Digital entrepreneurship, or more commonly, online business, has revolutionized our world by connecting the most remote service or product provider to the users of the services and products.
It is the avenue through which products and services are delivered to the end users through any medium via the application of information technology without physical contact between producers and customers.
A customer’s need can be met within a few hours to a few days,
sometimes months, just by order-and-delivery based interactions through social
media as well as other digital technologies.
For those looking into this multi-billion dollar industry, the good thing is that little or no academic qualification is mostly required, no capital is needed, and these products and services can be traded from any location whether you are a B2B or B2C, adding to this industry’s unmatched flexibility. There couldn’t have been a better time when certain skills pay more than university certificates.
In this article, we bring to you the top ten (10) passive income businesses that you can begin in 2023 using only your digital skills and resources.
Number #1 e-Commerce
E-commerce is one of the most popular and rapidly growing
industries, as consumers continue to prefer buying items online. For instance,
experts have projected a 10.4% global growth in e-commerce sales in 2023 meaning an additional 0.7% increase recorded in 2022. There is an unimaginable growth potential in this industry.
E-commerce retailers can benefit from several strategies,
including setting up an online store, using e-commerce platforms, or selling
through affiliate programs. Regardless of the approach, there are many key
factors to consider when launching an e-commerce business.
i. Research your market and identify products/services yourself. Before starting an e-commerce store, it’s important to understand your target market. The first step, therefore, is to find a niche market that you can sell to. Once you have identified your target market, you’ll need to create a product that meets their needs.
You can buy products/services online and sell products/services online, you can buy products/services online and sell products/services in brick-and-mortar stores, or you can sell products/services from brick-and-mortar stores online.
ii. Working with a wholesale supplier. If you’re not interested in finding products yourself, you can work with a wholesale supplier. Wholesalers can help you find products, ship your products to customers, and additionally take care of the financial side of logistics on behalf of your business.
iii. Becoming an affiliate marketer. If you want to focus on a specific niche market, you can become an affiliate marketer. This means you will promote a product or brand for which there is an affiliate program and earn a commission on sales.
There are many broad affiliate product and service niches you can
promote online. These include, but are not limited to VPNs like SurfShark, Amazon Associates, Expedia, Etsy Affiliate, Babble, High-End Affiliates, TubeBuddy, CJ Affiliate, Webull, Mattresses, Supplements, ShareAsale, Educational Products, etc. With immense opportunities to promote the products or services of these amazing
companies and organizations, you can earn between 5% and 40% commission per
referral sale.
Number #2 Online education and online courses
There are many reasons why people might want to develop
their online education and courses. Maybe you want to create a course that’s
specific to your industry or you want to create a course that will help people
learn new information in a fun and engaging way. No matter why you might want
to develop your online education and courses, there are a few things you need
to consider.
The first thing you need to do is come up with a good idea
for your course. Once you have a good idea for the course, you need to start
planning the course content. This is a process that can be a little bit tricky,
but it’s doable. Besides, you can employ your online course to generate
backlinks and sell other products and services.
To build a successful online course or training program,
there are key factors you may need to put into consideration.
i. Identify your target audience. Your target audience will depend on the type of courses you’re creating. If it’s a tutorial or guide, your target audience will be people who are looking to learn new things. If you’re creating an online course that teaches how to make money, you’ll want to focus on people who are looking to make money.
ii. Identify your lead generation methods. There are many ways you can generate leads for your online course. You can offer a free trial, give away bonuses or products, or offer a discount for people who sign up for your course immediately.
iii. Create a sales funnel. Once you’ve identified your target audience and generated leads, you need to create a sales funnel. This will help you stay in your game and scale your online course enterprise as you master the process.
Number #3 Social media management
Setting up a social media management plan is an important part of any successful online strategy. You need to know what platforms to use, what to post, how to post, and when to post to reach your desired audience. There are some tools and platforms that can help you manage your social media accounts, but the most important part of social media management is keeping track of your content and making sure it’s timely, relevant, and engaging.
One of the best ways to measure the success of your social
media strategy is to track your followers and engagement. This can be done
using tools like Social Blade, which allows you to see which posts are getting
the
There is no doubt that social media is one of the most popular methods of communication today. It has become so popular that many businesses have begun using it as a way to connect with their customers better than before.
However, just because a business is using social media doesn’t
mean that it is managing it well. Many businesses are not aware of the
importance of social media management, and this can lead to negative
consequences. Therefore, the need for social media managers is growing.
The job of a social media manager is to create a social
media strategy. This strategy should outline how the business plans to use
social media, as well as what goals it has for the platform. It is also
important and it's your job as a social media manager to help your client's
social media presence reach new heights. There's no one-size-fits-all approach
to mastering social media, but here are a few tips to help you start on the
right foot as a social media manager or agent.
i. Plan. Make a plan for how the client should be using
social media, and be consistent with it. Don't just jump into posting whenever
something happens; plan your social media posts and stick to a schedule.
ii. Keep your posts interesting. Make sure your content is engaging
and interesting to your client’s target audience. If people are bored or don't
understand what your client is trying to say, they'll likely stop following
your client’s social media content.
iii. Use social media to build relationships. Be sure to use
social media to build relationships with your client’s followers. Share helpful
tips, share funny stories, and be open to engaging in conversation.
iv. Use social media to drive traffic to your client’s
website. As a social media manager, your job is to keep your client’s audience
happy and keep its followers engaged.
One way to make money as a social media manager is to work or
land the role of a contractor. You can find social media management companies
that will contract you to manage their social media accounts. This can be a
good way to make money if you are good at managing social media accounts,
especially if you have a lot of relevant experience.
Another way to make money as a social media manager is to work as a freelance social media manager. You can find social media management platforms that will contract you for clients to manage their social media accounts.
Number #4 Dropshipping
Dropshipping is a business model where you sell products
online without having to carry the products in-house. Instead, you contract to
have products shipped directly to your customers from a supplier. Dropshipping
is a great option if you have a limited inventory and want to avoid the hassles
and costs of running a physical business. Here are four methods for
dropshipping:
i. Use a dropshipping platform. There are several dropshipping platforms available including Shopify, BigCommerce, and Etsy. These platforms make it easy to create a store, add products, and manage your inventory. The unique thing is that you can manage to sell products by yourself. This is the most common way to make money by dropshipping, and it’s also the most popular. You can sell products through an online store that you own or manage, or you can sell products through an online marketplace like eBay.
ii. Use a dropshipping supplier. If you don't have the time or resources to set up your dropshipping store, you can use a dropshipping supplier. A dropshipping supplier will help you set up a store, add products, and manage your inventory altogether.
iii. Use a dropshipping app (see the next item on mobile
app development).
iv. Sell products from your inventory. This is the most
common way to make money dropshipping, and it’s also the simplest. You simply
sell products that you already own, and you’re in control of the shipping (logistics)
and customer service.
These are some of the most common ways to make money dropshipping. There are also many other ways to make money dropshipping, and the best way to find out what works for you is to take some time to explore different options.
Number #5 Mobile app development
A mobile app developer is someone who can create apps that
are both user-friendly and functionally rich. It takes both creativity and
technical know-how to develop a successful mobile app.
Mobile app development has become one of the most popular
development trends in recent years. There are reasons for this, but one of the
most important is that mobile app users are more engaged than ever before. As a
result, there is a huge demand for mobile app development services. And, if
you’re able to meet that demand, you can be sure that your business will be
successful.
The first thing you need to do is to know your niche. This
means understanding the features, functionalities, as well as capabilities of
your proposed app.
There are many ways to earn from mobile app development. The
most common way is to monetize your app by selling ads. You can also sell
in-app products or subscriptions. You can also make money by charging for updates
or modifications to your app, or by charging for premium features. You can also
make money by selling data from your app. You can also make money by selling
your app’s design or development services.
Further, to be a successful mobile app developer, you need
to have a strong understanding of both mobile app development and coding
languages. You also need to be able to deploy and maintain your apps on
multiple platforms, as well as design and manage user interfaces.
The good news is many companies allow you to build your mobile
app without any coding skills. They also provide free custom domains and 24/7
support. Examples of such companies are BuildFire, Appy Pie, GoodBarber,
Mobincube, Shoutem, Swiftic, AppInstitute, AppMaster, Appery, and MobAppCreator.
You can freelance as a mobile app developer on platforms
like Upwork, and Fiverr, as well as other contract-based platforms. You require
skills to be able to work independently and be able to handle multiple tasks
simultaneously. You need to have a good sense of timing especially in
delivering projects and be able to execute quickly and efficiently.
Above all, a successful mobile app developer is someone who can
create innovative, problem-solving, and user-friendly mobile apps and can get them
into the reach of the right target audience in the easiest, quickest, and
cheapest ways possible.
Number #6 Virtual assistant
Virtual assistantships are a great way to help out with
administrative tasks or to take on some light marketing tasks. They can be a
big help in making your business run more smoothly.
A virtual assistantship is becoming a more and more popular
way to help people with their day-to-day tasks. Virtual assistants can do
things like schedule appointments, answer questions, and more. They can also be
a great resource for people who have a lot of online work to do. There are
various virtual assistant roles out there, so it can be hard to decide which
one is right for you. Here are a few things to consider when choosing a virtual
assistant.
If you want to make money as a virtual assistant, there are
a few things you should keep in mind. First, it’s important to find a good VA
company. These companies typically have a good reputation and will pay you
based on the work you do. To start as a newbie, you may want to consider taking
up a virtual assistant volunteer role. Trust me, it builds your profile positively.
Second, it’s important to be efficient and organized. You
need to be able to handle multiple tasks at once and be able to communicate
with your clients effectively.
Finally, it’s important to be patient and keep a positive
attitude. If you put in the effort, you can make a lot of money as a virtual
assistant.
Number #7 Crowdfunding organizations and businesses
Crowdfunding is a way for people to raise money from a large
number of people, typically through the internet as well as other digital media
and channels. You can use crowdfunding to fund a new business enterprise, or projects,
such as a book, film, or music album.
Crowdfunding is different from traditional fundraising, in
that you don’t need to solicit donations from friends, family, or colleagues.
You can raise money from a much wider range of people – all you need is a
website and a good pitch.
There are many crowdfunding platforms available, but the
most popular by far is Kickstarter. Kickstarter has been used to fund projects
such as the Pebble Watch, the Oculus Rift, etc.
Building a crowdfunding platform can be a great way to earn
money. Here are some tips to help you get started:
i. Research the best crowdfunding platforms. There are a
variety of platforms to choose from, so it is important to do your research to
find the best one for your project. Then simulate their strategy for your business.
ii. Create a strong campaign strategy. Make sure you have a
clear campaign strategy before you start your campaign. This will help you
track your progress and make sure you are reaching your target audience.
iii. Create a strong campaign page. Make sure your campaign
page is well-designed and easy to navigate. You should also include clear
goals, timelines, and information about your project.
iv. Promote your campaign. Make sure you are promoting your
campaign regularly to reach as many people as possible. You can use social
media, online ads, and other marketing channels.
v. Monitor your campaign. Make sure you are monitoring your
campaign closely to make sure it is reaching your target audience. Be consistent with what works better and grow.
Number #8 Digital marketing
Digital marketing is
a process that helps companies reach out to potential customers and engage them
through various digital channels. It encompasses a wide range of activities,
including creating, managing, and executing digital campaigns, creating and
managing websites, and developing digital content.
Digital marketing is an important part of a company’s marketing
strategy and can help to increase website traffic, leads and sales. It can also
help to increase brand awareness and loyalty and to improve customer
engagement.
There are too many different types of digital marketing
including online advertising, online marketing, online public relations, online
search engine optimization, e-commerce marketing, and social media marketing.
There are many ways to make money from digital marketing,
but some of the most common ones include affiliate marketing, paid search, and
social media marketing.
Affiliate marketing is about an agent (individuals, businesses)
partnering with a digital marketing agency or individual to promote their
products. When a customer clicks on the affiliate’s link and makes a purchase,
the affiliate earns a commission. There are innumerable opportunities and learning platforms to become an affiliate marketing agent, or an affiliate.
Paid search is when a business pays online advertising
companies to place their ads on search engine results pages (SERPs). When a
potential customer clicks on an ad, the business earns a commission.
Social media marketing is using social media platforms to
reach and engage customers. The most common social media platforms are
Facebook, Twitter, and LinkedIn. When a business posts about its product or
service, and includes a link to its website or a landing page, it can earn a
commission.
There are many ways to make money from digital marketing,
and the best way to find out what works for you is to try different methods and
you will sooner than expected figure out which method(s) work(s) best for you.
Number #9 Online business consulting
Business consulting is a service of providing professional
advice and assistance to businesses to improve their operations. A business
consultant may guide strategy, marketing, finance, or other business-related
issues.
A business consultant can be a valuable resource for
businesses of all sizes. Many consultants have years of experience in specific
fields, which allows them to provide targeted advice and assistance. Business
consultants can also guide how to improve processes and optimize operational systems.
Online business consulting is a great way to get the help
you need to start or grow your business. Consulting services where you offer
guidance on marketing, web design, and online sales are increasingly in demand.
With the help of a professional, you can create a successful online business.
If you are looking for assistance in improving your
business, a business consultant may be a valuable resource. There are many ways
to make money as a business consultant. Some people offer their services as a
one-time project, while others offer a subscription service that sends them new
tips and advice as they become available. You can also provide consulting
services to businesses in your area of expertise. For example, if you are an
expert in online marketing, you could offer your services to businesses looking
to increase their online presence. You can also provide consulting services to
businesses in other industries. For example, you could offer your services to
businesses in the medical field, or the technology sector. Whatever your
expertise, there are likely many businesses that could benefit from your
services. Start by researching the different ways to make money as a business
consultant, and then start offering your services to the businesses that are
interested in hiring you.
Number #10 Business accelerator
This is a bit different from business consultancy. Online
business acceleration is a process that helps businesses grow faster and reach
their full potential. It can help you overcome challenges and increase your
sales, leads, and profits. Acceleration can be done through a variety of
methods, including website design, marketing, and web development.
Website design is the first step in business acceleration. A
well-designed website can help you attract new customers and increase your
visibility. It should be easy to navigate and look professional, with a modern
design and user-friendly interface. Your website should also be updated
regularly to reflect your latest brand and marketing efforts that you offer to
potential clients.
Marketing is the key to success in online business
acceleration. Therefore, if you are interested in helping businesses over the challenges
and hassles of production, marketing and growth, there are many different
online business accelerator services out there. But be prepared to commit time
and effort.
There are several ways a business accelerator can earn money
online. Some may charge a fee for membership, while others may offer services
as part of their membership, such as access to a mentorship program or
marketing assistance. Some business accelerators also charge an annual fee for
their services.
One way to make money as a business accelerator is to offer
consulting services to other businesses. Consulting can involve helping other
businesses with a range of tasks from planning and launching their businesses
to marketing and sales. If you have experiences in a particular area, such as
marketing or sales, you can offer your services as a business accelerator.
Another way to make money as a business accelerator is to
sell products and services. You can sell products and services online through
your e-commerce store or third-party marketplaces. If you have a unique product
or service, you can also offer it to businesses as a product or service
accelerator.
From setting up an e-commerce business to dropshipping, mobile app development, and other side hustles created by digital technology, making money doing businesses that you love with an internet connection, a mobile device, and investing time and skills can be a life-changing experience.
Hustle!
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