List of passive income business opportunities

Lesson Details:

Video Transcription – Throughout this course I've been mentioning a few business ideas that are kind of like you know in the realm of passive income businesses or businesses you can do from home and and just to recap a little bit its freelancing mobile apps teaching your skills online things like that in this video I'm going to add to these a few of the other common businesses that you can do online today and I don't know what your goal is maybe your goal is to get out of technology entirely or just to have freedom or whatever or just to maybe just to work at home and not have a boss so there's a lot or maybe use tech skills but in a intrapreneurial setting so there's a lot of reasons why you may be in this course so try to watch this and see what might be a fit for you so a lot of hype today is around affiliate marketing and I probably you know shouldn't finish this course until mentioning something like this it's essentially there's a lot of confusion around that there's a lot of hype let me explain what it is it's essentially you re selling other people's products or services if you have no traffic it's really hard to get traffic or customers to whom you can resell things and that's actually almost entirely what people miss from the equation of affiliate marketing it is a business that can be mostly on cruise control autopilot it can be mostly on you know passive income but you have to have a influx of customers if you don't that's really the hardest part and where everyone really struggles is to get consistent traffic or customers so that they can referral them out that's really it another bad part about this is let's say you sell a physical product on physical products the margin is very small so if you become an Amazon affiliate and resell products sold in Amazon you only keep on average 7% Commission yeah so if you sell a $10 product you only keeps having these hence not even a dollar so it's a very fast way to go to the poorhouse and so you've got to be smart about it and in all cases even digital products where you can collect up to 50% of the revenue well still if you sold your own product you would keep a hundred percent of the revenue so affiliate marketing is only second best best is if you have your own brand your own product so making things and selling them online let's think about how to do this there's a lot of things you can sell you can just like you might create courses you might create books and ebooks boom you can tell them on actually Amazon Kindle even Etsy you can sell them I sell mine on Etsy so that's really easy well if you can write if you can if you're handy you can make physical things or you can buy bland things and make them pretty if you just if you have a designer mind or creative mind you can dress up boring things like let's say a cup and you can make it like a pretty cup and you can also have it you don't have to be a handy person you can get a nice print and you can have a third party company just put your designs on pick ups and then you sell them and you can sell them on Etsy Amazon eBay your own site a lot of places and yeah I already mentioned the ebooks next of course these things are already things you know so I kind of put them on one thing so like Airbnb you can even there's an Airbnb for your car it's called get around you can even buy things on Craigslist and repair them and sell them so you know like there's a famous case studies where people like you know buy broken washing machines repair them sell them so you know if you saw inclined fine you can do that business it's not sexy but it will pay the bills and you can work from home on your own time so you can do those kinds of things and if you back to the idea of selling products because it's very powerful and what makes it very powerful and then literally I have a client who sells a product is he's my friend now and he sells a grout cleaning product and his name is Jeff white and I worked with him for a little over a year now when he said when I started working with him he was really struggling and then now this month he sold $70,000 of his product on Amazon he had a household product a cleaning product for grout so it's a niche cleaning product it's not like you know something that everyone uses but a lot of households do use this and so what happened was because a lot of households do use this it's it's a common product that people can buy and you see for one single person business that's tremendous revenue so selling things online and especially things that are they can be used in every household by most people the the ubiquitous items they are tremendous moneymakers and if you cannot create them yourself you can get them either made like I mentioned or there are two websites where you can get a lot of product they're called Alibaba and Aliexpress I'll very briefly explain the difference Alibaba is like it's a basically a place where either Chinese or mostly Chinese manufacturers post their products and then you can buy up like a big bulk of products or like very cheap at wholesale prices you can buy like Bay you know common items and then you maybe sell them for five times as much on your own and the problem of course with that is you have to put in and you know you have to invest money upfront and you don't know if you're gonna sell the inventory and even if you sell the inventory Mike where you're gonna store it until you sell it so there's all these inventory problems if you don't want to deal with the inventory problems there's a website called Aliexpress it's all buy owned by the same people who made Alibaba and Aliexpress is essentially the same thing as Alibaba but you can get those items drop shipped basically you don't have to manage the inventory you don't have to invest upfront and there's a lot of items you can browse through and choose the ones you might like so that's interesting in case you're looking for products to sell or you know you can get into this on day one small overhead it's cheap to get into this almost free in case of Aliexpress of course you know in case of Aliexpress the products do ship from China so it might take a while so there are inventories there are some inventory management problems around that they are solvable there are solutions for every issue you might encounter so don't worry about it too much but these are essentially what people ask me about the most and there's others that I talk about it in the throughout this course so I won't mention them here but but now you have a good sense of what's possible to do online to make money.