When we evaluate the various assets to own; online business is the best due to the risk/reward ratio. The low cost to start an online business coupled with the opportunity for passive income make it an ideal diversified income source.
Given the digital economy, more and more of our world will be moving online. Automated tools make it easy to start a website in 10 minutes with zero computer programing skills.
In the initial phase, setting up a website or blog is considered active because you need to produce content. But, the internet provides infinite leverage in terms of audience.
Consider Edward who is a CPA. He provides tax advice to his clients. Over a period of time, he notices that most of his tax advice is repetitive to his Real Estate clients.
He starts a website and starts selling e-books containing the same advice. He spends 100 hours (or two months of weekends) working on writing the e-book.
Betty has always been interested in developing her herb garden. The pandemic work from home arrangement coupled with the lack of social outings; gives her enough time to get started.