Another vehicle-related passive income opportunity is your home’s parking space. In crowded cities like Chicago and Boston, parking spaces are valuable commodities. If you’re fortunate enough to own or have guaranteed access to an on- or off-street parking space, you can earn money by renting it out to folks visiting or passing through your neighborhood.
You can earn above-average rates of return because peer-to-peer lending eliminates the bank function. That means that you participate in nearly the entire interest rate being paid by the borrower, rather than the less than 1% that you will typically earn on certificates of deposit. And you can reduce your risk by investing in slices of hundreds of different loans.
One factor that you must be aware of though is that Care.com is a peer-to-peer arrangement. That means that you will be in direct competition with other pet sitters in your area. You must price your services competitively in order to get business. Once you begin to develop a list of regular clients, you will be in a better position to raise your rates. This will be particularly true as you get referrals from those customers.
The virtual assistant workforce is global, which means two things. First, if you’re in the U.S. or another high-cost country, you’ll likely be undercut by English- and Spanish-speaking professionals in cheaper markets. Second, you’ll need to either stick to clients in or near your time zone or be willing to work odd hours. A reasonable starting wage for North America-based VAs is $10 to $20 per hour, but competent VAs command much higher rates.
Wanting to start your own internet business is a smart move for a lot of reasons. But the biggest mental hurdle most of you face right now is figuring out what the best online businesses to start are. Maybe you’ve heard about affiliate marketing, but somebody mentioned Shopify during lunch. Plus…you’ve always wanted to write a book, and you’ve read stories about indie authors earning millions.