Being your own boss is a dream that many people have. And, depending on the skill set that you have, it is a dream that can come true fairly easily for you. You could even start earning a part-time income to test the waters before committing fully.
Let’s say, for example, that you are great at restoring furniture. You could start browsing through auctions and buying pieces that just need a little TLC. If you are an expert at this, you will know exactly how much work they’ll need.
You could then fix them up and sell them online through a site like eBay or try running a promo for people who need furniture restored.
But what happens if you don’t have the time to restore furniture on an ongoing basis? You have other ways to put your skills to use online. What about doing some video tutorials to post up on YouTube to help others who want to learn? If the videos get enough views, you’ll eventually earn money from it.
You could sign up with a site like Udemy or Craftsy and charge people for those classes. That would be a short YouTube tutorial which could become a useful marketing tutorial. The key would be to provide useful content, content that sets you up as an expert.
You could then mention, at the end of the video, that you have the course available. You could also write a book or e-book on the topic as well. Perhaps you could do product reviews of the products that you used and link up to them to earn some money through affiliate sales.
You could have a website with a “members only” section that is accessible through a monthly or annual subscription. You could sell an email version of your course. And, hey, you could even sell off the furniture that you restored in the video.
The beauty of an online business that sells an informational product like a book or course, rather than just a physical product, like the furniture, is that once the informational product is done, the only thing you have to do is advertise it.
If the advertising is done right, you could be earning a passive income from your course for a long time to come.
Whatever business you decide to start online, you need to think about how many different ways you can make money off it. Maybe restoring furniture is your passion and you love doing that.
That’s fantastic; we need to do what we are passionate about. But you have to think bigger, and you want to earn a good living. How much furniture can you restore in one day? If it is only one or two pieces, you will not be earning a great living.
What if you want to scale the business up? What if you want to take some time off? These are things to think of as well. That’s why seeing what passive income streams you can start developing on the side is vital.
It may mean a bit of extra work to video your project, or to do a write-up of it afterward, but once it has been perfected, that bit of video could be set to use earning you a nice, steady income without you lifting a finger.
Follow your passion, but be smart about it!