You love your job and the stability it offers, but do you wish to have the flexibility of being your own boss? Or have another income source for a better standard of living? No one can turn down the opportunity to earn more money, and building a passive income stream has become a great way to do that. It is the perfect way to live your entrepreneurial dream even as you pursue your primary job!
Here’s a list of businesses for passive income you can try in 2021.
#1 Run a blog
Are you a fashion expert? A tech genius? Or a big movie buff? Then, blogging is one of the easiest ways to turn your passion into a business idea. It is a great way to earn some money through affiliate links, sponsored posts and ads, products, and more.
While a blog demands a lot of time and effort to build an audience, you’ll see substantial growth in no time if you post quality content regularly and create value for your audience.
#2 Start a dropshipping store
Dropshipping is one of the best passive income business ideas. It is a business model that requires creating an e-commerce store where customers can purchase products. Here, you don’t have to store bulk inventory or fulfil the orders yourself. Instead, the supplier handles the entire process, from manufacturing to delivery. What’s more, you don’t have to pay the supplier till the customer pays, limiting the cash risk.
Additional Read: Top 15 business ideas with low investment and high profits
#3 Affiliate marketing
In affiliate marketing, you have to promote a product or a service to the audience. Once you become an affiliate for a brand, all you need to do is include the link of its product or a service on your website or social media account. Brands offer you commission when a customer buys the offers through your referral link. It is a cost-free business idea that only demands your time.
#4 Build a print-on-demand store
If you’re an artist or a designer with excellent entrepreneurial skills, you can monetise your art by starting an online print-on-demand store. It allows you to sell your designs on products like t-shirts, mugs, notebooks, and more without much investment on your part. Nevertheless, if you still need external finance, getting a loan at a reasonable business loan interest rateis a good idea!
#5 Create an app
If you love coding and programming, you can use your skills to build apps as a passive income source. You can either look for an investor to buy your app or make a free app and earn money through downloads and run-in ads.
However, developing an intuitive app involves a fair amount of investment, depending on the type of app, features, mobile platform, and more. If you don’t have the required funds for your app, you can apply for a business loanto cover the cost.
Additional Read: Top Business Ideas Which Will Flourish in 2021
Need help starting your business?
If yes, then turn to Tata Capital! We offer collateral-free loans at affordable business loan interest rates to give wings to entrepreneurial ideas. With a simple, digital application process and structured EMI tenure, our loan offerings are customised to meet your unique financial needs.
To know more, get in touch with us today!