The costs associated with starting a new business from scratch can sometimes be redhibitory. In times of pandemic, individuals don’t always have money sitting idle in a bank account to start a business.
However bitcoin, which has, at the time of writing, a market capitalization of 755 billion dollars, provides plenty of opportunities to start a business at a very low cost and with very little risk. Bitcoin is not only a currency and a network, it is an ecosystem of business that individuals can tap into in order to create their own.
Below, our readers will find a quick and dirty selection of bitcoin business ideas that come with very little overhead (if any). Starting a bitcoin business with no money down (and being your own boss) sure beats, in my book, scouring blockchain jobs remote lists such as Laborx.com and Bitgigs on a daily basis! There is nothing wrong with looking for a job on a platform such as laborx.com: after all, it pays workers in crypto and, thanks to its proven escrow system, takes the security of user funds seriously. What we mean is that starting your business and scaling that business beats being someone’s employee, especially in the current economic context, which is full of uncertainties. These businesses can be started very quickly (within minutes), with very little equipment, knowledge and know-how.
Writing about Bitcoin
Writing about Bitcoin is far from being easy. It requires time, dedication, patience and a methodical urge to ingest knowledge on a daily basis. When it is done right, the act of writing is intellectually and emotionally rewarding – for the writer and the reader.
Blogging about Bitcoin and building a solid reputation as a knowledgeable expert is an excellent way to make money with very little overhead. All you need to start, realy, is a computer, an internet connection, and a blogging platform. There is a staggering amount of free blogging platforms out there, and within 5 minutes anyone with a minimum of computer experience can start a blogging business.
In order to start such a business, you certainly do not need to be an expert. You need to know enough about the matter but you don’t need to know everything: you can engage in research as you write. Good writers can revel in the fact that they get paid to educate the public and raise awareness about critical issues specific to the Bitcoin Blockchain.
Writers can make money with their blogging business by receiving tips, similar to what happens on publishing platforms such as Publish0x. Due to the global nature of the internet, tips can add up quickly. If you own your blog, you can customize your tipping widget in order to receive the currency or cryptocurrency of your choice.
It is also possible, in addition to receiving tips, to outright sell the articles that you write to other platforms, to news outlets and to the writing talent scouts that hang out in the confines of crypto jobs lists such as laborx.com. If you are good, if you write in an engaging way and if you publish articles about popular or contentious topics, your articles will get picked up regularly. Writing and selling articles is a fantastic way to build a business with very little overhead. Good writers can bring in very large sums of money.
Bitcoin Affiliate Marketing
Affiliate marketers are individuals who promote brands, products and services and get rewarded when a member of their network makes a purchase thanks to their effort. In order to become an affiliate marketer, you need to possess and maintain a large enough network of followers on social media. If you have the luck of having such a network, then starting a business as an affiliate marketer is a simple affair.
Quite a few Bitcoin businesses have established affiliate marketing programs. Joining an affiliate marketing program is easy and usually free. After signing up for a program, you are given a link which you can share on platforms such as Twitter, Reddit and Discord. When someone uses your link to purchase a product or a service, you will get a percentage of the sale, or a set fee.
Obviously, you want to maximize your networks and create multiple streams of revenue by participating in many affiliate marketing programs! However, you should be wary of drowning your followers with links and advertisements, as that can be a turnoff in very high doses.
Become a Reseller
You don’t need a revolutionary new idea to start a bitcoin business online. You can stand onthe shoulders of giants. You can simply resell what others are selling – you can become a reseller. You can resell mining rig parts or bitcoin related merchandise, for example, without even holding items in inventory, ordering them as soon as a customer orders it from your store!
Becoming a reseller is a fairly easy process. As mentioned above, it is not a requirement to hold items in inventory. All you will need is a simple storefront or a blog and a way to collect payment and process orders. All of this can be done very quickly, with powerful tools available online and for free.
The advantage of becoming a reseller is that you can leverage the popularity of the products you are reselling, and leverage the marketing efforts of the manufacturer.
Become a Consultant
In order to become a consultant, you need to have a good balance of soft and hard skills. If you possess significant knowledge about Bitcoin, you should consider starting a consulting business, in order to help businesses and individuals that seek specialized knowledge about the currency and the network.
A lot of businesses and individuals, at the moment, feel that they are missing out. However, before jumping in head first and allocating resources to Bitcoin, it is normal that they should seek guidance, in order to make informed decisions.
Your role as a consultant will be to provide firms with the knowledge they require and assess the impact of allocating resources to Bitcoin on their business.
Start a Day Trading Program
Trading and arbitrage are definitely not for everyone. These two activities are very risky, and the possibility of losing money very quickly is very real. Relying on fundamental and technical analysis in order to make sound trading decisions, and becoming successful at it, is something very few individuals can achieve on a consistent basis. It is said that most traders fail and end up blowing up their accounts.
We recommend letting others do the trading – what you can do instead is provide the knowledge and the tools traders will need to become successful at it. Don’t be a musician – sell musical instruments.
How hard would it be to start a fundamental analysis program on Zoom? To set up a weekly call about market analysis using Microsoft Teams? How about a technical analysis program on skype? Everything you need to start such a program is already out there. If you possess a good amount of knowledge, all you need is a computer, an internet connection and good marketing skills in order to start an online Day Trading Program.
As with all online schools, you would charge a fee per student as a compensation for your efforts. Things can get interesting very quickly here as the global nature of the internet means that you can collect a lot of students in different regions. Once you have enough students, scaling up your school should be easy: hire more teachers, delegate all tasks related to teaching and focus on the administrative side of things and on marketing.
Become a Speaker
Why not take full advantage of the recurring Bitcoin events and conferences that are held every year? Usually, when the organizers of these events are in the planning stages, they send out “calls for speakers”. Experienced speakers respond by sending topic suggestions. Becoming a speaker only requires that you have the presentation skills required to speak in front of a big crowd, and that you possess specialized knowledge about Bitcoin. Your reputation will grow as you accept and honor speaking engagements.
The world is a very small place: if you are good, then organizers will hire you and recommend you to others. Exceptional speakers can make hundreds of thousands of dollars a year while travelling all over the world.
Bitcoin businesses with a low overhead are an attractive proposition to those who were hit hard by the pandemic and lost their jobs. Such businesses can be started very quickly and without any money down. For businesses such as blogging, all that is required is an internet connection and a computer. We certainly hope that this quick and dirty selection of business ideas has inspired you.