The workspace of the future

5 passive income businesses to start during the pandemic

June 28, 2020

“A big business starts small”

Richard Branson

It’s easier to throw around the words ‘passive income’, or ‘starting your own online business’ than actually pursuing it. When you first start something new it’s uncomfortable and it usually takes a while to acclimatize to. It also takes some extra time and effort in the beginning, to perfect your skills and build a following. This may lead to demotivation to the point of quitting, often right before you’re about to achieve success or even not pursuing it at all.

However, determination and consistency are key. Determination to continue when times get tough, and consistency to ensure that you not only learn new skills but that you begin to see progress in no time. It also provides you with more flexibility, giving you better opportunities to diversify your income and reduces the chances of unemployment.

This blog post will provide you with some ideas to boost your income, which you can begin doing immediately. The rest is up to you. Remember, your success is directly proportionate to your efforts.

So let’s jump in shall we!!

1. Use Instagram to your advantage

Use Instagram to your advantage

Rarely will you meet someone these days who is not familiar with the powerhouse Instagram. This is a platform where you can take what you’re good at or what you know best, and show it off in all its glory to a market called…..the world!

If you have something of value to offer, why not build a following and let businesses approach you to sell their products and services! These businesses will only approach you if your content is related to their products and services, so keep it cool, but professional, and of course relevant.

You may even want to brush up on some marketing tools and techniques, in order to appeal to your target market. This may give you an added advantage, as you’ll know how to reach the right people at the right time and with the right content.

Neil Patel is an Online Marketing guru. Check out his step by step guide on how to make money using Instagram.

2. Social media manager

Use social media for passive income ideas

If you’re guilty of spending copious amounts of time on social media, consider yourself somewhat of an expert. Gone are the ‘Mad Men’ days where billboards and print ads were the go to business promoters. In our digital age, we need to go where the majority of our attention is, and where other than social media.

Small and newly developed businesses tend to turn to those with a hefty social media following for business promotions and brand building.

Learn how to write ad copy and manning social media ad campaigns on platforms such as Facebook, Instagram, and Twitter. Brian Peters from Buffer writes about 37 Free Social Media and Marketing courses that you can do quickly and easily to boost your skills.

3. Start a mastermind membership group

passive income businesses
passive income businesses

People with ambition seldom find the support and encouragement they need when they need it most. As we are firmly planted in an increasingly tech-driven world, this factor may yet intensify in the future.

Entrepreneurs increasingly seek meaningful connections with those who can relate. So if there is something you have become an expert at or you are incredibly knowledgeable about, why not start a peer group of likeminded individuals?

On your platform, you can discuss what’s trending now or in the future, provide your expert advice on how to advance in a certain skill or business, or even just provide a platform where people with similar interests and professions can share their experiences for others to learn from.

As your platform grows you may use it for networking among members or even encourage those with similar interests to join. A members-only group may also make it more appealing as your platform becomes more popular.

4. Write an E-Book

write an e-book as a passive source of income

You don’t need to write a novel or acquire the help of a publicist to write and publish your own e-book. What are you passionate about? What are your life experiences that may help another cope with theirs? Are you an avid traveler? Why not write about your adventures and what you’ve learned? The list goes on.

What do you know, or what can you do that will deliver value to your readers? Sit down with pen and paper and start brainstorming. The answers may not appear immediately, but they will! And when they do, be prepared to share your knowledge and skills with those who are keen to read about them.

Anum Hussein provides a step by step guide on how to write your e-book from scratch, with no experience.

5. Online coaching

mentorship as a passive source of income

This business idea is so diversified that you can develop your coaching program and structure exactly the way you see fit. In fact bringing your own style and skill may set you apart from others.

Find out who your target audience is and adapt your style to them. Remember you cannot have a business without an interested audience. That doesn’t mean you can’t make it your own.

Kelly Miller’s blog has all the ingredients for what you need to become an online coach. From Online Coaching Programs to Software Tools, and more.

Some of us may be experiencing a ‘sink or swim’ moment in our current economic climate. During our new norm of social distance and rising unemployment, these opportunities give new credence to the fact where there is a will, there is a way. Starting an online business or creating a passive income is far easier than most people think. It is far better to try than to do nothing at all. Why not begin today?

Start today to learn all the skills and software you need, in one simple package.

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