Being a business owner can be great. You are your own boss, and you get to choose your working hours. Since you set your own time, you can opt to establish various businesses to create multiple sources of income.
A type of business you can create is one that provides residual passive income. With a residual income source, you have to put in the effort up front and reap the rewards at a later time without the need to constantly manage the business.
In this write-up, we’ll provide you with ten marketing business opportunities to help you establish a residual income stream. Before we start, it is important to remember that some of these residual passive income ideas are not clear-cut and do overlap with each other. For instance, with blogging, you can do affiliate marketing as well. But if you’re serious about learning various residual income ideas, you can read on to find out more.
Most people think that blogging only requires you to write content and put it on a great-looking website. However, it involves marketing, as well. You need to know digital marketing practices, including search engine optimization (SEO), to get ahead of the game.
With blogging, you can earn income by putting ads on your website. Plus, you can also earn from recommending brands that you love. Blogging is not only for putting your ideas out there. Once you’ve established your site and gained a lot of traffic (visitors) coming in, you can earn from ad revenue and commissions.
2. Creating Your Own eBooks
Like blogging, creating your own eBooks requires you to make great content. Of course, it’s in a different format. You earn royalties once people buy your books. With the advancements in technology nowadays, you can easily create your own eBooks and publish them on places like Amazon.
Once you have completed a book and published it, you have to market it through various platforms such as Quora. Or you can learn Amazon SEO to ensure your listing is placed on top of search results.
3. Creating Your Own Video Courses
If you are an expert at a particular skill, you can create video courses you can sell through your own website and other platforms such as Udemy. Again, creating your video courses would require marketing.
No one will know your course exists if you don’t market it. Also, providing a valuable course that people will learn from is important. If you make gibberish content, people will put out negative reviews about your offer.
4. Affiliate Marketing
Affiliate marketing is a sales strategy wherein a business owner allows others (affiliates) to market their product or service, and give them commissions for making a sale. This is a very profitable business that allows you to earn residual income once done properly.
With affiliate marketing, you can earn by recommending products through your blog, website, or social media platforms. For instance, once you create a valuable informational article that recommends using a product to solve a problem, you can earn multiple times over every time a sale is made through marketing made through your post.
5. Selling Digital Products Through Etsy
Etsy is a popular platform for those who want to sell handcrafted goods. Little do they know you can sell digital products within the website as well. Once digital products such as eBooks, audiobooks, and courses are up and running, they usually need little maintenance.
The critical thing to remember in Etsy is you have to create valuable digital products that will satisfy buyers. If you slack off and create a low-quality product, people won’t buy into it. You should learn how to create quality listings as well.
6. Network Marketing
Network marketing usually allows you to start a business with a low initial investment. You can sell the products of the company and earn a commission. Aside from that, you can recruit distributors that will sell the products as well. These distributors fall under you, and you can earn commissions from sales they’ve made.
Network marketing is great for those who want a flexible business but have low capital. It does allow you to build a vast “network” of distributors. Thus, in the long run, once you’ve built a massive network, you get residual income from the sales and efforts of these distributors.
7. Making YouTube Videos
Yes, YouTube is not just for pure entertainment. If an ad pops-up in one of the videos you’re watching, then the publishers are earning from you viewing their content. Earning from YouTube requires, again, putting out valuable or entertaining content.
Once you opt for the platform’s monetization program, you can earn revenue from ads associated with your videos. You still have to follow YouTube’s guidelines as well. For instance, many publishers get penalized for plagiarism or copyright issues. Thus, make sure you understand the guidelines and follow them when creating your video content.
Dropshipping is another form of sales strategy for physical products. As a dropshipper, you market the products of a third party. You only take care of the marketing and advertising side of dropshipping. Typically, the third party manages the stock and ships directly to the customer.
You get profits from buying the product at a lower price from the third-party and selling it to your consumer at a higher amount. The great thing about dropshipping is you don’t need to buy or own inventory to sell a product to consumers. Orders are fulfilled by the third party, which is usually a manufacturer or wholesaler.
9. Selling Professional Photos Online
Do you have a knack for photography? Then this might be the residual income opportunity for you. You can put your photos up for sale on websites such as Shutterstock and iStockPhoto. Now, you can earn when people buy your images.
If you think you have what it takes to get into the photography business, then this is one thing you should consider. It is best to pick a niche you’re good at, whether it’s street photography, landscape photography, or portraits. Then, you can go on from there.
9. Selling Professional Photos Online
Do you know how to analyze businesses and weed out the potentially successful ones from the failures? Then, you can be a silent partner or a small-time angel investor. In exchange for your money, you get to have a portion of the business’ equity.
The business owner will be the one handling the operations of the business. You only act as a silent partner earning a portion of the profits. Although you can still have a say with regards to various business operations (e.g., marketing, advertising, product development), you don’t necessarily need to do so. You can start with platforms such as AngelList, which helps business owners meet up with potential investors.
Depending on your viewpoint, residual income opportunities can be an exciting way to have another source of income. You can start with these business ideas part-time, and once you get the ball running, you can focus on it entirely for more profit. As such, you should pick a residual income opportunity that suits your skills, preferences, and interests. Remember that it still requires hard work upfront. But once you get there, you can reap the long-term benefits of earning while you sleep.