Passive Income Ideas For Data Scientists [2024]
Interested in earning passive income as a Data Scientist in 2024?
We put together a few of the best passive income ideas you can start as a Data Scientist 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 Scientist.
Here's the full list:
1. Make passive income with an AI writing tool ($255K/month)
As a data scientist, you could create an AI writing tool that leverages your expertise in machine learning and data analysis. This tool could help businesses, bloggers, and students generate content quickly and accurately by automating the writing process. By crafting algorithms that understand context and produce error-free text, you could make content creation more efficient and less time-consuming.
Not only could this tool provide supplemental income through subscriptions or one-time purchases, but it also offers an innovative way to apply your skills beyond traditional data science roles. This entrepreneurial venture taps into the growing demand for quality content and presents an opportunity to significantly impact the lives of content creators by enhancing their productivity. Imagine the possibilities of bringing advanced technology to a field as universally relevant as writing.
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.
2. Make passive income with an ai based business solution ($55.8K/month)
Starting an AI-based business solution could be a smart move for a Data Scientist looking to supplement their income. With your expertise in data analysis and predictive modeling, you could develop tools that help companies streamline their operations, cut costs, and make informed decisions. For instance, you might create an AI solution that automates repetitive tasks, provides valuable customer insights, or forecasts market trends with high accuracy.
Given the growing demand for AI in various industries, your service could attract significant interest from businesses wanting to gain a competitive edge. Additionally, many AI platform providers now offer user-friendly interfaces and robust support systems, making it easier than ever to create and implement effective AI solutions. This could be a promising avenue for those with an entrepreneurial mindset looking to innovate and expand their career opportunities.
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.
3. Make passive income with an email marketing tool ($992K/month)
Starting an email marketing tool could be a rewarding side hustle for data scientists. With your expertise in data analysis and machine learning, you could develop a sophisticated tool that leverages data to optimize email campaigns, segment audiences, and improve deliverability rates. This type of application could stand out in the booming email marketing industry, projected to reach $2.53 billion by 2028.
As a data scientist, you could use your skills to create features that predict the best times to send emails or analyze past campaigns for better future performance. These capabilities could attract users like entrepreneurs and startups who are looking for more effective ways to reach their audience. By tapping into this growing market, you could generate a steady stream of income while helping businesses achieve better results with their email campaigns.
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.
4. Make passive income with a social media automation business ($139K/month)
As a Data Scientist, you could leverage your skills in algorithms, analytics, and data handling to create a social media automation business. This business would involve developing tools that schedule posts, automate interactions, and analyze data to improve social media engagement. Your clients—small businesses and influencers—would pay you to save them time and enhance their online presence.
The rising demand for effective social media strategies means there's a vast market for automation services. Using your expertise, you could develop or integrate software solutions and stay updated on social media trends to deliver tailored services. This entrepreneurial path could be both profitable and satisfying, allowing you to utilize your technical skills in a growing market.
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.
5. Make passive income with a lead generation tool ($108K/month)
As a Data Scientist, you could leverage your expertise in data analytics and automation to create a lead generation tool that identifies and captures potential customer leads for businesses. This would involve developing a software application that can integrate with various digital platforms, like websites and social media channels, to gather valuable information such as email addresses, phone numbers, and customer interests.
By automating the often tedious process of finding new clients, your tool could help businesses focus more on converting these leads into paying customers. Given the high demand for efficient lead generation solutions, your tech-savvy background in data could make this a profitable entrepreneurial opportunity, helping companies streamline their marketing efforts and enhance their growth.
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 an online survey tool ($304K/month)
Developing an online survey tool could be a great way to supplement your income as a Data Scientist. Given your skills in data analysis and interpretation, you could build a user-friendly survey platform to help businesses gather valuable customer feedback. These tools are in high demand as companies seek cost-effective methods to understand their customer base better.
You could incorporate various features such as a survey builder, data collection tool, and reporting system, making it easier for businesses to collect and analyze large volumes of data. Typeform, for instance, has seen significant success, surpassing $70 million in annual recurring revenue by providing a platform for such needs. This kind of project aligns well with your existing expertise and could offer a lucrative source of passive income by selling subscriptions or customized solutions to businesses.
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.
7. Make passive income with a mobile app ($70.3K/month)
As a Data Scientist, you could leverage your analytical skills and insights to build a mobile app that meets a specific user need or solves a common problem. With basic coding knowledge or the ability to hire a developer, you could create an app that offers valuable functionalities, like data visualization tools, productivity enhancements, or even educational content related to data science techniques.
The process involves planning the user experience, designing intuitive interfaces, and ensuring the app is free of bugs through rigorous testing. Proper marketing will be essential to attract users and increase downloads. Given the ubiquitous presence of mobile apps in daily life, a successful app could provide substantial passive income as it gains traction in the market.
If you have a unique idea or a solution that leverages your data science expertise, the potential for creating a popular and profitable mobile app is immense. Starting this venture could turn your innovative concepts into a valuable digital product while generating ongoing revenue.
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.
8. Make passive income with a dropshipping business ($414K/month)
As a data scientist, you could leverage your analytical skills to identify trending products and profitable niches for a dropshipping business. Dropshipping allows you to sell products without the hassle of maintaining inventory, which means you could focus more on the analytical aspects and marketing strategies.
Setting up an online store on platforms like Shopify or WooCommerce is straightforward, and you could use your data skills to track customer behavior and optimize your store for better sales. By analyzing market trends and customer insights, you could select the most in-demand products and reliable suppliers from platforms like AliExpress.
Remember, managing expenses and keeping an eye on profit margins is crucial for ensuring your dropshipping business is profitable. Your expertise in data analysis could help you make informed decisions to grow your side hustle successfully.
How much you can make: $6,000 — $3,000,000/month
How much does it cost to start: $8,500 (?)
How long does it take to build: 90 days (?)
Time commitment per week: Min. 10 hours/week
Entrepreneur Kamil Sattar has developed multiple six-figure drop shipping businesses, and his company, e-commerce mentoring, specializes in helping others create their own successful companies, with favorite platforms including using Shopify and apps such as Loox reviews and SMSBump.
9. Make passive income with a niche blog ($31.5K/month)
As a Data Scientist, starting a niche blog could be a promising way to supplement your income by sharing your expertise on specialized topics within your field. You could focus on areas like machine learning applications, data visualization techniques, or unique programming challenges. By creating informative and engaging content, such as how-to guides, industry commentary, and tool reviews, you could attract a dedicated audience interested in similar subjects.
Once you establish a following, you could monetize your blog through affiliate marketing, brand collaborations, and even speaking engagements. Additionally, expanding your blog to include a YouTube channel or online courses could further boost your income by reaching a broader audience. Engaging regularly with your readers and staying passionate about your subject could make this venture both profitable and fulfilling.
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)
Starting a YouTube channel could be an exciting way for you as a Data Scientist to share your expertise and generate passive income. You could create tutorials on key data science techniques, walk-throughs of complex algorithms, or even share your insights on the latest industry trends. This type of content could attract a growing audience of both aspiring and seasoned data scientists, which in turn could lead to revenue through ads, sponsorships, and even merchandising.
Building a successful YouTube channel would require consistency and quality in your videos. You’d need to regularly plan, shoot, and edit your content, while also engaging with your audience and leveraging SEO to increase visibility. Although the effort is considerable, the potential payoff, both financially and in terms of personal satisfaction, could make it a very worthwhile pursuit.
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 an online course sales business ($85K/month)
If you're a Data Scientist, you could leverage your specialized skills and knowledge to create an online course that teaches others about data analysis, machine learning, or any particular niche you're passionate about. By packaging your expertise into easily digestible lessons, you could help others learn valuable skills while earning passive income. The e-learning market is booming, projected to be worth over $645 billion in the next few years, making it an opportune time to join the industry.
Creating an online course involves selecting a target audience, developing the course content, and choosing a platform to host and sell your course. Popular platforms like Udemy, Coursera, or Teachable make this process relatively straightforward. By investing time upfront to develop a high-quality course, you could continue earning money from it long after it's been published, while also building your reputation in the field.
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.
12. Make passive income with an affiliate marketing business ($77.5K/month)
As a Data Scientist, you could leverage your analytical skills to excel in affiliate marketing by promoting products and services that align with your professional interests. By identifying high-demand products in your industry and creating content or reviews based on your expert insights, you have the potential to attract an audience that trusts your recommendations. This could result in a steady stream of commissions from each sale made through your affiliate links.
To get started, you could research and partner with brands or eCommerce stores that offer products relevant to data science, such as software tools, educational courses, or cutting-edge tech gadgets. By incorporating affiliate links into a blog, YouTube channel, or social media posts, you could create a passive income stream while sharing valuable information with your audience. With time and consistent effort, your affiliate marketing business could grow, providing an additional revenue source beyond your primary job as a Data Scientist.
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.
13. Make passive income with a niche website ($107K/month)
As a Data Scientist, building a niche website could be a strategic way to supplement your income by leveraging your expertise in a specific area. You could focus on a specialized topic within data science, such as machine learning, data visualization, or analytics best practices, serving a dedicated audience seeking insights and advice. This allows you to share your knowledge, offer tutorials, and create valuable resources that attract a loyal following.
The initial steps involve selecting your niche, creating engaging content, and optimizing your site for search engines to drive traffic. Over time, you could monetize your site through affiliate marketing, ad placements, or by selling e-books and online courses tailored to aspiring data scientists or professionals looking to upskill. This would not only provide passive income but also establish you as an authority in your field, enhancing your professional reputation.
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.
14. Make passive income with a stock investing business ($30.3K/month)
Starting a stock investing business could be a natural fit for a Data Scientist who enjoys delving into numbers and market trends. As a Data Scientist, you are already skilled in analyzing complex datasets, so you could leverage your expertise to examine financial data and market movements to make informed trading decisions. This venture would allow you to transform your analytical skills into a profitable side hustle by buying and selling stocks.
Moreover, there are numerous educational resources and trading platforms that can help you get started, providing you with the tools and knowledge you need. While stock investing requires continuous learning and a keen eye on market changes, your background in data analysis and statistical modeling could give you an edge in developing effective investment strategies. This business is not about getting rich quickly but rather about steady, informed decision-making for long-term financial growth.
How much you can make: $4,000 — $160,000/month
How much does it cost to start: $3,500 (?)
How long does it take to build: 90 days (?)
Ticker Nerd is a monthly subscription service for investors that surfaces and analyzes trending stocks before the hype train arrives, and now has $4.5k in monthly recurring revenue from its newsletter without spending a single dollar on advertising, having validated the business via subreddits and organic Product Hunt launch strategy.
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.
