Making money while you sleep would seem like a dream to most of us.
However, today Booming Mind will tell you about some business Ideas and side hustles that have the potential of making you rich using passive income.
To be fair, you would probably need some time and effort to set up the businesses; however, once done correctly, you can sleep tight knowing that your bank account is growing and booming.
Here are 10 different passive income and business ideas that will make you rich.
Simply put, blogging is about writing and publishing articles online that attract customers mainly by providing answers or value to them.
If you have any kind of expertise revolving around a specific niche or subject, then you should consider starting a blog about that subject as a hobby and make money while doing so.
If you succeed, it might be a good idea to focus on your blog website and make it a business as you could generate a lot of money out of paid ads and promoting affiliate products. A lot of people make a decent living by blogging and providing detailed answers to readers online.
Now, the advantage of blogging is that you get to be your own boss, choose your own topic, and when to release it to the public. Oh, and you get to have a flexible work schedule, of course. Here is an article that explains what blogging basically is Blogging for beginners – Templatic.
Like any business, you would need to put in the time and effort to set up your blog website and get traffic. I really want to stress that this is not a get rich quick business. As a matter of fact, none of the below are. Put in the time and effort, and you will succeed.
YouTube is the video form of blogging; it is about providing value to viewers who choose to watch videos rather than reading blogs.
YouTube, by far, is one of the best known and visited websites by users online. Making a career out of YouTube is not that complicated at all. In fact, it is really similar to blogging. However, you are much more influential here as you could communicate by sound and video rather than words.
YouTube is an excellent career for those of us who are charismatic and possess great talent in a particular field and would like to share it with the world making money as they do so.
YouTube is going to pay you based on the number of people who click on your videos and, of course, the advertisements and sponsorship. A successful YouTubing career could make you a millionaire. Check the following article to understand how YouTube could pay you Brave.com.
Choosing YouTube as your career would also give you a flexible schedule. On top of that, videos made years ago still contribute to your paycheck, as long as they are monetized.
YouTube content creator communities have been struggling lately on getting their video monetized. YouTube revised its guidelines and are a bit stricter about what is allowed on their platform. Again, and just like blogging, it would require discipline, time, and effort to get your channel out there.
Investing In The Stocks Market
Investing in the stock market means that you give your money to companies that will use it to grow and, over time, provide you back with a positive return. Your investment would be worth more in the future (positive, bull market).
This is the hobby of the wealthy and the affluent. Investing in the stock market generally will not guarantee a fast return on investment, so many people lose interest in this type of activity. However, throughout the last couple of years, it has been historically proven that the market will generate a positive return on the investment as businesses thrive and economies grow. Stock market investing has evolved over the years, and today you could start investing in as fast as 20 minutes.
Conduct your research about the different brokerage platforms and choose the one that suits you the best. You get to decide whether you want a piece of the pie.
A significant advantage of investing in the stock market is that it will statistically generate a good return annually (most of the time). Some stocks pay dividends that could also be reinvested to generate more and more value.
However, something to keep in mind is that investment in the stock market requires a plan and needs discipline and faith in the process, especially when prices are falling. It is a money-making habit for those of us who would stay patient long enough to realize the profit. I have to emphasize the word invest, as trading stocks is a whole different subject.
Merchandise Design Business
This next passive income business has to do with creating artwork design on merch like T-shirts, Mugs, pillows, and more.
You also get to choose to work with highly reputable businesses like Amazon, Redbubble, or Etsy. They will pay a royalty when online users order merch of your design. All you must do is come up with the design artwork, publish it, and do some marketing, so people get the chance to order it, and you receive your money.
The good thing about this business is that you do not have to worry about printing the design or taking care of the logistic aspect. The big boys will take care of that for you. Making money every time someone orders your merch without you doing much leaves you with some free time, that you could dedicate to a different business.
Just know that businesses that are easy like this one score very high in terms of competitiveness, so go about it with a plan in mind.
Books are still popular today, yet people start to shift from conventional books to E-books that they could access on their computers, tablets, or phones. If you’re a good writer with a creative mind or in-depth knowledge in a specific area, then you can utilize that to make yourself money by publishing books online.
Amazon rewards their E-book publishers a fair amount as the tech giant started as an online bookstore business back in the day. Never seemed to lose that identity even after expanding to cover pretty much everything and more.
This side business is right for writers who know how to compel readers and keep them hooked through creative writings. You get money as people buy your book regardless of whether you’re active or not. I call that a win.
Marketing your books properly is a pretty good idea to generate high revenue.
Investing In Real Estate
There is a huge misconception surrounding this one. People generally believe real estate and property investing is an advanced form of business that requires years of expertise.
This couldn’t be further from the truth. Anyone can start generating money in the form of passive income using real estate. I will be talking about how anyone could start their real estate business in a different blog. Still, for now, you could check MeetKevin and GrahamStephan.
To summarize Real Estate investment, it is a simple concept that has to do with buying undervalued properties and renting them out or selling them for a much higher price creating value and equity.
Doing this with multiple properties will lead the investor to become financially independent from the monthly cashflows and, more importantly, increase his overall net worth.
Your advantage is that most people do not understand this business and tend to complicate it way more than they should. If you have the right knowledge and resources, you would be confident in your ability to achieve success in this type of investment business.
It is important to note that Real Estate prices experience ups and downs, just like stocks. In the long run, though, prices tend to increase steadily.
Affiliate Marketing Business
I have already mentioned affiliate marketing as a passive income source under blogging. Yet it is big enough to be considered as a separate independent business.
All you have to do is sign up with a partner website that sells products or services that you will tell the people about, using your own referral link. Every time a person buys this product through your link, you receive a commission for bringing business to the seller. Needless to say, the affiliate marketing business works best for people who have relatively large audiences online.
Bloggers and YouTubers leverage their platform to market affiliate products and generate even more passive income.
What I like about affiliate marketing is that your part is simple. If you genuinely believe that your audience would benefit from the product or service, then tell them about it. I would highly urge you to be picky and only choose the right businesses to promote.
People will blame you personally if they saw negative results from the business you have promoted to them. Here is a quick article that should get you interested in neilpatel/what-is-affiliate marketing
Create An App
If you have a good computer and software background, then I urge you to take that chance and create apps that would bring value to users online. Creating apps is one of the best ways that you could use to generate passive income. Many apps creators offer free trial services for a limited time to motivate customers to try their apps.
After the free trial, they would charge the interested customers a fixed monthly price that contributes to cash inflow.
All they would need to do is maintain and make adjustments to the app from time to time. This business is also being used by giant technology firms like Amazon (Audible and Amazon Prime), Apple (Apple Music), and Microsoft (MS Office).
Benefiting from this business is a lot easier for those who know and can create good apps. However, anyone could outsource that part to a third party and be responsible for marketing the application to people making money along the way.
There are many regulations and hidden charges, so make sure to count for that in your budget if you decided to go ahead with this business.
Investing In Startups
This form of business existed since long ago. If you have some extra cash in your bank account and would like to use it to generate even more money without the need of you personally doing anything, then you should consider investing in other people’s startup businesses.
A good example of this business would be something very similar to Shark Tank TV show. All needed from your side is to conduct profound research about the startup business and decide whether you believe it would generate a positive return in the future.
If it is a business selling volume products, then a good deal might be you providing them cash in return for a fixed royalty. Most businesses tend to fail within the first 10 years, so conduct a careful analysis.
If you have found success in any career and think you could help others by teaching them how to be successful in the same field, you should consider putting together a comprehensive course consisting of videos to teach online users what you know. Everything is moving towards online/internet presence, and so is teaching. You could use one of the many websites to upload your courses and then market them to people, so they sign, learn from you, and you get paid passively.
A good idea would be updating your course with new information and added value from time to time to have the edge compared to others teaching about the same subject.
In the End:
In conclusion, there are many ways to generate passive income. What I have listed above is nothing but few examples out of many others. The Important part and the differentiator between success and failure is your ability to go on and not give up even if you think the whole process is not working.
I suggest that you choose what you want and can do. Conduct research on it and put together a plan to achieve it. Finally, and no matter what obstacle you face, make sure to follow the procedure. If people managed to do it before, then so could you.
If you liked this post, be sure to check other similar businesses based posts at Business Post.