"Blogging" category recommended by "Answers Rates.com"
Blogging. Let me begin with my favorite business to start if you want to be rich in 5 years or less. As you probably know, a blog is just a website filled with articles around a particular topic. I operate multiple blogs, so I have some experience in this business.
What I love about blogging is that you can basically start for free. So there's almost no financial risk. On top of that, the ongoing costs and maintenance responsibilities are almost zero.
What's even better is that you can do it at home in your spare time. But what makes blogging the ideal business to get rich in 5 years is its ability to generate huge cash flow within a pretty short period of time.
I am talking about thousands or even tens of thousands of dollars each month. I want to be clear that I am not talking about mega blogs like Nerdwallet and the Huffington Post. Those sites make millions per month. I am talking about sites started by regular people like you and me.
If you don't believe that a small blog can make this type of money, check out empireflippers.com. They are a platform that buys and sells websites. When you browse through their offerings, you will see blogs that started just a few years ago making tens of thousands of dollars per month.
I would note that Empire flippers are pretty rigorous about the businesses they list on their site and perform significant due diligence on the numbers. They require clear proof of traffic and earnings before you can even list them on their website.
Here's a representative sampling of blogs that I found on their site on the day I produced this video. All are under 5 years old and make over $10,000 per month. Of course, these specific blogs may no longer be available by the time you are watching this. But these types of businesses are there all the time.
I have no doubt that there will always be relatively new businesses that are making tens of thousands of dollars per month selling on that site at any given time. To be fair. not every blog is going to generate this type of money or do it so quickly. Many fail to make any money at all. But what do you really have to lose?
As I mentioned before, you can get started for very little money and it costs almost nothing to maintain your site. If you are willing to invest the time and effort, why not take a shot?
So let's say you take the plunge, and it turns out you have a knack for it. If you are able to grow a blog into something that generates around $20,000 to $25,000 per month, your blog is going to be worth $1 million because your blog is generally worth between 40 times and 50 times its monthly income. You are now a millionaire.
As you saw from some of the examples above, this is possible within a 5 year period, although I admit it will be challenging. But even if you fall short and your blog only makes $1,000 per month, that yields a valuation between $40,000 to $50,000.
If you are interested in learning more about blogging and how to get started, check out my article list on passive income blogging below.
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