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13 Actionable Tips to Book More Tables in 2023

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13 Actionable Tips to Book More Tables in 2023

Welcome to my blog on SEO for restaurants!

Let’s lay some facts on the table:

Almost all of us – a whopping 97% – find new places to eat by looking online first. Not to mention, nearly half of all Google searches are people hunting for local spots.

These numbers spell it out: If you want to get customers to come to your restaurant, you need to stand out on the internet.

How do you do that? One clear answer is to embrace SEO for restaurants, otherwise known as Search Engine Optimization.

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Let’s dive into it.

Demystifying SEO For Restaurants: The What and Why

SEO is about juicing up your website and its content to rise to the top of search engine rankings on platforms like Google, Bing, or Yahoo.

Picture this: someone’s searching for a grub spot near them or a specific dish. 

What’s your ultimate goal? It’s pretty straightforward – you want your restaurant to be the first thing that pops up in their search results. 

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At this point, you might be thinking: how do I improve my restaurant’s SEO?

1. Map Relevant Keywords

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When it comes to SEO for restaurants, it all begins with mapping out relevant keywords. 

Think about your menu, location, ambiance, and other unique factors that set your restaurant apart from the crowd.

You want to pick keywords that reflect your restaurant but also ones that have enough search volume to bring traffic to your website.

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Say you own a Mexican restaurant in New York City with a rooftop bar; your star keywords might be “Mexican food NYC,” “rooftop bar,” “margaritas,” and “outdoor dining.”

To find these keywords, I personally go for keyword research tools like SEMrush.

SEMrush provides detailed information on organic traffic potential for different keyword phrases, including where they rank on Google’s search engine results pages (SERPs), which competitors are using these same terms, etc. 

2. Craft SEO Content (Keep it Local)

For restaurant owners, local SEO is critical. Consider this: Google has seen “near me” searches explode by over 136% yearly.

Search engines are smart. They track the searcher’s location and prioritize the most relevant results.

So, what’s the winning formula for local SEO content? 

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Here it is:

  1. Craft content that’s specific to your location.
  2. In this content, fine-tune title tags, meta descriptions, and header tags with location-specific keywords.

Ready to apply this to your website? Let’s look at some areas where you can implement these strategies.

3. Optimize Your Menu: The Core of Your Restaurant Website

Your restaurant’s menu isn’t just a lineup of food and drinks – it reflects your brand, a testament to your culinary flair, and a promise of quality. 

Ensure your website displays a current menu, highlighting your crowd-favorite dishes and beverages. Including clear pricing info is key because customers appreciate knowing what they’re in for before stepping into your place.

4. Location, Hours of Operation, and Booking Options

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Your address should stand out on the homepage or contact page. Also, how about adding a map with directions for an easy route to your place?

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Got a potential customer with a question or worry? Make sure they can reach you easily – display contact info like a phone number and email address.

And here’s a thought: offer online reservations. This can save customers time and make booking a table more convenient – especially during busy times.

In the digital age, it’s also worth considering the addition of a chatbot to your website. A chatbot can respond instantly to common queries, guide customers through the reservation process, and even handle simple complaints.

5. Cuisine-specific Content

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Got a signature cuisine at your restaurant? Make some noise about it in your content. Showcase those standout dishes and one-of-a-kind creations that define your culinary style.

Say you run a vegan restaurant. Why not highlight meals whipped up with locally grown, fresh ingredients? Share blog posts or videos about the journey of these ingredients – where they come from and the farmers you partner alongside. 

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You could also share stories about why these ingredients are unique to your area and how they enhance the flavors of your dishes.

6. Chef or Owner Profiles

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Customers who know the masterminds behind their meals form a stronger bond with the food and the restaurant. So, why not introduce your chefs or owners with profiles that underline their backstory, experience, and vision for the place?

You can share these profiles on social media or your restaurant’s website. Showcasing these folks’ skills and food passion does more than promote your restaurant. It proves that your place is not just a business – it’s a personal canvas for culinary creativity.

7. Build Citations and Local Listings

Citations are online references to your business’s name, address, and phone number (NAP) on other websites. 

On the other hand, local listings are your business’s detailed profiles on directories and review sites. They give potential customers a full picture of what you offer.

Both are important for local SEO because they signal to search engines that your business is legitimate and credible. 

Top Citation Sources

There are many citation sources out there, but not all of them are created equal. 

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Here are some of the top citation sources you should focus on: 

  • Yelp
  • Yellowpages
  • Google My Business
  • Facebook
  • Bing Places for Business
  • Foursquare
  • Apple Maps Connect
  • Manta
  • Citysearch

These have high domain authority and are trusted by search engines, so having a citation on these sites can help boost your business’s credibility.

Keep your restaurant’s info up-to-date, add drool-worthy pictures of your dishes, and encourage your customers to leave reviews. 

Remember, how you respond to reviews, good or bad, speaks volumes about your restaurant. 

8. Tips For Encouraging Customers to Leave Reviews

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Got the gist of how key customer reviews are in SEO for restaurants? Let’s dive into how to score more of them.

  1. Just ask – One of the simplest ways to rack up more reviews is to ask your customers straight up. You could add a call-to-action in your email signature or on your website inviting satisfied customers to leave a review.
  2. Make it simple – The simpler you make it for customers to leave a review, the more likely they are to do it. Give clear steps on where and how to drop a review (like, “Click here to review us on Yelp”). I once dined at a restaurant where the waiter handed me a QR code on the spot – it was so simple I couldn’t resist!
  3. Sweeten the deal – While you can’t pay people for reviews, you can dangle incentives like discounts or free stuff for their next visit.
  4. Respond quickly and graciously – Whenever a review pops up, good or bad, get back to it ASAP and thank the reviewer for their time and thoughts. It shows you genuinely care about your customers and their feedback.

9. Claim Your Google My Business Listing

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Here’s a big one: stake your claim on your Google My Business (GMB). 

This way, when customers are on the hunt for a restaurant like yours in their area, they’ll find spot-on info that guides them to your doorstep.

Step-by-Step Instructions on How to Claim Your Listing

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To claim your GMB listing, follow these simple steps: 

  1. Go to Google My Business and click the “Start Now” button.
  2. Log in to the Google account associated with your business or create a new one.
  3. Enter the name of your business and select a category that best describes what you do.
  4. Enter your business address or service area if you don’t have a physical location.
  5. Add a phone number and website URL for your business.
  6. Verify your listing by mail, phone, email, or instant verification if available.

It’s important to note that you must have a physical location or provide services in person to claim a GMB listing.

10. Optimize Your Google Business Profile

Have you ever thought about why it’s vital to get your Google My Business (GMB) listing right? Well, it’s your golden ticket to appear in Google Maps and local search results, which is more essential now than ever.

Want a bit more insight on that? Read more on how to improve your Google Maps ranking.

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But let’s not stop there. To truly harness the power of GMB, you need to ensure every element of your profile is on point:

  • Business Name: Ensure that your business name accurately reflects the name of your business as it’s known locally. Avoid using irrelevant keywords or taglines.
  • Address: Make sure that your address is accurate down to the suite or unit number.
  • Phone Number: Provide only one phone number for your business, and make sure it’s local. Avoid using toll-free numbers or numbers with different area codes than where your business is located.
  • Hours: Update your hours regularly if they change seasonally or due to holidays.
  • Categories: Use specific categories rather than broad ones (e.g., “Mexican restaurant” instead of “restaurant”).

Wondering why all this fuss about GMB? Let’s look at some real-world evidence. @DataChazGPT recently tweeted a fascinating snapshot of Google search results in 2023.

There were seven Google Maps listings taking the lead before the top organic SEO search result even made an appearance!

Take a moment to absorb that. SEVEN map listings before the top SEO spot. That, my friends, is the power of a well-optimized GMB profile. So, get on it and see your local search presence soar!

Want to give your restaurant website a credibility boost? Then, it’s time to build backlinks.

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You may be wondering, “What on earth are backlinks?” They’re like a thumbs-up from other websites – a clear sign that they trust and value your content.

Imagine this: a highly respected site links to your little corner of the web. Search engines like Google see this and think, “Hey, this must be a great site!” 

And just like that, your website becomes a hot favorite in the search rankings.

How do you go about building these backlinks?

  1. Find Your Allies: Identify websites that align with your restaurant’s niche and have solid domain authority. These are your potential allies in the quest for higher search rankings. Think food bloggers, local news outlets, local business associations, suppliers’ websites, and lifestyle brands. 
  2. Cook Up Irresistible Content: Your website should be a treasure trove of high-quality content that others can’t resist linking to (or sharing). Be it tempting blog posts, behind-the-scenes videos, or infographics detailing the journey of farm-to-table ingredients, make it link-worthy.
  3. Reach Out: With your list of potential allies and irresistible content ready, it’s time to make contact. Send a friendly email or social media message to the website owner, introducing your fantastic content that their readers might find interesting.
  4. Guest Posting/Collaboration: Watch for opportunities to add value in exchange for a backlink to your site. Collaborating with other businesses could involve co-hosting events or promotions that put both your brands in the spotlight.

But remember, quality over quantity is the name of the game. 

12. Go User-Friendly

Think of your website as your restaurant’s virtual front door. You want it to be welcoming, right? It should be sleek, modern, and easy to navigate, just like your physical space.

Start by revisiting your current website layout. Choose a responsive design that adjusts to look good on any device. Using larger fonts and straightforward navigation menus makes your site user-friendly for mobile visitors.

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Also, pay close attention to the load times of your images and videos. According to Google, more than half of mobile users will abandon a page that takes more than 3 seconds to load.

In a world where over 50% of web traffic comes from mobile, a potential customer is lost for every second wasted!

One way to speed things up is to give each image a descriptive file name that matches its content instead of something generic like “IMG_001” or “screenshot.” This helps your site load faster and lets search engines understand your website’s content.

13. CTA’s

Lastly, provide clear calls-to-action (CTAs) on every page.

CTAs can be anything from a “book now” button to a “view our menu” link that directs users to relevant information. Creating a seamless user experience on your site increases the likelihood that potential customers will take action and visit your restaurant.

SEO For Restaurants – Final Thoughts

In the bustling digital world, SEO for restaurants is your secret recipe to stand out. It’s not just about visibility but about creating an enticing online experience that mirrors the unique appeal of your restaurant. 

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Remember, SEO is a journey, not a sprint, and every small step contributes to your long-term success.

So, consider this: How can you use SEO to bring the unique flavors of your restaurant to the digital forefront, and how will you ensure they reach as many potential customers as possible?

Frequently Asked Questions about SEO For Restaurants

Here are some FAQs about SEO for restaurants.

What are some common restaurant SEO mistakes to avoid?

Some common restaurant SEO mistakes to avoid include:

  • Using duplicate content.
  • Stuffing keywords.
  • Ignoring mobile optimization.
  • Neglecting local SEO.
  • Failing to track your website’s performance.

How long does it take for restaurant SEO efforts to show results?

The amount of time it takes to see results from restaurant SEO efforts varies based on several factors, such as your website’s current level of optimization, your competition, and the keywords you’re targeting.

Generally, it can take several months to see noticeable improvements in search engine rankings and website traffic. However, consistent and ongoing SEO efforts can lead to long-term success.



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How Creators Make Money Is Changing

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In 2021, we reported on a survey that measured creators’ top sources of revenue. At that time, sponsorships with advertisers took the top spot by …

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The Ultimate Guide to Succeeding Alone in Business in 2024

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The Ultimate Guide to Succeeding Alone in Business in 2024

What is a solopreneur? And how do you become one?

Well, in this post, we’re diving into the world of solopreneurship to help you get started.

You’ll learn:

  • The difference between a solopreneur and an entrepreneur
  • Pros and cons of solopreneurship
  • A step-by-step guide to becoming a solopreneur
  • Plus, solopreneur business ideas you can start today.

Let’s get started.

What is a Solopreneur?

A solopreneur is a person who starts a business by themself, without a partner, and the need for hiring employees.

What is a Solopreneur?

Merriam-Webster defines it as:

One who organizes, manages, and assumes the risks of a business or enterprise without the help of a partner : a solo entrepreneur.

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They typically bootstrap their business using their own money and manage all aspects of the business needs to make a profit.

This might involve sales, marketing, product development, managing finances, and customer satisfaction.

Solopreneur vs Entrepreneur

Now, you might be asking, “What’s the difference between a solopreneur and an entrepreneur?”

Solopreneur vs EntrepreneurSolopreneur vs Entrepreneur

Here are the key distinctions between the two. Knowing these can also help you choose which one to pursue.

Purpose

A solopreneur and an entrepreneur have slightly different intentions when launching a business. The solopreneur starts a business so they can work for themselves, make extra money, and work on something they’re passionate about.

Solopreneurs often start a side hustle while working a regular job, hoping their business will take over their salary.

The entrepreneur generally starts a business for growth, scalability, and profit. They may also be driven by having an impact on a market.

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Entrepreneurs might start as solopreneurs in the beginning but with an aim to expand. They may also have an exit strategy in mind from the very beginning, whereas solopreneurs rarely start to sell the business.

Management

Solopreneurs don’t hire employees as they aim to manage all aspects of the business themselves. But, they might hire a freelancer, independent contractor, or virtual assistant for specific daily tasks.

The solopreneur doesn’t usually seek investments either, as their startups are self-funded.

Entrepreneurs will build a team of employees and seek investments so they can expand the business quickly.

Most entrepreneurs don’t want to be working in the business but rather focus on their vision and creative direction.

Focus

The focus of a solopreneur is primarily to create a lifestyle business. They might also want to achieve financial independence and work on things they love.

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Many solopreneurs are simply driven by their interests. For example, an artist might want to spend more time painting, so they research ways to monetize their work.

When their art business makes more money than their job, they can leave and focus on painting full-time. They’ve turned their hobby into a business.

Whereas the entrepreneur might have a passion for growth, innovation, impact, or for business itself. The businesses they start can be varied, and they don’t necessarily have to be passionate about their niche.

Pros and Cons of Solopreneurship

Like any venture, business model, or career choice, there are advantages and disadvantages.

Here’s what you need to know when becoming a solopreneur.

Solopreneurship Pros

  1. The introverts dream. Solopreneurship can be very appealing to introverts or those who like working alone.
  2. Total autonomy. You have complete control over business decisions, projects you work on, and the people you serve.
  3. Flexibility. It provides total freedom regarding the hours you work and your location.
  4. Low startup costs. Many solopreneurs can start with a social media account and free marketing tools like Substack.
  5. Passive income. There’s a lot of potential to earn passive income as a solopreneur. Here are some passive income ideas to look into.

Solopreneurship Cons

  1. Workload. Many roles are required to be a successful solopreneur. These include marketing, sales, accounting, and client satisfaction.
  2. Inconsistent income. Revenue can be slow and inconsistent in the beginning.
  3. Isolation. Running a business alone can get pretty lonely sometimes, even for introverts.
  4. Work-life imbalance. It can be hard to switch between work and play, especially when working from home.
  5. Financial responsibility. Financial management can be quite daunting for some people and may lead to failed startups when not managed well.

How to Become a Solopreneur

Here are 9 steps you can take to make the solopreneur journey a breeze.

1. Evaluate Your Skills

Solopreneurship is all about monetizing a skill or what you know. So, the first step is to know what you’re good at.

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This is harder than it seems because what we’re good at often comes naturally to us. Therefore, we don’t recognize our own talents.

It could be fixing your diet, graphic design, writing a novel, or dealing with stress.

Start by documenting your life and answering these questions:

  • What are you passionate about that you’ll never get bored with?
  • Have you achieved anything significant that came easy to you?
  • What do you spend the most money on?
  • What do your friends come to you for advice about?

Spend some time journalling or brainstorming things that come to you. Just try to keep it simple.

You don’t have to be an expert to be your own boss. Only a desire to help others who are a few steps behind you.

If you’re really stuck, you can choose one of the easiest online businesses to start to get you going.

2. Set Financial Goals

Next up is knowing how much income you want to make.

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Solopreneur financial goalsSolopreneur financial goals

Do you want to make a little extra on the side? Or do you want to replace your salary?

There’s no limit to how much you can make when starting an online business as a solopreneur.

But it’s still important to set business goals. Doing so will help you make better decisions and even choose a business model or product to sell.

You’ll want to establish short-term and long-term financial goals. That way, you’ll stay motivated and maintain focus.

3. Choose a Business Model

Your business model is how you deliver your products or services. Establishing one will give you clarity on the direction you can take.

It will also reveal how you’ll generate income, establish risk, and how you might scale if you want to.

We’ll take a deeper dive at specific business ideas later, but these are the main business models to choose from.

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  1. Service-based. Things like freelance writing or web design services.
  2. Content creator. Teaching through YouTube, blogs, or online courses.
  3. Coaching. Helping people achieve personal or professional goals.
  4. eCommerce. Selling physical or digital products.
  5. Developer. Launching web or mobile apps.

4. Identify Your Ideal Market

So you have an idea of what you’ll be offering and the business model to deliver it.

But now you need to find an audience who needs it. Skip this step, and you could sell something no one needs.

Market research validates what you have to sell and will help you clarify your offer.

It involves understanding the pain points of your target audience and crafting a compelling solution.

Here are some popular ways to perform market research today:

  1. Forums and communities: Join and engage in niche forums or communities like Facebook groups. Use Google to find these forums or the search feature on Facebook.
  2. Social media: Monitor conversations on social media sites like Twitter and Reddit. Search for niche-related tags to find the right people.
  3. Competitor analysis: Research your competitors to see what pain points they focus on. Analyze the copy on their website and social media channels to gather insights into your audience.
  4. Keyword research: Use tools like Google Keyword Planner or SEMRush to find out what your niche is searching for. This will help you understand what their needs and goals are.
  5. Start a community: Launch a free Facebook Group or community platform like Skool to get to know your audience on a deeper level.

Niching down will always help you find a more passionate audience, so try not to go too broad. You can also read our posts on the best niche markets to get some ideas.

5. Create a Business Plan

According to a study published in Small Business Economics, people who create a business plan are 152% more likely to launch their business .

Develop a business planDevelop a business plan

Another study revealed that companies that plan grow 30% faster than those that don’t plan.

The downfall when planning is that many solopreneurs can get caught up in all the details. However, it doesn’t have to take weeks or months or need to be perfect.

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What’s important is getting the fundamentals down on paper.

This notion template is a great place to start, or this Udemy course for a more comprehensive and guided approach.

6. Launch Your Brand

Now, you’ll want to define the identity of your brand. This includes the name, logo, and messaging to attract the right people to your business.

The easiest route is to use your name and start your business as a personal brand.

But if you intend on scaling your business or selling it as an entrepreneur, you might want to start a professional brand instead.

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Either way, start by brainstorming ideas and checking for domain availability and social media handles.

You might want to register your business legally at this point, too.

If you have design skills, a simple logo might be sufficient enough. You can also hire a designer on Upwork to design your logo and brand identity professionally.

Lastly, you’ll need to tailor your brand messaging to resonate with your audience. A great book on this subject is Building a StoryBrand by Donald Miller.

7. Establish an Online Presence

The next step to solopreneur success is forming a coherent online presence. These will be the places where you market yourself, publish content, and deliver your offerings.

Here are a few things you’ll need to set up:

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  1. A website: You can build a simple site using WordPress or Shopify if you sell products.
  2. Social media channels: Sign up and claim your social media handles on the main sites. These include Facebook, X, Instagram, Pinterest, Medium, and YouTube.
  3. Email list: Use ConvertKit or a newsletter service like Substack to start building an email list. The earlier you start this, the better.
  4. Blog: If you like writing, you can also start to publish articles that attract organic visitors through search engines.

You don’t have to be active on all these channels at once. Just set them up so no one else takes your username, then choose a channel your audience uses most.

As a solopreneur, it’s possible to grow your business by sticking to one channel.

8. Develop a Digital Marketing Strategy

Marketing is how you’ll raise awareness of the problems your niche experiences and how you can help solve them.

Solopreneur marketing strategySolopreneur marketing strategy

To do this effectively, you need a strategy.

You’ll want to decide which platform to spend most of your time on. As a solopreneur, there’s only you, so trying to juggle multiple channels will spread you thin.

The strategy is to publish content at each level of the funnel.

Using the AIDA formula is a good place to start:

A: Grab the audience’s Attention with well-crafted headlines
I: Create Interest by communicating pain points. This will help grow followers or subscribers.
D: Create Desire by emphasizing the desired state for potential customers.
A: Provide a call to Action to drive conversions and sales.

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You can check out the 1-Page Marketing Plan for this. It will help you define a comprehensive marketing strategy on a single page.

9. Never Stop Learning

Lastly, you’ll make your journey so much easier when you become a continuous learner and adopt a success mindset.

You can read the best audiobooks for business, take Udemy courses, or even join an online community.

Some great books for solopreneurs include The Lean Startup, Company of One, and Alex Hormozi’s books.

Solopreneur Business Ideas

There are tons of different types of businesses you can start as a solopreneur.

Choosing one will depend on your skills, passions, available resources, and market needs.

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Here’s a quick look at some one-person business ideas to give you some inspiration:

  • App developer: Creating mobile or web apps like habit trackers or even games.
  • Blogger: Publishing content on Medium, Quora, Twitter, or a WordPress blog.
  • Paid newsletter subscription: Sharing your insights and knowledge through a platform like Substack or Beehiiv.
  • Copywriter: Offering copywriting as a freelancer on Upwork on your website.
  • Digital products: Sell your knowledge in the form of digital products on Gumroad or Systeme.
  • eCommerce: Sell physical products through Amazon FBA, Etsy, or a Shopify store.
  • YouTuber: Share your knowledge and monetize with YouTube affiliate marketing and ads.
  • Start a community: Create a Skool community and charge a monthly subscription.

Solopreneur in Conclusion

Becoming a solopreneur has many advantages when starting a business. Unlike entrepreneurship, you get to work alone, choose your hours, and only work on things you love.

Don’t expect things to go perfectly, though. Achieving success in any business venture takes time and dedication.

If you want to connect with others on their solopreneur journey, consider joining the Niche Pursuits Community. You’ll get access to weekly calls from successful bloggers, YouTubers, and 7- and 8-figure digital business owners.



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27 Passive Income Ideas to Make Money & Build Wealth in 2024

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27 Passive Income Ideas to Make Money & Build Wealth in 2024

In this article, we discuss the 27 passive income ideas to make money and build wealth. To skip our detailed analysis of passive income and its benefits in today’s world go directly to the 7 Passive Income Ideas to Make Money & Build Wealth in 2024.

Passive income can be defined as a side income that comes from a minimal amount of work as compared to your active income. In the current economic conditions, many people are finding it hard to keep up with inflation with a single paycheck. While the US Federal Reserve’s policies have managed to tone down inflation and the bank is expected to cut interest rates, some Wall Street analysts still paint a bleak picture of the US economy in the near future. 

According to a survey by Self, 45% of working Americans have a side gig. Out of the people surveyed, nearly 35% said that they need their side hustle source to pay their bills and other expenses, while over 32% of people use it as disposable income. Around 30% of the respondents put their side gig money toward savings and investments. The survey suggests that these side gigs generate an approximate average of $688 per month. We previously reported that  73% of Americans with side hustles are thinking of leaving their primary jobs. 

Passive Income Ideas with Stocks

Some of our passive income ideas to make wealth revolve around investing in the financial markets. The US stock market is one of the places that have made many people rich. For example, value investors such as Warren Buffett and Seth Klarman have made billions from buying stocks and keeping them for the long term. Their style of investing is known as value investing. It is important to note that these two investors have spent a lot of time and money on their investments, but at the moment we are looking for passive income ideas to make wealth. In that case, you can follow their strategy on a smaller scale by buying quality stocks and letting them grow over a few years.

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Nevertheless, a value investing strategy works best if you have a lot of capital. For example, Warren Buffett has owned 151.61 million shares of American Express Company (NYSE:AXP) since the third quarter of 2013, when its stock price averaged at $75.23. By the end of the fourth quarter of 2023, the company shares were trading at an average price of $160.97. It means that American Express Company (NYSE:AXP) stock made around $17 billion for Buffett’s firm during this time, and that is without counting the dividend income. As of March 7, the company’s stock was trading at $221. Some other value stocks from Berkshire Hathaway’s portfolio include The Coca-Cola Company (NYSE:KO) and Bank of America Corporation (NYSE:BAC).

Use of AI to Generate Passive Income

A survey by GOBankingRates reveals that 45% of the respondents are in favor of using AI to generate passive income, and 8% are already using it to do so. Open AI’s ChatGPT has been responsible for the surge in 2023’s AI revolution. The platform also offers a passive income source with its Bug Bounty Program. The program invites people to find bugs or security flaws and get paid. The rewards start from $200 and go up to $20,000.

 Passive Income Ideas to Make Money & Build Wealth in 2024

Passive Income Ideas to Make Money & Build Wealth in 2024

Photo by nathan dumlao on Unsplash

Our Methodology

For this article, we carefully reviewed several sources, including Time Magazine, CNN, CNBC, and Reddit. Next, we chose the most common recommendations to make passive income across these sources and listed them according to the number of mentions each idea received. The more times a passive income idea was mentioned, the higher it was placed on our list.

By the way, Insider Monkey is an investing website that uses a consensus approach to identify the best stock picks of more than 900 hedge funds investing in US stocks. The website tracks the movement of corporate insiders and hedge funds. Our top 10 consensus stock picks of hedge funds outperformed the S&P 500 stock index by more than 140 percentage points over the last 10 years (see the details here). So, if you are looking for the best stock picks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.

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Passive Income Ideas to Make Money & Build Wealth in 2024

27. Domain Parking

Domain parking is a practice where any person or company registers domain names but does not use them for hosting a website or email service immediately. Instead, they place them “parked” with a domain parking service or a domain registrar.

Revenue is primarily generated through advertising. When visitors click on the ads displayed on the parked domain’s page, you, as the owner of the domain, will earn a small amount of money. To get the most out of domain parking, hone your monetization strategy to direct traffic to the domain. You can optimize the domains via a third party like Newsy, Bodis, and ParkingCrew.

Due to the risks like potential legal issues and low revenue potential, we gave it the lowest priority on our list of passive income ideas to make money and build wealth in 2024.

26. Crypto Staking

Crypto staking is a process used in blockchain networks to validate and secure transactions, similar to how mining works in some cryptocurrencies like Bitcoin. However, instead of using computational power to solve complex mathematical problems as used in mining, staking involves validators locking up a certain amount of cryptocurrency as collateral to support the network’s operations. Crypto staking is a good way to earn passive income. However, it also carries risks, such as the potential loss of staked funds in the event of validator misbehavior.

Coinbase Global, Inc. (NASDAQ:COIN) is one of the companies that allows you to stake your tokens. The interest rate return on crypto staking varies between tokens. The estimated reward on Ethereum is 2.94% at the time of writing on March 7.

25. Annuity Set Up

An annuity is a financial product that provides a series of payments to an individual over a specified period. An annuity can be set up in various ways, depending on the terms of the annuity contract and the preferences of the individual purchasing it. 

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Annuities are usually bought through insurance companies. However, they are also provided by financial services businesses like brokerage firms and banks. Fixed Index Annuity is a type of annuity that is tied to broader market indexes such as the S&P 500. It pays you a fixed interest rate along with a variable income, depending on the performance of the market.

There are several other ways to set up annuities, and it is better to consult a financial expert or insurance provider to make more informed decisions before moving forward.

24. Renting Out Things in Your Home That You Don’t Use

Renting out household items has become increasingly popular with the rise of online platforms that facilitate peer-to-peer rentals. While renting out your household items can carry risks, it is a great passive income idea to make money and build wealth in 2024. You can be on your way to building wealth with this idea if you rent out high-value items that people need for only a short duration and/or infrequently. 

Other than keeping your items in good condition to retain and invite new customers, it is important to come up with competitive rental rates and provide clear rental terms and conditions. A few noteworthy sites/apps for peer-to-peer rentals are Rannsak, Fat Lllama, and Yoodlize. Some marketplaces provide insurance to cover damages, loss, or theft. For example, Rannsak offers The Rannsak Reimbursement Program in the U.S., and the insurance is up to $1,000.

23. Royalties From Intellectual Properties

Royalties from intellectual property refer to payments made to the creator of intellectual property in exchange for the use of the said asset. According to a report by the World Intellectual Property Organization, there were 3.5 million patents filed in 2022. 67% of the total patent filings were made by Asian countries.

If you plan on earning royalties from intellectual properties, you must protect them legally, and that can be done through copyrighting, trademarking, licensing, patenting, and more.

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A way to create passive income from royalties would be entering into a licensing agreement with a third party to allow them the use of your intellectual property and receive financial benefits in return. The amount of money you make from these royalties depends on the terms of the licensing agreement. For example, agreeing to a percentage of revenue generated by the sales of the product. Laws regarding patenting in the United States can be found on the United States Patent and Trademark Office website.

22. Peer-to-peer Lending

Peer-to-peer lending is a method of debt financing through which individuals borrow and lend money directly, and there is no involvement from traditional financial institutions. It is one of the best passive income ideas to make money as it serves as a source of funding for individuals and businesses while offering competitive interest rates and flexible terms with a streamlined loan process. The above-mentioned factors are not available to most individuals and businesses when it comes to taking loans from traditional banking institutions.

If it is your first time getting into peer-to-peer lending, you can sign up on established websites like Prosper Marketplace’s Prosper.com through which you can invest in consumer loans, and the website will connect you with borrowers.

21. Set Up an ATM or Vending Machine

An individual can set up an ATM or a vending machine to make a profit from them. However, these two things will generate income based on the number of people that use your machines, so it is essential to set them up somewhere with a lot of foot traffic. If you decide to go the vending machine route, there are a few costs that you should keep in mind, including the cost of the machine (secondhand machines cost between $1,500 – $5,000), location fee, replenishment cost, and maintenance. A few Reddit users recommend delegating tasks like re-stocking and maintenance to cut down on work hours.

For ATMs, setting them near cash businesses like casinos or barber shops where people prefer to tip in cash is ideal. To get started, you will need to open a limited liability company, purchase an ATM, find a location for it and draw up a contract with the owner of the location, and install the machine. 

20. App Development

Creating an app can be your way of building wealth because if successful, it will generate revenue for you over a long time. There are many ways you can monetize your app, including paid downloads, in-app purchases, subscriptions, and more. App development is one of the best passive income ideas to make money.

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Mobile apps have the most promise, as 56.1% of all global website traffic was attributed to mobile usage as of December 2023, according to Oberlo. While your income will vary depending on a multitude of factors, including but not limited to which app store you choose, the niche your app belongs to, and the monetization pathway you opt for, mobile apps have more potential to generate passive income.

19. Sell Stock Photos

Selling pictures online that you have captured is a great passive income idea. You will need to start by capturing high-quality pictures. You can then search for different reputable stock photography websites or agencies, like Shutterstock, Inc. (NYSE:SSTK), which hires photographers. According to data collected by Matic Broz for Photutorial, on average, a stock photographer can earn around $0.02 per image per month on average. Moreover, Stocksy United pays the highest, i.e., $200 per standard royalty-free sale and $8,100 per extended license.

18. Video Content Creation

Video content creation can not only generate passive income for you but also be highly engaging. You can create video content for different purposes, like stock footage, subscription platforms, and more. Creating videos for sponsored content is a great way to make a little money on the side. For that, you will need to find brands that will sponsor you to advertise their product or services.

Choosing the right platform for your video content is the most important step, and you can look at Google’s YouTube, TikTok, and Meta Platforms, Inc. (NASDAQ:META)’s Instagram. According to Influencer Marketing Hub, on average, a channel on YouTube gets $0.018 per view or $18 per 1,000 views.

17. Advertising on Your Car

Advertising on your car to earn money is a legitimate way to make some extra cash. This practice, often referred to as car wrapping, involves having advertisements or promotional graphics on your car in exchange for payment. To earn passively through car advertising, you would need to sign up with specialized agencies that hire people for this purpose. 

According to some Reddit users, they have been paid between $100 to $700 a month for getting their cars wrapped. However, some of them have cautioned people to beware of scams. It is essential to remember to do thorough research on the agency you plan on conducting your business with.

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16. Design Custom Products

Earning through custom-designed products can be a lucrative venture, especially with the rise of e-commerce platforms like Shopify Inc. (NYSE:SHOP) and print-on-demand services. You would start by identifying the material you wish to work with and your niche and create your designs. From there, you can choose a platform and hire a print-on-demand service. Once you set up your store, you will need to do effective marketing to solidify your customer base. Amazon.com, Inc. (NASDAQ:AMZN)’s Merch on Demand allows people to share their designs for their products. Some Reddit users even claim to make $2k to $3k a month from that platform.

15. Affiliate Marketing

Affiliate marketing is one of the best passive income ideas to make money and build wealth in 2024. According to AuthorityHacker, before consumers make a purchase, 74% of internet consumers in the U.S. go to multiple affiliate websites. Moreover, affiliate marketing contributes to 16% of all internet orders in the U.S.

With affiliate marketing, you can promote products or services through various marketing channels, such as websites, blogs, social media, email newsletters, or online advertisements, and earn a commission for each successful referral or conversion from a business or advertiser. 

The Amazon Affiliate program, or Amazon Associate program by Amazon, is an easy way to get into affiliate marketing.

14. Rent Storage Places

Buying and renting out self-storage space can indeed be a viable way to earn money. Other than that, you will need to be careful to set profitable and reasonable rental terms and conditions and screen the potential renters. According to one source, storage units can generate an annual income between $365,000 to $800,000, depending on size and location.

13. Rent Out Parking Space

If you have a parking space that you are not utilizing, you can rent it out, as it is a lucrative way to make extra money. It can become profitable for you if the parking space is near a venue that sees a lot of traffic, e.g., a shopping mall. Moreover, you can rent it out during specific times, like when a concert is being held somewhere nearby. The money generated from these parking lots mostly depends on your location. Make sure to check your local laws before investing in such ventures.

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Moreover, you can also list your private parking space on platforms like Neighbor, which can generate between $50-$300 per month.

12. Real Estate Investing 

Real estate investing by renting out a spare room is one of the best ideas to earn passive income and build wealth. It involves renting out the room to tenants in exchange for regular rental payments. The amount of rental income you can earn depends on various factors such as location, property type, market demand, and rental rates.

Airbnb, Inc. (NASDAQ:ABNB) is one of the best online marketplaces for short and long-term homestays.

11. Create an Ebook

Writing an ebook can be lucrative for you as it falls under a digital product. You can get passive income through sales revenue by selling your ebook to an online ebook publishing platform, including but not limited to Amazon Kindle Direct Publishing, Apple Books, and Google Play Books.

10. Buy a Successful Blog

Buying a successful blog means getting a website that already has lots of people visiting it and making money from it. When you buy it, you get possession of all the work that’s already been done, like writing articles and getting ads on the site. Buying a successful blog is a good passive income idea to make money and build wealth, especially if you know how to grow and improve it. Many Reddit users recommend buying blogs off of Flippa or Empire Flipper. According to them, it is important to remember that the initial investment will be considerable, and they recommend researching blog websites thoroughly.

9. Create an Online Course

Our eighth passive income idea to create wealth is creating an online course. Online courses have become a popular way for people to share their knowledge and expertise with others while also monetizing their skills. You can generate revenue through many strategies, including course sales, offering continuing education credits, etc. You would benefit from looking up e-learning platforms like Udemy, Inc. (NASDAQ:UDMY), as such platforms will provide you with tools for course creation, marketing, and sales.

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8. High-Yield Savings Account

A high-yield savings account is a type of savings account offered by banks or financial institutions, and it typically offers a higher interest rate compared to traditional savings accounts. To take full advantage of high-yield savings accounts, you should leverage compound interest. It can help you grow your savings steadily over time and help you reach your financial goals more quickly.

In 2024, several high-yield savings accounts offer returns of 4% or more in some cases as compared to the 0.46% national average return on traditional savings accounts.

 

Click to continue reading and see the 7 Passive Income Ideas to Make Money & Build Wealth in 2024.

 

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Disclosure. None. 27 Passive Income Ideas to Make Money & Build Wealth in 2024 is originally published on Insider Monkey.

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