9 passive income-making businesses to start after retirement - Minimal investment and risk-free

After spending the majority of their lives in the workplace, elders now look forward to enjoying their much-deserved retirement. The transition to retirement is generally smooth when exit strategies and financial plans are laid out in advance.

However, to remain engaged and help extend their retirement funds, some retirees pursue the creation of passive income streams. Looking beyond the commercial aspect, passive business gigs can help retirees tackle boredom, create a sense of purpose, and provide extra money for travel and leisure activities.

There's a perception that generating passive income requires considerable investment and extensive learning, which is true in the case of stock trading, real estate, and lending. Understandably, many retirees may be hesitant to pick up these risk-involved businesses as side hustles because of the labor intensity and financial volatility.

That's why the majority of retirees usually prefer risk-free, less-demanding, and decent revenue-making businesses. With that in mind, we'll give you a few passive income ideas that can be started right away.

1. Become an online teacher  

Teaching online is an easy and rewarding passive income business that can be started right away. It's simple—if you have expertise in a specific trade, then you can educate and help train people.

You can simply compile videos and audio in a sequential manner and host them on online course platforms. Once you have the course ready, you can market it through social media or online communities. You'll get a steady income channel via learner subscriptions, and you can further increase your income by adding more valuable lessons to your learning community.

One-to-one live tutoring is also growing exponentially. For example, there's a huge demand for native language speakers to help train foreigners to learn their language. These classes are usually one-to-one, live virtual classes and may require you to work for a specific minimum number of hours a week. You can find numerous live tutoring opportunities on freelancing websites or Craigslist.

2. Write and publish ebooks 

Publishing an ebook is a great option for people who are passionate about writing. If you possess the technical clout in a particular niche or have the creative juice to come up with beautiful fictional narratives, then you can definitely consider launching an ebook. Once you put the initial effort into drafting, editing, and publishing the ebook, you can sit back and reap the revenue flow without lifting a finger.

Unlike the old days, ebook distribution marketplace providers, like Amazon Kindle and Nook, have made creating online publications effortless and straightforward. Once you finish writing your ebook, you can hire an agency or freelancer to edit and proofread the book (there are many websites where you can find freelance editors and proofreaders), and then you can publish it directly on the marketplace.

When working with marketplace service providers, you will be charged a royalty fee commission on a per-view-basis, so be sure to read all of the business and legal terms and conditions before signing up.

3. Become a pet sitter  

Pet sitting is one of the easiest ways to make passive income. Just like the name indicates, pet sitting is taking care of pets when their owners are away for work or vacation. If you're a pet lover and have experience handling pets, you can definitely consider this option.

On websites like Rover.com, you can find plenty of pet sitting jobs in your locality. What makes pet sitting so desirable is that it requires no initial investment or substantial work and you can easily earn up to $50/day risk free, although obtaining pet sitter insurance to cover potential liabilities like injury to the pet while on your watch is recommended.

4. Start a YouTube channel 

YouTube is still growing fast, with more than 2.6 billion people using it every month, and it shows no sign of slowing down. If you're interested in content creation and social media, then you should definitely be a part of the YouTube tide. To get started, decide what type of videos you want to create and build progressive strategies for consistent growth.

You can view YouTube influencers, such as Grand Illusions, Wendy Ida, and Maarten Heilbron, who are excelling on YouTube regardless of their age. It's all about the content and delivery. Once you get it mastered and become a notable influencer in a particular category, you'll start receiving brand promotion requests knocking at your door.

5. Rent out extra spaces 

Leveraging your real estate for rental purposes is a great way to make passive income. If you have an additional room in your home, you can rent it out on websites like Airbnb and host guests.

In the same way, you can rent out your parking spaces, which is a huge demand in crowded cities. You can also rent your garages for people to store goods during temporary housing shifts and such. Renting out spaces requires minimal setup and labor to get started. Get started right away by listing out your spaces on websites like Neighbor.com. You can expect a steady income with no hassle.

6. Start modeling and selling stock photography  

Yes, you read that right—you can start modeling and photography career in your golden years.

Stock photography is booming. You can sell concept photos for commercial purposes and make a decent revenue in royalties. All you need is a good camera and a fair knowledge of lights and camera handling—which you can learn watching YouTube videos.

Ideate new concepts and self-shoot professional-looking images from different angles and outfits. Choose the best photo series, add appropriate titles, and add them to the stock photos marketplace. Some of the more notable stock photo marketplaces are Shutterstock, Getty Images, and Adobe Stock.

Stock marketplace websites usually charge one third of the sale price of a photograph as commission. However, once you put in the initial work of shooting, editing, and posting your photography, the royalties will keep flowing without any further effort.

7. Rent out your tools 

Tool renting is a great way to monetize your assets that are sitting idle in your home. Whether it's a power drill, ladder, or lawn mower, you can rent out your equipment and get paid instantly.

To get started, make a list of things that are functional but not frequently used. List them on rental websites like Fat Llama or Lowes.com with all the necessary details. Once listed, you can receive proposals and choose the top bidder. This passive income stream requires little work and also helps you get the most value from your assets.

8. Start a blog 

Blogging is a fruitful business when it's done right. Usually, people who are pessimistic about blogging and its revenue simply have a poor content strategy. If you have a well-planned content strategy that has a clearly defined niche and narrows down your target audience, then blogging can be a great source of income. You can earn substantial revenue from paid promotions, affiliate marketing, and search engine ads.

When you start accumulating good website traffic, brands in your chosen niche will begin reaching out to you to review and promote their products and set up affiliate links through which you will get paid in a pay-per-referral model. So, choose something that you're passionate about and start creating engaging content. Audience growth is a direct result of your blogging consistency, uniqueness, and value-added offers, like a newsletter subscription or an ebook.

9. Use your car for advertising 

Advertising on automobiles has been a trend for decades. Based on your locality and demand, you can earn in the range of $450 to $1,500/month by simply driving around with a sticker advertisement on your car.

This might not be suitable for everyone, but if you're okay with putting temporary stickers on your car, you should explore this option. Tech companies like Carvertise provide a simple platform where you can sign up and find brands to work with.

 Wrapping up

These are just some of the possibilities to earn a passive income in the retirement years. But why wait? You can start a passive income business anytime—even well before you retire from full-time work—that's exciting and will make you feel lively during your retirement, as well as provide extra income for travel and leisure activities.