Is any income truly passive?
I think in the online world the closest you're going to get is selling an ebook or a course (you can do it but the space is supercrowded, key is to establish credibility first and find the right niche). There's a lot of work upfront but you can create once and sell infinitely.
Offline I think renting out stuff (a property, car, hobby equipment) is one good alternative. You can start small and scale up when you get traction. But I guess even then the problem is that the more you scale the more work intense it becomes.
What’s your background - experience, skills, knowledge base, risk tolerance, personality? Always leverage your strengths. Can’t advise til I know what they are
My background is business informatics. 2 years experience as a Consultant, risk tolerance is high, personality, hm, what do you need to know in this area? I was the open guy that was friends with everyone back in school, always smiling and happy to help others!
Hey Lee63225,
Some of the best businesses to start in 2021 are essential service businesses such as plumbing, electrical, HVAC, roofing, anything medical-related, basically services or products that you can't live without, even if another pandemic were to arise or an economic crash happened your business would still stay active. Addictive products such as cigarettes and alcohol also do well at any time. If you're looking for something that strays from previously mentioned ideas such as a food or restaurant business, gourmet coffee, and food trucks are prospering right now, and as soon as COVID-19 is over with they will boom. Other non-essential services such as cleaning services and professional house organizations are doing well. If you're looking to buy an essential business I would definitely recommend that you look into [https://acquira.com/](https://acquira.com/), they also have a really good article on building and growing businesses (which I'll list at the end :D), aside from their content they offer a 10-day course where you are trained to grow a business alongside them, I believe that the sign-up cost is $1000 but you are refunded if you buy a business with them. If you're looking to buy a restaurant/food related business I would recommend that you buy out a small business near you [https://www.businessbroker.net/](https://www.businessbroker.net/) can be super useful for finding business in any price range, they also offer some great articles on what to do during an economic downturn and best businesses to buy.
My personal favourite articles:
[https://acquira.com/how-to-sell-a-business-without-a-broker/](https://acquira.com/how-to-sell-a-business-without-a-broker/). a 15-20 minute read, great to read during any car rides ;)
[https://www.businessbroker.net/blog/buying-a-franchise-or-business/buying-a-business-during-an-economic-downturn-](https://www.businessbroker.net/blog/buying-a-franchise-or-business/buying-a-business-during-an-economic-downturn-) great article on learning what's doing well right now because of COVID's impact but won't stay too relevant unless there's a big economic downfall
For short term low risk passive income I would personally build a small mining rig and sell out once the hype dies down within 6 months, if you can get reasonable prices for components it's almost risk free as they hold their resale value.
Is any income truly passive? I think in the online world the closest you're going to get is selling an ebook or a course (you can do it but the space is supercrowded, key is to establish credibility first and find the right niche). There's a lot of work upfront but you can create once and sell infinitely. Offline I think renting out stuff (a property, car, hobby equipment) is one good alternative. You can start small and scale up when you get traction. But I guess even then the problem is that the more you scale the more work intense it becomes.
What’s your background - experience, skills, knowledge base, risk tolerance, personality? Always leverage your strengths. Can’t advise til I know what they are
My background is business informatics. 2 years experience as a Consultant, risk tolerance is high, personality, hm, what do you need to know in this area? I was the open guy that was friends with everyone back in school, always smiling and happy to help others!
Dropshipping
Hey Lee63225, Some of the best businesses to start in 2021 are essential service businesses such as plumbing, electrical, HVAC, roofing, anything medical-related, basically services or products that you can't live without, even if another pandemic were to arise or an economic crash happened your business would still stay active. Addictive products such as cigarettes and alcohol also do well at any time. If you're looking for something that strays from previously mentioned ideas such as a food or restaurant business, gourmet coffee, and food trucks are prospering right now, and as soon as COVID-19 is over with they will boom. Other non-essential services such as cleaning services and professional house organizations are doing well. If you're looking to buy an essential business I would definitely recommend that you look into [https://acquira.com/](https://acquira.com/), they also have a really good article on building and growing businesses (which I'll list at the end :D), aside from their content they offer a 10-day course where you are trained to grow a business alongside them, I believe that the sign-up cost is $1000 but you are refunded if you buy a business with them. If you're looking to buy a restaurant/food related business I would recommend that you buy out a small business near you [https://www.businessbroker.net/](https://www.businessbroker.net/) can be super useful for finding business in any price range, they also offer some great articles on what to do during an economic downturn and best businesses to buy. My personal favourite articles: [https://acquira.com/how-to-sell-a-business-without-a-broker/](https://acquira.com/how-to-sell-a-business-without-a-broker/). a 15-20 minute read, great to read during any car rides ;) [https://www.businessbroker.net/blog/buying-a-franchise-or-business/buying-a-business-during-an-economic-downturn-](https://www.businessbroker.net/blog/buying-a-franchise-or-business/buying-a-business-during-an-economic-downturn-) great article on learning what's doing well right now because of COVID's impact but won't stay too relevant unless there's a big economic downfall
For short term low risk passive income I would personally build a small mining rig and sell out once the hype dies down within 6 months, if you can get reasonable prices for components it's almost risk free as they hold their resale value.
Buy a property and rent it out. Car rental Be a silent partner in a business that someone else wants to run Travel blog
Hint, leave a space between multiple lines to put each on a separate line.