plan from a single calendar.

23. Take time off.
The temptation to work around the clock is very real for some home business owners. After all, you don't have a manager telling you it's time to go home because they can't afford the overtime pay. Every person working from home must take time to establish a regular work schedule that includes time to stretch your legs and take lunch breaks, plus some days off and scheduled vacations. Create the schedule as soon as you have made the commitment to start a home business. Of course, your schedule will have to be flexible. You should, therefore, not fill every possible hour in the day. Give yourself a backup hour or two. All work and no play makes you burn out very fast and grumpy customer service is not what people want.

24. Limit the number of hats you wear.
It's difficult for most business owners not to take a hands-on approach. They try to do as much as possible and tackle as many tasks as possible in their business. The ability to multitask, in fact, is a common trait shared by successful entrepreneurs. However, once in a while you have to stand back and look beyond today to determine what's in the best interest of your business and yourself over the long run. Most highly successful entrepreneurs will tell you that from the time they started out, they knew what they were good at and what tasks to delegate to others.

25. Follow-up constantly.
Constant contact, follow-up, and follow-through with customers, prospects, and business alliances should be the mantra of every home business owner, new or established. Constant and consistent follow-up enables you to turn prospects into customers, increase the value of each sale and buying frequency from existing customers, and build stronger business relationships with suppliers and your core business team. Follow-up is especially important with your existing customer base, as the real work begins after the sale. It's easy to sell one product or service, but it takes work to retain customers and keep them coming back.

50 Legitimate Ways to Make Money Part-Time

50 Legitimate Ways to Make Money Part-Time

Plug your money leaks

Remember that while cutting back on expenses definitely helps your budget, the easiest way to save money is to make more. Still, we’ll start off with some easy tips to stop bleeding money where it doesn’t actually help much.

1. Refinance your mortgage

Interest rates are at an all time low and many families are considering refinancing their home to save on monthly mortgage payments. Determine whether or not refinancing will save you money in the long term by following this guide.

2. Switch providers

Don’t assume that your cable, phone and internet bills are locked into a slow but inexorable climb. Taking the first provider that comes along is a great way to waste money that can be saved elsewhere. Once you reach the terms of your contract, get on the phone or in an office and negotiate your bill down – or at least get a few perks thrown in for free.

3. Get rid of cable

Cable can rack up a hefty bill over a year, especially when you keep pay-per-view, premium channel, and miscellaneous costs in mind. Opt for online providers like Netflix or Hulu Plus that let you stream shows directly onto your computer, mobile device, or TV.

Pro tip: Switch between 30-day trial periods of Netflix, Hulu Plus and Amazon Prime to get a full season of free watching.

4. Use credit cards with the best rewards

The best parts about credit cards are the perks and rewards that come with it. By using a card with shoddy rewards or cash back, you are doing yourself and your budget a disservice. Find a credit card that rewards wherever you spend the most, whether that’s travel, gas, groceries or (ohmigod) shoes – the NerdWallet credit card tool makes personalized recommendations based on your own spending habits.

Pro tip: Use the calculator button to further customize your recommendation.

5. Invest wisely

You’re never too young to start investing – in fact, the time to have an aggressive (high risk, high reward) profile is when you’re younger, and you don’t plan to use the money for a couple decades. But there’s no reason to pay top dollar for actively managed mutual funds. Despite the prestige and high fees, active funds outperform the market only 24% of the time. You’re much better with an index fund, which has much lower fees and will probably get you a better return for your money. Stop paying to lose money!

6. Pay off your debt

You know how I just told you to invest? Paying off high-interest debt is the best investment you can make. It’s virtually impossible to get a guaranteed 12% return on your investments – unless you’re getting rid of credit card debt. Get in the black first before you start looking for babies that talk about stocks. Check out our in-depth article on getting rid of debt for guidelines and ways to lower the interest on your debts.

7. Improve your credit score

This one is a no-brainer. There are multiple sites that let you check your credit score for free. After finding out where you stand, work on improving your score and contact your credit card, personal loan or other issuer to negotiate a lower interest rate.

8. Maximize your tax returns

A great way to boost your income part-time happens during a particular part of the year. Take advantage of tax loopholes and exceptions to maximize your long anticipated tax refund check.

9. Use rewards malls and cashback websites

Little-known fact: You can earn cash back for the money you spend online anyway, just by clicking through another website first. Your credit card probably has a rewards mall that offers 5% back or more on everything from Expedia to Macy’s to Zales, and even if it doesn’t, you can use straight-up cash back sites like eBates or Upromise to get an automatic discount on online purchases.

10. Take advantage of rebates and coupons

Often, stores will advertise that they’ll beat the lowest price offered by any other competitor. Many credit cards also give price match guarantees, paying the difference if the price drops below a certain amount after you’ve made the purchase. Check your card’s fine print for details. Also, use coupon comparison tools to score quick deals without scouring the Internet or pawing through your neighbors’ mail.

11. Consider a flexible savings account (FSA)

Your employer may offer an FSA, which allows you to cover medical expenses not paid by insurance tax-free. This can be anything from out-of-pocket costs to prescriptions to dependent coverage. Because it’s tax-advantaged, you’ll save up to 30% on medical expenses. Keep in mind, though, that you lose any funds you don’t spend at the end of the year, so you need to know your budget well. If you have a high-deductible insurance plan, you can also contribute to a health savings account (HSA), which doesn’t lose money at yearend.

Turn money into more money

You can set policies in place to grow your existing money further. Someone pretty smart once said that compounding is the greatest force in the universe. Keep in mind that both of these techniques compound, meaning that taking action now will yield even larger benefits in the future.

12. Max out your IRA and 401(k)

Max out your 401(k) and IRA contributions every year – not only will you receive a tax benefit, but given the low interest rate environment, you’re much better putting your money in the markets than sticking it into a savings account that doesn’t beat inflation. A 22-year-old who invests $5,000 in an IRA and never invests again will enjoy $137,000 at retirement, compared to just $101,000 if she invested in a regular savings account. It doesn’t matter how old you are – unless you’re paying off debt, the time to start saving for retirement is now.

13. Ask for a raise

Like we said, saving money is all well and good, but making more money is even better. Try negotiating for a raise – even in a tough job economy, sitting down at the bargaining table with politeness, confidence and respect for yourself and the organization can have its benefits. Here’s a great flow chart scripting a possible conversation – preparation is key.

Pro tip: Catch your boss when she’s in a good mood, but don’t let her know you know she’s in a good mood.

Mo’ money, less clutter

Okay, let’s be honest. Chances are, you have too much stuff. If you can identify high-value items and present them well, you can have a cleaner, more simple living space as well as money to spend on what you really want.

14. Have a garage sale

Wipe off the dust, clear out the storage closet, and set up a garage sale. Put some effort into presentation: items lovingly arrayed on a plastic tablecloth will sell better than those chucked into a cardboard box. If you don’t have enough clutter to warrant a garage sale on your own, rope a few other neighbors into a neighborhood-wide sale.

15. Value your antiques and collectibles

Dig into storage, sell off what is valuable and throw away the rest. Before you sell indiscriminately, get your collectibles, antiques, and heirlooms appraised. You may be selling rare valuable items at underpriced rates otherwise. After you’ve consulted with an expert, do a gut check by looking at eBay and similar websites to see if the price is reasonable.

16. Free and flea market flipping

Browse the Craigslist free section or your local flea market for interesting items. Add your own special touches, restore the items, and resell for a profit. Buy interesting items both online and at your local flea market and restore them and re-sell for a profit. Flea Market Flips offers some great ideas for trash-to-treasure projects.

17. Sell your old mobile phone

Given the rate at which we churn through cell phones these days, you probably have an old cell phone lying around. Amazon offers gift cards for fully functional iPhones, while specialty sites like Gazelle and Swappa specialize in cash for cell phones.

18. Turn in printer cartridges

Many office supply stores, from Staples to Office Depot, will offer credits for empty printer cartridges. Not only is it good for your wallet, but it’s good for the environment.

Take part in the share economy

If you have an extra anything, chances are there’s someone who’d like to borrow it from you. As the so-called share economy grows, you have an increasing opportunity to get cash for your idling machines and empty space.

19. Rent out an underused parking spot

Parking spots can be a hot commodity, particularly in crowded cities. If you happen to be holding on to a coveted spot that you do not use all the time, put it up for rent on Craigslist. If your landlord or building offers you parking at a discount rate, consider seeing whether you can rent it out for a higher price – assuming you’re allowed to do so, of course.

20. Rent out a spare bedroom

If that extra guest bedroom in your midtown Manhattan walk up is left unused, consider renting it out on Airbnb or other vacation rental sites. Make sure that everything is kosher with your rental agreement beforehand.

Pro tip: Even if you don’t have a spare bedroom, chances are there’s a college kid willing to pay for four walls, a door, an air mattress, a shower and more privacy than a hostel affords.

21. Rent out your car

Don’t need your car on the weekend or during the day? Going on a trip? Services like Getaround and RelayRides let you rent out your car by the hour, while FlightCar arranges for an incoming traveler to rent your car rather than you having to pay for airport parking and letting it sit idle.

Turn talent into a paycheck

22. Crafty? Crochet away!

Have a penchant for crocheting, jewelry-making or embroidery? Sell your goods on etsy.com. Etsy is the go-to site for artisans and simply impassioned folk selling home goods, paintings, and knickknacks.

Pro tip: Offer to make personalized products – not only does it establish an emotional connection with the customer, but it often brings in more income.

23. Become a freelance writer

Sites like eHow and Livestrong will pay by the article for content on anything from business to tech to how to fart. While they say you’ll need “professional experience” or a degree or certification, honestly, there’s not much you’ll be asked to write that a quick tour of Google can’t make you an expert on.

24. Take up a skilled freelance gig

Websites like TaskRabbit, Odesk, and Craigslist offer opportunities to avid freelancers to pick up programming, design, and marketing jobs on the side. Working on a per-project basis lets your balance your side job with your current one. Sites like Freelancer.com can also offer a leg up.

25. Small-scale catering

Fancy yourself to be the next Iron Chef? Take those skills to the marketplace by setting up your own catering business that you can run out of your own kitchen on the weekend. Cook for dinners, birthday parties and friends’ events; or just bake a bunch of cookies and stand outside the nearest bar at 2am.

Heads up: Be careful to comply with food safety laws.

26. Become an online travel agent

Have a knack for finding the best deals on Expedia? Hawk your services as a low-cost alternative to full service travel agencies. You can earn a pretty commission by doing what you love.

27. Bartend

The great thing about nightlife is that it doesn’t conflict with day life. Pick up late-night or weekend shifts to earn some extra income without sacrificing hours at your current job or studies.

28. Tutor

If you were an SAT wiz, there is a huge market for competitive parents and children looking for private tutors. Join a large company like Kaplan or Princeton Review or tutor at your own schedule by going private.

29. Affiliate marketing

Do you write emails to your friends and family that actually get read? Are you blessed with a silver tongue, razor wit or keen eye for society? Write that s*** up. Join an affiliate network (Amazon has a good one) to earn money whenever someone buys the product by going through your website or blog.

Turn lack of talent into a paycheck

You don’t need to be a master craftsman, mixologist or Iron Chef to earn supplementary income. Here are some income boosters that don’t require specialized skills.

30. Get paid to be a reviewer

Although you may fancy your Yelp Elite status, all those reviews really did not pay for much but a fancy badge and a few exclusive invites. Take your review skills to the marketplace and earn $1-$50 per review, depending on quality and technical knowledge required.

31. Sell your photos

Stock photo websites like iStockPhoto purchase images from everyday people. Even if you aren’t Ansel Adams, the most commonly requested (and often overlooked) photos often include everyday images like stop signs, coffee cups and other everyday objects.

32. Resell food

True story: In college, Zappos founder Tony Hseih bought pizza from a parlor down the road and resold it at a profit in his college dorm room. His friend Alfred Lin would always buy two pizzas a night – Hseih assumed he was just hungry. Turns out Lin was actually taking the pizzas upstairs and selling them at a slice for an even tidier profit. He later went on to become the Zappos COO.

Anyway, long story short, you can probably find lazy, hungry college kids and young adults outside of bars and in parks. They will happily buy pizza, beer and water by the unit and pay handsomely for the convenience.

Heads up: This is not exactly FDA-approved.

33. Referrals

Services as diverse as your cable company to your orthodontist will pay a nice little gift for both referrer and referred. Small businesses and companies just getting off the ground are often the most likely to give referral bonuses.

Pro tip: Your employer might well give referral bonuses too, so scour your personal networks to see if you know a good fit for open positions.

34. Survey websites

Although those posters on the side of the road may overshoot how much you can potentially make by simply answering surveys online, generating a side income from online surveys is still possible and profitable.

35. You must be good at babysitting

Get yourself registered on a reliable sitter website like Sitter City and get to work. Babysitters can make great pay and get some benefits like free Wi-Fi thrown in as well.

36. You aren’t? Are you good at petsitting?

Most pet owners actually cannot afford a luxury weekend for their pet at the kennel. Price your rates competitively during your stint as a pet sitter and make sure your place allows for multiple pets. Many sites, such as Care.com, offer job boards for pet sitters and those looking for animal care.

37. Really? Still? Okay, how about house-sitting?

Even if you hate kids and animals, you can look for house sitting gigs through personal referrals, Craigslist, or websites like Mind My House.

Pro tip: Double up the income by renting our your own domicile while house-sitting.

38. Participate in clinical research

Hospitals and academic medical centers live, breathe, and thrive on clinical trials. Most participants are paid a good amount of money for their dedication to research and the trial. Do not overload on this option, as being enrolled in too many trials with conflicting pharmaceutical regiments may lead to skewed results and a medically unhappy you.

39. Engage in market research

Market research is the bread and butter of advertisement agencies. Many large ad agencies will do large focus groups to better tailor their strategies. Contact a local or large market research firm and secure your spot in a future group.

40. Become a tour guide

If you happen to know a bit more history concerning the old town square than the average citizen (or if you can just Wikipedia it), consider running your own personal tour guide business. Walking tours are en vogue, and you can advertise your services on TripAdvisor for tourists looking for an insider’s perspective.

41. Find seasonal work

Snow shoveling, amusement park work, holiday staffing and lifeguarding are all seasonal work options that are low commitment and can be done sparingly according to your schedule. You want flexibility, employers want flexibility – it works.

42. Become a part-time care taker

With the baby boomer generation retiring, many older folk in your community will require the services of a caretaker to help them around the house and with chores. Make a side income at a job that helps you contribute to your local community.

43. Host a foreign exchange student

Hosting an exchange student can be a source of cultural, as well as material, enrichment. Check out the number of hosting sites online, or contact your local high school or college for international student programs.

44. Data entry

Pick up administrative and data entry jobs that can be done by telecommuting, on Craigslist, or at your college campus’s career center.

45. Become an on-site manager or landlord

Earn a spot to live rent-free while making a side income as an on-site manager for apartment building owners that live outside of town.

46. Garden

Turn your passion for all things green into a side business by offering landscaping and gardening tutorials to fellow flower aficionados.

47. Donate plasma, sperm or blood

These three precious bodily liquids are always in demand, and you can often get paid for the service. Be careful, though: Only go with reputable organizations that won’t leave you in an ice-filled bathtub minus a kidney.

Heads up: The Red Cross recommends waiting 28 days between plasma donations and 56 between blood donations, and not exceeding 13 plasma donations a year.

48. Become a mystery shopper

Yes they really do exist. Market research firms and companies doing internal audits often want to see how their stores perform from a customer’s perspective, so sign up to become their eyes and ears.

49. Micro-task

Services such as Amazon Mechanical Turk connect businesses with a cohort of individuals looking to make a little cash on the side (i.e. you), in order to crowdsource small tasks. You can walk away with a nice check or gift card for a few hours of work.

50. Join a car service

The taxicab industry used to be limited to a handful of licensed professionals. Now, companies like Sidecar, Lyft and Flightcar allow anyone with a license to perform the same functions as a taxi driver, but with greater flexibility and sometimes better pay.

30 part-time businesses you can start for

Think earning extra dosh whenever it suits you sounds too good to be true? Think again.

1. Trade on eBay

Figure out what's selling on eBay, then invest in setting up a professional-looking eBay shop from £14.99 a month. Popular (the new version of eBay Pulse) is a great way to spot what people are buying.

Once you're ready to go, check out our tips for selling on eBay here.

2. Sell stock photography

Sell good quality digital photos to sites like istock.com, shutterpoint.com and fotolia.com. But be warned: this is quite the slow-burner. If you dream of becoming a freelance photographer, check out our free guide here.

3. Personal chef

Invest in a good cookery course, then start offering your services to friends of friends in need of dinner party assistance. If you want to make it big in chocolate, check out these great tips.

4. Become a cookery writer

As above - then publish your own cookery book through blurb.com. Sales will come in from the site, and you can sell yourself to new prospective clients by saying you're also a cookery author.

5. Antiques trader

Do some serious homework on cheaper pieces - invest in an encyclopaedia and read mags like this one. Buy a few items to hedge your bets, then sell to antiques dealers and shops.

6. Virtual assistant

Sign up to a site like virtualassistants.co.uk (£2.95 to post a listing for 12 months). Invest in a secretarial or touch typing course to give you an edge over other candidates. More advice here.

7. Personal trainer

Proper training courses are several hundred pounds at least (recommended ones here), but if you're a marathon old-hand or a gym-bod you could entice some clients without. Pick up part-time work in a gym to find clients.

8. Snack stall

You can buy a stall for around £100 - £150 (from somewhere like this). Make sure you comply with all health and safety regulations and get a license from your local council if you're selling alcohol, hot food between 11pm and 5am or food from a stall or van on the street.

If you're looking for more tips, check out our guide on how to start a market stall here.

9. Late-night alcohol delivery

Supply the midnight masses and charge a premium on booze and snacks delivered after pub closing time. You'll need a personal license to sell alcohol, which costs £37 - get it online from your local council.

10. Cleaning company

Start this business with no overheads by using clients' cleaning products. Pay for Disclosure and Barring Service Checks (£26 each) for yourself and any other members of staff to reassure new customers once you get some money coming in. With these top tips, starting a cleaning company is the easiest way to change a chore into a business.

11. Focus group organiser

Target small businesses at networking events and with flyers to user-test their new products or websites. Then place free ads on Gumtree to find participants and skim a fee off their hourly pay. More info here on conducting focus groups.

12. Flyering agency

Call around all local business and clubs and say you'll find them someone to hand out flyers for a £3 charge (on top of their hourly rate). Then find students in need of work on Gumtree.

13. Pop-up restaurant

Decorate your living room, stick some posters in your front window and start a restaurant in your house. Technically you're meant to get a load of health and safety checks done for this, but there's a whole crop of people doing it on the sly. Check out our guest blog from Horton Jupiter to find out how it's done.

14. Treasure hunt business

You can start this business for next to nothing. Do some research on your local area and plant clues for family fun days and cheap office outings. Take a look at how Hunt Fun and Treasure Days are doing it.

15. Sell pot plants, herbs and home-grown veg

The whole of the middle class is into organic and home-grown veg these days, and with packets of hundreds of seeds coming in at around 60p, you can sell your own produce for a whopping profit. Or just take clippings of plants and herbs you already have, grow out into separate pots and sell to neighbours and friends.

16. Gardening and landscaping assistant

Got green fingers? Put them to use by offering your services to people in your area. Show them sketches of how you think the garden could be improved and you become a landscape gardener to boot (though you'll need to do careful research on what grows well in which places and at what times of year). For some helpful hints, read this free guide.

17. Meal delivery service

Capitalise on people too busy or too lazy to cook by offering to deliver delicious dishes of their liking, home-cooked by you. Check out our interview with the founder of The Pure Package for inspiration.

18. Walking and bike tours

Armed with nothing more than a map and a book on local history, you can guide tours around your local commons, hills or towns and share insight into the history of your area for a small charge.

19. Clothes repairs

Basic needlework is astonishingly straightforward. Offer to darn friends of friends' clothes for a nominal fee and take in too-big shirts and skirts.

20. Gift baskets

Knocking up ribbon-adorned wicker baskets brimming with Bon Maman jams, freshly-baked muffins and fruit is relatively cheap, but you can charge a premium.

21. Dog training

Easy if you know how. Getting a formal qualification will improve your chances of doing business with people you don't know. Check out the Association of Pet Dog Trainers for more info.

22. Pet sitting and walking

Most pet owners prefer one-on-one TLC for their animals than putting them into kennels. Keep your rates competitive and incentivise clients to refer a friend.

23. Event and party planning

Perfect if you've got a natural knack for organisation. Establishing cut-price deals with catering companies, florists, wine suppliers and the like will ensure you offer a competitive service.

24. Car boot sales

Have a proper clear-out of your junk to get started, then reinvest profits into buying stuff from any charity shop you have time to scour. Offer to take friends' junk off their hands to cut overheads.

25. Social media assistant

More and more small businesses are latching onto the fact social media can help them, so offer to maintain accounts for them for a small fee - you can keep business ticking over while still doing your day job. Tools like Tweetdeck will help hugely. More advice here.

26. Handyman

There are gutters to clean, tiles to be scrubbed, lawns to be raked and paths to be laid all around the country. Post friendly notes through letterboxes advertising a cheap hourly rate.

27. Home tutor

If you've got a degree, or good A-level results, you can offer to help out schoolkids with their homework and exams. Get a certification to make it more official if you struggle to find work.

28. Computer skills mentor

There are still millions of people out there who feel utterly confounded by computers and the internet. If you're a spreadsheet whiz or an Outlook old-hand, you can charge them for lessons.

29. CV consultant

If you've made it through the rat race and come out the other side older and wiser, you can help newbies tidy up their CV's. Advertise on Gumtree and ask friends, and keep fees low.

30. Second-hand clothes stall

Get yourself down to a retro clothes market in a university town, armed with piles of 70s, 80s and 90s clothes from charity shops, and you'll find you can charge anything from £5 to £50 an item. Ask the local council about renting a stall.

Over 40 Ways for You to Earn More Money!

Easy Money Income:

Income Ideas 1. Credit Card Cash Back / Rewards: Want to get paid for all the stuff you were going to buy anyways?  If you have a credit card (or debit card), then make sure you’re getting rewarded for using it.   If you drive a lot, find one that pays you for buying gas.  If you spend a lot on groceries, find one that rewards you everytime you go to the grocery store.  Etc.  I’ve been able to rack up as much as $1,000 per year for simply using my cards to make my regular purchases.  My favorites: Fidelity American Express, Chase Freedom, and Discover Cash Back.

2. Online Rewards Programs.  You know you’re going to buy stuff on the Internet.  Why not double down by not only using your cash back credit card, but also by making the purchase through a rewards site like eBates or Swagbucks?  Signup is free and easy.

3. Airline Miles Programs.  Do you fly, travel, stay in hotels, or rental cars?  Airline mile programs offer a lot of different points these days for things above and beyond just flying somewhere.  At a minimum you should sign up and start collecting the points.  Although I don’t travel a ton, I have managed to score myself enough points to have free magazine subscriptions for about the next two decades!

4. Paid Surveys: What could be easier than clicking a few boxes regarding your opinion about something?  Marketing companies are always after this kind of info and with the accessibility of the Internet they are willing to offer you cash and prizes to get it.  Most surveys are short and only take less than 5 minutes to complete.  You wouldn’t make millions, but it is a simple way to earn a few bucks here and there.  Here are a dozen different sites to try.

5. Selling Old Items on eBay.  Most people are surprised at how much more money you can get for your old stuff on eBay as opposed to trying to sell it in a garage sale.

6. Selling Crafts on Etsy: How about instead of selling your old stuff, you sell your crafty creations?  Etsy can be very profitable if you’re good at making things for weddings, baby showers, graduations, etc.

Being an Investor:

Passive Income Ideas7. Saving for Retirement Using Your Tax-Advantaged Options.  The ultimate passive income is when you build up a great big nest egg (i.e. save up a lot of money) and live off of small chunks of it for the rest of your life.  This is the general principle behind “saving for retirement”.  There is obviously a lot more to the details than this, but that is the basic general idea.  In the U.S., the two most popular places to do this and receive tax breaks are with your 401k plan (a plan you setup with your employer) and an IRA (a plan you setup yourself).  There are a ton of great websites and resources out there that talk about different options and strategies for building up the best nest egg possible.  Use them to your advantage!  The only unfortunate thing about this passive income idea is that you have to wait until Age 59-1/2 to redeem them.

8. Dividend Stock Investing.  What’s better than a stock that goes up in value?  How about one that pays you along the way.  That’s the idea behind dividend stock investing: Picking stocks that not only have a high potential to show growth (capital gains) but will also pay you a handsome cut of the company earnings every quarter (the dividend payment).  If you can manage to collect enough shares of these high quality stocks, then you could set yourself up to receive thousands of dollars in annual income for doing nothing more than being a shareholder (now that’s passive income!)  Dividend stocks can be bought either inside your tax advantaged retirement accounts (where you probably won’t be able to touch them until age 59-1/2) or with your taxable broker account (where you have access to them anytime and could potentially retire anytime you are ready).  Two places to start if you’re a beginner: The Dogs of the Dow and the Dividend Aristocrats.

9. Real Estate Investment Trust (REIT). If you like the concepts of receiving dividends and owning real estate, but would rather not directly own physical property, then an REIT might be a better choice for you.  REIT’s were very popular during the housing boom (as you might imagine), but they lost a lot of steam after prices fell.  However, don’t rule them out as they will be likely to make a comeback once housing stabilizes again.

10. Bond Ladders or Bond Interest. Are stocks too risky for you?  There’s a lot of people who think so – and technically they are correct.  When you compare the index funds of stocks and bonds, you’ll find that bonds have much more stable returns.  That’s because unlike a stock, a bond is a payment of debt where you collect interest for being a loaner.  If you can manage to purchase enough bond coupons, you could create a steady stream of passive income.  That is the idea behind a bond ladder: Basically each year you buy one set of long-term bonds with a fixed high paying interest rate and then stagger them over a long period of time.  After a while each year a bond will become due and you can use the proceeds to buy into another long-term bond; preferably at a higher interest rate.

11. CD Ladders. Similar to the Bond Ladder, you could use the same strategy with Certificates of Deposit (CD’s).   In this day and age, online banks seem to offer the best interest rates for CD’s.  Browse Bankrate.com to see what’s available.

12. Peer-to-Peer Lending. Although most people probably wouldn’t think of it as traditional investing, peer-to-peer (P2P) lending could be thought of as such because YOU get to be the bank.  That means with this type of service, you loan the money and decide what interest rate you want to charge.  That could be as high as approximately 20%!  The only catches are that the borrowers could default on their loans (which is why you need to thoroughly review your candidates before you loan the money) and the P2P service takes a cut for brokering the deal.  Try browsing the candidates at Prosper and Lending Club.

13. Annuities.  An annuity is a type of insurance product where you pay them a certain amount of money and they pay you a set monthly amount for the rest of your life.  For the rest of your life!  There is obviously a lot to consider, but annuities have been around since the days of the Romans.  Basically in this case you are paying to create a stream of passive income.

Web Marketing:

Passive Income Ideas14. Blogging. How in the world does a blog make you money?  Simple: Traffic.  The more people you get to come to your website, the higher the potential for those visitors to click on an ad and buy something.  Advertisers know this and depending on what your site can do for them they will be willing to pay to work with you.  This usually comes in the form of either direct advertising or some type of affiliate marketing.  Basically to be successful as a blogger, you need to find something interesting to write about, draw an audience, and then keep it coming.  I could not believe how cheap (under $60 for one year) and easy it was to start a blog.  In one year’s time I went from never having done much more than look at a website to actually creating them and writing their content – all in my spare time!

15. Affiliate Marketing: Sometimes bloggers and website creators concentrate their efforts on promoting certain products where they get a percentage of the cut if a product or service gets sold.  This can be done either on your blog or through the use of a niche site (see below for this topic).  There are dozens of affiliate broker services out there (Google Adsense, Amazon Affiliates, Commission Junction, Flex Offers, Click Bank, etc) and they allow you pick from thousands of different products in your particular niche.  Of all the passive income ideas, this is one is truly “passive” because as people click on your ads, you don’t have to do anything at all.

16. Email Marketing: This is another form of affiliate marketing where you use your list of blog subscribers to promote a certain product.  Lots of successful bloggers swear by this process because they claim that your website subscribers are a “target audience” for your niche; thereby increasing the chances of more purchases.

17. Niche Websites: If blogging sounds too time intensive, then why not make a smaller one focused on one particular topic.  These types of websites are called niche sites.  This very website is example of a niche site: It is focused primarily on the topic of discussing passive income ideas.  A niche website may be as small as 5 pages (also called a micro-niche site) or as big as 100 pages.  It all depends on how much work the creator wants to put into it.  Webmasters make money from niche sites either through the advertising or by selling them at auction websites like Flippa.  The really successful ones take it to the extreme and create a portfolio of niche sites.  Think about it: If you had 10 sites each bringing in an average of $500 per month, that would be $5,000 of passive income.

18. Website Services: Anyone who starts a website can tell you how frustrating it is in the beginning; especially for the technically challenged.  There’s all kinds of setup, programming, and small tricks to know if you want things to look right.  The good news is that people are willing to pay for someone else to deal with that nonsense, and that someone could be you!  If you have any talent at anything reltated to website creation such as search engine optimization (SEO), post writing, creating graphics, creating website themes, programming, etc, then you could sell your services to those in need.  The easiest place to market yourself to those who are looking would be through a broker such as Elance, Freelance, or 99designs.  Surprisingly you could also market yourself through an add on eBay.  And there’s always your own network of friends and referrals via your own website (or Facebook account).

Real Estate:

passive income ideas19. Rental Property: Renting out a house is one of the oldest passive income ideas in the book.  People will ALWAYS need a place to live, but they might not always be able to afford a full mortgage.  That’s where being a landlord can be lucrative.  You not only collect monthly rent and make a profit from it, but you can also use the rent to payoff the actual mortgage of the property (bringing you closer to actually owning the asset).  This is all of course assuming you have great tenants and they pay their rent on time.  If that bothers you, there are also rental management companies you can hire to take care of the dirty work.  Another nice thing about rental properties is that you can buy them in different locations and thus spread out your chances for success and income.

20. Apartment Owner: Why mess around with one rental property when you could diversify by leasing out 10 or more at a time?  The big-time, experienced real estate marketers advocate going big by buying large properties like this and then taking on multiple tenants at a time.  Although it requires a lot more management to be successful, the payoff is potentially much quicker than you would find with a single family home.  Think college towns or places where lots of young people live and work.

21. Commercial Real Estate Leasing:  A business is no different than a person: If they can’t afford to buy the building, then they will have to lease.  Unlike single family homes or even apartments, commercial buildings can command much higher rental fees.  The only thing to keep in mind is that the risk is that much higher if you struggle to find any tenants.

More eBay:

passive income ideas22. Selling Unique Items on eBay: Didn’t we already cover eBay?  Not like this: Sometimes when you go to antique fairs or estate sales, people have no idea that they may be incredibly under-selling something.  Why not turnaround and sell it for more?  In just a few short sales you could potentially double or quadruple your money.

23. Selling Things for Other People on eBay:  For whatever reason, sometimes people are scared to sell stuff on eBay.  Maybe it’s the intimidation of not knowing what do, the fear of getting ripped off, the fear of not getting paid, etc.  That’s where you could step in and agree to do it for them.  All you need to do is skim a percentage fee off the final sale price.  Sell enough high dollar items (iPad, guitar, golf clubs, etc) and those fees could really add up to make it worth your time.

24. Re-Selling Other People’s Stuff on eBay: Sometimes people aren’t very smart about how they list their items on eBay: No picture, terrible descriptions, no reserve, awkward end times.  Why not snatch up the item and sell it for what its really worth after putting all the right eBay setup in place.

25. Drop Shipping: Got a cool idea for a product that could be mass-produced for cheap?  Drop shipping might be an opportunity for you then.  Drop shipping is when someone places an order with you, and someone else (usually an assembly company in another country) makes the product inexpensively and ships it directly to the customer. You never see, handle, or do anything with the physical product other than manage the whole process (and even that can be outsourced if you really want). As a seller, this is incredibly efficient because you don’t need to have any inventory, overhead costs, storage costs, and very little liability.  If you don’t mind me running the end of a good book, author Timothy Ferriss of the “The 4-Hour Workweek” used drop shipping and other outsourcing techniques to automate his entire company.  All he does is check his email for 4 hours each Monday (hence the title of the book), and then collect the paychecks.  That’s pretty creative!  One thing we could add to this is that once you have a product that can be drop shipped, use the leverage of eBay or Amazon to reach a wider audience.  Have you ever been on Amazon and seen a cool iPhone cover that seems to be cheaper than the ones you see in the mall?  It’s probably an inexpensive design that someone put together and is going to have drop shipped to you once you place the order.  That seller was smart to play off the popularity of a hot electronics item, the inexpensiveness of using drop shipping, and the visibility of Amazon to tap into the millions of visitors they receive every day.

Being Creative:

passive income ideas26. Licensing Photos and Music.  Have you ever wondered where businesses find pictures for their websites and products so easily?  Or how about the music you hear when you’re on hold or watching a promotional video?  Both of those things usually come from stock photos or stock music.  And that means an opportunity for you!  If you like photography or recording yourself playing an instrument, don’t let what you create waste away on your computer hard-drive.  License them through a royalty free website that specializes in stock photos or music.  You’ll collect a small fee each time you license something.  Depending on the quality and quantity of the items you have available, you could put together a very lucrative portfolio that could translate into some healthy side income.  Start by visiting a site such as iStockphoto.com.  Just make sure you read the fine print of any license agreement before you sign up so that you completely understand how your artistic creations will be used.

27. Free-Lance Writing: If you really like writing blog posts, or just like writing in general about certain topics, you could always sell your services to people who need some good content.  You could offer your services on eLance or Freelancer.  Another place you could score writing deals are at the really popular sites like eHow, About.com, and Yahoo.  Sometimes offering to write for bigger blogs and publications can help build up your reputation which will then help you command better and better rates.

28. eBooks:  Do you have an iPad or Kindle?  Then you’ve probably noticed that eBooks are all the rage and people are willing to spend a few bucks to download ones that seem like they will be worth the read.  If you’ve got a lot of knowledge about a particular topic and love to write, technology makes it really easy for you to assemble your own eBook and make it look really good!  I’ve seen eBooks go for as little as $0.99 all the way up to +$100.  It just depends on how good it is and how badly people want to read it.  One of the nice things about putting an eBook together is that you could leverage the traffic of Amazon to list it and sell it.  You could also use other means of marketing such as eBay, ClickBank, or even your own blog.

29. eProduct / eCourse: Along the same lines of an eBook, do you think you could put together something instructional or informational that would help people and solve a problem for them?  Then perhaps you could put together some kind of eProduct such as a DVD series, software, app, instructional CD set, online course, podcasts, technical papers, etc.  One of the unique things these kinds of products is that depending on your skill set and reputation you can command upwards of a hundred to a few thousand dollars for each of these products.  Just Google something arbitraty like “how to sell restate” or “how to make money in the stock market” and you’ll find a dozen different examples of guru’s marketing their products.  What makes this one of the great passive income ideas is that any of these things can be sold online without any interaction or involvement from you.  And at a few hundred dollars per sale, I’d call that some passive income!  A lot of people who do this use their own website to market the products, but you could also use marketing power of a well known site use a eBay or ClickBank to help enhance your chances for sales.    

30. App Creation: Apps are all the craze right now.  Every kid and adult with smartphone or tablet knows what an app is and is usually not shy about spending a few dollars to get one.  For those who don’t know what this is, an “app” is short for “application” and it usually involves creating a piece of software that does something for someone.  This might be something useful like telling you every time your stock goes up in value to something completely ridiculous like making farting sounds.  Apps are nice because they generally don’t require as much programming as a full scale software suite would take.  If you know anything about programming, you could make one yourself.  Or you could outsource the creation of the app to freelance programmers.  Apps make great passive income opportunities because all you need to do is list them at a popularly traveled app marketplace such as Google Play, Amazon or Apple.

Small Business Ideas:

passive income ideas31. Party Tent Rental & Favors. When people like to have celebrations for graduations, birthdays, anniversaries, etc, they need out-door tents, tables, and chairs.  By simply owning these items and having them available to rent every weekend, you could turn a couple of hours of setup into a profitable venture.

32. Hall Rental.  Along the same lines as the Party Tent Rental, why not renovate a large building into a place where people can come to host their celebrations?

33. Storage Rental.  People will always need a place to keep their stuff.  If you own land and it’s not in a particularity good place for a business, consider developing it into storage units.  For a small rental fee every month people will fill them with their belongings.  The best part for you – very low maintenance.  So long as each storage unit has its own key, the operation would be basically self service.

34. Vending Machine Operation. A colleague of mine used to make passive income through a series of vending machines he had set up around different local businesses in the area.  He bought the food from very cheap through a distributor and then sold it at those above normal prices that we’ve all seen in vending machines.  But people love snacks and they don’t really think twice about the price when they are hungry.  The only effort my colleague had to put into it was stocking them once a week.

35. Car Wash.  There is a self service car wash near my house that has both the “quarter machine” style car wash ports as well as a more sophisticated automatic washer that does all the work for you.  And in 10 years I’ve never seen one worker at this car wash.  But you can guess that over this 10 year stretch I’ve used that car wash countless times.  Whoever it is that owns that place, they’re probably making off like a bandit collecting passive income everyday from people visiting their property and pumping money into their machines.

36. Laundromat.  Go to any college town and you’ll find a self service Laundromat on just about every street corner.  Why?  Because they know that college kids aren’t going to have laundry services available in their cheap apartments, and so this serves a need that they have.  Like a lot of these other businesses I’ve described, I recall rarely ever seeing anyone working at this place.  So that means that everything you make above your operational costs becomes passively earned income.

37. Ice Cream Parlor.  Have you ever visited a tourist area on a warm day and just seen it swarming with moms and dads buying $20 in ice cream treats for their kids?  The overhead for the shoppe is probably next to nothing when you consider that everyone who works there is about 16 years old and the ice cream really doesn’t cost that much.

38. Temp Employee Agency.  I deal with temp agencies a lot and they can pose as a very interesting way to earn side income.  Temporary worker agencies or staffing services as they’re also called find jobs for people who need them.  Once that person gets the job, the temp agency acts as a middle man to lease out the person to that employer and collects a fee on top of whatever that person makes.  Say for example I need an employee and I hire someone from a temp agency at $10 per hour.  The temp agency finds me an employee and I end up paying them $15 per hour ($10 to the employee and $5 to the staffing service).  As a business, the more people you outsource, the more fees you can collect.  Just also be prepared to deal with a lot of human resources management such as turnover, terminations, and disciplinary action.

39. Fitness Gym.  I don’t know about in your area, but all over these 24-hour gyms seem to be spouting up and offering memberships at ridiculously low rates like $12 per month (or similar).  How can they do that?  Simple: No one works there!  It’s nothing more than a rented building with a bunch of exercise equipment inside.  The patrons come and go as they please.  If you had enough people sign up, you could surpass your operational costs and keep the rest as pure profits.  Just remember to invest in a great security camera system and have lots of liability insurance since injuries at the gym can be somewhat frequent.

40. Owing a Small Business: Remember the movie “The Blind Side”?  Do you recall how Sandra Bullock’s character’s family was so rich and they never seemed to work?  They owned a series of fast food franchises.  While franchising may be a tall order for some given the high initial investment, you could certainly take this to a lesser extreme by owning a small sandwich shop, coffee shop, ice cream store, restaurant, etc.  As the owner you can find good help to keep the place running and customers happy.  Most small business owners will tell you that beyond keeping the business organized and having good help, all that really matters is location, location, location!

41. Consulting: Maybe consulting is not technically passive income, but I would argue that it does fit.  If you do something really good and people demand your service, you’ll be able to command pretty much whatever fee you want (or the customer is willing to pay).  So while a traditional job might pay you $30 per hour, let’s say you are able to sell your services at $150 per hour?  That means you’d only need to work one day for every five days that you used to work.  I’d call the opportunity cost of gaining four free days a great passive income opportunity!  By the way – this idea came from the consultant in the cubicle next to me who only works one day a week.  With consulting it seems like who you know is just as important as what you know.  If your network is a little light, try going digital on LinkedIn or by starting your own free website to gain some traction and make yourself stand out.