5 passive income business ideas that require less than $1,500 to start

No matter your skillset, there are several types of businesses that let you earn passive income without a major financial commitment. Despite what some passive income proponents would have you believe, you generally do have to spend some money to make money. But there’s no rule that says you have to spend a fortune. While operating a side-hustle business can often occupy your free time, setting up a source of passive income is a way to boost your income without sacrificing as many leisure hours—and can even lead to a full-time business. And while there are several ways to generate passive income with a sizable investment (such as dividend investing and acquiring music royalties), not every passive income side business demands that. There are, in fact, several methods to boost your earnings without a major financial commitment. Here are five passive income opportunities that you can get up and running for as little as $1,500 (and sometimes even less). Short-term rentals The rental field is a tree with lots of branches. The most well-known option, of course, is renting out a second home or a spare room through Airbnb or Vrbo. Short-term tenants can cover not only your monthly expenses on a property, but also net you a profit. If you don’t have a second home or don’t want to invite strangers into the house you live in, though, there are still plenty of alternative routes you can take. Swimply will let you rent out your pool to people looking to beat the heat. If you’re, say, telecommuting but have the rights to a parking spot in a prime part of town, there’s a way to monetize that with minimal effort. Platforms like Neighbor, Spacer, and SpotHero let you rent out an unused parking spot. The up-front expense is considerably lower than, say, renting a property. And you’ll have a wide variety of potential customers, from workers who don’t want to hunt for a spot during the work week to tourists or shoppers who could explore high-traffic areas at night or on weekends.You c