Which are the small scale industries, which need less investment?
I can give you hundreds of ideas right away if you want to start a side business to generate a passive online income. However, you have to work hard to implement the money-generating business.
You can start while working at your full-time job. When you start making some money from your online work, you can quit your job.
When I started my online business two years ago, I was afraid of sharing my ideas with people. However, I realised that I was wrong because I can only work on two or three ideas at a time. So I decided to share all my research and ideas with you.
The only condition to being successful is that you have to dedicate between six months and a year to learning new skills. One year is a short period if a person can work hard, and even earning Rs 10,000 without leaving the full-time job is an achievement.
I spent 15 years in school to get admission in a decent college. I spent another three years in college in the hope of getting a job at the end. Although there was no guarantee of a job, I dreamt of working at a big corporate. After completing my graduation, I found a job as a software engineer that was paying me Rs 18,000 but at the cost of spending all my hours in the office.
I think spending lakhs on education is a bad idea. In the end, you will sell all of your time for money that will not last even until the end of the month. I spent one dedicated year learning writing and online marketing skills. Now I am earning more than Rs 1,00,000 from my blog, plus some additional income from providing consultancy services to startups in organic marketing.
How to select an industry for profitable business
You must select a topic and industry you are passionate about. I am passionate about credit cards, saving money using financial hacks, and growing businesses without spending money on advertisements. I started an online community to help people select the best credit card for cashbacks on shopping/fuel/travel, to enjoy long luxury travel under budget, and help people identify a passive source of income.
You should select the right channel for driving traffic to your website. There are two major ways of getting traffic to your website:
#1. Traffic from Google (+ some traffic from Bing, Yahoo, DuckDuckGo)
#2. Traffic from Facebook (+ some traffic from Twitter, Google+, LinkedIn)
Google and Facebook dominate most of the traffic (in India). Don’t worry about the other traffic sources if your focus is the Indian audience.
Industries dominating Facebook
- Bollywood and entertainment (fun and gossip)
- Startups and marketing
- Media (news and trends)
Industries dominating Google
Industries dominating both Facebook and Google
- Fashion and beauty
- Childcare and parenting
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