7 WEALTH-BUILDING Business Ventures for 2024 (that you can start NOW)

Summary

In the video script, Aaron discusses various business ideas that can be started without relying on influencer status, emphasizing the importance of diversifying income streams. He suggests launching a product business, starting a service-based business, buying an existing business, investing in real estate, engaging in government contracting, creating a subscription-based newsletter or membership club, and setting up a faceless channel on YouTube or Instagram. Aaron highlights the potential for customization in product businesses and the scalability required for service businesses. He also touches on the benefits of purchasing a business with an established cash flow and the lucrative opportunities in government contracts. Additionally, he explores the growing trend of faceless social media channels and the creative freedom they offer, while stressing the importance of adding a personal touch to any business venture to truly stand out.

Takeaways

• 🚀 Launch a product business: Creating a product, whether it's e-commerce, dropshipping, or retail, is a powerful way to diversify income streams. Customizable products can add a personal touch and increase customer engagement.
• 💼 Start a service-based business: Offering services like cupcake making or small business bookkeeping can be cost-effective and profitable, but requires scaling to manage time effectively.
• 🛒 Buy an existing business: Purchasing a business through platforms like Biz by Sale can be a smart move as it allows you to take over an already established operation with existing cash flow.
• 🏠 Invest in real estate: Real estate is a slow burn but a smart long-term investment. Strategies like house hacking can provide a steady income and capital for other ventures.
• 🏛️ Explore government contracting: Partnering with the government for various products or services can be lucrative, as there are many contracts available and the government often pays quickly.
• ✉️ Create a subscription-based newsletter: Platforms like Substack allow creators to monetize their content through newsletters, with the option to offer free and paid content.
• 📰 Start a faceless YouTube channel or Instagram profile: These channels focus on content without revealing the creator's identity, which can be appealing to those who value privacy.
• 🔍 Utilize SEO for online visibility: For platforms like YouTube, optimizing content for search engines can drive traffic and monetization through advertising.
• 💡 Customize and personalize: Adding a personal touch or unique customization to a product or service can increase its value and make it more appealing to customers.
• 📈 Scale your business: Whether it's a product or service, scaling is crucial as you can't do everything alone. Building strong systems is key for sustainability and growth.
• 💰 Diversify income streams: It's important not to rely on a single source of income. Diversifying can provide financial stability and open up new opportunities for growth.

Q & A

What is the main topic of the video?

The main topic of the video is discussing various types of businesses that one can start without involving influencing.

Why is it important to diversify income streams even if you are an influencer?

It is important to diversify income streams because brand deals and influencer income can fluctuate or slow down, and having multiple income sources provides financial stability and security.

What is the first business idea mentioned in the video?

The first business idea mentioned is launching a product, which can include e-commerce, drop shipping, or retail, with a suggestion to consider customizable products.

What is the significance of customizable products in a business?

Customizable products make the product more special to the customer, increasing its perceived value and encouraging repeat purchases or gift-giving, which can lead to increased business.

What is a service-based business and why is scaling important for it?

A service-based business provides a service rather than a tangible product, such as a cupcake business or consulting. Scaling is important because as demand grows, you may run out of time to fulfill all requests, necessitating the hiring of additional staff and establishing robust systems.

What is the benefit of buying an existing business?

Buying an existing business can be beneficial because it often comes with established cash flow, employees, and systems. This allows new owners to avoid starting from scratch and can provide a more immediate revenue stream.

Why is real estate considered a 'slow burn' business?

Real estate is considered a 'slow burn' because building a portfolio typically takes time, especially without significant initial capital. It involves long-term investments and strategies.

What is the appeal of government contracting for businesses?

Government contracting is appealing because the government has a budget to spend on various products and services, which can lead to lucrative contracts. It also offers the potential for fast payment and a large amount of work.

What is a subscription-based newsletter and how can it benefit content creators?

A subscription-based newsletter is a platform where creators can distribute content, some of which can be behind a paywall, to subscribers. It benefits content creators by providing a way to monetize their work, build a community, and maintain control over their audience's contact information.

What is a faceless channel on YouTube or a faceless Instagram profile?

A faceless channel or profile is a social media presence that does not reveal the creator's face, allowing them to maintain privacy while still leveraging the power of platforms like YouTube or Instagram. This can include niche content like camera gear reviews or affiliate marketing pages.

What is the key advice given for making a business stand out?

The key advice is to add a personal creative twist to the business, cultivate a unique experience, and solve a problem that the business owner or many others have, which can help the business stand out and be successful.

Outlines

00:00

🚀 Diversifying Income Streams with Product Launches

Aaron introduces the topic of starting businesses that don't rely on influencing, emphasizing the importance of diversifying income streams. He suggests launching a product business as the first option, highlighting the power of e-commerce, drop shipping, and retail sales. Customizable products are particularly recommended, using The Little Words Project as an example of a personalized item that can increase customer engagement and sales.

05:01

💼 Starting a Service-Based Business for Scalability

The second business idea presented is starting a service-based business, which can be more cost-effective, especially for those with limited capital. Service businesses can range from baking cupcakes to bookkeeping and cleaning services. Aaron stresses the importance of scaling these businesses, as they are time-intensive and require hiring additional staff and establishing strong systems for sustainability.

10:02

🛒 Buying an Existing Business for Immediate Cash Flow

Aaron's third suggestion is purchasing an existing business through platforms like Biz by Sale. This approach allows entrepreneurs to take over businesses with established cash flows and operations, avoiding the challenges of starting from scratch. He mentions that buying a business can include a variety of options, from salon suites to laundromats, and emphasizes the potential for growth by reworking systems and adding personal touches.

15:03

🏡 Investing in Real Estate for Long-Term Growth

Real estate is proposed as the fourth business opportunity, suitable for those who can afford a slower pace of growth. Aaron discusses various real estate strategies, including house hacking, flipping homes, renting, and using properties for Airbnb. He advises understanding the best approach for one's lifestyle and the potential for using real estate as a stepping stone to fund other business ventures.

🏛 Government Contracting for Secure Profits

The fifth business idea is government contracting, which involves securing contracts for products or services from the government. Aaron explains that the government has a budget for spending with businesses and that there are numerous opportunities available. He illustrates how one can bid on contracts, subcontract with vendors, and keep the profits, noting the potential for fast payments and high earnings.

📰 Subscription-Based Newsletters and Membership Clubs

Aaron's sixth recommendation is starting a subscription-based newsletter or membership club, particularly useful for those who are creative writers or information providers. He highlights Substack as a platform that allows creators to set up paid content, own their audience, and potentially earn substantial income. He also mentions the possibility of brand deals and the importance of building a strong community of subscribers.

🎥 Creating Faceless YouTube Channels or Instagram Profiles

The seventh and final business idea is to start a faceless YouTube channel or an Instagram profile that doesn't compromise privacy. These channels focus on content creation without revealing the creator's identity, leveraging search engine optimization for topics like camera settings or gadget reviews. Aaron notes the potential for significant earnings through this method, especially when the channel takes off, and the option to outsource tasks like scriptwriting and video editing.

Keywords

💡Influencer

An influencer is an individual who has the power to affect the purchasing decisions of others because of their authority, knowledge, position, or relationship with their audience. In the context of the video, the speaker mentions that while influencer marketing can be lucrative, it's important to diversify income streams as brand deals can fluctuate.

💡Product Business

A product business involves creating or sourcing products to sell to consumers. It can include various models like e-commerce, dropshipping, or retail sales. The video emphasizes the importance of having a product business due to its enduring nature and the potential for customization to add value.

💡Customizable Products

Customizable products are items that customers can personalize to their preferences, such as engraving a name or selecting specific features. The video uses 'The Little Words project' as an example, where customers can customize a bracelet with a word and birthstone, enhancing the product's personal connection and appeal.

💡Service-Based Business

A service-based business provides intangible offerings, such as expertise or skills, to customers. The video discusses starting a cupcake business or offering services like bookkeeping or cleaning. It's noted that these businesses require scaling to manage time effectively and meet demand.

💡Existing Business Purchase

This involves buying an already established business, which can be a strategic move to bypass the startup phase. The video references using platforms like Biz by Sale to find businesses for sale, which can include various types like salon suites or laundromats, and leverage their existing cash flow.

💡Real Estate

Real estate refers to properties that one can buy, rent, or sell. The video suggests that investing in real estate is a slow burn but a smart long-term strategy. It mentions house hacking as a method where one rents out part of a property to cover mortgage costs and build capital.

💡Government Contracting

Government contracting involves providing goods or services to government agencies. The video simplifies this concept by describing how one can bid on government contracts and subcontract the work to vendors, keeping the profit margin after paying the vendor.

💡Subscription-Based Newsletter

A subscription-based newsletter is a regularly distributed content piece that requires a subscription, often involving a paywall. The video highlights platforms like Substack, which allows creators to monetize their content by offering free and paid content to subscribers.

💡Faceless Channel

A faceless channel is a social media profile or YouTube channel where the creator remains anonymous, focusing on content rather than personal branding. The video discusses the growing trend of faceless channels, especially on YouTube, where informational content can attract traffic and ad revenue without the need for on-camera presence.

💡YouTube Automation

YouTube automation refers to the process of outsourcing various aspects of content creation, such as scriptwriting, video editing, and thumbnail design, to create and publish videos with minimal direct involvement from the channel owner. The video mentions this as a method to run a faceless channel efficiently.

💡Affiliate Marketing

Affiliate marketing is a performance-based marketing strategy where an individual earns a commission for promoting another company's products or services. The video touches on using Instagram for affiliate marketing by reviewing and recommending products, which can generate commissions from sales made through the shared affiliate links.

Highlights

Aaron discusses the importance of diversifying income streams, even for influencers.

Recommends launching a product business as a powerful and evergreen option.

Suggests the potential of customizable products to make a business stand out.

Mentions the profitability and customization of starting a cupcake business.

Advises on the scalability required for service-based businesses due to time constraints.

Introduces the concept of buying an existing business to leverage current operations and cash flow.

Discusses the long-term value and flexibility of investing in real estate.

Explains the process and benefits of government contracting for businesses.

Highlights the opportunity to start a subscription-based newsletter or membership club for content creators.

Praises Substack as a platform for building a community and monetizing content.

Introduces the concept of faceless channels on YouTube and Instagram for privacy-conscious creators.

Describes how to monetize a faceless YouTube channel through affiliate marketing or ad revenue.

Talks about the rise of YouTube automation and the use of outsourcing to create content.

Mentions the potential of Amazon affiliate pages on Instagram for generating commissions.

Stresses the importance of adding a personal creative twist to any business for it to stand out.

Encourages solving a problem that you or many others have to make a business successful.

Invites viewers to share their favorite ideas from the list and any additional business suggestions in the comments.

Transcripts

what's up beautiful people I'm Aaron and

this is Aon on demand and today we are

talking about businesses that you can

start right now that do not include

influencing because let's be real

influencing ain't for everybody okay and

honestly even if you are an influencer I

think it's really important to diversify

your income streams you know brand deals

are great but when them things get to

slowing down what else are you doing and

a lot of these businesses are things

that you can be doing either alongside

your day job or alongside influencing or

just by themselves to make a lot of

money so let's get into it number one is

to launch a product now this is kind of

a Captain Obvious one we are going to

get into some really creative ones as we

get through the list but I couldn't

leave it off the list because having a

product business is so powerful products

are never going to go out of style you

can do e-commerce you can do Drop

Shipping you can do um

retail you have a lot of options and if

you have the capital to customize a

product then go for it I say that it is

a business that is worth experimenting

with I also think even to get a little

deeper into products customizable

products so what I mean by this is um

for example Little Words project I have

a bracelet and you can customize

whatever word you want on it wait let me

go get it okay so this is the bracelet

and it's by a company called The Little

Words project and it says energy and

then it has my baby's birthstone for

August on the back oh my God I'm so out

of

breath first of all I'm already always

out of breath but second of

all I just ran up the stairs but when

people can customize something it just

makes it that much more special and it

makes them keep thinking of ways to use

your product whether it's for gift

giving

or whatever like there are a lot of

different purposes when people can

customize so highly recommend even if

you are starting a product business how

can you customize it can you do

engraving on your product or things like

that so product business is number one

number two is to start a service-based

business now contrary to product

businesses service businesses can be a

little bit more cost effective if you

don't have a lot of capital because

essentially you are providing the

service so it could be anything from

something tangible like starting a

cupcake business which Forbes actually

coined as one of the most profitable

businesses this year not surprising

because they're customizable you can use

cupcakes for any events like you can

just kind of make them as extravagant or

as customized as as you want and it is a

specialty skill that everyone can't do

so it can be something like that all the

way to like small business bookkeeping

a cleaning business if you're really

good at some sort of skill like that or

even Consulting with corporations or

other business owners the thing about

starting a service business is that you

do have to scale this though because at

some point you're going to run out of

time so you can't be the only one

cleaning you can't be the only one

making cupcakes because they there your

service takes time and there's only so

much time in a day so you're going to

have to scale which means you're going

to have to hire people and you're going

to have to figure out lots of strong

systems in order to make that

sustainable and scalable for you number

three is you can actually buy an

existing business now this is where the

list gets a little more fun okay so you

can buy an existing business which I

think is a really good idea one of my

mentors says she does this quite

frequently and she's always looking on

this site called Biz by sale basically

you can put your a area like whatever

local area you want to search for

businesses that are for sale in and you

can even type out like what kind of

business so maybe you want to buy Salon

Suites for example and you want to start

a business where you own a like Salon

that has Suits and people pay you rent

and they have their own little like

Suite in your salon and so you can

search that you can search your local

area and you can see what Salon Suites

are for sale or you can just go on there

and browse a lot of cash cow businesses

are on there like launder mats all kind

of stuff cosmetic companies and plumbing

companies all these different types of

companies where sometimes the people are

just retiring and they don't have

someone to pass it down to and these

businesses already have cash flow

because they're already up and standing

in like operating businesses they

already have employees so instead of you

starting from scratch you can kind of go

in you know rework some of the systems

if you want to you can do more marketing

you can you know add your own spin to it

to grow the business even more but

you're not starting from ground zero so

that is Biz by sale Number Four Is Real

Estate now this is also one that can be

done alongside of whatever else you got

going on so if you already are busy and

you want to buy a property and kind of

get your real estate business going this

is something that is a slow burn Because

unless you have a whole bunch of money

sitting around where you can just buy

all of these houses then it's probably

going to take some time for you to grow

your real estate portfolio however it is

a really really smart thing to implement

regardless of how many of these on the

list you have having real estate is just

never going to go out of style so a lot

of people also do house hacking whe

where they'll buy a duplex and then rent

out the other um unit in the duplex and

that covers a majority of the mortgage

and then you can kind of use that as

capital to start one of these other

businesses so there are lots of options

with real estate I just think you have

to know what area makes the most sense

for you whether you want to flip the

homes or rent out the homes and hold on

to them I think it just kind of or

Airbnb them it just kind of depends on

what makes the most sense for your

lifestyle but I do think there is a good

amount of flexibility there with real

estate number five is Government

Contracting I know it sounds really

official but basically it's when you

contract with the government for various

products or Services because essentially

the government has a budget that they

must spend well they don't have to spend

it but they have a budget to spend a

certain amount of money with small

businesses and large corporations to

meet their mission essentially and so

there are millions and millions of

contracts that they do a year and

basically you go on to this website and

you find different contracts and you

essentially subcontract with the vendor

and keep the profits so for example if

the government is looking for 500 lbs of

laundry to be done in the state of

Georgia for some random project maybe

the army base or whatever I don't know

I'm just thinking off the top of my head

they will put a contract out and you can

bid on that contract and then you find a

laundry mat that's in whatever area

they're requesting and you get a price

from them so maybe the laundromat says

that that's going to cost $5,000 I don't

know and so you go back and you place a

bid for

$88,000 and if your bid gets accepted

that means that you're going to pay the

laundromat $5,000 and you're going to

keep the additional $33,000 profit and

that's basically how it works and you

just basically put these bids out now it

does go a lot more in depth than this

this is kind kind of like a very high

level high high high level explanation

of Government Contracting but there are

contracts for literally everything from

photography to products like they might

need a bunch of Tumblers or an apartment

building for something you just never

know but there are tons of opportunities

out there for you to contract with the

government and apparently they pay

really fast and they have a lot of money

to spend so I know a few people who are

dabbling into Government Contracting and

they also and then some who are actually

really really successful at it and all

have great things to say about it so

that is an option number six is you can

start a subscription-based newsletter or

you can just start a membership club I

think the subscription-based newsletter

is a great idea if you are somebody who

is creative you're great at writing or

you have great information and you're

looking for somewhere to put that maybe

you don't necessarily want to be on

camera or be on Instagram and all the

social media but you still want to put

something out to the world substack is

such a great platform for that now I

have a substack newsletter and I have a

good amount of subscribers but I don't

have the paid activated yet but what you

can do is you can set up your typical

like regular newsletter but the great

thing about substack is that you can add

a pay wall so let's say I'm giving all

these tips out like this video in a

newsletter version and I have the first

three tips that are free for anybody to

read and then there's a pay wall where

you have to be subscribed in order to

see the last four or five tips or

whatever so they will it's it's a really

cool concept because and you see this a

lot with different media companies you

might see a cool head line that you're

interested in why is Tik Tok getting

banned and then you click it and it's

like sign up for our blah blah blah I

think substack is really cool because

you as the Creator can really shape and

customize what is shown to um free

subscribers versus paid subscribers you

can do a podcast on there that can be

paid you can do audio like you can voice

over all of your um all of your blog

posts it's just a really cool platform

and it's great for Content creators who

want to monetize in a way that is still

you're you're owning that audience like

you own those those emails you have that

contact information so in the case that

a social media platform shuts down you

still are able to have those contacts

and you're still in good standing okay

so I think substack is great now this is

a platform that could take a while it's

just kind of like any other social media

where it could take a while for you to

build that Community but once you build

that Community there are people who are

making thousands tens of thousands

hundreds of thousands millions of

dollars on substack because they have

built such a strong community of free

and paid subscribers you can also get

you know brand deals through substack in

terms of like people wanting to promote

their brands in your newsletters so I

mean I know this is about not being an

influencer but this is like a different

way it's not the most traditional form

of influencing so and anyone can do this

honestly it's just writing okay writing

and I know I'm making writing sound easy

but you don't have to be all of this on

camera and doing all the things if you

did want to check out my newsletter it's

called simply put and it is really great

I share a lot of you know my personal

moments but also like a lot of business

and content creation tips so it's just a

really good resource I feel like it has

a slightly different feel than my

typical like YouTube video format it's

kind of a morph between Instagram like

kind of that personal feel but then

sprinkling in some info so let me know

if you like it number seven is a

faceless Channel on YouTube or a

faceless Instagram profile now the

faceless thing is really kind of

starting to take over I feel like so

many people are interested in this

because there are there is a large group

of people who really want to take

advantage of social media but really

don't like the idea of their privacy

being compromised and I get it you know

I get it so basically what faceless

YouTube or faceless social media is

essentially you are creating content but

there's no face Associated to it is

exactly what it sounds like and with

YouTube specifically YouTube is a search

engine so there are lots of people

searching things like best settings for

my camera something like that and so if

you have a faceless Channel all about

cameras and gear and all of that stuff

and you have all the rundowns on how to

make the best settings and all of these

different things that can be a very easy

searchable um channel that can generate

a lot of traffic and you still benefit

from those paid advertisings I know

someone who has a faceless Channel and

they're making five figures a month from

their faceless Channel he started it

some years ago and when it took off it

just really took off and you see a lot

of these with travel channels there are

just tons of channels that are making a

lot a lot of money now the thing is is

that you can call it a faceless Channel

or you will see a lot of people calling

it YouTube Automation and what they'll

do is they will go on Fiverr or upwork

and they'll hire someone to write their

script now honestly you can do chat GPT

they'll hire someone to edit the video

they'll hire someone to make the

thumbnail and so there's this like very

seamless system of them getting these

videos up and essentially they're not

really doing much okay now it does take

work because you know you have to get

the channel up and running and if you

don't have the capital to hire these

people then you will be the one who is

doing that work that leg work but I

think it could be worth it if you find a

niche that you really really love like

maybe you really love electric vehicles

or you really love music or you know

whatever it is and you can figure out a

way to monetize that with YouTube

videos great idea also with the

Instagram pages I think Instagram can be

a little trickier with Instagram I see a

lot of these with the Amazon or like

affiliate Pages where it's like Amazon

home finds or Amazon tech gadgets or you

know things like that where they're

using the page to generate affiliate um

commissions so instead of YouTube where

you're getting getting AdSense for the

views on Instagram a lot of the faceless

channels are sharing different gadgets

and doing Gadget reviews and the short

form content can be a lot less of a lift

than like a YouTube video however it's

still work you have to do and I wouldn't

say that either of these are necessarily

easy especially if you don't see the

momentum start to pick up pretty quickly

so that was seven ideas on businesses

that you can start this year some take a

little bit of capital but some you can

get going on right now and honestly as

much as you can think creatively because

these businesses really work when you

add your own creative twist to them when

you go a little bit more like go the

extra mile um when you are able to

cultivate an experience whether that's a

tangible in-person experience or virtual

experience um whatever that is add your

own personality to it that is what

really makes any business pop is when

you are solving a problem that either

you have or you know so many other

people have all right you guys let me

know which of these was your favorite

and if you have any more business ideas

that any of us can start honey do not g

keep put it in the comments All right

you guys I hope this video was helpful

and on that note I will see you on the

next one bye for now