Passive Income Ideas For Chief Technology Officer s [2024]
Interested in earning passive income as a chief technology officer in 2024?
We put together a few of the best passive income ideas you can start as a chief technology officer today. These will help you increase your quality of life by bringing in more income for yourself or your business.
For each income idea, we’ll show you real-world examples, revenue expectations for each idea, plus some things you might need to know before you start your passive income journey as a chief technology officer .
Here's the full list:
1. Make passive income with an email marketing tool ($992K/month)
As a Chief Technology Officer, you could leverage your technical expertise and understanding of software development to create an email marketing tool. This software would help businesses and entrepreneurs manage and automate their email campaigns, a key marketing strategy that is known to generate leads and boost sales.
The email marketing industry is growing rapidly, with projections indicating it could reach $2.53 billion by 2028. By starting an email marketing tool business, you'd have the chance to tap into a booming market. Plus, your background in technology would make the development and continuous improvement of such a tool more manageable and efficient.
This venture could provide a solid opportunity for passive income, as businesses of all sizes are continuously looking for reliable tools to reach their customers more effectively. Once developed, the tool could generate revenue through subscription models while requiring relatively low maintenance compared to other business ventures.
How much you can make: $120 — $20,833,333/month
How much does it cost to start: $1,000 (?)
How long does it take to build: 180 days (?)
H-supertools founder Hasan developed a set of free SEO and digital marketing tools generating $2k per month in profit using Google Adsense, affiliate marketing, selling ad spaces, and email, plans to launch a membership option, and has attained over 80k registered users and 300k monthly visits in less than two years.
2. Make passive income with an AI writing tool ($255K/month)
As a Chief Technology Officer, creating an AI writing tool could be a practical way to earn passive income while leveraging your expertise in tech innovation. By developing a tool that automates content creation, you could address the growing demand for consistent, high-quality writing from businesses, bloggers, and students. This solution would not only help users save time but also produce error-free and engaging content effortlessly.
With your background, you could oversee the design and implementation of this AI tool, ensuring it stays ahead of competitors by continually improving its algorithms. This approach not only positions you as a leader in the AI space but also creates a steady stream of passive income through subscriptions or licensing fees. Embarking on this venture could be your next step in transforming the digital content landscape.
How much you can make: $4,000 — $1,000,000/month
How long does it take to build: 52 days (?)
Rytr, a new AI writing assistant developed by a startup platform and business incubator, has become a market leader, serving over 300,000 customers across the world and doing seven figures in ARR.
3. Make passive income with an ai based business solution ($55.8K/month)
As a Chief Technology Officer (CTO), starting an AI-based business solution could be a natural extension of your expertise in technology and innovation. By leveraging artificial intelligence, you could target areas like customer service, inventory management, or data analysis. This approach could streamline operations, reduce costs, and help companies make data-driven decisions more efficiently.
You could focus on developing AI tools that automate repetitive tasks or provide valuable market insights, giving businesses a significant competitive edge. The demand for AI solutions is growing rapidly, offering a promising market opportunity. With your background and a thoughtful implementation plan, you could successfully tap into this expanding field and create a new revenue stream while driving technological progress.
How much you can make: $4,000 — $120,000/month
How long does it take to build: 125 days (?)
Mikkelsen Twins grew an online education company from scratch with over 800 students, making over 6-figures in profit every month thanks to their successful program, Audiobook Income Academy 2.0.
4. Make passive income with a mobile app ($70.3K/month)
As a Chief Technology Officer, you could use your technical expertise to create a mobile app that fills a gap in the market. Whether it’s a productivity tool that simplifies workflows or a game that entertains millions, the possibilities are vast. Mobile apps have become integral to daily life, offering a lucrative opportunity to generate revenue while leveraging your skills.
You could start by envisioning a concept that addresses a specific need, planning user experience, and designing a functional interface. If coding isn't your strong suit, you could hire a skilled developer to bring your vision to life. Effective marketing is crucial to attract users and achieve downloads, potentially leading to significant passive income once the app gains traction.
How much you can make: $1 — $500,000/month
How long does it take to build: 180 days (?)
BACH, an app that plans and books bachelorette parties, has grown from $0 to >$1M net revenue run rate in less than 6 months, gained over 100,000 users in their first 60 days, and has over 40,000 parties using the app this month.
5. Make passive income with a lead generation tool ($108K/month)
As a Chief Technology Officer, you could use your expertise to develop a lead generation tool that automates the process of finding new clients for businesses. This kind of software would help companies by capturing potential customer leads, allowing them to focus more on converting these leads into actual sales.
By integrating this tool with websites, social media channels, and other digital platforms, businesses can effortlessly collect valuable data such as email addresses, phone numbers, and customer interests. With the high demand for efficient lead generation solutions, creating such a tool could be a profitable side venture for you, leveraging your tech skills and offering significant value to other businesses.
How much you can make: $1,000 — $400,000/month
How much does it cost to start: $600 (?)
How long does it take to build: 90 days (?)
Dux-Soup is a LinkedIn automation tool that helps business owners and sales & marketing professionals generate more leads, increase efficiency, and save time; with over 70,000 users and revenue of nearly $5 million, it offers automated top-of-the-funnel LinkedIn outreach activities, targeted LinkedIn campaigns and multi-touch & personalized LinkedIn drip campaigns for lead generation.
6. Make passive income with a wordpress plugin business ($33.4K/month)
As a Chief Technology Officer, starting a WordPress plugin business could be an ideal way to supplement your income. Given your technical expertise and experience in addressing complex issues, developing a plugin that solves a specific problem could not only be a fun side project but also a profitable one. You could leverage your understanding of tech tools to create highly effective plugins that add real value to WordPress users.
You could sell your WordPress plugins on platforms like CodeCanyon, your blog, or even a dedicated website. This approach will allow you to reach a broader audience while tapping into a growing market. With the increasing reliance on websites and technology, a well-crafted plugin can provide recurring passive income, all while letting you share your expertise and creativity.
How much you can make: $120 — $120,000/month
How much does it cost to start: $5,000 (?)
How long does it take to build: 120 days (?)
Time commitment per week: Min. 5 hours/week
Wheely Sales CEO Josh created a lucky wheel popup that has grown revenue from $0 to $600/month in just 4 months since getting started and has attracted over 1.1 million users to his customers’ websites, all while proving that when it comes to creating a product, competition is validation.
7. Make passive income with a social media automation business ($139K/month)
As a Chief Technology Officer, you could channel your tech expertise into starting a social media automation business. This type of business involves creating tools and services that help clients manage multiple social media accounts effortlessly. You'll be providing solutions to schedule posts, automate interactions, and analyze data, making social media engagement less time-consuming for your clients.
Given your background, you'd be well-suited to develop or integrate the necessary software solutions and stay updated on industry trends. Plus, your strategic mindset would allow you to build strong relationships with clients, tailoring services to their specific needs. Such a venture not only offers a passive income stream but also leverages skills you already possess, making it a congruent and rewarding side hustle.
How much you can make: $4,000 — $400,000/month
How long does it take to build: 50 days (?)
MeetEdgar, a bootstrapped social media automation tool founded in 2014 by Laura Roeder, has grown to $4 million in annual recurring revenue and more than 5,000 customers, with a team size of two dozen, achieved through content marketing, social media marketing, and organic search.
8. Make passive income with a niche blog ($31.5K/month)
Starting a niche blog could be a great opportunity for a Chief Technology Officer (CTO) to supplement their income by sharing their specialized knowledge with a passionate online community. By selecting a profitable and underserved niche—whether it be within the tech world or a personal interest like video games or film reviews—you could create engaging content that resonates with your audience. This might include articles, how-to guides, product reviews, or even video interviews.
To monetize your blog, you could use affiliate links, collaborate with relevant brands, and grow a YouTube channel. Over time, these efforts can generate a steady stream of passive income. Additionally, speaking at industry events and engaging regularly with your followers can further enhance your visibility and impact.
How much you can make: $100 — $650,000/month
How much does it cost to start: $650 (?)
How long does it take to build: 60 days (?)
Starter Story grew to 1.4 million monthly visitors and millions in annual revenue by sharing the stories of entrepreneurs. Pat breaks down the early days and how he grew the business into something that changed his life.
9. Make passive income with a niche website ($107K/month)
As a Chief Technology Officer, starting a niche website could serve as an excellent side project that lets you leverage your expertise and interests while earning extra income. A niche website focuses on a specialized topic, allowing you to create targeted content for a dedicated audience. Given your background, you could choose a subject you are passionate about and knowledgeable in, such as emerging tech trends or software development best practices.
To build your site, you'll need to invest some time in research, content creation, and search engine optimization (SEO) to attract loyal followers. Once your site gains traction, you could monetize it through affiliate marketing, ad placements, or selling digital products like eBooks and online courses. With consistent effort, your niche website could eventually become a reliable source of passive income, adding value to both your career and financial portfolio.
How much you can make: $400 — $250,000/month
How long does it take to build: 60 days (?)
DPW (Digital Procurement World) is a fast-growing conference and community in procurement that has more than tripled in revenue since launching in 2019, capping out the year at €1.8 million, with 95% of their growth coming from inbound traffic leveraging LinkedIn and applying social selling techniques.
10. Make passive income with an online course sales business ($85K/month)
As a Chief Technology Officer, you could leverage your extensive experience and expertise to create online courses tailored to technology and leadership. By developing courses on topics like coding, web design, or emerging tech trends, you could share valuable insights with aspiring professionals, thus creating an additional income stream.
Given the booming e-learning market, expected to be worth over $645 billion soon, there's no better time to explore this opportunity. You could start by identifying a niche audience, designing comprehensive course materials, and utilizing popular learning platforms to reach and teach a global audience, all while making money passively through course sales.
Increasing your income while sharing your knowledge would be a win-win, and tapping into the e-learning market could put your expertise to profitable use.
How much you can make: $100 — $300,000/month
How much does it cost to start: $2,000 (?)
How long does it take to build: 180 days (?)
A multipreneur shares how she built a successful print on demand side hustle, generating $120,000 per year through multiple brands spread over various platforms.
11. Make passive income with a web scraping API ($34.2K/month)
As a Chief Technology Officer, you could leverage your existing knowledge and skills to create a web scraping API, providing businesses with automated tools for data collection. This could help other companies streamline tasks like market research, competitor analysis, and content aggregation without the need for manual data entry. Not only would you be offering a highly valuable service, but this venture could also open up additional income streams.
Given your expertise in both coding and web protocols, setting up and maintaining a reliable web scraping API falls well within your capabilities. You could start with a niche market to build a strong foundation and expand as demand grows. With businesses increasingly focusing on actionable data insights, a web scraping API could be a highly lucrative passive income opportunity for someone with your technical background.
How much you can make: $50 — $125,000/month
How much does it cost to start: $900 (?)
How long does it take to build: 105 days (?)
PlanIt is a travel recommendation and planning platform that has seen compelling growth in database coverage and user growth, covering every country in the world with several thousand users and a large SEO focus as well as a growing interest from travel and lifestyle businesses to list their details.
12. Make passive income with a costume rental business
As a Chief Technology Officer (CTO), you could leverage your strategic thinking and management skills to start a costume rental business, which is a rapidly growing industry across the United States. This venture takes advantage of your ability to navigate new markets and streamline operations, making it a viable side hustle. Since costumes are in demand for various events and parties, managing a rental business doesn’t involve the everyday frenzy but still promises a consistent income stream due to the repeat nature of its customers.
Starting a costume rental business wouldn't necessarily require you to sew or design costumes yourself, reducing the operational stress significantly. You could employ your technical expertise to build an efficient inventory management system, ensuring that the right costumes are available at the right time. By doing so, you’d enhance customer satisfaction which could lead to positive word-of-mouth and repeat business, ultimately supplementing your primary income.
13. Make passive income with a brand influencer
As a Chief Technology Officer (CTO), you could leverage your industry knowledge and professional network to become a brand influencer. Companies often seek voices of authority in the tech field to endorse their products, ranging from software solutions to cutting-edge gadgets. By sharing your insights and experiences on social media or industry blogs, you could build a following that companies find valuable, opening up opportunities for sponsored posts and partnerships.
Being a brand influencer might also align with your professional goals, allowing you to stay current with the latest technology trends while earning extra income. Your unique perspective as a CTO could make your recommendations particularly credible, thereby attracting higher-paying endorsement deals. This side hustle requires relatively low effort compared to other passive income streams, making it a practical option for someone with a busy schedule like yours.
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Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
