Below are some passive income ideas:
- Airbnb/short-term rental: Short-term rentals can generate higher profits than long-term rentals. However, do your due diligence regarding the legality and complexity of a rental business.
- Car sharing: Peer-to-peer car sharing is similar to renting out your home or beach house, but in this case, you're renting out your car. If you are thinking about renting out your vehicle, it’s important to carefully review your insurance policy. Consult with your insurance agent or broker to determine whether you are covered for car rentals through peer-to-peer platforms.
- Online courses: Teaching online requires an upfront investment, such as outlining a course, recording lessons, and creating downloadable resources like templates for your students. Once your courses are recorded, you can sell them repeatedly without keeping any inventory or stock. This allows you to start generating passive income,
- Self-storage: If you have extra space in your home or on your property and want to earn some extra income, consider renting out storage space to others through platforms like Neighbor or StoreAtMyHouse. This can be especially profitable in cities where storage options are limited.
Creator economy ideas
The digital age has allowed individuals to establish their brands and online followings using platforms like Instagram, TikTok, YouTube, and more. Business ideas in the creator economy include:
- Content creator: Ideas in this category include podcasts, videos and streaming, social media influencers, musical and other artists.
- Affiliate marketing: A form of marketing where you earn a commission for promoting a product or service on behalf of another business or retailer. As an affiliate, you receive a payment each time you generate a lead or sale for your partner. Affiliate marketing can be started with little funding. It’s also a great fit for content creators seeking additional revenue.
- Influencer: Influencer marketing is a powerful strategy for boosting brand awareness and engaging consumers. Influencers look for brands with which they can establish long-term relationships, positioning themselves as trusted advisors to their audiences. As such, they prioritize quality products, brand reputation, and authenticity over commission rates.
Businesses to start with little or no money
Many businesses, such as payroll and real estate, have high startup costs. However, many opportunities exist to start a business with little or no capital, especially if you work from home. Consider the following:
- Bookkeeper: Bookkeeping requires skill but little investment and can be a profitable business idea.
- Business Consultant: If you are an expert in a particular field, such as technology, law, finance, graphic design, and more, you can build a profitable consulting business.
- Drop shipping: Drop shipping is a way to run a business where you don't have to deal with shipping and handling yourself—it's all done by someone else. It keeps your costs low, but you'll still need to set up an online store and get the word out about your business.
- Freelance writing: While AI can be used to produce content and the written word, freelance writing is still a compelling business. Freelance writers bring experience, expertise, valuable insights, and persuasive content that delves into the subject matter while capturing the author's or brand's voice, establishing thought leadership, and improving search engine optimization.
- Personal training: If fitness is your passion, becoming a personal trainer can transform your interest into a fulfilling career and successful business.
- Tutoring services: Tutoring is a great way to start a business on the side and move into full-time as your client base grows.
- Virtual assistant: A virtual assistant offers administrative services to other businesses, usually from home. Beyond administrative tasks, virtual assistants can also provide social media, marketing, content development, and other services.
Food and retail ideas
Whether a brick-and-mortar operation, an online e-commerce presence, or both, consider the following food and retail business ideas:
- Bakery
- Bookstore
- Coffee shop
- Consignment store
- Eco-friendly clothing boutique
- Liquor store
- Sober (alcohol-free) bar
- Specialty food store
Technology-related jobs
Technology skills are always in demand. Here are a few technology jobs you can start from home or with little capital:
- App developer
- Computer repair
- Cybersecurity consulting
- IT support
- SEO agency
- Software developer
- UX design
- Web developer
Creative jobs
From video production to event planning, there are many business ideas to suit your creative side:
- Audio video production
- Event planner
- Graphic designer
- Hairstylist
- Interior design
- Makeup artist
- Personal chef
- Photography
Physically active jobs
If you don’t want to be tied to a desk all day, these businesses are some possible options:
- Cleaning company
- Delivery company
- Landscaping
- Moving company
- Pet sitting and walking
Tried and true businesses
While not wholly recession-proof, these businesses are generally more resilient than others and represent a solid option for new entrepreneurs.
- Auto repair
- Car wash
- Childcare
- Franchise business
- Handyman or contractor
- Laundromat / dry cleaning
- Medical supply business
- Notary public
- Plumbing
- Property management
- Real estate
- Trucking