7 WEALTH-BUILDING Business Ventures for 2024 (that you can start NOW)
Summary
TLDRIn 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
- π 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.
- πΌ 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.
- π 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.
- π 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.
- ποΈ 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.
- βοΈ 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.
- π° 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.
- π Utilize SEO for online visibility: For platforms like YouTube, optimizing content for search engines can drive traffic and monetization through advertising.
- π‘ 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.
- π 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.
- π° 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
π 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.
πΌ 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.
π 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.
π‘ 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.
π 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.
π° 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.
π₯ 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.
Mindmap
Keywords
π‘Influencer
π‘Product Business
π‘Customizable Products
π‘Service-Based Business
π‘Existing Business Purchase
π‘Real Estate
π‘Government Contracting
π‘Subscription-Based Newsletter
π‘Faceless Channel
π‘YouTube Automation
π‘Affiliate Marketing
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
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