Below are some passive income ideas:
- Airbnb/short term rental: Short term rentals can generate higher profits than long-term rentals. However, do your due diligence regarding the legalities and complexities of a rental business.
- Car sharing: Peer-to-peer car sharing is similar to renting your house or beach house, but in this case you are renting your car. If you are considering leasing your vehicle, it is important to review your insurance policy carefully. Consult your insurance agent or broker to determine if you are covered for car rentals through peer-to-peer platforms.
- Online courses: Teaching online requires an initial investment, such as outlining a course, recording lessons, and creating downloadable resources such as templates for your students. Once your courses are recorded, you can resell them repeatedly without maintaining any inventory or stock. This allows you to start generating passive income,
- Self-storage: If you have extra space in your home or on your property and want to earn extra income, consider renting storage space to others through platforms like Neighbor or StoreAtMyHouse. This can be especially cost-effective in cities where storage options are limited.
Creator Economy Ideas
The digital age has allowed individuals to establish their brands and followers online using platforms like Instagram, TikTok, YouTube, etc. Business ideas in the creator economy include:
- Content creator: Ideas in this category include podcasts, videos and streaming, social media influencers, music artists and others.
- Affiliate Marketing: A form of marketing where you earn a commission for promoting a product or service on behalf of another business or retailer. As an affiliate, you receive payment every time you generate a lead or sale for your partner. Affiliate marketing can be started with little funding. It’s also an ideal solution for content creators looking for additional income.
- Influencer: Influencer marketing is a powerful strategy for building brand awareness and engaging consumers. Influencers look for brands they can build long-term relationships with, positioning themselves as trusted advisors to their audience. As such, they prioritize quality products, brand reputation, and authenticity over commission rates.
Businesses to start with little or no money
Many businesses, such as payroll and real estate, have high start-up costs. However, many opportunities exist to start a business with little or no capital, especially if you work from home. Consider the following:
- An accountant: Bookkeeping requires skill but little investment and can be a profitable business idea.
- Business Advisor: If you are an expert in a particular field, such as technology, law, finance, graphic design, etc., you can create a profitable business. consulting company.
- Direct delivery: Dropshipping is a way of running a business where you don’t have to take care of the shipping and handling yourself: it’s all done by someone else. This keeps your costs down, but you will still need to create an online store and market your business.
- Independent writing: Although AI can be used to produce content and writing, freelance writing is still an interesting activity. Freelance writers bring experience, expertise, valuable insights, and compelling content that delves deeper into the topic while capturing the voice of the author or brand, establishing thought leadership, and improving search engine optimization .
- Personal training: If fitness is your passion, become one personal trainer can turn your interest into a fulfilling career and successful business.
- Tutoring Services: Tutoring is a great way to start a business on the side and transition to full-time as your customer base grows.
- Virtual assistant: A virtual assistant provides administrative services to other businesses, usually in a home setting. Beyond administrative tasks, virtual assistants can also provide social media, marketing, content development, and other services.
Dining and Retail Ideas
Whether it’s a brick-and-mortar operation, an online e-commerce presence, or both, consider the following ideas for the food and retail business:
- Bakery
- Library
- Coffee
- Consignment Store
- Ecological clothing store
- liquor store
- Sober bar (without alcohol)
- Specialty food store
Technology-related jobs
Technological skills are always in demand. Here are some tech jobs you can start from home or with little capital:
- Application developer
- Computer repair
- Cybersecurity consulting
- IT support
- SEO agency
- Software developer
- UX Design
- Web developer
Creative Jobs
From video production to event planning, there are plenty of business ideas that suit your creative side:
- Audio video production
- Event Planner
- Graphic designer
- Hairdresser
- Interior design
- Makeup artist
- Personal chef
- Photography
Physically active jobs
If you don’t want to be tied to a desk all day, these companies are some possible options:
Tried and true companies
While not completely recession-proof, these businesses are generally more resilient than others and represent a solid option for new entrepreneurs.
- Auto repair
- Car wash
- Child care
- Franchise business
- Handyman or entrepreneur
- Laundry / dry cleaning
- Medical supply company
- Notary
- Plumbing
- Property management
- Real estate
- Trucking