Looking for some Passive Income Generators? Here is a list you could try to get your passive income streams flowing fast.
1. Stock and Share Investing
This is an old favorite and plenty of people spend their day watching their stocks and shares and do nothing else.
You will need some significant investments to make a regular income and you will also need to become familiar with the markets and watch out for downturns in the economy.
2. Creating a Franchise
There is a huge amount of work required upfront to establish a franchise business. This is creating a business from scratch and then selling sites to franchisees.
Firstly, you need to come up with a successful business model. This can be really difficult. Once you find something that works well you can the progress to setting up systems for a franchise.
This again is a huge amount of work, but once it gets going and if it is successful it is definitely a money spinner. Another good approach is, once you have your franchise ready to sell and you start getting buyers, set them up in property owned by you.
This way you get the best of both worlds, income for the franchisee and growth of the property as well as regular rent. This is an awesome passive income idea but be ready to work your butt off for many years.
3. Self Storage Facility
A self storage facility is really a semi passive type of income. You still need to market it and you still need some staff for security and accounts etc.
Once you get it operational it is less likely to be a headache as staff numbers are limited and skill level required to run a Self Storage Facility is relatively low.
You will need some significant capital to start the business or build the facilities so this really is out of reach of the everyday person.
4. Money Lender
Can you lend money to people?
This is definitely a risky business and is really a specialist area. If the people that you lend money to don’t pay, you can be in all sorts of trouble.
Only attempt investigating this one further if you have thick skin and are prepared to argue a lot.
5. Bank Savings
Bank savings is an easy one and is open to almost everyone. You can earn interest on your saving easily in a term deposit account.
This is definitely worth considering as usually your money is fairly easily accessible and you could deposit it for a minimum term of 3 months, so it really is worth considering. To make any significant income though, you will need to have a lot of money to invest.