10 Side Hustle Ideas to Earn Passive Income in 2023

Since 2020, people from all over the world have started looking for side hustle ideas and passive income ideas to find financial freedom. And for good reason, too. Because side hustles can provide a much-needed boost to your income, allowing you to pay off debt, save for the future, or simply enjoy a higher standard of living. In fact, many people who find the right side hustle idea and stick with it end up quitting their day job and pursuing their passive income idea full-time, as it becomes more profitable. This is a testament to the potential of good side hustle ideas.

So, whether you're a student, a stay-at-home parent, or just someone looking to supplement your finances with a side hustle or passive income idea, there are plenty of ways to earn money on the side in 2023. Here we'll explore some of the best passive income ideas and side hustle ideas from home, as well as side hustle and passive income business ideas that can help you achieve financial freedom.

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Before we get you started with the side hustle ideas for passive income, let’s look at the anatomy of a side hustle. Or in other words…

In Case You’re a Complete Beginner, What is a Side Hustle?

A side hustle is simply any activity or job that you do outside of your regular job in order to supplement your main source of income. Side hustles can take many forms and range from freelancing services such as writing or web design all the way to running your own business, like selling products online or renting out a property. In essence, it's all about making extra money without being tied down to one particular career path or employer.

The beauty of side hustles is that there are virtually no limits when it comes to potential active or passive income generation. You can work as little or as much as you want, it depends solely on how much extra money you need. Additionally, side hustles give you more control over your overall financial situation since there’s less dependence on one single job or employer for your entire salary. This can be especially beneficial when trying to achieve financial freedom in 2023 due to increased job insecurity caused by the current economic climate.

Now that that’s out of the way, you’ll still need to think about a few things before you can decide which side hustle idea fits your situation best.

Here are five questions you must absolutely ask yourself when deciding on a side hustle idea or passive income idea

1: Do you have the right skills for the side hustle?

With a side hustle idea on your mind, it's hugely important to assess whether or not you have the necessary skills to make it successful. Having the right skills can mean the difference between earning a steady income and struggling to make ends meet.

For example, if you want to start a dropshipping business, you'll need to have knowledge of how to set up an online store, how to find suppliers, and how to market your products. If you're not familiar with these concepts, it may be difficult for you to be successful in a dropshipping business. Similarly, if you want to start a podcast, you'll need the know-how to create and edit audio content, market your podcast, and monetize it.

It's also important to consider if the skills you have are legal and relevant to your side hustle idea. For example, if you want to start a business providing services to clients, you may need to be licensed and insured, which could mean taking additional courses and getting certifications.

However, it's important to keep in mind that skills can be learned over time. If you don't have all of the necessary skills right now, that doesn't mean you can't start working on your side hustle ideas. There are many resources available, such as online courses, books, and tutorials, that can help you acquire the skills you need to be successful.

2: How does time play a role in your side hustle idea?

When considering a side hustle idea, you must also try and understand how much time you have available to commit to it. This is because some side hustle ideas may require more time than others.

For instance, creating and uploading videos to a YouTube channel may require less time upfront, but consistently creating and uploading new content could become time-consuming. On the other hand, if your side hustle idea is one that involves selling merch online, you may have to invest a lot more time in the setup phase early on, and then rest up when the shop has started turning profits.

It's important to be realistic about how much time you have available, and choose a side hustle idea that fits with your schedule. If you're a student, for example, you may have more time during the summer and less during the school year. If you're a stay-at-home parent, you may have more time during nap time or after the kids go to bed.

It's also important to consider the time required to reach the level of income you desire. For example, a side hustle like affiliate marketing may require less time but may take longer to generate a steady income, while a side hustle like podcasting may require more time but can generate a steady income quicker.

3: What kind of financial risk can you handle with your side hustle idea?

Starting a business or any self-employed opportunity comes with a level of financial risk, and it's important to consider if you are comfortable with the potential variation in monthly earnings.

Unlike traditional employment, where salaries are fixed with little fluctuations in earnings from month to month, starting off with a side hustle idea can result in a variation in monthly earnings depending on the success or lack thereof during any given month. This can make it difficult to predict and plan for your financial future.

For example, if your side hustle idea revolves around a dropshipping business, there may be months where you earn significant profits and other months where you earn very little. Similarly, if you're investing in the stock market, there may be months where your investments perform well, and other months where they perform poorly.

It's important to consider your current financial situation and the level of risk you are comfortable taking. If you have a safety net of savings or a stable income from another source, you may be able to take on more financial risk. On the other hand, if you're living paycheck to paycheck or have a lot of debt, it may be more difficult for you to handle the financial risk of a side hustle.

4: Can you spot a scam from a side hustle?

Scams are a major concern when it comes to making money online with side hustles. Unfortunately, there are many scams online that promise great earnings but end up taking people's money instead. Scammers often use high-pressure tactics, unrealistic promises, and fake testimonials to lure people into investing in their schemes.

It's important to be vigilant and do your research before investing in any opportunity for an online side hustle.

When defining your niche, answer the following questions:

• Unrealistic income claims
  If a company or opportunity promises easy or fast money with little effort, it's likely a scam.
• Pressure to invest quickly
  Scammers often try to pressure people into investing quickly, before they have a chance to research the opportunity.
• Requiring payment to access more information
  Legitimate companies and opportunities should provide enough information for you to make an informed decision, without requiring payment.
• Asking for sensitive information
  Legitimate companies and opportunities will not ask for sensitive information, such as your Social Security number or bank account information until you have decided to invest.
• No contact information
  If a company or opportunity has no contact information, or if the contact information provided is fake, it's likely a scam.

It's important to research any opportunity before investing in it. Look for reviews from unbiased sources, check with the Better Business Bureau, and do a Google search for any complaints or negative reviews.

5: Are you aware of all the laws that affect your side hustle idea?

Laws are a crucial aspect to consider when running a business from home. These laws determine what types of businesses are permitted to operate in a specific area, and it's important to ensure your business is compliant with them.

Some municipalities have restrictions on the types of businesses that can be run from a residence. For example, some cities may not allow businesses that produce noise or generate a lot of traffic, while others may not allow businesses that involve hazardous materials or chemicals.

It's important to check with your local government to see if there are any zoning laws that may impact your business. This can be done by visiting your local zoning board or city hall, or by searching for zoning laws on the government's website.

In addition, there may be other regulations you need to be aware of, such as business permits, licenses, and certifications. These regulations vary by city, state, and type of business. It's important to consult with your local government, attorney, or accountant to ensure compliance with all relevant laws and regulations.

Speaking of legal and tax issues, If you're making money from home, you'll need to report it to the IRS and pay taxes on it. It's important to consult with a tax professional or accountant to ensure you're compliant with tax laws. And finally, it's important to have insurance to protect yourself and your assets.

By considering these factors, you can be better prepared to make money from home and avoid potential pitfalls. It's important to keep in mind that making money from home takes time, effort, and dedication, but with the right approach, it can be a great way to gain financial freedom.

Now that we’ve taken a look at all the things you need to be aware of before you even begin working on your side hustle ideas, it’s time to dive into all the avenues you have to finally get started with generating a supplemental source of income from home!

Blogging continues to be one of the most popular ways to make money online, even in 2023. That’s because it requires little to no upfront cost and minimal effort once set up correctly. Blogging involves writing content around a particular topic or niche that you’re passionate about and then monetizing this content by using various strategies such as displaying ads, affiliate marketing, sponsored posts, or offering subscription services. We’ll get into how some of these strategies can themselves be turned into ideas for passive income from home later in the post. (So be sure you read through the entire article!)

When starting a blog, it's important to choose a topic or niche that you're passionate about, and that resonates with your target audience. This will help you create content that is interesting and valuable to readers. The key to successful blogging is to consistently create high-quality content that is useful and informative for your target audience. By providing helpful information, you can establish yourself as an authority in your niche and attract more readers to your blog. This is perhaps the most important thing you’ll ever do if you use blogging as a side hustle idea.

Because it’s only when you have a steady, loyal reader base that you can begin to monetize your blog through various strategies. One of the most common ways to monetize a blog is by displaying ads on your website. This can be done through ad networks like Google Adsense or Media.net. For this, you simply have to create space on your blog’s theme for web banners where brands can display their ads. Depending upon the agreement between you and the brand, you can get paid a certain amount for every click, every purchase, or even every view!

Another way to turn a blog into a side hustle idea and generate some more passive income is sponsored posts. Here you get paid by a brand to feature their product or service in your blog post.

If you have spent enough time creating relevant, engaging content and building a reader base, you might even be considered an authority – or thought leader – in your niche. Once this happens, you can offer subscription services like membership, paid newsletter or access to premium content for even more truly passive income. If you’re considering the paid newsletters, there’s really nothing better than Mailchimp to help you automate the process of sending one out. What’s even better is that you can get yourself a solid 30% off on Mailchimp right away if you use the free deal from elevate.store.

In summary, blogging can be a great way to earn passive income from home over time, as you'll continue to earn money from your blog posts even after you've published them. Additionally, as you gain more readers, your blog will likely rank higher in organic search results, which can lead to even more traffic and potential income.

Selling products online is a great side hustle idea in 2023. That’s because consumer behavior has changed drastically over the last couple of years, and people would rather buy things online than at brick-and-mortar stores. This resulted in there being at least 26 million e-commerce websites around the world in 2022!

If you, too, are willing to spend some time and energy, selling products online can become your highest-grossing side hustle idea in 2023. There are various ways in which you can sell products online, such as dropshipping, setting up an e-commerce website, or selling digital art and products through third-party websites.

First, let's talk about dropshipping. This method involves partnering with a supplier who will handle the storage and shipping of your products. All you need to do is create a store and market your products, and the supplier will handle the rest. This allows you to get started without the need for any upfront investment in inventory, making it a low-risk side hustle option.

Next, setting up an e-commerce website. With the rise of e-commerce platforms on the market, it has never been easier to set up an online store. You can choose to sell physical or digital products, and the platform will handle all aspects of the customer experience, including payment processing. This method requires a bit more effort and investment upfront, but it can also be more rewarding as you have complete control over your store and branding. If you’d like help with setting up your own e-commerce store, be sure to check out this offer from elevate.store that gets you 10% off Wix – an online store builder that’s loaded with features such as 500+ free store templates, secure online payments, the ability to list 50K products, 24x7 support, and more!

Finally, selling digital art and products through third-party websites. If you have a creative talent, you can sell digital products such as ebooks, templates, and even handmade crafts through websites like Etsy and Creative Market. There are also dozens of stock photo websites that will pay you for pictures you click. This option allows you to leverage your skills and creativity to make money on the side, and there is no need to handle physical products or shipping.

In the end, selling products online is a great side hustle idea that offers multiple opportunities to make money from home. Whether you choose to dropship, set up an e-commerce website, or sell digital products, there is a path for you to succeed and turn your side hustle into a successful online business that provides a steady stream of income.

To be sure, online surveys often get a bad rap as a side hustle idea. And that’s due mainly to the large number of scammers that operate in this sector. (You can always scroll right back up to the box that tells you how to spot a scam if you need a quick refresher!) But if you do your due diligence right, online surveys could actually be a very good tool as far as passive income ideas go. There are a few reasons for that. Read on to know more.

Online surveys are a simple and easy way to earn money on the side. There are many websites and apps that will pay you for your time and opinions. If that sounds too good to be true, here’s an explanation. Most survey websites are associated with large corporations and brands that want true, anonymous feedback from users all over the world so they can improve their products and services. By participating in surveys, you can provide valuable feedback to these organizations, and get paid for your efforts.

Speaking about payments, survey websites will typically pay out only small amounts of money for every survey you complete. This amount can vary depending on the length and complexity of the survey. But ultimately if you’re a cash-strapped student or a stay-at-home parent with some time on your hands, getting into online surveys can turn out to be one of the best side hustle ideas from home for you. One that can help you generate passive income almost on a daily basis. Some of the most popular and trusted survey websites you can check out include Swagbucks, Survey Junkie, and Vindale Research.

To start taking online surveys, you'll need to sign up for an account on one of these websites. The registration process is usually free, and you'll typically be asked to provide some basic information, such as your age, gender, and interests. Once you have an account, you'll be able to start taking surveys, and you'll be notified when new surveys are available.

The payment methods for online surveys vary, but most survey sites pay through PayPal or gift cards. Some survey sites also offer cash rewards, which can be transferred directly to your bank account. Whichever way you look at it, they make for a great side hustle idea to get some passive income from home.

The only really important thing to remember with online surveys is that they are not a realistic way of making a full-time income. They are simply designed to help people earn some extra cash in their spare time. So, you might want to consider using them as a complimentary item on your list of side hustle ideas.

Affiliate marketing is a performance-based marketing strategy. Affiliates promote a product or service and receive a commission for each sale made through their unique referral link. In simpler words, affiliate marketing helps you earn money by promoting other people's products and earning a commission on any sales that come through you. It is a great side hustle idea for several reasons, including the potential to earn a constant passive income from home.

First, it is low-cost to get started. Unlike starting a traditional business, affiliates do not need to invest in inventory or create products. Instead, they simply need to sign up for an affiliate program (which is usually free) and promote products through their unique referral link.

Second, the earning potential is significant. Commission rates can range from a few percent to 50% or more, and some affiliates earn a full-time income through affiliate marketing. Additionally, there are many affiliate programs to choose from, and affiliates can promote multiple products, increasing their earning potential.

Third, it is a flexible and scalable business model. Affiliates can promote products from anywhere, at any time, and on any device. As their affiliate business grows, they can increase their earning potential by promoting more products and expanding their reach.

Fourth, affiliate marketing provides a passive income stream. Once a product or service is promoted, affiliates continue to earn commissions for each sale made through their referral link, even if they are not actively promoting it. This passive income stream can provide a valuable source of income for years to come.

To start affiliate marketing, you'll need to find a product to promote, create content to promote the product, and then include an affiliate link in your content. This content can take many forms, such as blog posts, videos, social media posts, or email campaigns. When someone clicks on that link and makes a purchase, you'll earn a commission. There are many affiliate programs available, including Amazon Associates, ClickBank, and Commission Junction.

Since you could be dealing with multiple channels that generate income for you, you should also consider investing in accounting software that makes your life easier. In particular, you might want to look at Quickbooks, which can help keep an eye on invoices and payments, cash flow, tax deductions, and more. This becomes even more enticing when you throw in a 30% discount from Elevate.store.

Here’s a quick video on how to use Quickbooks for your business.

All said affiliate marketing is a great side hustle idea that offers a low cost of entry, significant earning potential, flexibility, scalability, and the opportunity to generate passive income from home. With the right approach and dedication, affiliates can turn their side hustle into a full-time business, and enjoy the freedom and financial stability that comes with it.

Tutoring, online teaching, and online courses are all excellent side hustle ideas that help you make money from home; if you have knowledge or expertise in a certain subject. These methods allow you to share your knowledge and skills with others and earn an income at the same time.

One-on-one tutoring sessions are a great option for those who prefer to work with individual students. You can offer your services through online platforms such as Wyzant, TutorMe, or even on social media platforms such as LinkedIn or Instagram. This can be a great side hustle idea that makes you money while also letting you help others improve their understanding of a subject.

Another side hustle idea that will let you generate passive income from home is online courses. Platforms like Udemy, Skillshare, and Coursera allow you to create and sell your own courses. When creating an online course, it's important to choose a subject that you are passionate about and have a deep understanding of. You'll also need to create engaging and high-quality content that provides value to your students. Additionally, it's important to market your course effectively, through social media, email marketing, and other marketing channels.

Like the side hustle ideas of tutoring or creating online courses, e-book writing is another way in which you can make a great passive income, while at the same time sharing your ideas and knowledge with a global audience.

The most important part of writing an e-book – whether it’s educational or fiction – is to pick a topic that you are passionate about. You should also have a deep understanding of the subject matter at hand, especially if you are writing a how-to style e-book. This will ensure that your e-book brings value to your readers and that they keep coming back for more of your published works. It is also essential that you write the e-book in a style that is at once clear and engaging. Remember that you are writing for a global audience that you do not yet know well. This means everyone from a fourth grader to a postgraduate should be able to understand and appreciate your writing. Finally, like any reading material, you must format your book well. We won’t get into the details of e-book formatting since there are dozens of tutorials for that already on the internet. But we’ll just say this: keep your formatting clear and simple. Don’t use funky fonts and styles.

As for the process of actually publishing an e-book, it’s pretty straightforward. Once you’re done proofreading and formatting your work, you can choose to upload your manuscript to Amazon Kindle Direct Publishing (KDP) in a variety of formats, including Microsoft Word, PDF, and HTML. When the manuscript is done uploading, you should add a cover, a title, and a great catchy description for your e-book. This is also where you set the price for your book. Remember to price it in a way that makes it affordable for most people, but doesn’t undervalue your work either. Finally, share the link with everyone you know – friends, family, colleagues, and so on. This will create awareness about your book, and lead to sales later on.

And that’s it. After your book is live, you can sell it on Amazon and earn royalties every time someone buys a copy of it.

Podcasting has become one of the most popular side hustle ideas in recent years. And it can be a great way to earn a passive income by creating audio content and sharing it with a global audience. Podcasts can be on any topic, from business to entertainment, and can be monetized through sponsorships, ads, and affiliate marketing.

The same starter rule applies to podcasting as the one that did for e-book writing. The topic you choose should be one that you truly care about. This will make sure that the content you end up producing is authentic, relatable, and engaging for your audience.

After you have chosen a topic that you are passionate and knowledgeable about, you'll begin creating the content for your podcast. This will involve research, scripting, recording, and editing your episodes. In this process, you will also need to invest in decent quality equipment such as a microphone, headphones, a computer, and audio editing software. Because while you may be tempted to use your smartphone to record your podcasts, they won’t produce the kind of quality that the audience expects today. Of course, you can record rough test versions using any microphone, but be sure to use good equipment to create high-quality output.

Once the content is ready, you can publish it on multiple platforms. Some of the most popular podcasting platforms today are Apple Podcasts, SoundCloud, Spotify, and Google Podcasts. By uploading your podcast on these platforms, you will be able to reach out to a global audience almost instantly.

Sponsorships involve partnering with brands and companies to promote their products or services in exchange for payment. For instance, you might create a podcast series about home cleaning that is sponsored by a professional housekeeping company.

Ads involve selling advertising spots to companies that want to reach your audience. Ads most often play either right in the beginning or at the end of a podcast. This ensures that your audience’s listening experience is not interrupted.

Affiliate marketing involves promoting products or services in exchange for a commission on any sales that your efforts generate. You will remember everything about affiliate marketing from point 4 earlier in this post.

Before you choose podcasting as your side hustle idea, though, you must remember that starting a podcast can take a lot of time and effort. That’s because building an audience and monetizing a podcast requires a solid strategy, consistency, and above all, patience. This is not a get-rich-quick scheme!

Virtual assistance in 2023 is perhaps one of the best side hustle ideas for those looking to make some extra income while working from home. What’s more, virtual assistants work remotely, and so do not need to worry about the hours and expenses involved in commuting.

Virtual assistants offer administrative support to businesses and entrepreneurs. They help with tasks such as scheduling appointments, responding to calls and emails, and sometimes creating content. In other words, this side hustle idea involves the same responsibilities as a real-life assistant – only you get to do this from the comfort of your own home, and choose your own hours and clients.

Virtual assistance can be done on a freelance basis, and there are many platforms, such as Upwork, Fiverr, and Zirtual, where you can find virtual assistance work. You can also create your own website on a website builder like Wix and create a social media presence to showcase your skills and attract clients. Use graphic design software like Canva to create aesthetically pleasing content for your social media. It’ll build credibility and make you look more professional. You can even find a Canva coupon code for a 45-day free trial of Canva Pro on Elevate.store.

To be a virtual assistant, you'll need to be organized and have great communication skills. As a virtual assistant, you will be working remotely, so it's important to have a reliable internet connection, a computer, and a good set of communication tools such as email, instant messaging, and video conferencing software.

Before starting as a virtual assistant, however, it's essential to have a clear understanding of the services you will provide and the rates you will charge. You should also have clear communication with your clients, so they understand your working hours, availability, and how you will communicate with them. Doing this will ensure that your side hustle idea runs smoothly, and brings you a steady source of income from home.

If you have a creative bent of mind, graphic design, and content writing are two great side hustle ideas you can explore in 2023.

If you have a passion for design and a keen eye for detail, then graphic design could be a great side hustle idea for you. Graphic design can include a wide range of activities, including the designing of logos, websites, print materials such as brochures and pamphlets, books, and more.

One of the greatest benefits of being a graphic designer is that you can offer your services on a freelance basis. This means that you can work with multiple clients at the same time, which can help increase your income potential. There are many online platforms where you can find freelance graphic design work, such as Upwork, Fiverr, and 99designs. These platforms provide a convenient and efficient way to connect with clients and find new projects. You can also use social media to promote your work and attract new clients directly.

To be successful as a freelance graphic designer, it's important to have a strong portfolio that showcases your best work. You should also be familiar with the latest design trends and software and have a good understanding of color theory, typography, and composition. Finally, communication skills play a huge role in the success of graphic design as a side hustle idea. That’s because you'll need to work closely with clients to understand their needs and deliver the results they are looking for.

If, on the other hand, you are a skilled writer, you can use your talents to help others create compelling and engaging content for their businesses and brands. Because the digital age has created an insatiable demand for high-quality content, which businesses need in order to attract and engage with their target audience. As a content writer, you might be tasked with writing blog posts, articles, case studies, speeches, podcast scripts, and more.

Just like graphic design, you can freelance and work with multiple clients at a time. The great thing about content writing is that you can work on your own schedule and write about topics that you are passionate about.

The fees for graphic designers and content writers can vary widely depending on several factors, including location, level of experience, and the complexity of the project. Fortunately, there are a number of online resources that can help you understand the average fees. These include industry websites, freelance platforms, and design and content forums. It’s important that you understand the going rates well so that you can charge your clients something that offers them great value, and doesn’t leave you feeling underpaid.

Finally, if you are going to choose graphic design or content writing as your side hustle ideas, you must remember that both these choices require a high level of skill and creativity.

We bring YouTube in right at the end because it has been one of the most popular side hustle ideas in the world for years now. And 2023 is not about to change that. The beauty of choosing YouTubing as a side hustle idea is that you can create videos on any topic – entertainment, education, lifestyle, marketing, or science. The list is basically endless! You can then monetize the videos you create in the same ways as podcasting: sponsorships, ads, and affiliate marketing.

As with most side hustle ideas mentioned above, your choice of topics for your YouTube channel will have to revolve around things that you care about, and are knowledgeable about. This is particularly true for a visual platform like YouTube because people will literally be able to see through you if your content is not up to standard.

Having chosen the topic, you’ll start creating your video content by researching, detailed scripting, and recording. Many starting YouTubers think that scripts are not essential and they can simply ‘wing it’. But it’s always better to have a script at hand, since it makes for a more polished final product.

Speaking of the final product, you might consider investing in equipment such as a professional camera, microphone, and an editing app. This is only a suggestion because as technology moves ahead, even mobile phones come equipped with high-quality cameras and microphones that can help them record near-professional quality videos. And there are hundreds of video editing apps available on Apple’s App Store and Google’s Play Store.

Once the videos on your channel are live, you should be able to monetize them after reaching a certain number of views and subscribers. YouTube’s policies on these factors change regularly, so it’s best to check the website for more details.

As for monetization channels, we’ve already covered them in detail in the podcasting section, so we won’t go into them again.

Just remember again that if YouTube is going to be your choice of side hustle idea, you are going to be looking at a considerable amount of time and effort. Most YouTubers will start off by creating and marketing videos over weekends. Many weekends. Patience is the key to making YouTube a successful side hustle venture.