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.