Want to Build a Passive Income Business?
What is passive income? If you want a simple definition, passive income refers to revenue or earnings generated in a self-perpetuating manner, with little or no effort required to maintain its production. By way of example, writing a song can be a form of passive income. The songwriter can continue getting revenue from the song he’s written, long after it was first produced or recorded.
Needless to say, everyone is always on the lookout for new ways to earn passive income – online, in most instances. Whether it be writing online articles, working as an affiliate marketer or publishing e-books, we all want to earn as much as possible passively. (For those interested, you can find a few online methods at Resources for Generating Passive Income.)
That said, it pays to remember that there are also numerous ways to earn passive income offline. There are lots of old-school, brick-and-mortar business concepts that can be absolutely great for producing passive income. You can find a few of them below.
Get Passive Income from a Laundromat
Laundromats can be a very good source of passive income. Moreover, it’s a cash business and fairly recession-proof, since people generally wash their clothes no matter how the economy is doing. (You aren’t likely to get that new job if you show up in dirty, smelly clothes.)
However, in addition to costs associated with obtaining a location and equipment, you must also consider maintenance and upkeep.
You will also have to decide whether you will personally take on some of the tasks associated with the business (e.g., collecting the money) or if you will hire someone to do it.
In short, this is a business that can be as passive as you want it to be; you have to decide how much you want to do yourself and how much you want to farm out. Regardless, there is undoubtedly an opportunity to earn passive income, although the degree of your success may depend on various factors, such as your location, the amount of traffic you get, etc.
Passive Income with Vending Machines
As I previously noted in my post on Earning Passive Income With a Vending Machine Business, vending machines can be a great source of income.
The start-up costs can be fairly minimal – as low as a few hundred dollars to purchase a machine (or less than $60, in the case of the gumball machine pictured) – and can result in steady, long-term earnings. There is, of course, some work involved (for example, vending machines have to be monitored and refilled on occasion), but the payoff can make it all worthwhile.
On average, vending machines earn an estimated $10 – $15 per day, but that amount can vary based, on product selection, location, etc. One of the keys, then, is probably volume. (In other words, you will probably want to have more than just one vending machine out there working for you.
Car Wash Business
A car wash business is another opportunity to earn passive income.
Again, it is an all-cash business that will allow you to be as hands-off as you want (i.e., you can hire someone to do almost everything if you don’t want to do it yourself).
Needless to say, location will be a prime factor in your success.
Earn Passive Income with an ATM Business
ATMs (Automated Teller Machines) represent another opportunity to earn passive income.
When you own or lease an ATM, you earn money by virtue of a surcharge for each transaction. (You set the amount of the surcharge, although it is usually $1 – $4.)
Leasing an ATM can usually costs $70 – $100 per month. Buying one will run you anywhere from hundreds of dollars for a used machine to thousands of dollars for a new one.
Depending on various factors – including the surcharge and location – ATMs generally earn between $200 – $2000 per month. You can find more information at Earning Passive Income With an ATM Business.
Needless to say, there are lots of passive income business ideas you could choose from. There are many more than those listed in this post (e.g., a self-storage business), but the trick is to find one that suits you in terms of the business and what you expect to put into – as well as get of – it.