Passive Income Ideas For Hardware Engineers [2024]
Interested in earning passive income as a hardware engineer in 2024?
We put together a few of the best passive income ideas you can start as a hardware engineer today. These will help you increase your quality of life by bringing in more income for yourself or your business.
For each income idea, we’ll show you real-world examples, revenue expectations for each idea, plus some things you might need to know before you start your passive income journey as a hardware engineer.
Here's the full list:
1. Make passive income with a wordpress plugin business ($33.4K/month)
As a hardware engineer, you could utilize your problem-solving skills to develop WordPress plugins that cater to specific issues or needs within the tech community. If you've noticed recurring problems that hardware engineers face when setting up or managing their WordPress sites, you could create a plugin to address those issues. For example, you might develop a plugin that integrates hardware monitoring data into a WordPress dashboard.
Once you've created your plugin, you could sell it on platforms like CodeCanyon or even market it through your blog or a dedicated website. This venture could provide a stream of passive income as other WordPress users purchase and download your plugin. By focusing on a unique solution, you're also filling a niche, which can make your plugin more valuable and appealing to potential buyers.
How much you can make: $120 — $120,000/month
How much does it cost to start: $5,000 (?)
How long does it take to build: 120 days (?)
Time commitment per week: Min. 5 hours/week
Wheely Sales CEO Josh created a lucky wheel popup that has grown revenue from $0 to $600/month in just 4 months since getting started and has attracted over 1.1 million users to his customers’ websites, all while proving that when it comes to creating a product, competition is validation.
2. Make passive income with a mobile app ($70.3K/month)
If you’re a hardware engineer with a knack for solving problems, creating a mobile app could be a great way to supplement your income. You could use your technical skills and engineering mindset to develop tools that cater to other engineers or even a broader audience. Examples might include productivity tools, instrument control apps, or even technical reference guides that could simplify your day-to-day tasks or those of your peers.
You don’t need to be a coding expert to start; you could either learn basic programming or hire a developer to bring your vision to life. The key steps will involve planning the user experience, designing intuitive interfaces, and thoroughly testing the app for any bugs. Once your app is ready, effective marketing is important to reach potential users and generate downloads.
By investing time and effort, your app could become a source of passive income, providing ongoing revenue as more people download and use it. The world of apps offers immense possibilities for individuals willing to innovate, and who knows, your app might just be the next big thing!
How much you can make: $1 — $500,000/month
How long does it take to build: 180 days (?)
BACH, an app that plans and books bachelorette parties, has grown from $0 to >$1M net revenue run rate in less than 6 months, gained over 100,000 users in their first 60 days, and has over 40,000 parties using the app this month.
3. Make passive income with an ai based business solution ($55.8K/month)
As a hardware engineer, you could consider supplementing your income by developing an AI-based business solution. Leveraging your technical background, you could create systems that streamline various business operations, such as optimizing inventory management or improving customer service through intelligent chatbots. These solutions can help businesses enhance efficiency, reduce operating costs, and make informed decisions based on data insights.
With a growing demand for AI solutions, there is a significant market opportunity. You could take advantage of user-friendly platforms that don't require extensive tech knowledge, allowing you to integrate AI tools that automate repetitive tasks and predict market trends. By focusing on high-impact areas and creating a robust implementation plan, you could turn your expertise into a lucrative passive income stream while helping other businesses innovate and grow.
How much you can make: $4,000 — $120,000/month
How long does it take to build: 125 days (?)
Mikkelsen Twins grew an online education company from scratch with over 800 students, making over 6-figures in profit every month thanks to their successful program, Audiobook Income Academy 2.0.
4. Make passive income with an AI writing tool ($255K/month)
As a hardware engineer, you could leverage your technical background to explore passive income opportunities by developing an AI writing tool. Utilizing your understanding of technology and systems, you could create a digital tool powered by artificial intelligence to help businesses, bloggers, and students generate accurate and engaging content with ease.
This venture not only taps into the rapidly advancing field of AI but also addresses the growing need for high-quality, efficient content creation. By investing some initial time in developing and fine-tuning the tool, you could offer a product that automates much of the writing process, making it error-free and time-efficient. This could become a steady source of passive income as users subscribe or pay for access to your tool while you focus on your primary career.
How much you can make: $4,000 — $1,000,000/month
How long does it take to build: 52 days (?)
Rytr, a new AI writing assistant developed by a startup platform and business incubator, has become a market leader, serving over 300,000 customers across the world and doing seven figures in ARR.
5. Make passive income with a lead generation tool ($108K/month)
As a hardware engineer, venturing into the development of a lead generation tool could be a logical and lucrative side project. By leveraging your technical skills, you could create a software application that automatically identifies and captures potential customer leads for businesses. This means developing a platform that collects valuable data like email addresses, phone numbers, and interests from various digital touchpoints, such as websites and social media channels.
Imagine the time and resources businesses could save by automating the laborious process of finding new clients, allowing them to focus more on converting these leads into paying customers. Given the high demand for efficient marketing tools, your creation would be highly sought after, providing you with a steady stream of passive income. Plus, your keen understanding of technology could give you an edge in building a reliable and efficient solution.
How much you can make: $1,000 — $400,000/month
How much does it cost to start: $600 (?)
How long does it take to build: 90 days (?)
Dux-Soup is a LinkedIn automation tool that helps business owners and sales & marketing professionals generate more leads, increase efficiency, and save time; with over 70,000 users and revenue of nearly $5 million, it offers automated top-of-the-funnel LinkedIn outreach activities, targeted LinkedIn campaigns and multi-touch & personalized LinkedIn drip campaigns for lead generation.
6. Make passive income with an online course sales business ($85K/month)
As a hardware engineer, you could leverage your specialized knowledge to create and sell online courses. There's a growing demand for educational content related to electronics, embedded systems, and hardware design. By breaking down complex topics into easy-to-follow lessons, you could teach aspiring engineers the skills they need to succeed in the field.
Creating an online course might seem daunting, but it's a great way to reach a wider audience while sharing your expertise. All you need to do is identify your target audience, develop engaging content, and choose a platform to host your courses on. With the e-learning market expected to be worth over $645 billion in the coming years, there's significant potential to earn passive income from this venture.
In addition to the financial benefits, building an online course could also establish you as a thought leader in your niche. This could open doors to new professional opportunities, such as speaking engagements, consulting offers, or even job prospects.
How much you can make: $100 — $300,000/month
How much does it cost to start: $2,000 (?)
How long does it take to build: 180 days (?)
A multipreneur shares how she built a successful print on demand side hustle, generating $120,000 per year through multiple brands spread over various platforms.
7. Make passive income with a corporate photographer ($23.4K/month)
As a hardware engineer, you could leverage your technical background and eye for detail to break into the corporate photography market. Companies often need high-quality photos for marketing materials, website updates, events, and more. By understanding the precise needs and goals of each client, you could create images that effectively communicate their brand and vision.
Developing a solid portfolio will be crucial to showcasing your skills and attracting potential clients. Networking through social media, local events, and professional organizations can also help build your client base. This venture could be rewarding both personally and financially, providing an additional income stream while utilizing your technical knowledge and passion for visual storytelling.
How much you can make: $8,300 — $50,001/month
How much does it cost to start: $5,000 (?)
How long does it take to build: 100 days (?)
This case study follows the journey of an Indian first-generation entrepreneur who built Studio 31, a profitable and award-winning wedding photography and film company capturing over 350 weddings annually, with a unique focus on customer experience and organic marketing, serving more than 90% NRI clients and generating an annual revenue of about a million dollars.
8. Make passive income with a niche website ($107K/month)
If you're a hardware engineer looking to make some extra money, starting a niche website could be a fantastic opportunity. By creating a website focused on a specialized topic within your field, like hardware design tips, reviews of the latest tools, or tutorials on DIY projects, you could attract a dedicated audience who values your expertise.
You'll need to invest time in creating high-quality content and in understanding basic SEO to get visitors to your site. Once you have a steady flow of traffic, you could monetize your site through affiliate marketing, ad placements, or selling digital products like e-books or courses. Over time, this could turn into a reliable source of income, supplementing your main job and offering potential financial freedom.
How much you can make: $400 — $250,000/month
How long does it take to build: 60 days (?)
DPW (Digital Procurement World) is a fast-growing conference and community in procurement that has more than tripled in revenue since launching in 2019, capping out the year at €1.8 million, with 95% of their growth coming from inbound traffic leveraging LinkedIn and applying social selling techniques.
9. Make passive income with a YouTube channel ($72.1K/month)
For hardware engineers with a flair for creating engaging video content, starting a YouTube channel could be a great way to supplement your income. You could share your expertise through how-to guides, technical reviews, or even educational series focused on hardware topics. This not only helps others but also creates an additional revenue stream through ads, sponsorships, and potential merchandise sales.
Success on YouTube does require a commitment to consistency and quality. You'll need to regularly plan, shoot, and edit your videos, as well as engage with your audience to build a loyal following. With patience and effort, the financial benefits could become a significant and steady source of passive income.
How much you can make: $2,000 — $333,333/month
How much does it cost to start: $5,250 (?)
How long does it take to build: 30 days (?)
This case study follows the journey of a young entrepreneur from Nigeria who started a profitable blog generating a monthly revenue of $1,500+ through sales of advertising space, sponsored posts, and information products, and shares his strategies for success including a Twitter growth challenge and guest post pitches.
10. Make passive income with an affiliate marketing business ($77.5K/month)
As a hardware engineer, you could supplement your income through affiliate marketing by promoting products and services related to your expertise. For instance, you might partner with manufacturers or eCommerce stores that sell hardware components, tools, or even specialized software. By leveraging your knowledge, you could create detailed reviews, tutorials, or recommendations that help others make informed purchases.
You could share your expert insights through a blog, social media, or YouTube channel, earning commissions for every sale made through your referral links. Given your technical background, your recommendations would carry weight and trust, making it easier to build a loyal audience and generate passive income over time. This approach allows you to turn your professional knowledge into a profitable side hustle.
How much you can make: $500 — $773,000/month
How much does it cost to start: $700 (?)
How long does it take to build: 60 days (?)
This case study explores how Spencer Mecham founded Buildapreneur, an affiliate marketing business, and has made over half a million dollars in profit with no employees, relying solely on content marketing through platforms like Facebook, YouTube, and TikTok.
11. Make passive income with a niche blog ($31.5K/month)
As a hardware engineer, you could start a niche blog centered around your area of expertise, such as circuit design, embedded systems, or emerging hardware technologies. This could allow you to share your knowledge and contribute valuable insights, tutorials, and reviews to a community of enthusiasts and professionals interested in hardware engineering.
Creating unique and informative content, like how-to guides, product reviews, or in-depth analyses, could attract a dedicated readership. Over time, as your blog gains visibility, you could monetize it through affiliate links, brand collaborations, or even a companion YouTube channel.
By passionately engaging with your followers and consistently delivering quality content, you could not only earn passive income but also establish yourself as a thought leader in your field.
How much you can make: $100 — $650,000/month
How much does it cost to start: $650 (?)
How long does it take to build: 60 days (?)
Starter Story grew to 1.4 million monthly visitors and millions in annual revenue by sharing the stories of entrepreneurs. Pat breaks down the early days and how he grew the business into something that changed his life.
12. Make passive income with a social media automation business ($139K/month)
As a hardware engineer, you could leverage your technical skills to start a social media automation business. This venture involves creating tools to manage social media accounts efficiently, such as scheduling posts and automating interactions. The demand for such services is growing as businesses and influencers seek ways to increase their social media presence without spending countless hours manual posting and engagement.
With your background, you could develop or integrate software solutions that handle these tasks, making use of your understanding of technology. This not only saves your clients time but also provides them with valuable analytics to improve their online strategies. Starting a social media automation business allows you to tap into the lucrative field of digital marketing while utilizing your engineering expertise for an additional income stream.
How much you can make: $4,000 — $400,000/month
How long does it take to build: 50 days (?)
MeetEdgar, a bootstrapped social media automation tool founded in 2014 by Laura Roeder, has grown to $4 million in annual recurring revenue and more than 5,000 customers, with a team size of two dozen, achieved through content marketing, social media marketing, and organic search.
13. Make passive income with a health and wellness app ($108K/month)
As a hardware engineer, starting a health and wellness app could be a smart move to supplement your income. You have the technical skills necessary for app development, and you could collaborate with health experts to create a comprehensive platform. This app could offer personalized fitness routines, nutrition plans, and mental well-being exercises.
In addition, this venture involves market research and effective marketing strategies, where your analytical skills would be invaluable. Imagine a virtual coach in your pocket, reminding users to drink water, guiding them through yoga practices, and tailoring meal plans to their needs. If you’re passionate about health and technology, this could be a great way to make extra money while positively impacting lives.
How much you can make: $600 — $300,000/month
How long does it take to build: 200 days (?)
Founder and CEO of SelfDecode, Joe Cohen, explains how his company helps people discover personalized diet, supplement, and lifestyle recommendations based on DNA and lab tests; generating about $2.7 million in revenue over the past year and raising $8 million in a crowdfunding campaign, SelfDecode provides personalized health recommendations prioritized on unique genetic variants, marking the future of healthcare.
14. Make passive income with an online survey tool ($304K/month)
As a hardware engineer, you could leverage your technical expertise to develop an online survey tool, helping businesses gather customer feedback more efficiently. Since you already understand the importance of data and analytics in making decisions, creating a survey tool with features like a survey builder, data collection, and reporting system might be a great fit. This type of project allows you to dive into software development while utilizing your problem-solving skills to address real business needs.
The growing trend of businesses seeking customer insights means there's a solid demand for reliable survey tools. For instance, Typeform, a popular online survey tool, has seen significant success, with its annual recurring revenue surpassing $70 million in 2021. By entering this space, you could create a valuable product that not only supplements your income but also taps into a market eager for user-friendly, effective data collection solutions.
How much you can make: $40 — $1,600,000/month
How long does it take to build: 180 days (?)
GreenRope, a self-funded CRM and marketing automation platform with over 1,000 customers in 20 countries, was built organically and focused on creating a positive, customer-centric culture without outside investment, with an all-in-one interface solving challenges in managing sales, marketing, customer service, and operations.
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Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
