7 Passive Income Ideas to Make Money and Build Wealth in 2024
It is no secret that many people are struggling to get through these current economic times, but with just a laptop, webcam, strong internet connection and some effort, you can earn some extra money working from home. Creating and owning an Internet home business is not new, but most people overlook that these types of businesses have no real overhead. You don’t have to have a fancy office or employees. Your desk or kitchen table and a strong internet connection are all that is needed.
1. Build a sales funnel website and landing page
There are so many small to medium-sized businesses out there that don’t have sales funnel websites or landing pages. These websites capture customer information when they click on a company website or ad. They’re also used on social media ads to incentivize customers to enter their information, such as a coupon, discount code or free eBook.
The customer and their information then get added to a company email list for future email blasts or email drip campaigns. The upside is that once you build a great sales funnel, it’s easy to duplicate for other clients. The key will be pitching it to business owners to purchase.
2. Monetize your social media accounts with video
Social media platforms YouTube, Instagram and TikTok pay creators to create video content through Reels, Shorts and TikTok. Each platform is different, and the same goes for how to get accepted as a creator, but if you’re great with video and have a niche, you could be raking in the money.
The narrower the topic, the better the audience will be. Example: Watching you describe and play video games versus watching you describe and play Dungeons and Dragons. The upside is you’ll have consistent income if you post every couple of days. The key will be creating enough content for viewers to consume and posting consistently.
3. Monetize a podcast
Having a podcast is nothing new. According to Exploding Topics, over three million podcasts are out there as of September 2023. After recording and publishing the podcast, the trick is to turn around and chop up the video to make Reels, Shorts and TikToks. The downside is you’ll need to record multiple podcast episodes to keep people returning for more. The key is interviewing popular people with a large following as guests.
4. Retail and online arbitrage
This one will take some overhead for the correct software, and you’ll need money to purchase the inventory of products to sell, but it’s easily a great way to earn some cash. Sites like Amazon FBA and eBay are where you sell the products. The downside is you’ll need to source the products to sell on the sites, which takes time. The key is investing in the correct software to ensure a big enough margin to make sense purchasing the item to sell.
5. Create and monetize a popular local news Instagram page
Most people’s attention is on Instagram, so why not create a business with it? It’s pretty simple: create a new Instagram channel and post local news from your town or city — news on car accidents, crime, sports, recent restaurant locations, events, etc. People will share and subscribe to your posts because it has local news and is not biased television news.
Once you get enough subscribers, you can start charging local businesses to post on the page. You can monetize stories, reels and posts. The larger the subscriber base, the more you can charge. Don’t overdo it; no one likes ads or being sold to. Building your audience will take time. The key is to find and post unbiased local news worthy of someone stopping scrolling to view it.
6. Video editing
Video is one of the most popular ways to communicate and market today, and it is used on multiple social media platforms to earn money. Many creators don’t have the time or just aren’t skilled at video editing. This is where you come in. Start direct messaging (DM-ing) influencers with published videos and offer video editing services.
A great way to get their attention is by editing one of their current videos for free and sending it to them. If your video edits are great, you’ll get their business. The downside is video editing is time-consuming. The key is having multiple influencers that want your editing services so you no longer need to spend time directly messaging more influencers and can focus just on editing video.
7. Create online courses
Do you have knowledge or a skill that can be taught to others through video? It can be anything from selling luxury homes, onboarding new staff as a Human Resources (HR) Director, or baking an award-winning apple pie. People will purchase online courses if you can capture the audience’s attention and produce multiple videos in a series on the subject.
These video courses can also be chopped up as teaser clips, reels, shorts and TikToks. The key is storyboarding and scripting the content beforehand for a seamless video series. The downside is that it will be a time-consuming project if you wish to publish a quality product.
Source: entrepreneur.com
