Business Ideas.
Passive income is a concept that gets a lot of discussion online
entrepreneur gurus. While some passive income ideas are overhyped,
there are lots of legitimate ways to make real money online, such as starting
a business that mostly runs itself and automatically puts cash in your business bank account.
At its best, a passive income business is like a garden: You plant the seeds,
you nourish the ground, and over time you can harvest the fruits -- in the
form of repeat business, recurring revenue, subscriptions, affiliate links, and
selling information or products to your customers.
I've been making money online for many years. But I've mostly been creating
content for other people's businesses. And while I love my career it's not
too late, I sometimes wish I would have used my skills and energies to start
an online passive income business of my own.
Here are a few passive income business ideas I wish I had started ten years
ago.
1. Content marketing:
Career advice blog for liberal arts majors
My college degree is in History. I love History and I'm glad I studied it, but
sometimes there's a misconception that you can't get a job with a
degree. Fortunately, I've never been unemployed for a single day since I
graduated.
Why a Business Credit Card Could Transform
Your Small Business
These business credit cards offer a convenient and efficient way to separate
personal and business expenses, simplifying accounting and tax reporting.
Additionally, business cards can provide valuable perks such as rewards
points, cashback, and expense tracking tools, enhancing financial
management and the potential to help save money in the long run.
2. Podcast and YouTube channel
It seems like everyone has a podcast nowadays. But even though there's no
guarantee of overnight success or vast riches, it's possible to start a podcast
(or YouTube channel, or both) and make money from it. Successful author
and podcaster says a typical podcast with 10,000 downloads might earn
$500 to $900 per month. If you have a YouTube channel with 20,000 views
per day, you can expect to earn at least $13,400 per year from ads.
That's not enough to live on, but it's worth pursuing. And if you start a
podcast or YouTube channel, you can use it to promote your business,
build your brand, host guests to cross-promote and expand your audience,
and sell other products and services to your audience.
3. Travel Coaching
Along with studying history and daydreaming about starting businesses,
another thing I love to do in life is travel. I have traveled to a total of 12
countries, and visiting other places is one of my greatest joys and
adventurous learning experiences.
Some people start businesses online where they serve as travel coaches --
offering travel advice, travel consulting, and even guided tours and
customized "travel agent" services. Not all of these services count as
passive income -- if you have to actually show up in real life and lead a
group of people on a tour, that counts as active income in my book.
But as an online travel coach, you could sell webinars, guidebooks, or
one-on-one coaching sessions where you help people plan a trip, book cheap
flights, and find out how to have the international travel experience of their
dreams.
If you want to start an online business, it's worth asking yourself:
- What are some things you love to do?
- Where do you have special expertise?
- Who might want to learn from your experience?
You could turn your expertise into an online business.
4. Self-publishing books
If you are a writer. Why haven't you been writing and publishing your own
books? Authors can use tools like Amazon Kindle Direct Publishing to
self-publish their books online and sell them directly to their readers. Not
every author becomes a huge success, but some Amazon Kindle
self-published authors make $150 per month, or up to $20,000 per month
if they have big followings and lots of buyers.
5. E-commerce business
I've spent so much time in the past 15 years writing content for blogs and
thinking about how to get people to click on headlines, I should have started my own e-commerce business by now.
Getting people to buy products online is an art and a science. Starting your
own online store can be a great business idea because you don't always
need much money to get it off the ground. And you can constantly
experiment, evolve, and adapt your business to better serve your customers.
Great free resources exist on Shopify and HubSpot to help you learn how to
build and market your e-commerce business. If you put in the time and effort,
you can learn the ins and outs of SEO, search engine advertising, building
traffic, finding a niche in the market, and closing sales with customers.
Conclusion.
Starting an online business that earns passive income takes time and effort.
There are no guarantees or overnight successes. But I sometimes wish I had
started my own online business years ago.
Building up your own brand, your own audience, and your own base of
diversified recurring revenue can give you better financial security than any job
ever could. The most important things you need to start an online business are
curiosity, tenacity, hustle, and a willingness to learn.
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