Top 5 Passive Incomes of 2018: Part 2

Continuing on from our first post about Real Estate being a top-grossing form of passive income, this article is going to be focused on starting a blog, and renting your car.

Starting a Blog requires you to be dedicated, but if you choose the right topic, then it won’t even seem like you’re working at all. Although it seems easy to do, creating and sustaining a blog requires a lot of time in front of the computer, or on your phone, which takes away from the other things in life – getting enough exercise, sleep, family time… It’s important that you create a good work-play balance.
The most successful blogs are those that: post regularly, have relatable content, articles are easy to read, the writer is open and honest, and can create/build a relationship with their readers. From these great blogs, their money comes from hard work to gain well-known company ads on their site, sponsorships, and by involving as many people as they can to create a busy, well-trafficked site, in which will create a lot of revenue.
There are so many ways that someone can branch off from their blog to make more money, through a YouTube/vlog channels, newsletters, affiliate marketing, events (meet and greet, workshops, webinars), premium content that only those that have signed up can view, freelance writing, selling products, eBooks of condensed blog content, courses, as well as adding a ‘donate now’ button, and the list goes on. You may even find that you can go into buying, fixing and then selling those fixed blogs to up-and-coming bloggers that really don’t know what they want to focus on specifically.

There are so many different options that can stem from creating a blog, you just have to be willing to think outside the box and try new things.

Renting Your Car is a simple, easy way to make money without trying. How many times have to travelled interstate via aeroplane and rented a car from a company, costing you some crazy money, or thought it would be so much easier if you had of driven? Well, now you can gain some of that money back by renting out your car. If you’re away on that holiday for two weeks or you just don’t use your car all that often and parking costs more than your petrol, you can list your car on a site like www.thecarnextdoor.com.au. From here, they will install technology – which keeps your car safe and lets ‘Borrowers’ get the keys –, you then set the availability of your car, and the hourly/daily rates and you’re done! A good company takes care of everything -bookings, marketing for your car,
payments, repairs-, and you may even have the opportunity to take out a low-rate comprehensive car insurance with the company – at thecarnextdoor.com.au for example, $60 gets full damage cover, 24/7 roadside assist, key exchange & security – which saves you big bucks!! Most cars are listed for $5-$8 an hour

Check out more passive income ideas at Investercon.com

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How to Start a Business (Part 3)

The first question that you have to ask yourself is “What kind of business do I want to have?”.  Well, the answer to that question comes down to what you have to offer and even the simple things like where you live. If you have read the first two parts of this series, you will have an idea of how you will start your business. Here you will come to understand what type of business you should start and where you fit into that category.

-Service
A service type is the simple type of a business, it’s you, providing your skills, and as a result, you get paid for that service. It the most common type in the world as it’s the easiest to do if you have the right skill set. For any time that you are trading your time in return for money at a fixed rate (e.g. plumbers, builders and accounting) you are providing within the category of a service type of business.

-Merchandising
Merchandising is a little bit harder to get into, as it requires a lot of start-up (e.g.money, location, contacts) and even a little background knowledge. An example of a merchandising business are places like K-mart, Woolworths pretty much are supermarket or shop. Why this type business is popular is due to fact that they provide a massive range of products to an even wider range of people, making these types of business successful and able to pocket a massive amount revenue yearly.

-Manufacturing
Now I think we all know what manufacturing means. Everything has to start from somewhere. Manufacturing is very much the same, many people start small,  manufacturing/building in their garage or a spare room in their house. Merchandising as seen above talks about supermarkets selling products. Well, a manufacturing business is the business that provides the products to those merchandising businesses. A manufacturing business is often called the start place – it’s where all the raw materials are pulled together and made into something else.

-Hybrid
Hybrid businesses are unique as they are seen as a middle man. They fill the gap between manufacturing and merchandising. This type of business didn’t always exist as manufacturing filled this role. After the First and Second World War, companies began to change their decision making around how they were going to sell their products, after seeing the booming economy of Japan, which spearheaded this change. From then on, massive warehouses, storage houses, self-storage and logistics companies rules this space. This is because of the number of items being traded over the world just keeps growing and growing and companies started to understand that you couldn’t do it on their own.

As you can see there are many different types of businesses that you can pick from. Some are harder than others but pay off much better. It all depends of your skill set and how hard you want to work.