Passive income can be a great way to help you generate additional cash flow, whether you are doing a side job or just want to get a little extra income every month. Passive income can help you earn more income during good times and tide over difficulties when you suddenly lose your job or take a voluntary vacation.
With passive income, you can make money even if you are in your main job, or if you can build a stable passive income stream, you may want a little rebate. Either way, passive income can provide you with additional security.
Now let’s get into the seven passive income streams. So the first one is what I recommend for anyone getting started.
That is Teespring. Teespring is a print-on-demand platform where you just create designs. You don’t need any paid software for this, you can do it completely for free. Some apps will help you do the design. So you don’t have to be an artist or a creative. But you’re just creating catchy, trendy things to put on T-shirts, or mugs, or different articles of clothing. And then you upload it to Teespring. And it creates a virtual listing. And then people can come and buy it. They pay for the whole thing, Teespring prints it and ships it takes care of customer service, and just put the profit right into your account that you can payout. This is great for anyone because there’s no startup cost. It’s just you finding ideas on the internet, creating them, and uploading them to Teespring. You can spend just an hour after work every day, and you’ll be able to create five or six maybe 10 designs every day, upload them to Teespring. And you start compounding this, you do this for a while then you’re gonna have 100, 200, 300 different designs on Teespring while you’re still working your full-time job. You won’t have to worry about this, but it’ll be making money in the background. So when you go home you can check your account, see how much money you made on Teespring. This is a good way to start building up that raft.
So once I found out that you could do this on Teespring, I started to look a bit further. Where else could I do this print-on-demand style?
And this led me into my second passive income stream and this was Merch by Amazon. What I found out is that Amazon is in everything. well, they’re also in print-on-demand. Very similar to Teespring, Amazon has a program called Merch by Amazon. Now what’s amazing about this is it’s nonexclusive. Now the same designs that you upload to Teespring, you can take those designs and upload them to Merch by Amazon. Now you’re just gonna get free traffic from people searching on Amazon that are going to be buying those designs as well. Maybe those people don’t know about Teespring. So they didn’t see it on Teespring. But they did see it on Amazon, double the money. And again, this is completely free to start and you can just keep scaling with this and adding more and more designs.
So at this point, You have two passive income streams, and this is so easy for you to start well.
So this leads right into the third passive income stream. And similarly to Teespringand Merch by Amazon, there’s another one called Redbubble. Redbubble is another reputable print-on-demand company. And again, nonexclusive. So you can upload the same designs from Teespring, Merch by amazon onto Redbubble.
Now all of a sudden You have three passive income streams, and they’re all making money with the same designs. So this is so easy to make money. But that’s an excellent way to go from working your job to having three passive income streams. So just like that, you have three passive income streams that you just built and you don’t have to worry about after you’ve uploaded the designs. Now granted, there are more things that you can do in regards to marketing to sell more on print-on-demand. They’ll be linked in the video up here that’s using social media, but you don’t have to do those. When you’re working your full-time job, just add these things in. Just upload the designs and let them do the marketing for you. So there’s your first three right there. So once I had put some work into this, and was making decent money on print-on-demand on these three sites, it was pretty life-changing for me. You weren’t supposed to be making this much money, and not doing anything because it was so passive.
Now the next one for me was an Affiliate Marketing website.
With affiliate promoting, website owners, social media “influencers” or bloggers promote a 3rd party’s product by as well as a link on their website or social media account. Amazon can be the known affiliate partner, but eBay, Awin, and ShareASale are among the larger names, too. And Instagram and TikTok became big platforms for those trying to grow a following and promote products.
You could also consider growing an associate email list to draw attention to your journal or otherwise direct folks to products and services that they may need.
Opportunity: once a visitant clicks on the link and makes a sale from the third-party affiliate, the positioning owner earns a commission. The commission would possibly vary from three to seven %, therefore it’ll possibly take important traffic to your website to come up with a serious financial gain. however if you’ll be able to grow your following or have an additional remunerative niche (such as package, money services, or fitness), you will be able to create some serious coin.
Affiliate promoting is taken into account passive as a result of, in theory, you’ll be able to earn cash simply by adding a link to your website or social media account. In reality, you won’t earn something if you can’t attract readers to your website to click on the link and purchase one thing.
Risk: If you’re simply beginning out, you’ll get to take time to make content and build traffic. It will take important time to make a following, and you’ll get to notice the proper formula for attracting that audience, a method that itself would possibly take a minute. Worse, once you’ve spent all that energy, your audience is also apt to escape to the subsequent common influencer, trend, or social media platforms
Create an app
Creating an associate app can be the way to create that direct investment of your time then reaps the reward over time. Your app may well be a game or one that helps mobile users perform some hard-to-do perform. Once your app is public, users transfer it and you’ll generate a financial gain.
Opportunity: the associate app has a huge upper side if you’ll style one thing that catches the flowery of your audience. You’ll take into account however best to come up with sales from your app. As an example, you would possibly run in-app ads or otherwise have users pay a nominal fee for downloading the app.
If your app gains quality otherwise you receive feedback, you’ll seemingly get to add progressive options to stay the app relevant and well-liked.
Risk: the largest risk here is perhaps that you simply use it slow unprofitably. If you commit very little or no cash to the project (or cash that you simply would have spent anyway, as an example, on hardware), you’ve got a very little monetary drawback here. However, it’s a thronged market and actually, no-hit apps should supply a compelling price or expertise to users. You’ll conjointly need to create certain that if your app collects any information that it complies with privacy laws, that take issue across the world. The recognition of apps may be transient, too, which means your income may dry up a great deal quicker than you expect.
Create a blog or YouTube channel
Are you an expert on travel to Thailand? A maven of Minecraft? A sultan of swing dancing? Take your passion for a subject and turn it into a blog or a YouTube channel, exploitation ads, or sponsors to get your financial gain. Notice a well-liked subject, even a tiny low niche, Associate in Nursingd become knowledgeable on that. At first, you’ll build out a collection of content Associate in Nursingd draw an audience, however, it will produce a gradual financial gain stream over time, as you become famous for your participating content.
Opportunity: you’ll leverage a free (or low cost) platform, then use your nice content to make a following. A lot of distinctive your voice or space of interest, the higher for you to become “the” person to follow. Then draw sponsors to you.
Risk: You’ll build out content at the beginning and so produce in-progress content, which may take time. And you’ll have to be compelled to be enthusiastic about the merchandise, since that may assist you to maintain the motivation to continue, particularly at the beginning as your follower’s area unit still finding you.
The real drawback here is that you just will outlay a bunch of it slow and resources, with very little to point out for it, if there’s restricted interest in your subject or niche. Your space of experience could also be too niche to draw a profitable audience, however, you won’t take care of that till you experiment.
And the last piece of advice I have on this for any of you guys that are starting on this is to build one of these at a time. Don’t go in and try to build print-on-demand and an affiliate marketing site and a YouTube channel and all this all at once. It’s just too much to focus on. You only have 100% of your energy throughout the day. Now if you’re gonna put 10% of energy into 10 different things, that’ll be your full 100%. But you’re never gonna grow any of those things ’cause you’re only putting 10% in. What I recommend doing is focusing on one thing at a time. So it doesn’t matter the order that you go through. I recommend starting with print-on-demand because you can scale that pretty quickly and it costs nothing. But just make sure that you’re putting 100% of your energy into one thing until it’s substantially grown or built where you’re happy with it, then move on to the next thing.