Entrepreneurs and financial coaches everywhere agree that having a side business that earns a passive income is one of the keys to building wealth. “Passive,” in this case, means that it doesn’t require your full attention. Thus, any business in this space should have a level of automation and a structure that, when put in place, is self-sustaining.
Although the criterion listed above is the ideal characteristic of businesses that earn passive income, the reality is not always the case. Side businesses can be run between the hours of 6 p.m. till midnight, after your day job. It requires full attention during those hours but does not interfere with your regular job.
The most logical venture would be an online business for reasons such as ease of location, flexibility with time, and reach. There are several businesses in this light that are worth pursuing because of their low startup costs, high-income potential, and evergreen relevance. Three of these are:
Resale is the sale of pre-owned goods. It is also the sale of secondhand products. If you think that nobody will want to buy secondhand goods you couldn’t be more wrong. An article from CNBC claims that the clothes resale market is booming as more and more people are accepting the idea of using second-hand clothes from high-end brands.
Even the electronic industry has seen a growth in the used smartphone sub-sector, and the market for other used electronics follow suit. So, reselling is a business with high-income potential and you can tap into this market from the comfort of your home, and it requires only a couple of hours each day.
Before you set up your online store you need to first take care of preliminaries like supply, target market, logistics, etc. When it comes to a supplier, you will require a company that specializes in the wholesale of refurbished or returned products. These products are usually gotten from huge retailers like Amazon, Best Buy, etc. These companies source for, acquire, and sell second-hand goods—in some cases the products are new, but returned. The entire process is termed liquidation and companies like Direct Liquidation are some of the foremost leaders.
Virtual assistance involves providing services for businesses from a virtual location i.e. any location. The tasks done are non-technical and can be done by any computer-literate person. One of the most common types of virtual assistants is a contact center agent. Contact center agents interact with customers that reach out to businesses customer service centers.
If you were to be a contact center agent this is mostly what you would handle. This venture can be financially rewarding if you have the experience as companies are willing to pay higher premiums for more efficient operatives, so your earning potential increases with time.
Starting as a virtual contact center agent requires call center software. There are a good number of available software but great emphasis is placed on what software you use as it has a direct effect on your level of productivity and earning potential. Luckily, this industry is blessed with forward-thinking, innovative companies like BrightPattern and others who consistently deliver trustworthy call center software and services.
If you’re tech-savvy or spend a lot of time in the digital space then you would have come across the concept of digital marketing several times. Digital marketing is wildly popular because many people of different ages and walks of life have become rich by marketing businesses and products online.
Businesses are willing to pay in the thousands for people who will get customers to buy their products, and the digital space is now the most effective way to do that. If you are a complete noob but would like to dive into this space, there are free resources online like learn digital (Google’s free digital marketing course) along with a slew of others.
Profit potential in this space is extremely high, start-up costs are quite low—a laptop and an internet connection are all you need—and you can do it anytime from any place.