Wondering how to make passive income? best ways to make it?
You are at the right place.
There are many ways to passive income online /offline. Some sources may get you a lot, regular, low cost; some may not.
Before getting into details of the best passive income ideas, let us understand the need for money, Methods of making money, what is passive, active income? How do they differ?
WHAT IS THE NEED FOR MONEY?
Money is the vehicle of trade; it allows people to obtain what they need to live. Without money, you cant buy anything you wish.
We need money for food, clothing, health, education, and lifestyle needs such as a car house, etc.,
Money isn’t all that matters, But money is something essential. Everyone requires money to satisfy their necessities and needs.
It has picked up its worth since individuals attempt to set aside cash for their future needs and dreams.
MONEY CAN BE EARNED BY:
- Trading time, skills, energy.
- Sharing Assets.
- Selling Assets.
- Buying cash-generating assets.
- Building cash-generating assets.
- Cutting down expenses.
TRADING TIME, SKILLS, ENERGY:
Money can be earned by trading our time, skills that we developed over time, and the energy we can burn.
Example: Full-time job, freelancing.
If you have an asset that you already own, you can share it with others to generate income. An asset can be a physical or digital asset(App, blog, etc.)
Example: Renting a house, vehicle, advertising on a blog, etc.
SELLING ASSETS :
Sell the unnecessary stuff/idle stuff that is no longer useful to you to make money; it can be furniture, vehicle, equipment, digital assets like a blog, app, etc.
It is a quick source of income.
BUYING CASH-GENERATING ASSETS :
This is essentially a Rule of “Making money with money.” Cash Generating assets are investments that require cash to invest. Primarily need money to get started on these.
Example: Investing in stocks, fixed deposits, mutual funds.
BUILDING CASH GENERATING ASSETS :
This is basically building processes or assets that can generate cash.
One should be capable of building something valuable/useful to users. These typically require skills &/or systematic efforts upfront.
Example: Creating an online course, blog etc.,
CUTTING DOWN EXPENSES:
Penny saved is a penny earned. This is a rule of cutting your ongoing expenses, unnecessary expenses. It is an indirect way of making money.
Example: Coupons, Cash backs, Reducing power consumption, investing in quality, etc.,
Check out the tips to save money.
Insurance policies can also help you avoid a huge money outflow at a small expense.
WHAT IS PASSIVE, ACTIVE INCOME? HOW DO THEY DIFFER?
One can earn money actively or passively.
Passive income is the money earned on an investment or work performed in the past, which requires next to no or minimal active involvement.
One can earn passive income by sharing, selling, building, buying cash-generating assets.
This income is a result of your past efforts.
Creating a course, Renting property, lending money, building a blog, youtube channel, etc., come under this category of income.
Developing adequate passive income sources can bring you financial freedom, thereby a better life and time to build more wealth.
And on the other hand, active income is the money earned by actively performing a service.
If you don’t work, then there won’t be any income. Salary, wages, income from freelance projects, etc., come under this category of income.
I hope by now you understand the need for money? methods of making money? what passive, active income are?
Let us see some of the best passive income ways.
BEST WAYS TO MAKE PASSIVE INCOME:
There are many ways to make passive income; check out some best ways below
1. MAKE MONEY BLOGGING:
Thinking of blogging as just a hobby, better think again! It can make you quite a load of money.
Blogging is a profession just similar to a doctor or engineer or a chartered accountant. Blogger’s earnings in India range from around 100$ to- 10,00,000$ annually. Some bloggers even make more than 100000 $ each month.
Some bloggers make a lot, while some bloggers make little. Earning from your blog depends on various factors.
Some factors that mainly influence your earnings:
- The niche you will be working or writing
- How much time are you spending to develop your blog?
- The traffic you can drive to your blog
- Digital marketing techniques you employ or use.
If your blog generates a good number of page views a month consistently, it is easy to monetize your blog and even take up blogging as a full-time career.
Here are some best strategies you can use to make money through blogs:
Google AdSense is something that allows you to put ads on your blog, and with every-click on the site by the visitor, you will make money.
#2. AFFILIATE PROGRAMS:
Affiliate programs are the other way you promote a product or service through your blog. You will receive a commission every time you generate a lead.
Many companies, e.g., Amazon, Flipkart, use affiliate marketing as a tool to sell their products. You can go out there and sign up as an affiliate and start promoting them on your site after receiving approval.
#3. SELLING DIGITAL PRODUCTS:
You can make money by selling digital products through your blog, ranging from E-books to educational courses.
The best way to sell a digital product is through a webinar. You can direct the traffic to sign up for your free webinar. Few of them will end up buying your digital products.
#4. SELLING AD SPACE:
Selling your ad space on your blog can help you make money. Google AdSense is the best way to monetize the blog.
You can even directly approach the advertisers in your industry to sell advertisement spaces. Some of them may purchase the ad space.
#5. SELLING PHYSICAL PRODUCTS ONLINE:
Suppose your blog is into fitness and health; you can earn good money by selling products like diet plans, workout equipment, protein mixes, vitamins, etc.
2. MAKE MONEY ONLINE AS A YOUTUBER:
Youtube is half the internet, and ad revenue is an obvious way to make money through youtube. Though this is not an easy path, it can make you good fortune. According to Forbes, the highest earnings through youtube videos is $26 million in 2019.
All you need is good content, video editing software, and a computer to start your youtube journey. Select your niche and start making some cool videos and upload them consistently. Entertainment and education are the niches with the most number of viewers.
Making money from youtube is easy if you can upload great content and gather an audience. To start monetizing, your channel must have 4000 hours of watching along with a minimum of 1000 subscribers in the last 12 months. Once you reach the milestone, you can start earning through youtube in multiple ways.
Check out youtube monetization policies for more details.
Though it is possible to make money through youtube, it is not so easy. Competition is intense, and making a lot of money will be challenging. Most YouTubers look for multiple money-making ways along with ad revenue like brand sponsorships, promoting affiliate links, merchandise sales, premium memberships, etc.
3. EARN MONEY ONLINE AS A SOCIAL MEDIA INFLUENCER:
Social media influencers are believed as a new class of celebrities. Many people are making their living on various social media platforms like Facebook, Instagram, Youtube. Some top influencers on social media platforms are paid in millions for a single sponsored post.
Influencers can generate more customers than any other marketing channel. So, nowadays, companies are setting aside a significant portion of the marketing budget for influencer marketing.
Social media is a great business platform for influencers and brands. If you are creative and know your way around creating followers, there is no limit on earnings.
First of all, you need select profitable niche you are interested in to begin with, and be consistent in creatively posting content.
Once you have a good connection with your audience, you can understand and influence their purchasing habits to a large extent.
You can even promote your own merchandise, affiliate links once you are established.
4. MAKE MONEY BY FLIPPING ITEMS – PRODUCTS, DOMAINS, WEBSITES:
Buying at low and selling at high is a popular business for side hustlers and corporate giants like Amazon and Flipkart. With the help of product flipping, you can turn your bargaining skills into huge profits and make it an extra income source.
You require a expertise knowledge on products you want to flip.
Every product you acquire might not be easy to sell, so try focusing on selling products in Demand, or you have the required expertise to sell at a higher price.
To get started, you can flip clearance items, furniture, power tools, Appliances. Always look out for ways to acquire the items as cheaply as possible. Remember that your location and personal preferences will affect your flipping process, so will logistics, storage, and shipping. You can sell through your own website, social media, or Amazon
Buying and selling of domain are called domain flipping.
Domain flipping is an active process where sellers buy and hoard the domain name and sell it to new buyers for profit. Flipping domains will need adequate initial research and may take a huge time to sell as you need to find an intended buyer.
Domains like Business.com is sold out for $10 million, and insure.com is sold for $16milion in 2009. Though such cases are rare, there is a possibility of making that much if you get a intended buyer.
If you are a beginner in domain flipping, start investing small amounts, and acquire some good domains with adequate research on recent business trends.
If you already own domains, you can sell them on various market places like GoDaddy.
Most of the newly budding businesses are interested in buying an existing website rather than building one from scratch. But website flipping is not for everyone, and it is one of the difficult items to flip.
If you have a website with good traffic, it is mostly a cakewalk from there. You can literally flip a website from Lakhs to crores based on its traffic.
5. MAKE MONEY ONLINE THROUGH AFFILIATE MARKETING:
If you want to start a business without any investment and looking to make money online, affiliate marketing, one of the top strategies.
Affiliate marketing begins by signing up with the companies affiliate programs for free and generate sales for them. They will give you a commission for every sale you generate. Most companies out there offer these affiliate programs. Choose brands that provide good affiliate programs by means of good payments. Start earning by promoting their products on your blog or on platforms like Instagram, Facebook, online forums, and Snapchat.
Depending on the product, there is a difference in commission. For example, by promoting a digital product like an online course or training program, you will receive a commission of up to 40-50% of the price of the product itself. But for a physical product, the commission might be low because of vast expenses like shipping, etc.; choose the product for affiliate marketing wisely.
This marketing type is highly competitive; with many people doing the same, you may take time to build a steady affiliate income.
Whenever a customer purchases the product through your affiliate link, you will get the profit. It is a sort of passive income.
6. EARN MONEY SELLING PRODUCTS ONLINE:
Though it is hard to believe that the Indian E-commerce market size is 73 Billion USD, it is true!
Most of the newly budding entrepreneurs migrate towards setting up their business online rather than a physical store. If you are interested in selling physical items, building an E-commerce store will be a great fit.
It is even easy to build an E-commerce store with many platforms like Word Press.
Many success stories of E-commerce like Flipkart, Jabong, Koovs, Crafts villa prove that you can make incredible results with your E-commerce store.
Follow these steps or methods to run a successful online store
- Selecting a perfect niche dedicated to a group of people and increase the reach further.
- Acquiring the products from wholesalers or manufacturers at lower prices, repacking them, and selling at a markup price.
You can also resell popular products by sourcing them from Amazon or Flipkart and selling them through your store by repacking and increasing the price.
Just beyond buying the products and selling, you should also be aware of how you will ship the product. If you can handle the shipping, it’s great! Or you can use some other methods like Dropshipping.
7. MAKE MONEY BY INVESTING IN FINANCIAL MARKETS:
If you have some money with you right now, you can invest in Financial markets rather than spending.
Investing in Financial markets includes Stocks, Mutual Funds, Bonds, and many more.
According to Warren Buffett
“Wealth Growth through Investing money in stocks might be slow, But with the time, your money grows faster and thanks to Compound Intrest.”
All you will need is a trading account and good knowledge about the markets. Never invest without a good idea of how the market world or you will end up losing money. Suppose you don’t have enough time and knowledge to invest thoroughly. In that case, you can reach a professional or advisor by paying a small sum of money.
In financial markets, you can also get profits by dividends along with capital markets. You can also trade hot commodities like gold and silver right now to make good money.
If you haven’t still invested in markets, start as soon as possible. Try to invest at least 20 % of your earnings into financial markets, and over time you will get great profits. If you are an amateur in investing, start with less amount, gain knowledge regarding markets, and climb your way up.
8. MAKE MONEY ONLINE WRITING A BOOK:
If you like writing and have a good edge in writing and publishing books, this is the best time to seal the deal. With websites like Kindle Direct publishing by Amazon, Create Space, Kobo, it is easier than ever to publish your e-book online.
Everything you need to do is write an e-book, edit, proofread, make an attractive e-book cover and publish it. If you are not much of a writer, you can hire a content writer to write the content and edit it for you. By doing so, you can minimize your workload. But you will be entirely responsible for the aspects of publishing the content and marketing it.
Follow these tips while making the E-book for better content and succeed as an author
- Use a Keyword tool for finding what people are searching for, framing the title of your accordingly.
- You can use tactics like offering your e-book for free for some days, improving your search engine rank.
- Research carefully select your niche, see that market isn’t too competitive.
- Try publishing books in series to keep the readers excited and interested.
Your success as an e-book author will entirely depend on you. Keep in mind the tough competition out there and make the e-book as great as possible. Once you satisfy a reader, you can increase your success rate.
9. MAKE MONEY ONLINE THROUGH AN APP:
If you have programming skills and love coding in different languages, you can use them to make money online. People love to use apps that can help solve their problems, which creates an excellent opportunity for you.
You can create an App and add it to the play store and App Store, and this is the best bet at making Money through Apps. In case you are not into programming, you can hire an App developer from freelancing websites who can build the app for you. Create a practical application and apply for AdSense to start making money.
App making is costly, and there will be hidden costs in development along the way, like App store costs, cross-platform costs. Research well before dumping all your hard work and money into an Application. See that your App idea can solve some typical problems for people and is helpful for the world.
You can either keep your app free or premium. But in general, the free app will attract more volume of people. Earnings through the app will mainly be from Ads and the number of downloads.
Customer satisfaction is key to your success when it comes to Apps. Speed and convenience while using the app is the user’s main evaluation point. Take feedback from users and continuously improve your application.
10. MAKE MONEY, CREATING ONLINE COURSES:
Everything is digital nowadays. Sharing knowledge is one of the top ways you can make money. If you have valuable experience on any subject that somebody would pay for, you can create an online course.
Most people prefer online courses to traditional offline methods for learning new skills nowadays. Everyone will have perfection in one skill or other; for example, if you are efficient in digital marketing, you can entirely make an online course to teach people everything about digital marketing. The excellent thing about online courses is that you can sell them forever once you create a course.
Watch course videos already present on the topic you will create the course and note comments. Try making videos covering the topic step by step and make it understandable. You can get expert help on teachable.com.
Based on your expertise, you can monetize the course. You can consider uploading them on platforms like udemy. Uploading your course on Udemy will take off your efforts, cost of advertising the course.
If you are uploading the course on your website, you need to market the course to increase your audience.
11. MAKE MONEY ONLINE AS A PODCASTER:
A podcast is a great medium to earn if you have good interviewing and storytelling skills. Suppose you can make amazing content for your listeners and publish podcast episodes regularly. In that case, you can eventually build a podcast show that makes you good money.
In 2019, there are more than 9 lakh active podcasts in the markets, and podcasts are getting popular day by day.
You can make podcasts giving your opinion on any issue or topic. Otherwise, you can also make podcasts in an interview-style; for this, reach out to guests and get the best guests or famous people.
Making money through podcasts is tough; you can’t make money unless you have many listeners. You have to put your best work and create content to attract listeners. It takes time for the audience to judge the value of your content and choose to watch.
To make a profitable podcast, you have to be consistent and committed. Listen to the successful podcasts already present and learn the way they are doing. If you have enough audience, companies will reach you to advertise their product; this is how you make money through podcasts. Larger the listener count, the higher the amount you can make through podcasts.
use these tips to make your podcast successful
- Invest in Decent equipment for recording
- Sell products related to the topic you are speaking
- Make premium content
12. PEER TO PEER LENDING:
Can you believe the Financial valuation of peer to peer lending is about 89 billion dollars in 2019?
If you have some money saved and trying to find a way to make some extra income, then peer to peer lending is for you. This can be considered as an alternative to investment in financial markets, as we already discussed.
By investing your money in these P2P platforms, you will be loaning money to individuals who need it. Returns through this form of investment will be relatively more than other kinds of investment.
Though P2P lending might be new to most of you, it is one of the most significant industries. So, how much can you earn through P2P lending?
Returns you acquire differs from one platform to another because the different platforms will have different interest rates. Most platforms will offer an average interest rate of 8-12%.
Here are the steps to start P2P lending
- Make your account on any one of the platforms. I suggest you i2ifunding, as it is RBI approved and offers you a decent interest rate.
- Invest your amount and review the applications of borrowers you received.
- Select a borrower and wait for the loan to be repaid, and earn your interest amount regularly. After loan clearance, you can either reinvest or withdraw your amount.
13. INVEST WITH ROBO ADVISOR:
Robo advisor is an Artificial intelligence software that uses data and algorithms to make financial decisions for you without human supervision. This type of investing is best when you don’t know how markets work or don’t have enough time to follow markets.
Robo adviser uses the information provided by you and makes forms the algorithms for investments with its best interest of profits for you. You can set your goals with a Robo adviser and forget about it; a Robo advisor will take care of your money.
As per statistics, Robo advisor’s amount of assets hit a high record of 8 trillion dollars in 2020; this shows how reliable the Robo advisor is and investors’ confidence in this software. Go through these reports by statistica to get more Idea.
To begin investing your money with a Robo advisor, follow these steps.
- Select a proper Robo advisor. In India, the top Robo advisor software is 5paisa, etmoney, orowealth, scripbox.
- Feed all the data regarding your investment goals, risk levels, and investment timeline.
- Invest your amount and let Robo Advisor do the rest of the work.
14. START A MEMBERSHIP WEBSITE TO MAKE MONEY ONLINE:
Starting your membership site is a great way to make some passive income. Membership site generally refers to protected only exclusive content for your paid members.
For example, consider Amazon; if you purchase their prime membership, you will have access to One-day deliveries, prime video. In the same way, a membership site will have content available to the paid members.
You can upload content on many niches like online courses or video tutorials, and many more. Before starting a membership site, design a decent membership offering so that you can attract more audience.
Here are phases you can follow in building a membership site
- Select the type of content you want to upload on your site. Brainstorm different types of content you can offer on your site.
- After you select the niche, see a demand for the topic you chose and whether people will pay for it if you offer it.
- Figure out all the details of your membership site, like the format of content, membership duration, and membership cost.
After planning everything, you can go ahead and create your membership site.
15. REAL ESTATE CROWDFUNDING:
Real estate crowdfunding is investing in the real estate market and makes money through dividends or interest. It is an attractive option to make some passive income.
You can begin investing with even small amounts such as 500 – 1000 dollars. Your profits generated will be based on the success of the projects.
On average, investors in real estate crowdfundings receive an annual return of 11-13% percent on their investments. Three types of Real estate crowdfunding are Debt, Preferred Equity, Common Equity. The investor will have the option to select the types of funds he wants to invest in.
So, how much can you earn through real estate crowdfunding?
Studies show that real estate crowdfunding generates an average annual return of 11% along with dividends. Based on the timeline of your investment, your profits also will increase. But in India, real estate crowdfunding is at a nascent stage and growing steadily.
- Select a good platform to start investing. Crowd Street, Realtymogul, Peerstreet are some of the famous platforms for crowdfunding.
- Research and select the fund to invest, check the past returns, dividends generated, and make your decision accordingly.
- Invest your money and enjoy the dividends.
16. RENT YOUR STUFF:
You can rent anything of real value nowadays: with the rise of the sharing economy, millennials choose to rent stuff instead of buying, which ends up costing you.
With the utilities and luxuries getting more expensive, people realize the value of stuff.
Renting stuff is cheaper, easier, So why buy stuff when you can rent them is the new motto of this century.
“Buy less, Waste Less, and Share more.”
You might have a lot of stuff lying around your house that you might not need; even if you don’t, you can buy and rent. Here are things you can rent, and the best websites that make it simple, easy to rent out your items for cash.
Renting out an extra area in your home is a widely popular way to make good money. Whether you have an extra room or a whole apartment or house, you can monetize it with sites like Airbnb, Quikr, and Magicbricks.
Not everyone likes to stay in hotels for vacations, so most budget travelers prefer renting their stay from sites like Vrbo, Flipkey.
Renting rooms through these sites make the process far more comfortable. These websites will also verify the people for whom you are renting the house. You will get timely payments. You can either rent for the long term or the short term.
FURNITURE AND EQUIPMENT RENTALS:
Furniture makes your house complete and elegant. Usually, people tend to buy furniture and settle in a new home, but not everyone can afford them. Some of us even don’t find a great reason to purchase furniture at an expensive cost.
Let’s think of it; our vehicles will be sitting in the garage or parking lot for most days when we are not using them. So why not rent them to people who are willing to pay for using them? This is a great way for passive income if you are not using your vehicle frequently.
In case you frequently use your vehicle, you can even buy a new one and register with a rental company to make some good money.
You can choose to rent it per hour or day. The easy way to start renting your vehicle is by registering it on an online rental platform. Some of the best peer-to-peer vehicle lending services that allow you can signup to rent your cars, bikes, trucks: Avis, Zoomcar, Olacabs, Drivezy.
People love ornaments, and this will never change. However, certain jewels or items are hard to find and very expensive. This is where ornamental rentals come in handy.
Suppose you have an eye on fashion and have a desirable ornamental collection, instead of letting them take up space in your closet. You can earn by renting them out when you are not wearing them.
Rentjewels is a jewel renting site with high-end designer pieces for many occasions like parties, weddings. You can list your ornaments on this site with a marked up price based on renting duration.
You can earn up to 80 % of the listed price and get paid timely.
If you have a vacant parking space, you can rent it for making some cash. The demand for parking spaces is increasing with increasing traffic congestion, which gives you a great opportunity. Mostly in cities with increase vehicle count and no infrastructure flexibility to accommodate the rising numbers.
Depending on the locality, you can easily make a decent income by renting your driveway: It is probably a low maintenance way to earn some passive income. There are many sites and apps that allow you to rent your driveways.
Lenders can register their free space and specify the timing when their driveway will be open for use. Once after getting listed, you can set the pricing based on where you live. You can either rent hourly or day-wise or weekly, monthly.
Once done with listing and pricing, you can manage bookings and engage with customers.
17. SELL IDLE STUFF:
If any of your assets, either physical or digital, sit idle with you and are no longer useful to you. You can make money by selling them off.
This is one of the best steps to balance your finances by clearing out unwanted and unused assets. Assets might be clothing, electronics, books or furniture, etc.
“One man’s trash is another man’s treasure.“
You can make money by selling items and things that you use every day or which you no longer require. Most items might bid on low prices, but some rare items might bring you a fortune when selling them on sites like eBay based on their value.
There is money to be made in every corner of your house; you have to look for it. Online marketplace for selling stuff is estimated to be around $47 billion, according to gumtree. Most standard items include electronic appliances, mobiles, furniture. Here is some advice for selling your stuff online
- Register on to sites like eBay, Describe the item clearly with multiple clear photographs.
- Select a perfect timing to list your product, pay attention to what is on-demand, see that your product is suitable to a particular trend or season, if not hold till the appropriate time.
- Price the item after knowing what the market is likely to pay based on past sales.
- Interact with customers and negotiate well.
Digital products are a growing part of our economy, so eBay allows you to sell digital products. Many companies like Netflix, Amazon kindle are relying on this model for their business. The only requirement you should meet is that the intellectual property of the product you are selling should belong to you.
Digital products you can sell include domains, templates, Softwares, e-books you wrote, and virtual games you created. If you are looking to sell your e-book, you can opt for Amazon Kindle instead.
18. START A FRANCHISE:
Ever wondered why there are countless foreign brands in India? Yes, franchising is the main reason for it. Brands like KFC, Burger King already have a significant customer base, and franchise owners make tons of money by using this opportunity.
Buying a franchise is a significant way to generate profits and less risky as you don’t have to start the business from scratch. As the branding and research have already been done, all you need to do is raise capital, step in start selling.
Before you step into investing, know-how franchising works. Buying a franchise costs you various charges like initial fees, margin costs. You must have substantial wealth to succeed in the franchise business. The initial price alone costs you over 50- 70 lakhs for brands like McDonald’s based on your locality in India.
Though there might be a rumor that setting a franchise is expensive, you can start a franchise business starting from one lakh to crores based on the brand. If you have limited capital and interested in the franchise business, here are some low-cost Franchise opportunities.
Though franchising helps you become independently wealthy, it will limit the income generation potential somewhat. Have an Idea of all the Potholes while buying a franchise.
19. SELL CUSTOM PRINTED PRODUCTS:
Print on demand is one of the finest ways to make money from your living room. If you get the basics rights and put some effort and time, you can quickly sell your products online and good living out of it.
There are several impressive reasons why you should consider print on demand. In this, you will be your boss. You can create your brand with almost no start-up costs. Nowadays, people are more into customization, so why not use this opportunity to make some cash?
With print on demand, you will be selling printed t-shirts, mugs, Mobile cases, blankets, and merch. The best thing in this business model is that you have to pay only for what you sold, so minimal capital and storage costs are also no worries about inventory or shipping.
If you live in India, you might have heard of Bewakoof.com; it is a Mumbai based print on demand company with turning over about 203 crores in the fy2020. Remember the enormous opportunity you have here!
Here is what you can to do to run a great print on demand business.
- Research the market well and select your niche and products you want to customize and sell.
- Make a catalog of products, and list them on your e-commerce website. If you are not able to maintain a website, you can list them on already established sites like Flipkart, Amazon.
- Regularly update the print designs by following the trend and make unique prints.
20. START A BUSINESS:
Upcoming generations are highly aware of world issues, and they are motivated to make a difference of their own. This couples them to start their own business and become their bosses. But not all businesses will need massive investment.
There are many business ideas one can look forward to beginning their journey. You can either make your business part-time or full times based on the time it needs and the income it can generate.
But coming up with a side business is a great way to earn and gives you the highest satisfaction levels. You can diversify the stream you are currently working in or start a business with a whole new idea.
Many business ideas can bring in a lot of revenue without spending a lot of money to do it. You can either start your business online or offline. But with the technological improvements, it is far easy to set up your own business. You can just do it from the ease of your home with a computer and internet connectivity.
Here are some of the business ideas that can generate high profits with low investments.
“If problems are the opportunities to sell, then the world is rich with opportunities.”
21. BUY A BUSINESS:
It takes many fights and stretches to start an online business and make it profitable from scratch. Instead, you can buy an already existing business listed for sale.
The main thing you have to remember here is that you are buying the website or platform of the business and the products and customers.
After you buy the business, you can either run it before or make changes to increase profit generation. See that business has a track record of sales and profit before you buy it. Check the financials. In case you are expertise to turn a loss-making business into profitable, that can be your golden ball at low cost.
By buying a business, you will shorten many time-consuming and expensive tasks to build a thriving business. But you will have to buy the business, so check whether paying the price is worth not having to build the business all by yourself.
Also, remember that acquiring successful businesses is quite pricey. The cost of good business might cost from lakhs to crores based on profit generation size.
There are an ample number of businesses out there for sale and also plenty of sites or places to buy them. Be vigilant of the site you are purchasing from; just because it is reputed, it doesn’t mean it is legit.
22. START DROPSHIPPING
Dropshipping is one of the most popular ways to make money online. As per Google trends, the popularity of drop-shipping is quite on the rise. There are plenty of proofs that dropshipping is a realistic way to make good money. Remember that dropshipping is not a get rich quick scheme, but sure it generates some decent income.
In a nutshell, dropshipping is one of the popular business models where you sell the product, but the supplier packs, ships, and stores the product on your behalf to customers.
It’s apparent how inexpensive and straightforward the process is as the suppliers get all the tedious work done for you. You won’t need to hire any team or invest in shipping either.
Here is how this business model works:
- First, you need to select a profitable niche, create your website and upload its catalog. If you are not comfortable with maintaining a website, you can either market them on Facebook, Instagram, and WhatsApp
- Once you generate a lead, the customer will make the payment online; you can keep the margin amount and forward the order details to the supplier.
- Supplier or manufacturer takes care of the delivery of the order to the customer.
You can even start a dropshipping business with Amazon, Flipkart, etc.,
WHICH SOURCE OF PASSIVE INCOME IS BEST FOR YOU?
Because of the internet, it’s easy to find ways to make money. Still, to make legit money, it takes time, energy, patience.
Which passive income source is right for you among the above?
Before analyzing a good income source to choose from, understand different quadrants of cashflows.
4 QUADRANTS OF CASHFLOWS:
According to Mr.Robert Kiyosaki, there are four types of cash flow quadrants, as shown above.
Observe the quadrants carefully.
The letters E, S, B, I each represent a type of worker.
- E Stands for Employee.
- S Stands for Self-employed.
- B Stands for Business.
- I Stands for Investor.
An employee works for a business or organization for a paycheck. Employees provide services to employers by trading time, skills for money.
He/she won’t get any salary/wages, if he/she doesn’t work.
People in this quadrant prioritize long-term job security and a stable income. When needing more money, generally looks for promotions or higher – paying job.
Unlike employees, these people won’t work under any management structure. They own a job and like to be their own boss.
Individual Doctors, Chartered Accountants, Lawyers, freelancers, etc., generally come under this quadrant.
Unlike self-employed people, business people won’t just own a job; they own a business or system that generates them passive income.
They build a process or high performing team to generate cash for them on auto-pilot mode.
As a result, they don’t have to work as hard as employees or self-employed people actively.
They look to delegate as much as possible. They are entirely away from micromanaging the tasks.
Whereas business owners own a system and the self-employed owns a job, investors own assets that make them money.
They invest in cash-flowing assets such as mutual funds, fixed deposites, stocks, businesses to generate passive income.
These people believe in the money-making money, assets making money concept.
WHICH QUADRANT DID YOU WANT TO BE IN – TIME FOR ACTION?
Hope you got some idea about various cash flow quadrants, what active income is, and passive income.
What type of income are you making? Which quadrant are you in? In which quadrant your parents are in? Think for a while.
Most of the people stay in the Employee quadrant and makes active money. And some stay in one or more quadrants. i.e., doing the job with a side business or doing the job & investing, etc
Very few people stay in business, investor quadrants.
There is nothing wrong to stay in any one or more of the quadrants above. Every quadrant has its own advantages, dis-advantages and requirements.
After understanding in which quadrant you are in, think of How you earn money? is it passive income or active income? Are you satisfied with the way you are making money?
Then think, In which quadrant you want to be in?
If you are not satisfied with the way you are earning Money, Don’t decide on quitting them 🙂.
So, how to move to the desired quadrant?
1. IDENTIFY YOUR STRENGHTS AND RESOURCES AVAILABLE:
List out your skills, strengths, weakness, present sources of income, and resources available with you, such as Free Time, bank balance, physical assets, digital assets, etc.
2. PICK UP 1 TO 3 PASSIVE INCOME IDEAS FROM THE ABOVE LIST:
Pick 1 to 3 ideas from examples of passive income streams listed above suitable to you based on skills, strengths, weaknesses, and resources listed above.
For instance, if you have enough bank balance, you may invest in mutual funds, start a business that requires some capital, etc.
If you don’t have enough cash, then streams that require time investment is an excellent way to start. e.g., if you are good at content writing or has sound domain knowledge, you may create a blog.
3. SET GOALS:
If you want to flourish, you need to set goals. Pick smart goals that are more specific, measurable, and achievable. Your goals must be timebound. Setting goals puts you in the driver seat of your life
Based on your age, make short term, midterm, and long term goals. Write them and make them tangible and Try sticking with them.
4. PLAN YOUR STEPS:
An action plan is always the road map you can follow to get to your goals. After setting your goals, try breaking them down into measurable steps.
Set up a time frame aimed at your goals, break them into simple tasks. Figure out what actions you need to take to move to desired goals.
5. JOIN A RELATED COMMUNITY:
Reaching goals can sometimes present hurdles, so you need a little help up. Friends and the community’s power in achieving goals is always overlooked, but the support still prices less.
Motivation from someone who is there and going through the same struggle will help a lot. No matter what type of goal you have, becoming part of a supportive community is vastly useful.
There are many online communities and apps related to different social media fields, which you can join and ask for guidance. Though supporters can be daunting, they will help you reach your goals.
Share your daily progress and get the opinion and advice from professionals. This will help you in learning from others’ mistakes.
“Never be afraid to ask for help.”
6. FIND A MENTOR:
Knowing how hard it is to achieve our goals, one can always use an extra boost of confidence.
Mentorship is the most underrated aspect when it comes to building a career. The guidance you receive from a mentor is invaluable and helps you navigate the position’s unknown paths and reach your goals more quickly.
Finding the right mentor is not as difficult as you think. Start by searching your network, hop on LinkedIn, think of your friends, family members, professors. If scouring your network didn’t help, it’s alright. Many professionals are freelancing as a mentor; you can get advice from them by paying.
7. SCALE YOUR PASSIVE INCOME SOURCES:
There are two things that everyone wishes for: more money and more time. Measuring your income is very crucial in reaching your goals. Unless you scale your income over time, you will not understand whether you made progress or not.
You can measure your income based on the percentage of return on your investment. See whether your passive income sources are making you good money. If not, do more research and take action accordingly.
1. WHAT IS THE BEST WAY TO MAKE MONEY NOW?
If you want to make a quick money, regular income; consider joining a job.
I don’t believe in the rumor as people say, “if you want you to get wealthy, you wouldn’t be working for someone else.“
Not everyone lucky enough to get success in other modes of making money though highly talented. It takes time and energy for success.
Working for someone else get you experience, knowledge, quick & regular income. It is often the initial job that makes someone a successful entrepreneur/freelancer/consultant/investor.
I believe that it is perfectly possible to become reasonably wealthy enough by working as an employee in a 9 to 5 job. But, you got to work in the right company, chart an action plan to take yourself from ordinary to invaluable, and to make sure you get paid what you deserve.
After completing your basic education, try finding jobs in a business environment that support your growth, and that can provide you with enough money and opportunity to grow rich.
Many multinational companies and big corporations are ready to pay you in lakhs of money if you manage to stay at the top of their food chain. It is not difficult to accumulate a seven or eight-figure net worth if you get promoted into one of the highly paid jobs faster.
The thing is that competition will be high, but if you do outstanding in your job and move strategically towards the business’s money side, you can raise fast.
2.HOW TO MAKE MONEY NOW?
- Sell some stuff online
- Deliver food or passengers
- Rent your stff
- Become a street performer
- Complete online surveys
- Buy and resell products
- Negotiate for a higher salary
2. HOW TO MAKE MONEY AS KID:
- Doing odd jobs for neighbours
- Washing cars
- Baby sitting
- Pet sitting
- Take surveys
- Sell ununsed/no longer useful stuff (Toys/books)
3. MAKE MONEY AS COLLEGE STUDENT:
- Develop an online course
- Sell your old text books
- Become a tutor
- Become a virtual assistant
- Become a brand ambassidor
- Make deliveries when you free
- Take online surveys
- Do internships
- Campus Support
- Content writing
- Graphis designing
- Campus ambassidor
- Data entry
- Design T-shirts
- Start blogging
- Start an youtube channel
- Besome social media influencer
- Website development
- Create an app
- Translation services
- Part time jobs
4. BEST PASSIVE INCOME IDEAS:
- Crowdfunded rental properties
- High yield dividend stocks & funds
- Robo investing
- Certificate of deposits
- Rent out storage space
- Refinance student loans
- Start a blog
- Real Estate Investment Trusts
- Peer to Peer Lending
- Become an investor in other’s businesses – fund – for the stake, inventory, equipment.
- Private Equity funds
- Rent your car or parking space
- Write a book
- Create an Alexa skill
- Buy other’s businesses
- Buy royalties
- Build an affiliate marketing niche site
- Start a podcast
- Create an online course
- Sublease to housemates
- Start an E-commerce website
- Start dropshipping website
- Outsource your business
- Hire a manager to overlook your income streams
- Vending machines
- Start a youtube channel
- Stock photos
- Buy and sell digital assets – domains, hosting, websites, etc.
- Create an app/software
- Manage other social media accounts
- Get paid to install apps on phone
- Rent house
- Financial reward programs
- Rent your stuff/furniture/ornaments/equipments
- Sell idle assets/equipments/books/furniture/ornaments
- Sell plasma
- Flipping items for profit
- Create an audiobook
- Become a social media influencer
- Rent your vehicle – car, bike
- Advertise on house
- Advertise of vehicle
5. BEST SIDE HUSTLES:
- Start a blog
- Start an youtube channel
- Become a social media influencer
- Get a part time job
- Proof reading
- Virtual assistant
- Delivery jobs
- Rent extra space
- Rent your car or bike
- Advertise on home or vehicle
- Become a part time driver
- Baby sitter
- Pet sitter
- Graphic designing
- Teach languages
- Start coaching classes
- Help people for money
- Start consulting
- Drop shipping
- Content writing
- Start flipping items for profit
- Get into reselling
- Hire a person to do generate income for you
- Start podcasting
- Become an affiliate marketer
- Sell products
- Create a software/app
- Write a book
- Start an e-commerce website
- Language Translation
6. BEST WORK FROM HOME JOBS (STAY AT HOME):
- Content writing
- Book keeping
- Virtual asssistant
- Data entry
- Customer service representative
- Chat agent
- Virtual receptionist
- Virtual travel agent
- Social media manager
- Proof reading
- Affiliate marketing
- Graphic designer
7. BEST ONLINE JOBS:
- Virtual assistant
- Content writing
- SEO Consultant
- Digital Marketing consultant
- Book Keeping
- Website designer
- Voiceover artist
- Video editing
- Researching jobs
- Product testing/website testing
- Call center
- Data entry
- E-commerce store managers
8. BEST MONEY MAKING IDEAS WITH LITTLE / WITHOUT INVESTMENT:
- Join a full time job
- Get a part time job
- Become a freelancer
- Start an youtube channel
- Become social media influencer
- Start a blog
- Develop websites for price.
- Graphic designer services
- Social media marketing / management.
- Write a book
- Create an online course