What is a passive business? Well, for many people it will be a dream come true. A passive business venture is a way to earn a lot of money without a lot of time or effort. It means that you can spend more time doing what you want, while your income steadily grows in the background. You might think that this sounds like a total pipe dream, but believe or not passive incomes do exist on the market. There are numerous examples to consider however, there are also a few key details to be aware of.
First, a passive business venture may not begin in this form. It’s possible that you will have to work to transform a business into something that provides a passive income. Second, you may need to complete some work consistently, but it will not be comparable to the typical business or even a 9 to 5 job. So, let’s take a look at some examples.
Trading
Believe it or not, it is possible to trade for a living. This means that you can make money by trading anything from shares to forex. It all depends on what trading market is appealing to you and where you have knowledge or expertise. Actually, you don’t need either to make big levels of money here. In fact, most people are completely fresh on the market when they suddenly start to earn hundreds of thousands of dollars. You might think that there’s an element of luck here and you are definitely right. However, it is also dependent on making the right decisions.
This is why many people find it beneficial to invest in the services of a broker. They will ensure that you are proceeding down the right path and not taking too many dangerous risks with your investments. Don’t forget, that trading can be a completely passive income if you explore automated trading options.
Property
Alternatively, you might want to consider investing in property. This is one that you’ll have to do a little work with first to get started. You’ll need to earn enough money to buy the property. But you can then let it out and if you hire a property manager, you won’t even need to handle issues that arise. All this will be taken care of by an expert team. You’ll likely only be contacted if there is a serious issue or the property requires a new tenant.
Blogging
Similar to a property, blogging won’t be an income that starts off as passive. Instead, it slowly transforms the more time and effort that you put into your blog. So, you can start with a basic website that you can build through something like WordPress. You can then invest a little money and time into both marketing and creating some fantastic content. The content needs to be of high quality to attract your audience. When you have the traffic and the high-quality website, you can reach out to businesses for sponsored promotion. They might also reach out to you as well as other bloggers for guest posts. These are income opportunities. Eventually, you will be earning enough money through this to hire content writers for the blog. This means that all you’ll need to do is publish and write the occasional article.
Most blog owners actually love blogging so it does count as a passive income or business. Indeed, you can earn a fortune blogging in a relatively short period, simply by having the right set up here. You might also want to think about how you can expand out from your blog too. For instance, you could push to become a key influencer online.
Influencer
Or, you might choose to become an influencer. Now a lot of people think that influencers are just celebrities or models online promoting products of businesses. But this doesn’t accurately describe every influencer that makes a fortune through this business venture. Influencers are named as such because they can influence the market and businesses know this. For instance, Kylie Jenner once casually said that she was over Snapchat and the stock dropped through the floor. Realizing her mistake her quickly sent out another message saying she still loved the social network and the stock recovered. This is the power of influencers and they exist for every industry.
So, how do you become an influencer? Well, assuming that you’re not a celebrity, this is something that you can consider at the end of your career. You need a strong social following, a fantastic personal brand, and a recognized expert level of knowledge or experience in an industry or sector. Once you have this, you are going to be of interest to customers, clients, users, and a massive level of followers. This is going to make you a key person of interest for every business owner in that industry.
Domains
Finally, some people do like to buy and then sell domains. So, how does this passive income work? Essentially, it’s about predicting what domains are going to be popular. For instance, you might buy something like HarryPotterAndTheCursedChildMovie domain. You could do this, predicting that Warner Bros will eventually turn the popular stage show into the film. When they choose to do this, you could then offer to sell them the lucrative domain at a high price. Some domains sell for thousands and some people own hundreds of them. Of course, there are issues with this business idea.
First, you can’t buy HarryPotterAndTheCursedChildMovie. Warner Bros already own it and the domain currently redirects to the stage show. They have preemptively bought a domain that they might one day use and a lot of businesses are doing this. Sony reportedly owns the domain for PS5, PS6, and thePS7.
As well as this, there have been multiple court cases where businesses have been granted the legal rights to websites that are connected or relevant to their brands without needing to pay the current owners. However, that doesn’t mean people don’t make money here. They definitely still do.
