馃攳
3 Passive Income Business Ideas [Start with No Money] - YouTube
Channel: Let's Talk Money! with Joseph Hogue, CFA
[0]
Passive income is a myth here on YouTube with
thousands of videos promising no work ways
[4]
to easy money.
[5]
In this video, I鈥檒l reveal three legit passive
income business ideas you can start with little
[10]
or no money.
[11]
You鈥檒l still need to put in some work getting
started but these are the three best business
[15]
ideas I鈥檝e seen for the speed at which they
become passive and the money you can make.
[19]
We鈥檙e talking passive income businesses
today on Let鈥檚 Talk Money.
[27]
Joseph Hogue with the Let鈥檚 Talk Money channel
here on YouTube.
[33]
I want to send a special shout out to everyone
in the community, thank you for taking a little
[37]
of your time to be here today.
[38]
If you鈥檙e not part of the community yet,
just click that little red subscribe button.
[41]
It鈥檚 free and you鈥檒l never miss an episode.
[44]
One of the most popular videos here on the
channel has been a list of seven passive income
[47]
ideas and how I make money online.
[49]
I got a lot of feedback on the video about
how many were smaller sources of income so
[53]
I wanted to follow it up with some bigger
passive income business ideas.
[57]
These are all going to be legit business ideas
you can start with no money and grow into
[62]
a business that will sustain itself.
[63]
I鈥檓 going to show you my three favorite
passive income businesses, how to get started
[68]
and how much you can expect to make.
[71]
All three of these businesses, you鈥檒l be
able to get started quickly and will provide
[74]
passive income within a year of getting them
off the ground.
[77]
I鈥檒l then be revealing three secrets to
making passive income online, three rules
[81]
for success no matter which of these business
ideas you go with so make sure you stick around
[85]
for that.
[86]
I want to say first though, if you鈥檙e looking
for income you get every month without having
[91]
to put in any work or invest any money, it
doesn鈥檛 exist.
[95]
There鈥檚 a big lie here on YouTube that creating
passive income is easy or that investing is
[99]
passive income.
[100]
It鈥檚 like passive income sightings and grainy
photos.
[103]
Nothing is going to create money out of nowhere
and I don鈥檛 consider investing passive income
[107]
because you had to do something to earn that
invested money in the first place.
[110]
So these three passive income business ideas,
of those I鈥檝e seen and use every month,
[115]
are the ones that will get you to that passive
income point fastest.
[119]
You鈥檒l still have to set them up, maybe
working on them for a few months, but they
[122]
grow fast enough and can be managed to be
as passive as possible very quickly.
[126]
Our first passive income business is creating
virtual summits and conferences.
[130]
Now I love my experience going to a conference
of financial bloggers each year but the total
[134]
cost is upwards of three grand for the five-day
trip.
[137]
I always pick up enough ideas to make it worth
it and the community is great but that cost
[141]
is a killer for a lot of people.
[144]
Virtual summits are a great way to still get
that sense of community and the inside knowledge
[149]
but without the travel and other costs.
[151]
So there are different ways to structure your
virtual summit.
[154]
At a minimum, you鈥檒l have 10 to 30 video
sessions around half an hour or more where
[159]
a speaker will go into a topic.
[161]
This is the core of your conference but you
want to add in other features to set it apart
[165]
from other virtual events.
[166]
Some good add-ons are an online forum or even
better a group video chat to create that community
[171]
interaction.
[172]
You can set up special online networking events
and a private Facebook group.
[177]
You can also work with sponsors to offer special
discounts on products.
[180]
A friend of mine, Liz Stapleton, recently
finished up her Side Gig Summit, a virtual
[185]
conference of 25 side hustle ideas with speakers
in each.
[189]
By the end of the summit, she had over 200
registrations and at ticket prices between
[194]
$100 to $400 each.
[195]
And the beauty of the virtual summit is that
you keep getting registrations even after
[200]
the official launch.
[201]
All those video sessions stay up to earn passive
income every month on new registrations.
[206]
Getting started with your virtual summit means
knowing a niche and being part of a community
[210]
within that niche, whether it be online or
traditional business entrepreneurs.
[214]
You need to get to know some of the people
that are really crushing it.
[217]
Then you reach out to get them to speak for
a 30-minute video interview.
[220]
This can be an interview format or them delivering
a presentation.
[225]
To get speakers for the event, you can offer
a cut of the ticket sales or the ability to
[229]
sell their own products or services but some
might do it just for the experience and to
[234]
get their name out.
[236]
I prefer offering a commission on sales rather
than letting speakers pitch their products.
[241]
This way, you make sure they give as much
information as possible without holding back
[246]
to sell people into their courses.
[248]
Setting up all this is actually the easy part.
[250]
You can record all your videos and upload
them to a platform like Teachable.
[253]
This is going to give you the ability to charge
for your summit, set up coupons codes and
[257]
get other people to help sell it through an
affiliate program.
[260]
Teachable is the platform I use to host all
my online courses and is the one I see used
[264]
most often.
[267]
The site is offering a free live training
on seven steps to launch your own online course
[271]
or summit now so I鈥檒l leave a link to that
in the video description below.
[276]
Marketing is the bigger challenge in virtual
summits but there are ways to make this completely
[279]
passive as well.
[281]
The easiest way is to work with your speakers
as affiliates to promote a few weeks before
[285]
the launch.
[286]
You can also do free videos here on YouTube
that feed into a registration page and you鈥檒l
[291]
pick up a lot of ideas in that free training
on the Teachable site.
[294]
A couple of tips for success here before we
move on to our second passive income business
[298]
idea.
[299]
First is that you want to make your virtual
summit topic as narrow as possible.
[303]
You don鈥檛 want to do a summit on something
like being an online entrepreneur or personal
[307]
finance.
[308]
This is too broad and it鈥檒l make marketing
more difficult.
[311]
Instead, take that broader topic and narrow
it down, Instead of personal finance, make
[316]
it about investing or paying off debt.
[319]
Instead of being an online entrepreneur, focus
it to blogging or vlogging or ecommerce.
[325]
This means you can hit every theme within
that smaller topic with your video sessions
[329]
and you鈥檒l provide more detailed information.
[332]
Second is to really push your speakers to
provide quality and detailed information in
[335]
their sessions.
[337]
Have at least a couple pre-recording calls
with each speaker to see what they鈥檙e going
[340]
to talk about.
[341]
Ask for an outline and then ask questions
to make them think deeper into the topic.
[345]
Our next passive income business is an interesting
mix of online and offline worlds, creating
[350]
a co-working space with coaching and equipment
rental.
[353]
I love this one because it鈥檚 a little of
both worlds, online and offline.
[357]
That gig economy, we鈥檙e talking independent
and contract workers, is growing by double-digits
[362]
a year and is expected to reach 9 million
workers by 2020.
[366]
Employers love it because of the lower employee
costs and freelancers love it for the freedom
[371]
and potentially higher pay.
[372]
But starting as an independent worker and
just that daily work can be tough.
[377]
In school, we鈥檙e taught to be a cog in the
wheel, a part of a machine and do what we鈥檙e
[381]
told.
[382]
Out in the gig economy, you have to be the
one that organizes and manages and gets things
[385]
done.
[386]
Beyond all this, the flipside to that independence
is that freelancing can feel like solitary
[391]
confinement at times.
[392]
That鈥檚 where co-working spaces come in,
shared office space rented out on a daily
[396]
or up to monthly basis to freelance workers.
[398]
Now the co-working idea isn鈥檛 new but you
can make yours unique by adding in new ideas
[402]
like training videos or equipment rental.
[405]
To get started, you鈥檒l need a large, open
floor plan with at least 1800 square feet.
[409]
Get the fastest bandwith internet package
offered by your local provider.
[413]
A good rule of thumb is to have at least 5
megabit per second of download per active
[418]
user at any one time.
[419]
You鈥檒l also need furniture, both individual
desks, long communal tables and some more
[424]
comfortable stuff like bean bags and couches.
[427]
Increase your revenue sources by having a
small coffee shop that can serve beverages,
[431]
snacks and sandwiches.
[432]
Now the budget to get this going can be as
much as ten grand so it helps to go in with
[435]
some partners or investors.
[437]
Another way to fund it is to get commitments
from freelancers ahead of time at a discounted
[441]
rate.
[442]
If you pre-sell enough spots or bring on just
two or three investors, you can easily start
[447]
this one off with no money on your part.
[449]
How much you charge is going to depend on
your city but the U.S. average is around $300
[454]
per month in smaller cities with rents as
high as a grand in larger metros.
[458]
The food and beverage sales are generally
another $100 each month per member.
[462]
Monthly operating costs will be a couple thousand
but you can see how just having ten or 20
[466]
people using your space and you鈥檙e clearly
several thousand a month.
[470]
Once you get a co-working space started, it鈥檚
very low management.
[474]
In fact, a freelancer or blogger could manage
it themselves while working their normal workday.
[478]
Or you hire someone to manage the space and
the caf茅 workers.
[482]
This is definitely closer to the traditional
business idea than the other two passive income
[487]
ideas we鈥檒l talk about but it鈥檚 one of
the least management intensive I鈥檝e seen.
[490]
It can be a great second source of income
for someone working as an independent worker
[494]
and passive income if you hire out management.
[497]
I want to cover a few tips to setting up your
coworking space to avoid some of the biggest
[501]
mistakes I鈥檝e seen.
[502]
First, prohibit members from setting up their
own wireless device and network.
[506]
You get too many networks in a confined space
and it鈥檚 just going to create interference
[510]
and slow speeds.
[511]
Put together a Wi-Fi infrastructure that can
handle multiple users and everyone uses that.
[517]
Use virtual local area networks for each person
to keep everyone on a level playing field
[522]
for bandwith usage.
[524]
Otherwise, you can get a few people trying
to eat up all the internet speed and it screws
[528]
everyone else on the network.
[529]
You also might consider just wiring up each
workstation with cable internet connectivity,
[534]
or at least each individual workstation.
[536]
It鈥檚 an inexpensive solution and will provide
the most reliable connection for your users.
[540]
We鈥檙e going to see one of those three success
tips I鈥檒l be sharing at the end of the video
[544]
really come into play here.
[546]
The idea of getting as many income sources
out of your business as possible, so getting
[550]
the rented space, equipment rental and food
sales.
[553]
I鈥檒l talk more about this in the three success
tips after our next passive income business
[557]
so make sure you catch those.
[559]
Our third passive income business is going
to be to create an affiliate marketing website
[562]
but with a twist.
[563]
Affiliate marketing is partnering with a company
to promote their product or service.
[568]
You get a link to include in articles or social
media posts.
[571]
If someone clicks on that link and makes a
purchase, you get a commission.
[574]
Now I do affiliate marketing on my websites
and make a good amount of money each month
[577]
but it鈥檚 not quite as passive as you might
think.
[580]
I average just over three grand a month from
affiliates but that means creating one or
[584]
two new articles a month to keep things growing.
[587]
The way you make this more passive income
is creating a website more narrowly focused
[590]
on a product or service.
[592]
Instead of a blog on personal finance like
I鈥檝e got, you create one about debt consolidation
[596]
or debt counseling.
[598]
Instead of a blog about making money, you
create a site specifically about starting
[602]
a website.
[603]
This narrower focus will make it easier to
rank on Google and it鈥檚 going to attract
[607]
a very specific target audience.
[610]
That focus is also going to be more valuable
to affiliate companies with a product or service.
[615]
That means you鈥檒l get more offers to write
guest posts for your website.
[617]
Now I鈥檓 not talking about the spammy guest
posts of 500 words.
[621]
All the bloggers out there know what I鈥檓
talking about.
[623]
No, here we鈥檙e talking about quality articles
that give readers value and solve a problem.
[629]
Writing content is 80% of running a website
so if you can get this free as guest posts
[633]
from others, that鈥檚 about as passive as
you can expect on your part.
[637]
Now I usually recommend bloggers start with
a passion project or a hobby for when they鈥檙e
[641]
starting a website.
[642]
This might not be the case if you鈥檙e starting
an affiliate comparison site.
[646]
You might love talking about underwater basket-weaving
but there just isn鈥檛 much money to be made
[651]
in it.
[652]
Instead, look for some of the most profitable
niches that are related to your favorite hobby.
[656]
You can do this by searching for the most
expensive keywords in advertising on Google.
[659]
So you鈥檒l see things like insurance, loans,
mortgage, attorney, credit and even mattresses.
[666]
After you鈥檝e got a niche idea for your affiliate
business, you鈥檒l go to affiliate networks
[669]
like Commission Junction and ShareASale to
look for companies with programs.
[673]
These programs pay from $20 into the hundreds
of dollars for each commission and signing
[678]
up takes less than a minute.
[679]
You鈥檒l set up your website and spend a few
months writing articles to build your rankings
[683]
on Google.
[684]
Within six months, you鈥檒l start getting
offers from affiliates to post content and
[688]
can reach out to have them write articles.
[690]
You鈥檒l also get offers from other bloggers
to write content for your site.
[694]
I鈥檝e got a complete step-by-step guide to
starting a website that I鈥檒l link to in
[698]
the video description.
[699]
It will get you started and get your site
up to start on the affiliate business idea.
[703]
That鈥檚 our three passive income business
ideas.
[706]
Again, it鈥檚 not like any of these are going
to set up in a day and start making passive
[710]
income immediately.
[711]
That just doesn鈥檛 exist.
[713]
What I want to give you in this video is three
legit ideas that take minimal effort and time
[718]
that can provide a few thousand or more a
month once you鈥檝e got them going.
[721]
Now I want to share those three success tips
that are going to help you get these or any
[725]
online business started and making money as
fast as possible.
[729]
First is that you can鈥檛 just think about
it in terms of your product or service.
[733]
Spend just as much time understanding the
marketing and how you鈥檙e going to reach
[737]
your customers.
[738]
As an online entrepreneur for over six years
now, I can tell you it usually isn鈥檛 your
[742]
product but how well you get it in front of
people.
[745]
Now I know it sucks that you can鈥檛 just
create something great.
[748]
You have to also create that marketing and
that funnel system to sell the idea.
[752]
This next tip is going to help you make these
ideas as passive as possible and that鈥檚
[757]
to learn quickly what parts of the business
you can outsource.
[760]
This might mean making just part of the business
passive like getting that free content for
[764]
your website or it might mean turning it completely
passive like hiring out management for your
[768]
co-working space.
[770]
Get involved in a community of similar business
owners to see what they鈥檙e hiring out and
[774]
how they鈥檙e making the business passive.
[776]
Our third tip and this is one of the most
important is to learn how to create multiple
[780]
income streams from your one business idea.
[782]
In the co-working idea, this meant food & beverage
sales, maybe equipment rental and training
[787]
courses along with the main space rental.
[790]
In the virtual summit idea, it might mean
sponsorships or affiliates along with those
[794]
ticket sales.
[796]
Creating these multiple income streams is
going to help increase and also smooth out
[800]
your income if any one source falls a little
in the month.
[804]
You鈥檒l build a more reliable source of passive
income and will be successful.
[807]
We鈥檙e here Mondays, Wednesdays and Fridays
with the best videos on beating debt, making
[812]
more money and making your money work for
you.
[814]
If you鈥檝e got a question about money, just
subscribe to the channel and ask it in the
[818]
comments and we鈥檒l answer it in a video.
Most Recent Videos:
You can go back to the homepage right here: Homepage