Are you looking for a shift in your career? Are you looking for a cash flowing business that you can jump into fairly quickly to supplement your income? Well, you’ve come to a great place to figure that out!
There are some business models offer great potential for financial success and can be pursued with minimal upfront costs. Whether you’re passionate about blogging, social media or flipping items, we believe these options can work for practically anyone.
In this article, we’ll explore three cash-flowing businesses you can start this year.
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Side Hustle or Primary Income?
One of the first things you want to decide is the intent of your new business idea.
Are you trying to supplement your main income with some extra cash, or are you seeking to satisfy your entire income through your new endeavor? Your goal for your new business should be very clear to you, as it will help you frame the scope of your efforts depending on how much of a priority it needs to be.
The beauty of the suggestions we’re about to give you is that each of them are scalable, meaning that no matter how much other work you already have on your plate, you can start small and grow it bigger over time.
So if you already have a steady work schedule, these lucrative business ideas can accompany that in the background or act as the sole source of your income should you choose to pursue it in a more full-time capacity.
With that said, let’s continue with our first business model.
1) Affiliate Marketing Through Blogging
What is affiliate marketing?
Affiliate marketing is a performance-based marketing strategy in which individuals or businesses, known as affiliates or publishers, promote products or services of a brand or merchant and earn a commission for each sale or action generated through their referral.
It’s a mutually beneficial arrangement where the affiliate promotes the products or services using unique tracking links, and when a user clicks on the affiliate link and completes a desired action, such as making a purchase, the affiliate earns a predetermined commission.
Affiliate marketing has gained significant popularity in recent years, providing individuals with a pathway to earn passive income. One way to tap into this lucrative industry is by starting a blog centered around a topic you’re passionate about.
Blogging lets you share your knowledge, experiences and insights with a global audience. It serves as a platform to connect with like-minded individuals who share your interests. By creating valuable and engaging content, you can attract a loyal following, positioning yourself as an authority in your niche.
Think about companies like Red Ventures, which owns successful credit card comparison sites like The Points Guy. In their case, they simply write about credit cards, comparing the benefits of different companies. As they do this, they are referring readers to those companies via affiliate links, gaining a commission on each purchase connected to their links.
When you focus your interests and build working relationships with brands you believe in, you’ll be able to monetize your blog effectively.
Affiliate links serve as the backbone of successful affiliate marketing.
When a potential customer clicks on the affiliate’s unique link, it redirects them to the brand’s website or a specific product/service landing page. The link contains a tracking code to identify the referral source.
These links, embedded within your blog posts, allow you to earn a commission for every purchase made by a user who clicks on them. This opens the door to a wide range of monetization opportunities.
Blog About Your Passion
When selecting a topic for your blog, choose something that genuinely excites you. This passion will fuel your content creation process and keep you motivated during the journey.
Consider your hobbies, interests or areas of expertise. You could even blog about areas where you are learning, such as getting fit and what you are learning along your journey. In this way, you’re basically doing the research for your readers.
When you start off with blogging, you’ll inevitably fall into one of two types of writer categories – a generalist or a specialist:
- Specialist Bloggers: Specialists apply expertise they have from prior jobs or related experience and use it to fuel and drive their content creation. Their content is typically more unilateral in terms of subject matter, but it will usually be more meaty and substantive content.
- Generalist Bloggers: Generalists strive for diversity of topics that they write about, rarely ever venturing too deep into the minutiae and idiosyncrasies of the subjects they write about. They are usually eager (and required) to be able to learn about a foreign topic quickly so that they may write about it in an introductory way.
Enter the Travel Bloggers
Travel bloggers, for example, have been at the forefront of the affiliate marketing revolution. They have transformed their love for travel into full-fledged income-generating businesses. Just imagine being able to explore the world while getting paid for it!
Travel bloggers share their adventures, travel tips, destination guides and insights with their readers:
Through carefully curated content and engaging storytelling, they build a loyal audience that trusts their recommendations. This trust translates into affiliate partnerships with airlines, hotels, travel agencies, and other relevant businesses. As a travel blogger, you can not only gain a significant income through affiliate commissions, but you may also earn special allowances like complimentary trips and accommodations.
Of course, this is just one example of one niche. You’ll ultimately have to narrow in on what you love most and are competent at writing about, should you choose to adopt this business model.
Strategic Content Creation
To succeed in affiliate marketing, it’s essential to approach content creation strategically. Focus on providing valuable information, actionable advice, and engaging stories to your readers. Consider incorporating the following strategies into your blogging routine:
- Product Reviews: Share your experiences and provide honest reviews of products and services related to your niche. Highlight the positives and negatives, helping your readers make informed purchasing decisions.
- How-To Guides: Create step-by-step guides that offer practical advice and solutions to common problems in your niche. Help your audience achieve their goals, and recommend relevant products or services that can enhance their journey.
- Comparison Articles: Compare different products, services, or solutions available in your niche. Provide an unbiased analysis, helping your readers choose the best option for their needs.
Remember, building a successful affiliate marketing business takes time and effort. Stay committed to your blog, consistently create high-quality content, and engage with your audience. Be open to learning and adapting your strategies as you navigate the ever-evolving world of affiliate marketing.
2) Social Media
Businesses across industries recognize the importance of establishing a strong online presence and engaging with their target audience. This opens up a lucrative opportunity for entrepreneurs to start their own social media agencies and help businesses navigate the intricacies of social media marketing.
Here’s how you can approach this cash-flowing business idea.
Harnessing the Power of Short-Form Content
Short-form content has taken the digital world by storm, with platforms like YouTube, Instagram, Twitter and LinkedIn offering immense potential for organic reach.
Businesses are seeking professionals who can create engaging and impactful short-form content on their behalf. By specializing in writing high-quality short-form content, you can position yourself as an expert in the field and cater to the needs of clients who require professional social media services.
Specialization with Social Media Content
To stand out in the competitive social media agency landscape, it’s important to identify your unique value proposition. Consider specializing in a specific niche or industry.
By becoming an expert in a particular field, you can provide tailored solutions that resonate with your target audience. Whether it’s fashion, technology, health or any other industry, your specialized knowledge will make you an invaluable asset to businesses within that niche.
Comprehensive Social Media Services
As a social media agency, you can offer a range of services to meet the diverse needs of your clients. Some key services to consider include:
- Content Creation: Develop compelling and visually appealing content that aligns with your clients’ brand identities and resonates with their target audiences. This can include things like image and video creation, infographics, and, as we’ve touched on already, written blog posts.
- Social Media Strategy: Craft strategies that encompass goals and a target audience for effectively utilizing social media platforms. Provide insights on optimal posting times, frequency, and engagement strategies.
- Community Management: Engage with the audience on behalf of your clients, responding to comments and messages. Foster a positive online community that reflects the brand’s values and enhances customer loyalty.
- Influencer Partnerships: Identify and collaborate with influential personalities in your clients’ industry to amplify brand awareness and reach. Facilitate partnerships and manage influencer campaigns for maximum impact.
Dive Deeper: 8 Social Media Success Stories to Inspire You
3) Flipping Items
Buying low and selling high has been one of the oldest and most fundamental roots of sales and marketing. Inspired by social media guru Gary Vaynerchuk (aka Gary Vee), individuals worldwide are finding hidden opportunities in buying and selling various goods.
Here’s how you can get started.
Identifying Arbitrage Opportunities
The key to successful flipping lies in identifying arbitrage opportunities in the market. These opportunities can be found in a variety of places, including garage sales, online platforms like eBay and Etsy, and even local classifieds.
The goal is to discover undervalued items that can be acquired at a lower price and resold for a higher price, creating a substantial profit margin.
Treasure Hunting at Garage Sales and Local Classifieds
Garage sales are often treasure troves for finding unique and undervalued items.
Explore your local community and attend these sales to uncover hidden gems. Look for items that are priced below their market value due to the seller’s lack of awareness or urgency to sell. With a keen eye and a bit of negotiation, you can acquire these items at a bargain and later resell them for a higher price.
Some towns and cities may even have bulk Goodwill repositories where you can purchase items by weight. This can occasionally lead to some rare, valuable finds that will earn you back huge amounts for what you paid.
Similarly, local classifieds, both online and offline, offer a wealth of opportunities. Keep an eye out for items that are listed well below their actual value. Sellers may be unaware of the true worth of their possessions or simply looking for a quick sale.
By seizing these opportunities, you can turn a profit when you resell the items to a more informed market.
Use Online Platforms like eBay and Etsy
The digital age has revolutionized the flipping game, opening up a world of possibilities.
Online platforms like Etsy and eBay provide an extensive marketplace where buyers and sellers from around the globe converge. Utilize these platforms to your advantage by searching for underpriced items that have the potential for significant value appreciation.
Etsy is a great storefront for the sale of craft goods by independent sellers, while eBay is particularly useful for reselling objects of known rarity and value.
With eBay, always check the recently sold item history for items that you intend to sell. This can be a great way to gauge what items are worth your time to sell and which ones aren’t:
When browsing these platforms, pay attention to listings with poor descriptions or low-quality images. These factors often deter potential buyers and can result in undervalued items.
By conducting thorough research and recognizing hidden potential, you can confidently make smart purchases and later list these items at a higher price, maximizing your profit margin.
Last Word on Top Cash-Flowing Businesses for 2023
Starting a cash-flowing business this year is definitely within your reach. Whether you choose affiliate marketing through blogging, starting a social media agency or flipping items, these business types offer great potential for financial success.
Remember, getting started is the most crucial step. Learn from your experiences, optimize your strategies, and embrace the mindset of continuous improvement. The journey might be challenging, but the rewards can be significant.
So, why wait? Begin your entrepreneurial journey today and create a sustainable cash flow business that brings you both financial freedom and personal fulfillment!
If you’re ready to level up your brand, Single Grain’s marketing experts can help!👇
Repurposed from our Marketing School podcast.