12 Passive Income Ideas For Data Analysts [2024]
Interested in earning passive income as a data analyst in 2024?
We put together a few of the best passive income ideas you can start as a data analyst 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 data analyst.
Here's the full list:
1. Make passive income with an ai based business solution ($55.8K/month)
As a data analyst, you could leverage your expertise in data and analytics to create an AI-based business solution. This involves using artificial intelligence to optimize business processes like customer service, inventory management, and personalized marketing. By helping businesses make data-driven decisions and automate repetitive tasks, your AI solutions could enhance efficiency and cut costs.
What’s more, you don’t need a deep tech background to get started. Many AI platforms offer easy-to-use interfaces and strong support systems. With the rising demand for AI solutions, this could be a golden opportunity to innovate, offer valuable insights, and tap into a growing market, thereby creating a steady stream of passive income.
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.
2. Make passive income with an online course sales business ($85K/month)
As a data analyst, you could turn your expertise into a valuable online course that helps others understand and master data analysis. Many people are eager to learn skills like SQL, Excel, Python, or data visualization, and you already possess the know-how that they are looking for. By creating a course, you could share what you know while earning passive income, as your course materials would generate revenue long after they’re initially posted.
All you need is to identify a target audience, develop your online course content, and select a platform where you can sell your course. The e-learning market is booming, with expectations to be worth over $645 billion in the coming years, making it a ripe opportunity to capitalize on your skills. This could be a rewarding way to supplement your income while helping others achieve their learning goals.
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.
3. Make passive income with an online survey tool ($304K/month)
As a data analyst, creating an online survey tool could be a great way to supplement your income while leveraging your existing skill set. Given your expertise in data collection and analysis, you could design a user-friendly survey platform that helps businesses gather valuable customer feedback efficiently. This kind of service is in high demand as companies continuously seek ways to understand their customers better and make informed decisions.
By developing an online survey tool, you could offer a range of features such as easy-to-use survey builders, robust data collection mechanisms, and comprehensive reporting systems. With these capabilities, businesses could more effectively utilize customer insights to improve products, services, or overall customer satisfaction. Plus, the market for such tools is growing, as seen with companies like Typeform, which reported annual recurring revenue surpassing $70 million in 2021.
Such a venture could not only diversify your income streams but also position you in a growing industry where your skills in data analytics are highly valuable.
How much you can make: $40 — $1,600,000/month
How long does it take to build: 180 days (?)
GreenRope, a self-funded CRM and marketing automation platform with over 1,000 customers in 20 countries, was built organically and focused on creating a positive, customer-centric culture without outside investment, with an all-in-one interface solving challenges in managing sales, marketing, customer service, and operations.
4. Make passive income with an AI writing tool ($255K/month)
As a data analyst, you could leverage your expertise in data to develop an AI writing tool that aids in content creation. Given your analytical skills, you could train a digital tool powered by artificial intelligence to generate accurate and engaging content for businesses, bloggers, and students. This tool could simplify content generation by automating the writing process, making it error-free and time-efficient.
You could start this venture by compiling and analyzing large datasets of written content to teach the AI to write in various styles and contexts. With the demand for constant, quality content continuously rising, your AI writing tool could be a highly sought-after solution, easing the workload of writers and boosting their productivity. By creating this tool, you could establish a steady stream of passive income while making a significant impact on the digitized content creation 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.
5. Make passive income with a lead generation tool ($108K/month)
As a data analyst, starting a lead generation tool could be a great way to earn extra money by leveraging your existing skills. You could create a software application or platform that automatically identifies and captures potential customer leads for businesses. This tool can integrate with websites, social media channels, and other digital touchpoints to collect important data like email addresses, phone numbers, and customer interests.
With companies always looking to grow their customer base efficiently, the demand for effective lead generation solutions is high. Your analytical expertise would help in refining the tool to ensure it gathers high-quality leads. This allows businesses to focus on converting leads into customers, making your tool an appealing and potentially profitable offering.
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 mobile app ($70.3K/month)
As a data analyst, you could leverage your analytical skills to identify gaps in the market and develop a mobile app that addresses these needs. With your ability to decode user preferences and behaviors through data analysis, you could create an app that offers value and solves specific problems, thereby attracting a broad user base.
Starting a mobile app business might require you to learn some basic coding or collaborate with a developer, but your main focus would be on designing an engaging user experience and conducting thorough testing. Given the widespread use of smartphones, innovative apps have the potential to attract a significant number of users, allowing you to generate revenue through downloads, advertisements, or in-app purchases. This venture could not only supplement your income but also turn your creative ideas into a passive income stream.
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.
7. Make passive income with a wordpress plugin business ($33.4K/month)
As a data analyst, starting a WordPress plugin business could be a practical way to earn passive income. Considering your ability to identify and solve complex problems with data, you could create plugins that address specific needs and challenges users face with their WordPress websites. Your analytical skills could help you identify gaps in the current plugin market, allowing you to develop plugins that offer unique solutions or enhanced functionalities.
Moreover, by leveraging platforms such as CodeCanyon, your blog, or a dedicated website, you could reach a broad audience and generate consistent income. Given that many WordPress users rely heavily on plugins to run their sites successfully, there is a steady demand for innovative and reliable plugins. This venture could also serve as a meaningful extension of your analytical expertise and an entrepreneurial step towards financial growth.
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.
8. Make passive income with a social media automation business ($139K/month)
As a data analyst, you could leverage your expertise in data analysis to start a social media automation business, effortlessly managing multiple social media accounts while driving engagement and growth. This involves creating tools and services that schedule posts, automate interactions, and analyze data across various platforms, providing invaluable insights to your clients.
Small businesses and influencers might pay you to save them time and enhance their social media presence. Given the growing need for consistent and strategic social media engagement, your skills in data analysis will be instrumental in developing or integrating software solutions and staying updated on social media trends. This could not only supplement your income but also offer a fulfilling side hustle that caters to your technological and marketing interests.
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.
9. Make passive income with a niche blog ($31.5K/month)
Starting a niche blog could be a smart way for a data analyst to supplement their income. You have a unique skill set in analyzing data and uncovering insights, which you could use to create engaging and informative content for a blog. For instance, you could focus on topics such as data visualization, machine learning, or even specific software tools that you're proficient with. Your expertise would attract an audience interested in these areas, making your content valuable and sought-after.
Once you have built an audience, there are various opportunities to monetize your blog. You could include affiliate links to tools and products, grow a YouTube channel with tutorial videos, collaborate with brands for sponsored content, or even speak at industry events. The key is to consistently produce high-quality, informative content that keeps your audience engaged and coming back for more. By doing so, you could turn your knowledge and passion into a passive income stream.
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.
10. Make passive income with a YouTube channel ($72.1K/month)
As a data analyst, starting a YouTube channel could be a great way to supplement your income and share your expertise with a broader audience. You could create content around data analysis techniques, software tutorials, and case studies, allowing others to learn from your experience while you build a following. By doing so, you could earn passive income through ad revenue, sponsorships, and even selling your own branded merchandise.
To succeed, you'll need to post videos consistently and interact with your viewers to build a community. Recording, editing, and understanding video SEO will be essential skills to develop. Though it requires effort upfront, a well-maintained YouTube channel could eventually provide a steady stream of income and position you as an authority in your field.
How much you can make: $2,000 — $333,333/month
How much does it cost to start: $5,250 (?)
How long does it take to build: 30 days (?)
This case study follows the journey of a young entrepreneur from Nigeria who started a profitable blog generating a monthly revenue of $1,500+ through sales of advertising space, sponsored posts, and information products, and shares his strategies for success including a Twitter growth challenge and guest post pitches.
11. Make passive income with a niche website ($107K/month)
As a data analyst, you could explore the idea of starting a niche website focused on a topic within your field. This could include areas like data visualization techniques, popular data analysis tools like SQL or Python, or industry-specific data trends. By sharing your expertise and insights, you attract a dedicated audience interested in precise, high-quality content.
Once your site gains traction, you could monetize it through affiliate marketing by recommending analytics software, running ads, or selling custom reports and e-books. Although building a niche website requires an initial time investment for content creation and SEO, it could turn into a reliable source of passive income over time. This project not only adds an extra revenue stream but also helps you stay at the forefront of your field by continuously exploring and sharing new data analysis techniques and trends.
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.
12. Make passive income with an affiliate marketing business ($77.5K/month)
Starting an affiliate marketing business could be a smart move for a data analyst looking to supplement their income. As a data analyst, you already have the skills to interpret and understand market trends, which can be invaluable when choosing the right products and brands to promote. By leveraging your analytical skills, you could optimize your marketing strategies based on data-driven insights, making your affiliate marketing efforts more effective and potentially more profitable.
To get started, you could focus on finding products and services that align well with your interests and expertise. For example, if you frequently use certain software tools or online services in your line of work, you could partner with those companies and promote their products. Each time someone makes a purchase through your referral, you would earn a commission, allowing you to build a steady stream of passive income over time.
How much you can make: $500 — $773,000/month
How much does it cost to start: $700 (?)
How long does it take to build: 60 days (?)
This case study explores how Spencer Mecham founded Buildapreneur, an affiliate marketing business, and has made over half a million dollars in profit with no employees, relying solely on content marketing through platforms like Facebook, YouTube, and TikTok.
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.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
