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9 Trending Niche Ideas You Can Profit With eCommerce & More in 2023

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9 Trending Niche Ideas You Can Profit With eCommerce & More in 2023

Sometimes it can feel hard to spot trending niche opportunities, especially early on. The internet is vast, there’s tons of competition, and navigating it all can feel overwhelming.

That’s why we’ve put together this list of 9 best trending niche ideas you can consider for starting an online business. You can also use these niche ideas for e-Commerce, blogging, affiliate marketing, and/or dropshipping.

So if you want 9 trending niches, plus a guide on how to find trending niches, and a list of untapped e-commerce niches, definitely keep reading!

9 Best Trending Niche Ideas

Choosing the right niche for your online business is important. It can mean the difference between making money online with your business and not.

And there are many factors to consider, so we hope this roundup of niche ideas helps streamline the process. Here are 9 of the top trending niche market ideas to consider for your e-commerce, blog, or really any online business.

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1. Digital Nomads

Digital nomads are people that travel the world while working remotely. They practice a location-independent lifestyle and work in flexible careers that let them work from anywhere.

graph showing digital nomad as a trending niche

The popularity of digital nomadism over the past several years has grown considerably. From more nomads pursuing van life to people craving travel after being stuck in a desk job during the pandemic, more and more digital nomads are leaving behind their old life in favor of a life filled with travel.

graph showing nomad visa as a trending niche keyword

According to Exploding Topics, nomad visa is a fast-growing keyword with over 3,000% growth across the past 5 years. This points to the fact that people’s growing interest in nomadism and exploring opportunities to travel the world while working remotely is ever-present.

2. Bamboo Baby Clothes

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Bamboo is a sustainable material you can make clothing from. This woody grass is grown in various parts of the world and is known for its versatility. With bamboo, you can make:

  • Paper
  • Clothing
  • Furniture
  • Food

It’s considered a sustainable material because it’s fast-growing, and it can be harvested without killing the plant.

Just as sustainable fashion is trending, bamboo baby clothes are another trending niche you can explore.

You can see the rising growth chart over the past 5 years on Google Trends.

graph showing bamboo baby clothes as a trending niche

In Exploding Topics, it shows 144% growth over the past five years.

graph showing organi baby clothes as a trending niche

3. Home Office

small town business home office

Home office products is a niche that has been growing, in part from the pandemic that started a few years ago, and is projected to hit nearly 9% growth from 2019 through 2031. People transitioned to working from home, and as such, the demand for home office equipment rose.

Home office equipment includes:

  • Desks
  • Desk chairs
  • Ergonomic equipment like sitting-standing desks, ergo chairs, ergo keyboard and mouse, wrist rest, etc.
graph showing home office products as a trending niche

You can see that a peak in interest of home office goods happened during the first few years of COVID-19. But today, with more people still working from home than ever before, this continues to be a trending topic.

4. Sustainable Fashion

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Sustainable fashion is about creating fashion apparel and accessories that are environmentally and socially responsible. This ties in with eco-friendly products that we’ll cover down below.

graph showing sustainable fashion as a trending niche

You can see the rising search volume for sustainable fashion as a keyword, over the past 5 years, according to Google Trends.

Exploding Topics also shows 36% growth for this keyword, sustainable fashion, over the past 5 years.

sustainable fashion google trends

Sustainable fashion is apparel made with environmentally-friendly materials.

It can include:

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  • Organic materials: Apparel made with organic materials like organic cotton or bamboo.
  • Capsule wardrobes: This promotes the idea of having fewer apparel pieces in your wardrobe that can last over time. These should be timeless and high-quality pieces you can wear over the long run.
  • Secondhand clothing: Take advantage of reused clothing from consignment shops or thrift stores to reduce the number of apparel items that go to landfills.
  • Upcycling: This is about taking existing apparel items and turning them into something else, like taking a vintage scarf and sewing it to denim jean pants for an upcycled, unique pair of jeans.

5. Cat Litter

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It’s funny to think that something like cat litter is trending, but according to Google Trends, there has been rising interest over the past 5 years.

graph showing cat litter as a trending niche

When searching cat litter in Exploding Topics, four different search terms come up:

  • Walnut cat litter
  • Grass cat litter
  • Grass seed cat litter
  • Litter robot

If you go to TikTok and search cat litter, you will find thousands of videos and products related to cat litter. The hashtag #catlitter has nearly 680 million views alone!

People love their cats. Pet parents, in general, are a pretty passionate audience, so it’s not unusual for specific pet products to be trending from one time to another. With cat litter, it’s a necessary part of cat ownership in most cases.

But, it’s messy, stinky, and is a regular part of cat owners’ day, so if there are cat litter products to make the litter process easier, people will take an interest.

6. Eco-Friendly Products

ecofriendly products

Eco-friendly products have minimal impact on the environment. More members of society are embracing eco-friendly products. This survey revealed 72% of respondents said they were buying more environmentally-friendly products compared to five years ago.

If you look at many of the modern eco-friendly amenities and products we have today that didn’t exist ten years ago, it’s clear:

  • Electric cars
  • Hybrid cars
  • Organic cotton clothing and apparel made from sustainable materials
  • Recyclable paper
  • Solar-powered lights, chargers, generators, and other products

The growing awareness of the environmental impact brought on by humans is an important issue that is having more light shown on it. People are taking an interest in eco-friendly products, and the numbers support this…

Here is eco-friendly paint as an example:

1682635357 889 9 Trending Niche Ideas You Can Profit With eCommerce

7. Beard Oil

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Beard oil is oil that men use and rub into their beards. The oil is a moisturizer that keeps their beard hydrated, soft, shiny, healthy-looking, and manageable. This aligns with men’s beauty products, another trending niche we cover in this roundup.

The beard oil market will grow to reach an estimated 1.4 billion dollars by 2029, a CAGR (compound annual growth rate) of around 5.6% since 2019.

graph showing beard oil as a trending niche

There are definitely peaks around colder months of the year when more men sport a beard, but, in all, this is a growing industry with growth shown across multiple trend tools like Google Analytics and Pinterest Trends.

8. Solar Products

Solar panel installation

Solar products include any goods powered by solar energy like:

  • Batteries
  • Power adapters
  • Generators
  • Fans
  • Lights
  • Panels
graph showing solar products as a trending niche

As solar component costs decline, it makes solar-based products more affordable for people. The global energy crisis is a big driver for solar industry growth as well, as people turn to renewable energy options for power.

9. Men’s Beauty Products

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Men’s beauty products include skincare for men, beard and facial hair products, and body care, from lotions, oils, serums, and more.

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The men’s personal care market was valued at 30.8 billion dollars in 2021 and is expected to grow 9.1% by 2030.

How to Find Trending Niches

There are plenty of ways how to find trending niches:

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  • Follow social media influencers: Follow industry influencers and content creators to see what they’re talking about.
  • Read publications: Industry publications are a great way to stay abreast of developments and changes in your market.
  • Perform keyword research: Research keywords to identify popular search terms, examine competition, and get a good idea of what people are searching for online.

I’m a big supporter of using tools to save time and make your online search efforts more efficient. I’m going to share four free tools (and one bonus [paid] tool) you can use to perform your keyword research and product research.

Because at the end of the day, one of the best ways for finding trending niches is by performing nice, thorough Google searches on the web. It’s not about mindlessly scrolling keywords, plugging in different keywords into the search field.

Instead, you want to look into trending products in a particular niche, review current trends, see what products or topics are in high demand now and in recent years, and perform other product research.

You’ll take a tactical approach, looking at trends, statistics, and other information to find those golden niches that are currently or recently popular.

Google Trends

google trends amazon fba

Google Trends is a free tool that helps you research keyword trends over time. You can search for a Google trend to check how frequently the keyword is searched and how interest has changed.

For this article, we looked at U.S. trends, but you can filter location to worldwide or various countries around the globe.

Additional filters include:

  • Timeframe: 5 years, 12 months, past 90 days, past 30 days, etc.
  • Categories: Choose “All Categories” or filter by category, like Arts and Entertainment, Books & Literature, Science, Shopping, and more.
  • Search type: There’s web search, photo search, image search, Google shopping, etc.

This is exactly what you want for niche topic research because you can see if there’s any interest in your niche before building out your business.

Exploding Topics

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Exploding Topics is a website designed to help you discover trends before and while they’re happening. You can access Exploding Topics for free, with select premium topics available to paid members only.

Here’s how it works:

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You type a search term on Exploding Topics, or you can browse their pages of trending topics as you search for your trending niche idea to pursue. Then, you can review the insights and make the decision to use that keyword or not.

For example, for the term “bamboo baby clothes,” Exploding Topics will show you the volume, growth chart, categories, and related topics.

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With a resource like this in your arsenal, you can identify, inspect, and track trends before they hit. It’s perfect for spotting trending niches.

This will help in identifying trending niches to help you make money with your e-commerce business.

Pinterest Trends

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Pinterest Trends helps you identify trending topics on Pinterest. You’ll get helpful insights on what’s trending on the Pinterest platform to see what people are searching for and what trending topics are gaining momentum.

For example, you can search a term like Home Office…

1682635357 288 9 Trending Niche Ideas You Can Profit With eCommerce

Analyzing the keyword in Pinterest Trends, you can see the interest over time, related trends, demographics, and popular Pinterest pins published on Pinterest for the keyword.

1682635357 11 9 Trending Niche Ideas You Can Profit With eCommerce

You get tons of great information right at your fingertips to do your keyword research and product research.

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Google Keyword Planner

Google keyword planner
Keyword Research with the Google Keyword Planner

Google Keyword Planner is a free tool by Google as a part of their Google Ads platform. You use Google Keyword Planner to perform keyword research, which shows you information about:

  • Search volume
  • Competition level
  • Suggested bids for PPC campaigns

To use Keyword Planner, you start by typing a search term.

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Next, you’ll get the results that show you data like volume, CPC, average monthly searches, competition level, and more.

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This information will help you discover if a niche is trending and whether or not to pursue it.

Bonus: Jungle Scout

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Anyone looking to get into eCommerce must look seriously into Jungle Scout.

They offer a whole suite of tools and features to help you find potential products based on niche, perform keyword research, conduct competitor analysis, sales analytics, and much, much more.

Check out our full Jungle Scout review to learn more.

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What Are Some Untapped E-Commerce Niches?

Untapped e-commerce niches can be gold. These are niches that have yet to be turned into e-commerce stores or have very minimal competition.

Some examples include:

  • Niche subscription boxes: like mystery tackle boxes for fishing enthusiasts or escape rooms in a box.
  • Eco-friendly products: These environmentally-friendly products can include small appliances, fashion, home goods, and more.
  • Home workout equipment: These are fitness products like home gyms, smart gym equipment, etc.
  • Re-commerce: Selling used goods. Platforms like Poshmark and Mercari are examples of platforms that have this model built into their website.

You can spot untapped e-commerce niches using any of the methods we described: Google Trends, Exploding Topics, Pinterest Trends, and Google Keyword Planner.

Once you find what you think is a profitable niche to explore, validate the topic using Google Keyword Planner to ensure it has low competition and a strong enough search volume to make it worthwhile to pursue.

While these search tactics are great for e-commerce product market research, they can be used for many purposes, like:

  • Blog post ideas
  • Affiliate products
  • Digital product ideas
  • Amazon FBA products

Bottom Line

Discovering trending niches is very powerful. It’s about keeping up with what’s relevant in today’s world so you can remain competitive in the market.

With websites like Google Trends, Pinterest Trends, Exploding Topics, and others, you have the tools to discover these popular topics ahead of or during the trend. This knowledge can help you tackle new product categories and ventures within the e-commerce space.

Once you narrow down your choices on which trending niche to explore, it’s a good idea to look at our keyword research guide, which will help you identify low-competition keywords for your niche.

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Which trending niche excites you most?



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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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