Passive income business ideas anyone can start and three tips to make more money!
If you are not making extra money from a passive income source, you are getting left behind! It’s no longer enough just to get by and invest your money. If you are not creating those income sources that will make money whether you work or not, then eventually you’re going to find yourself without an income and without a way to pay the bills.
In this video, I’ll show you three business ideas to create passive income that anyone can start. I’ll show you how to get started and exactly how much you can make. We’re talking passive income business ideas, today on Let’s Talk Money!
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Why Everyone Needs a Passive Income Business
Nation, the days of just doing a good job, investing your money and maybe being able to support yourself in retirement are over. I want to show you a chart of the employment forms collected by the IRS. This shows the number of tax forms collected by the IRS each year. The green bar are those W2 forms, the ones you get with that stable, traditional 9-to-5 job.
But what’s happening in this chart? The number of traditional jobs has been dropping since 2002. They’re being replaced by this other line showing the 1099 forms, the freelancer and for contract jobs that all the companies are switching to.
Companies are downsizing their workforce to upsize their profits. They’re cutting full-time workers and hiring more at-home contract employees.
Job insecurity is at an all-time high. You can be fired at any time and the job you do may not be in demand anymore.
Now I don’t want to go off on a tangent. If you’re watching the video, you already know how important it is, how critical it is to start making passive income. Because it’s only this passive income, that idea of a business idea that you can set on auto-pilot and it will continue to make you money, that is the only financial security left in today’s world.
In this video, I’ll show you three of my favorite online business ideas that anyone can start and turn into passive income. I’ll show you how much you can make and how to get started. Then towards the end of the video, I’ll reveal three steps to getting any business idea started so make sure you don’t miss that.
I’m also including a link below to a special three-day live event hosted by Teachable. Through these live presentations, demos and workshops you’ll learn from Teachable creators and experts everything you need to create your own course or coaching business, how to build your own website and grow an email list. This is a once-a-year opportunity to get everything you need to make money online.
Best yet, if you sign up by Wednesday, the entire three-day virtual conference is 90% off. Just $9 for a step-by-step to online coaching, creating online courses, and everything you need to make more sales and make money.
The Best Passive Income Business Ideas
Our first passive income busines idea is the big money maker, online courses. I just got started offering courses on Teachable myself but can count on them for seven or eight hundred a month each.
Looking through these other business ideas or all the ones you hear online like blogging or whatever, you get an idea why creating an online course is so popular. For example, I can spend three months writing a book to publish on Amazon and will make between $200 to $600 a month on it. For that, I have to sell about 125 copies on Kindle or paperback.
Now I can spend a little longer, maybe three- to five-months creating a course, and make twice the money every single month…so yeah, it’s really a no-brainer. I’ll show you how to get ideas for your online course later in the video but if you’re going to do any of these, this one is a definite must.
And this is something anyone can do. I guarantee you, there is a course and a book and coaching inside you. The trick is just to find that idea that you can develop so what I want you to do is jot down on a piece of paper, list out five things you like to do, five hobbies you spend time on. List out what you’ve done as a job over the last ten years and any other skills you have.
Seriously, this can be anything. If you like watching TV…put that on the list because there is a business in that whether it’s being a critic or pointing out weird shit on TV…yeah, one of my favorite YouTube channels is just a bunch of people talking smack about TV and movies. The channel has more than two million subscribers and gets millions of views per video…you can make money doing ANYTHING!
Once you’ve got your course idea, or this is going to work with the others as well, you just work backwards from what you want to help people do. What do people want to learn and what are the steps they need to take to get there?
Now there’s more to it but it’s a hell of a lot easier than you might think and that three-day virtual conference by Teachable is going to walk you through everything you need so don’t miss your opportunity here.
How to Create Online Products
Our next business idea, creating online products like printables, spreadsheets and books is where most people start out.
These are actually kind of a stepping stone to those online courses. I’ve been self-publishing since 2015 and just released my first spreadsheet last year. I’ve made over $101,000 on my books and $5,200 on the spreadsheet.
The idea here is you can take that idea and put together a guide or tool for people that want to do-it-themselves, maybe they don’t need a full course but still want the steps laid out.
And like I said, while I think courses are that next level for how much you can make….a hundred grand isn’t anything to sneeze at and I average just over three thousand a month from books alone.
You can start with full-length books or even smaller printables, the process is the same. You’re going to list out everything someone needs to do to make that transformation in their life. All the steps they need to take to learn that skill.
Then it’s just a matter of detailing it out, getting it on paper and formatting for a book. The entire process can take less than a couple of months and create an income source that will make three or four hundred bucks every single month. I’ve actually got a video detailing how I make money self-publishing you can check out here.
How to Make Money with Online Coaching
Our next passive income business idea, one I’m starting to work on myself, is online coaching.
Teachable just added the ability to do coaching directly on the platform so they’re rolling out all kinds of how-to instruction and helping people get started. This is a great income stream because not only can you offer people that face-to-face information, I’m also going to show you how to make more money than a traditional coach.
So the idea here is you’ve got that hobby, skill or talent you can teach people. It’s the same idea you can use with courses or products and you can use it here with coaching.
Where most coaches go wrong is they limit themselves to one-on-one coaching. They hop on a Zoom video call with one person at a time and the problem is, they have to charge something like $50 an hour just to make any money.
But nobody wants to pay you $50 an hour to teach them underwater basket weaving! So you don’t get any clients.
How you make money coaching is by expanding to group sessions, charging $20 an hour is more manageable for clients and you can make double what you could with individuals.
You might still offer an individual session for each client once per month or an email chat but this one-to-many is really the way to go if you want to make money coaching.
3 Tips to Get Your Passive Income Business Idea Started
Now these are three of my favorite business ideas and honestly, anyone can start these today and start making money. But I want to reveal three steps to starting any type of business, whether you go with the ones above or something else.
First is you’ve got to find that point between passion and experience. You need to find those things you enjoy doing that you know something about.
Don’t worry whether you can make money doing it. You can make money on anything. If you like underwater basket weaving, I can show you how to make money on it but Nation, and I truly believe this, if you don’t enjoy what you’re doing…no amount of money in the world will make it worth it.
Next is spend as much time learning how to market your product as creating it. Nation, it’s one of the great tragedies of business that it’s not enough to have a great product. You could have the philosopher’s stone, Newton’s mythical obsession for a substance that could turn any metal into gold, but if you don’t know how to get it in front of the right people, at the right time…you won’t make a penny.
That usually means making some kind of an offer, either a free trial or discount or some freebie that gives people a taste of your product before making a commitment. Maybe you give them the first chapter free or a free consultation to start. Now this isn’t just some scheme to rope them in. You give them real value here, something they can use, and show them how much more valuable is the full course.
Third tip here for any passive income business idea, is to create multiple streams of income. We can look at my income streams again and you’ll notice that any one can pay the bills. A few grand a month from self-publishing or sponsorships, any of these alone are enough but put them together…put them together and you’ve got a million-dollar business that will continue to make money every single month!
The best thing about the three business ideas we talked about is they can be combined. Maybe you self-publish a book on underwater basket weaving and create some quick printables people can download. Then you put together an online course for those that want a detailed step-by-step and offer coaching for others that want personalized service. It all comes together to make you as much money as possible!
Don't forget to sign up for that three-day Teachable summit and get a step-by-step to starting your work from home business. From coaching to courses and everything you need to make money.