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 customers 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 industrys unmatched flexibility. There couldnt 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.
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, its 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, youll 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 youre 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.
2. Online education and online courses development
There are many reasons why people might want to develop their online education and courses. Maybe you want to create a course thats 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 its 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 youre creating. If its a tutorial or guide, your target audience will be people who are looking to learn new things. If youre creating an online course that teaches how to make money, youll 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 youve 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.
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 its 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 doesnt 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 clients target audience. If people are bored or don't understand what your client is trying to say, they'll likely stop following your clients social media content.
iii. Use social media to build relationships. Be sure to use social media to build relationships with your clients followers. Share helpful tips, share funny stories, and be open to engaging in conversation.
iv. Use social media to drive traffic to your clients website. As a social media manager, your job is to keep your clients 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 o manage their social media accounts.
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 its 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 its also the simplest. You simply sell products that you already own, and youre 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.
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 youre 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 apps 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.
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, its 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, its 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, its 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.
7. Crowdfunding organizations and platforms
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 dont 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.
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 companys 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 mak money from digital marketing, but some of the most common 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 affiliates 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.
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.
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.