Earning money through hard labour is never enough nowadays. If you’re interested in making money with minimal effort or passive income, there are small business ideas you can choose from, such as investing in a peer-to-peer lending business, renting your car, creating a video blog, or a passive real estate business.
In this post, you’ll learn some of the most in-demand and profitable small business you can venture to make passive income.
- Start a Video Blog
If you’re a travel addict or a health and fitness enthusiast, you can start your blog and earn passive income while enjoying your favourite activity or hobby. Regularly using your blog and incorporating the best SEO techniques will bring more traffic and leads to your site for affiliate marketing. Learn more about digital marketing for a passive income small business at journal review.
You can start video blogging or ‘V-blog.’ If you’re more into video mania or want to get popular through YouTube, you can create video blogs, such as how-to videos or tutorials to educate and entertain people.
Here’s how you can make money by starting a v-blog:
- Create appealing, informative, and helpful content that people will love right from the start, such as ‘How to Get to Bangkok, Thailand’ for travel tips or ‘How to Sell Ebooks in Amazon’ for business.
- Promote your video blog on your website and across your social media channels so your friends and family can watch and share it to establish your base audience and traffic.
- Once your YouTube channel reaches at least 4,000 watch hours in 12 months and you’ve gained 1,000 subscribers, you can join the YouTube Partner Program so you can monetize your video blogs by connecting your channel to AdSense to start earning money.
- Rent a Car Business
You can start earning a passive income by renting your vehicle through HyreCar, Turo, or FluidMarket. It’s an excellent way to make use of your extra and unused cars at home.
Here are some tips when renting your vehicle:
- Rent your car through HyreCar by getting an Uber inspection report, taking photos, and adding a description of your ride. You’ll have insurance coverage during the rental period and get paid $35 to $65 per day.
- Rent your car through Turo, which offers optional accident protection. Get paid within a week and collect 65% to 90% of the trip’s fare.
- Passive Real Estate Business
As a real estate investor, you want to ensure your money is growing. If you’re interested in earning a passive income through real estate but don’t want to be a landlord, you can buy shares in trust through Fundrise for just as low as $500.
Here’s how Fundrise works:
- Read all terms and conditions and create an account with Fundrise.
- Make an initial investment. The minimum investment for a Starter Portfolio is $500. You may want to also invest in eREIT products with a minimum investment of $1,000 and other placements $5,000.
- Fundrise will invest your money in real estate development projects.
- Once the real estate projects you have make money, you’ll notice a return on your investment.
- Invest in P2P Lending
Peer-to-peer or P2P lending breaks the traditional way of lending and borrowing money. With P2P, both borrowers and lenders can transact loans through online platforms. It’s a great way to earn passive income that only requires a $25 minimum investment to start.
Here are some things you might want to know about P2P lending:
- You can invest in P2P lending platforms, such as Lending Club, Prosper, or Upstart.
- You can always dial the risk level up or down based on the credit scores of the borrowers.
- P2P investors can yield 5% to 7% annual return on investment.
- Become an Online Seller
You can sell almost anything online, like your old stuff or digital products. If you want to create a new product line, you can also take advantage of dropshipping, wherein you take care of the marketing side of things and another company, the drop shipper, manages the product manufacturing and logistics.
Here are some tips and tricks to become an excellent online seller:
- Take basic selling courses through eBay or Amazon.
- Learn about selling fees, good listing practices, and digital marketing.
- Outsource some tasks, like creating content for your website or search engine optimization or SEO, to free up your time so you can dedicate it to a more important task. Check Guru, Upwork, Fiverr, and LinkedIn for outsourcing jobs.
A small business is a good idea by taking advantage of digital marketing or the online world, so you don’t have to rent office space. You can also outsource some of your tasks, so you have enough time to focus on the most important aspects of your business. You can always make passive income by doing what you love and discovering new business platforms.