Ideas for earning money
Let’s consider simple ideas for earning money in 2024. The described methods involve certain investments, but they fully pay off as the earnings will be significant.
What ideas for earning money are currently relevant
- Establishing an advertising agency.
- Housing for rent.
- Writing a book.
- Opening a franchise business.
Below, a few words about each method in detail. At the end of the material, you can also find links to my other materials about earning and business. There are plenty of ways to earn without investment, so explore them.
Establishing an advertising agency
In the 21st century, businesses are increasingly transitioning to the internet. Consequently, more and more people require advertising services to promote their products.
You can establish an advertising agency and offer services such as setting up contextual advertising, website promotion, and social media marketing. Taking advertising setup courses is an opportunity to learn quickly and inexpensively, with excellent results. Look for clients on social media. Start by working independently, then expand your team and scale up. If you have the funds at the outset, you can immediately hire qualified employees to set up ads, while you act as their manager.
Housing for rent
Continuing with ideas for earning money in 2024, the next method is renting out a property. It’s important not to think of it as passive income where you simply collect money after renting it out. In reality, it requires ongoing management of the property, handling minor (or major) repairs, and managing investments and returns.
In today’s market, the main advantage lies in having a property with professional and modern renovations. The property should attract tenants rather than being hastily furnished with subpar materials. Renting out designer apartments fetches much higher prices compared to ordinary “grey” rooms.
Remember to analyze market prices and base your decisions on them. Rental prices are lower in residential areas, while in the city center, for example, they can be twice as high. If finances allow, it’s better to invest in several properties upfront to maximize profits.
Writing a book – ideas for earning money
Writing a book is also a good investment. You don’t need to be an exceptionally skilled writer; you just need to be able to craft interesting stories. Later on, you can hire a literary editor to proofread the text and properly punctuate it, which doesn’t cost much.
You can either self-publish the manuscript or approach a publishing house. The key is to write stories that will be interesting to your audience. Self-publishing a book is quite challenging. You’ll need to cover the printing costs of copies and independently promote and sell your creation. The path is much more difficult than selling through a publishing house, but the income will be more tangible.
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If you collaborate with a publishing house, you won’t need to handle printing, sales, and book promotion. You’ll receive royalties for each copy sold. You’ll get 20% of the price for an electronic copy and 10-15% for a paperback. The amount may seem small compared to self-distribution, but all you need to do is write the work, and the publishing house will take care of everything else.
Opening a franchise business
If you have a certain amount of money, purchasing a franchise from a well-known brand would be the best investment for business development. Essentially, you use the brand name of a recognized company, such as a pizza chain, for example. You receive a ready-to-use profitable business model, set up a similar establishment, and start operating. The payback period is usually not long, but franchises from well-known companies can be expensive.
The advantage of franchises is that representatives of the brand assist you with all processes, from choosing the location to renovations and hiring staff. It’s convenient and profitable.
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