It seems like our world is increasingly interlocking with the internet each day. If it’s the decline of the high street, the rise of AI or the dominance of social media, it feels like it’s the only avenue to launch and advertise your business.
However, it shouldn’t be seen as a negative. Before the internet, starting a business relied on many factors that are no longer necessary.
Radio, newspaper and magazine advertising are just a few examples. The internet has stepped in and streamlined advertising making it cheaper, expanding its reach to an international market. It doesn’t matter what good or service you’re looking for – you can often find a listing of all businesses on social media or online. You can access supermarket deliveries, online banking, and digital casinos, and Cafe Casino is just one example of how gambling companies have hit the ground running and created an impressive digital service.
However, how can you utilize the internet effectively to start your own business? Today we will look at four examples of passive income streams that some people have even turned into their sole income.
Idea #1 – Freelance Writing & Editing
Freelance writing and editing services are becoming increasingly popular for those looking to open up a second source of income. With a vast wealth of resources to scan, you can post your blogs online with minimal overhead costs and look to generate advertising revenue.
Much like any creative outlet on the internet, the market is saturated. Many people fancy themselves as creative writer or believe they have something important to say.
While plenty of people don’t, plenty of people do, and you may be one of them. The only real obstacle that stops you from following a career in writing is you. Personally, I put it off for years, and I wish I hadn’t. But there’s no time better than the present.
Whether you’re a beginner or a seasoned professional, plenty of opportunities are available for freelance writers and editors.
Social media websites allow you to instantly reach anybody in the world, so long as your writing is fresh, gripping and innovative. You should be able to generate some income for yourself if you put in the time, money and effort.
Although some people have discussed how AI could potentially disrupt this industry, if writing is your passion, you should follow it up with conviction.
# Idea 2 – E-Commerce
Selling digital products online has become an innovative way to generate income. Many people use it as a second stream, but it is a full-time endeavour for some. However, with the correct method and planning, you can embark on a journey to buy and sell products online.
If you are in crafts or design, you could sell garments. If you’re a baker, you could sell cakes. If you’re a writer, you can self-publish and sell books. These are just a few examples. Jeff Bezos started his business by selling products from his garage.
Due to the market’s global nature, if you find a niche that is sought after, you can generate impressive profits reasonably quickly. However, finding that niche is the key!
# Idea 3 – Create An App
While it is not easy to create a mobile app, especially if you aren’t well-equipped with computer technology, you can use plenty of tools to help you design an app.
When Apple released the first iPhone in 2007, this was the first time an App store had been installed on a mobile device. Since then, it has been used as a springboard for designers to create ideas that have generated multi-million dollar ideas.
Dating apps such as Tinder have generated multimillion-dollar international profits. But, again, similar to freelance writing, the app industry is highly saturated. However, if you have the blueprint of an innovative idea, you could be at the start of a fascinating journey.
# Idea 4 – Build An Online Course
With the help of online learning software, it is now possible to create and launch an online course quickly and easily. If you are a professional in your chosen field but want to earn extra income, why not teach the tools of the trade and some lesser-known insights to generate profit online?
This type of idea can be rewarding if you impart knowledge to people looking to learn new things. You can build a website for cheap, you can start a YouTube channel for free, and there are other apps you can use, such as Telegram, to create an educational community.
In effect, there are hundreds of possible business avenues. It is one of the biggest positives about the internet. You don’t have to save money and take substantial financial risks to start an online business. You can make your money back quickly if it begins to pay off.