How To Flourish in 2024: Best Passive Income Business Ideas

Passive income is money you earn with little daily work. It can be a full-time gig or a side hustle. It's a way to make cash flow even when you're not actively working, leading to extra cash flow. 

People create passive income streams to reach financial goals and have more free time. This income can come from owning things. Rental properties or investments pay you dividends. 

Some make passive income by creating content. Things like books or online courses that they sell over and over. 

It's great because it can help you make money around the clock. It gives you more financial freedom and stability.

In 2024, acting on passive income ideas to make money while you sleep is a popular goal. 

These ideas help you earn money without working all the time.

1. Rental Properties

Rental properties are a top way to make money without much work. You can buy a residential condo, townhome, or duplex and rent it out to people every month. If you have a larger budget, you can even purchase a complex.

Getting started is easy. First, you need to find a good property. Look for a place where many people want to live.

Next, you can buy the property, but you may need a loan from the bank to do so. After you've purchased the property, you need to find tenants to rent it out — if you don't want to handle this alone, you can hire a property manager to help you.

Another option is to purchase a residential property for Airbnb. You'll receive monthly income on the days your rental is booked out. However, unlike long-term rentals, this type of rental can be inconsistent. Nonetheless, this is a great model for business owners to potentially see higher returns.

This type of business generates income all year round. You'll receive rental income every month, and over time, the property might even increase in value. Later, if you decide to sell it, you could make even more money. It's an excellent way to build wealth while pursuing other dreams, and it's a reliable way to earn without having to be there all the time.

2. Vending Machines

Vending machines offer a convenient way to make money effortlessly. You simply set them up and they do the job — every time someone purchases a snack or a drink, you earn cash.

Choose what you want to sell, and search for ideal locations to place your machines. Busy places such as offices or schools are perfect. 

Then, you’ll need to purchase the machines and fill them with items. While there is an initial investment in the machine and items to sell, once everything is set up, you can start collecting your earnings.

Running vending machines allows you to make money without being present. After placing your machines, you only need to check on them from time to time to restock them and collect the cash. You may need to pay a small fee to the owner of the spot where you place your machine, but the rest of the money is yours.

This method of earning money is effective because it doesn't require much of your time on a daily basis. It's an excellent way to create a passive income stream.

4. Self Storage

Self-storage units can be a great source of passive income, as they offer extra space to people who need it. 

If you're looking to start your own self-storage business, the first step is to invest in a good location. Look for areas where people are likely to need extra storage, like near apartments or busy neighborhoods.

Upfront costs will include funds to buy or build the storage units. Once they're constructed, your main job will be to keep them in good shape and rent them out. 

Customers will pay rent monthly to use these units, which means you'll receive a steady income every month without having to be present. You'll be responsible for ensuring the units are secure and dealing with any customer needs that arise from time to time — but for the most part, the business will run itself.

Self-storage is an excellent source of passive income because it doesn't require much work once it's set up. Additionally, it's a reliable way to earn money, as people always need extra space for their belongings. Because of this, it's a strong business model for long-term cash flow.

5. Laundromat

A laundromat is another lucrative passive income business.

Starting a laundromat requires thorough research. You need to find a location where many people live or pass by, especially in areas where many people rent their homes, as these people often need a place to wash their clothes.

The start-up costs can be high because you must purchase washers and dryers and also fix the place to operate the laundromat — but the running costs aren’t too high after that.

Customers use the machines independently, putting in coins or using a card to make payments. This means that you don't need to be present there to manage the laundromat.

Your laundromat can generate income without requiring much work. You can also add services that don't need much attention, such as drop-off laundry services or vending machines for soap and snacks.

Laundromats can make money all day, every day. Once people start using your laundromat, it can bring in steady cash — your laundromat can keep earning for you with the right location and good machines, making it a reliable source of passive income.

6. A Blog

Starting a blog is one of the best passive income business ideas. It lets you earn money through different sources when you drive enough traffic.

The first step is to choose a topic that you are passionate about or knowledgeable about. You can also research profitable blog niches to help you decide on a topic.

To set up a blog, you will need a website and some content to start with. As your blog grows, there are several ways to make money. One way is by placing ads on your site. Each time someone clicks on an ad, you earn a little money.

Another way to earn money is through affiliate marketing, such as Amazon. This involves recommending products and receiving a fee if someone buys them through your unique link.

You can also create and sell digital products like ebooks or online courses and promote them through your blog — these products can be sold multiple times without needing to create each one from scratch.

To have a successful blog, it's important to write valuable, high-quality content and promote your site. A consistent content posting schedule can help bring in a steady income stream once you have a following. 

7. YouTube Channel

Everyone loves social media, and starting a YouTube channel is a fantastic way to earn passive income. Here's how.

To start a YouTube channel, pick a theme or topic you're passionate about, like cooking, gaming, or teaching tech skills. For me, I keep my content centered around business growth and entrepreneurship.

Once you choose your theme, start making high-quality videos. Your videos should be interesting and offer something useful to viewers.

You make money on YouTube through ads. When people watch your videos, you can earn money from ads shown on the videos. You can also make money through sponsorships where companies pay you to promote their products.

Another way to earn is by joining the YouTube Partner Program. You need at least 1,000 subscribers and 4,000 watch hours to join, but once you’re in, you get more tools to make money, like Super Chat during live streams.

YouTube requires some upfront work, like creating a strong content marketing strategy and building an audience, but once you set it up and start getting a lot of views, it can bring in money regularly. 

The bottom line is simple: passive income can help you make money in 2024. 

From vending machines to blogs to a YouTube channel, these ideas can help you make money without working all day.

Want to grow your passive income? Check out Founder OS for an action plan that can help you build and run your passive income or online business. Visit Founder OS now and subscribe to the Founder OS newsletter.