Passive Income Ideas For Iot Engineers [2024]
Interested in earning passive income as a iot engineer in 2024?
We put together a few of the best passive income ideas you can start as a iot 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 iot engineer.
Here's the full list:
1. Make passive income with an ai based business solution ($55.8K/month)
As an IoT engineer, starting an AI-based business solution could be a natural extension of your skills in connecting and automating devices. You could develop AI-driven systems that enhance business operations by optimizing inventory management, improving customer service, or providing data analysis and personalized marketing solutions. Your existing knowledge in data collection and system integration puts you in a good position to create smart solutions that businesses are increasingly demanding.
By leveraging AI, you have the opportunity to help companies automate repetitive tasks and make data-driven decisions, which can lead to significant cost savings and enhanced efficiency. Many AI platforms now offer user-friendly interfaces, meaning that even without extensive AI expertise, you could develop practical solutions with robust support systems. The rising demand for AI solutions provides a solid market to tap into, especially as businesses recognize the competitive advantages these technologies provide.
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.
2. Make passive income with a mobile app ($70.3K/month)
As an IoT engineer, you could supplement your income by creating a mobile app that leverages your expertise in connecting and controlling devices. Imagine developing an app that helps users manage their smart home systems or monitor health data from IoT sensors seamlessly. Your skills in understanding how devices communicate and interact can give you a definite edge in designing applications that solve everyday problems or enhance convenience.
Starting a mobile app business involves planning the user experience and designing engaging interfaces, tasks that will likely feel familiar given your background in dealing with user-friendly IoT solutions. You don't have to handle everything alone—basic coding knowledge or the ability to hire a skilled developer can help you bring your idea to life. If marketed effectively, your app could gain significant traction and generate substantial revenue, potentially turning a simple concept into a lucrative side income.
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 a lead generation tool ($108K/month)
As an IoT engineer, you could leverage your technical skills to develop a lead generation tool that helps businesses find potential customers more efficiently. Imagine building a software application that automates the process of gathering leads from various digital channels like websites and social media. By collecting valuable information such as email addresses, phone numbers, and customer interests, your tool could save businesses countless hours and allow them to focus on converting these leads into actual customers.
The demand for effective lead generation is high, and your technical expertise can create a robust, reliable solution that meets this need. Entrepreneurs and businesses are always looking for ways to streamline their marketing efforts, and your tool can make this process faster and easier for them. This venture not only allows you to supplement your income but also taps into your existing skills, making it a sensible and potentially profitable side hustle.
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.
4. Make passive income with an email marketing tool ($235K/month)
As an IoT engineer, you could easily leverage your technical skills to develop an email marketing tool, a software application that helps create, manage, and automate email campaigns. Your background in IoT means you already have a strong grasp of programming and data analysis, skills that are essential in crafting a reliable and efficient email tool. Not only would you be able to streamline your own processes, but you could also offer this solution to other businesses, boosting their reach and boosting your passive income.
The email marketing industry is experiencing significant growth, with the market expected to reach $2.53 billion by 2028. By entering this space, you could tap into one of the most effective marketing channels available today, generating leads, increasing sales, and improving SEO rankings for your clients. Moreover, developing an email tool could be a straightforward side project, starting with a domain and hosting account, leading to endless possibilities for usage by entrepreneurs, startups, and even real estate agents.
How much you can make: $120 — $2,083,333/month
How much does it cost to start: $1,000 (?)
How long does it take to build: 170 days (?)
H-supertools founder Hasan developed a set of free SEO and digital marketing tools generating $2k per month in profit using Google Adsense, affiliate marketing, selling ad spaces, and email, plans to launch a membership option, and has attained over 80k registered users and 300k monthly visits in less than two years.
5. Make passive income with a social media automation business ($148K/month)
If you're an IoT engineer looking to supplement your income, starting a social media automation business could be a smart move. By leveraging your technical skills, you could create or integrate tools that help schedule posts, automate interactions, and analyze data for various social media platforms. This saves your clients—ranging from small businesses to influencers—valuable time while boosting their online presence.
The demand for consistent social media engagement is higher than ever, and businesses are willing to pay for tools that make this easier. Your experience with technology could give you a head start in developing effective automation solutions. Plus, staying updated on social media trends and tailoring your services to specific client needs could make your business both lucrative and fulfilling.
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.
6. Make passive income with an AI writing tool ($255K/month)
As an IoT engineer, diving into the world of AI writing tools could be a natural extension of your technical expertise. The creation of a digital tool powered by Artificial Intelligence for content generation could fill a substantial need in today's market. You could use your skills to develop software that streamlines writing for businesses, bloggers, and students, making their lives easier with automated, error-free, and time-efficient content generation.
This kind of venture would allow you to capitalize on the rapid advancements in AI and IoT, blending them to create an innovative product. By offering a tool that produces accurate and engaging content with minimal effort, you could help professionals focus more on their core tasks. Enabling writers worldwide to boost their productivity, this AI writing tool could establish you as a notable player in the digitized content creation industry.
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.
7. Make passive income with a YouTube channel ($72.1K/month)
Starting a YouTube channel might be a great way for you to supplement your income as an IoT engineer. You could create videos that explain complex IoT concepts in simple terms, offer how-to guides for popular IoT projects, or review the latest gadgets and tools in the IoT space. By sharing your specific knowledge and skills, you could attract a dedicated audience who is interested in learning more about this rapidly growing field.
The content you produce could generate revenue through ads, sponsorships, and selling merchandise related to IoT. Over time, as you build a library of videos, your channel has the potential to earn passive income from the views your older content continues to receive. If you're consistent and provide valuable and engaging content, your YouTube channel could become a significant source of extra income.
Engaging with your audience by answering questions and taking video topic requests can also help build a loyal following. This not only increases your channel's profitability but can also enhance your professional reputation and network within the IoT community. With the increasing demand for IoT skills and knowledge, a YouTube channel could be a rewarding side hustle that complements your career.
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.
8. Make passive income with a stock photography business ($14.6K/month)
As an IoT engineer, you could leverage your technical skills and creativity to start a stock photography business. Your unique perspective on technology and engineering solutions can help you create compelling images that appeal to tech companies, bloggers, and educational platforms. Businesses are constantly in need of high-quality photos for their marketing and advertising needs, and your niche expertise could set your stock photos apart in the crowded market.
Investing in good photography equipment and learning the basics of taking and editing stock photos could be the first steps. By building a diverse portfolio and maintaining a strong online presence, you could attract buyers and earn a passive income over time. This endeavor not only supplements your income but also allows you to explore a creative outlet alongside your engineering career.
How much you can make: $1,200 — $45,000/month
How much does it cost to start: $3,500 (?)
How long does it take to build: 60 days (?)
Pro Photo Studio founder Tsour Lee Adato shares how she turned a $5k investment into a business that services over 500 clients annually and makes approximately $350k per year with plans to expand and become a 7-figure business while offering advice to fellow entrepreneurs to always be innovating, learning and growing, and not to undervalue themselves.
9. Make passive income with a niche website ($107K/month)
As an IoT engineer, you could create a niche website that delves into various IoT technologies, smart home devices, and the latest industry trends. By sharing your expertise through detailed articles, tutorials, and reviews, you’ll be able to attract an audience interested in IoT developments. Your professional background gives you the knowledge to offer unique insights, making your content valuable and trustworthy.
Monetization could come from affiliate marketing—partnering with IoT product brands to earn a commission on sales. You might also consider placing ads from relevant advertisers or even selling your own digital products, like e-books or course materials. Over time, as your website gains traffic and authority, these revenue streams could provide a steady source of passive income.
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.
10. Make passive income with a niche blog ($31.5K/month)
As an IoT engineer, starting a niche blog could be an excellent way to share your specialized knowledge and earn passive income. By focusing on a specific IoT topic—such as smart home devices, industrial IoT applications, or emerging ecosystem trends—you could attract a dedicated audience of enthusiasts and professionals who are eager to learn from your expertise. Over time, your blog could become a go-to resource for reliable and insightful IoT content.
To make your blog profitable, you could write informative articles, how-to guides, and detailed product reviews. Including affiliate links to products you discuss could generate income as your readers make purchases based on your recommendations. Additionally, collaborating with relevant brands and speaking at industry events could further increase your blog’s visibility and monetization potential.
Maintaining regular engagement with your audience through comments and social media would help to build a loyal readership. As your blog grows, you may even consider expanding into video content or podcasts to reach a wider audience and create additional revenue streams. With dedication and passion, your niche IoT blog could become not just a side hustle but a significant source of passive income.
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.
11. Make passive income with an affiliate marketing business ($77.5K/month)
As an IoT engineer, starting an affiliate marketing business could be a great way to supplement your income and diversify your revenue streams. You could promote and recommend IoT devices, smart home systems, and related technologies that are already familiar to you. By leveraging your knowledge of the industry, you could provide valuable insights and reviews to potential customers, increasing your chances of earning commissions.
To get started, you could find the right products and brands to partner with, such as IoT manufacturers or eCommerce stores specializing in smart devices. By promoting these products online through blogs, social media, or YouTube channels, you could earn a commission for each sale made through your referral links. This way, you could use your expertise in IoT to build a passive income stream over time.
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.
12. Make passive income with a cold email service business ($170K/month)
As an IoT engineer, you could leverage your analytical skills and technical knowhow to start a cold email service business. This side hustle involves creating targeted email campaigns for businesses looking to connect with new clients. Given your experience in the tech industry, you could use data analytics to identify potential leads and craft personalized emails that resonate with them.
Running this type of business would require you to learn how to write compelling emails and use email marketing tools to track performance metrics like open rates and conversions. Your ability to troubleshoot and optimize systems would also be beneficial for fine-tuning email campaigns and improving results. Over time, as you build a portfolio of successful campaigns, you could scale your business by taking on larger clients, thereby creating a steady stream of passive income.
How much you can make: $4,000 — $450,000/month
How much does it cost to start: $200 (?)
How long does it take to build: 35 days (?)
GMass, an email marketing platform that allows users to send cold emails and email marketing campaigns with Gmail, has attracted over 500,000 user signups, including major tech companies like Uber, LinkedIn, and Google, and now generates over $200K in monthly recurring revenue through a successful content marketing strategy and focused ad spend.
13. Make passive income with an online course sales business ($85K/month)
As an IoT engineer, you could easily tap into the growing e-learning market by creating online courses focused on your expertise. Many people are eager to learn about IoT, from basics like setting up a smart home to more advanced topics like designing IoT systems or programming specific microcontrollers. By sharing your knowledge, you provide valuable lessons to beginners and hobbyists, while also creating a steady stream of passive income for yourself.
To get started, you could identify a target audience that would benefit from your expertise and create structured lessons tailored to their needs. Choose an online learning platform where you can upload and sell these courses; popular options include Udemy, Coursera, and Teachable. As the e-learning market continues to expand, your courses have the potential to attract a wide array of students, turning your teaching efforts into a profitable side hustle.
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.
14. Make passive income with an online survey tool ($304K/month)
As an IoT engineer, creating an online survey tool could be a lucrative side hustle. Given your technical skills, you might find it relatively straightforward to develop a user-friendly platform for businesses to gather customer feedback. These tools are in high demand, as companies increasingly rely on data to make better choices about their products and services.
Because you’re familiar with both hardware and software, you could easily implement features such as a survey builder, data collection, and reporting systems. Tools like Typeform have seen significant financial success, with annual recurring revenue surpassing $70 million in 2021. By offering such a service, you could tap into a rapidly growing market while leveraging your existing skill set in technology.
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.
