Spend the next 40 days planning what you want to accomplish. Then you can begin.
Build a passive income stream; now is the best time to get started if you wish to achieve that.
No doubt creating a new stream of passive income will take at least six months, but if you start from scratch, you will be able to do it.
Choose one of these ideas and spend the next six weeks planning how you will approach it if you are serious about it.
- Please become familiar with the topic by reading articles about it.
- Identify a product or niche that you are interested in.
- If you want to know what it takes to succeed, you should talk to successful people.
The critical thing to remember is that passive income does not imply you are paid to do nothing. It simply means that the money will keep flowing into your account even if you aren’t actively working, as long as you maintain the account balance.
A good example would be if you spent 50 hours creating a digital product that sold for 50 weeks in a row. It is much better to work for 50 hours and to be paid for those 50 hours than to spend 50 hours at work and not be paid for them.
Scaling your income exponentially requires passive income.
In addition, there is no need to spend $5k on a course if you don’t wish to do so. The internet is filled with plenty of legitimate information that can be accessed free of charge on social media — mainly Twitter, Google, and YouTube.
As a next stream of passive income, here are six potential opportunities that you can take advantage of…
It can be a fun hobby if you are good with the camera and can create videos and post those on your YouTube channel. As one of the most popular ways of making money on the internet, YouTube has become one of the most popular ways.
In the same way as information products, you can create a video once and have it making money for years without putting much effort into it.
You need to understand that YouTube is a long-term business. Initially, you will not be able to earn money right away. The process of building a big audience and deriving any significant revenues from a website usually takes years.
In order to earn money on YouTube, you need to have hours of watch time before applying for ads, which is how most YouTubers make their money. You will be able to reap the benefits of it once your channel gains momentum. It is possible to make hundreds of dollars each on autopilot by creating simple videos.
If you want to earn money on YouTube with affiliate marketing, you’ll be able to do it from the very beginning, but you will still need to build up a following in order to see significant earnings.
It’s a great way to share your ideas and talk about them if you’re uncomfortable recording yourself.
Suppose you’re interested in a particular niche. In that case, you can record yourself talking about it, or you can interview people with knowledge about that niche, or you can interview people within the same niche. The plus side is that you don’t have to know everything. You can relax a bit if you want to ask some simple questions. A podcast is a great place for people to share their knowledge with the world for an hour or two.
To discuss interesting topics, you can even team up with a friend. Interesting conversations are always a hit with people.
Virtually the same techniques as YouTube can be used to monetize your podcast: advertisements, paid promotions, affiliate promotions, etc. Since you’re speaking directly to your listeners, you’ll build a solid connection. Trust is built in this way. Despite never meeting the podcast hosts, I feel like I know them.
The most common reason podcasts fail is because people give up. Only a small percentage of podcasts make it past episode #3, and even fewer make it past episode 25. It is simply the most consistent podcasts that are the most successful.
The good news is that you don’t need expensive equipment to get started.
Your phone can be used to record the podcast if you go somewhere quiet. Alternatively, you can record a Zoom call and upload it to YouTube and your podcast. Editing and adding intro/outro music can be done yourself, or by hiring someone on Fiverr.
Micro SaaS Products
You should explore micro SaaS products if you’re an avid SaaS fan, but you don’t have the means to start a company.
Micro SaaS products are mostly additional add-ons, extensions, or accessories to existing products or advancements that improve a missing element.
In order to earn recurring revenue, we will build a small SaaS product that solves a very niche problem.
In a micro SaaS, the following goals are achieved:
- Resolving a small but important issue
- Your favorite products to work on
- Money is still flowing in
- You don’t have to work for anyone else
- Limiting the number of people (usually 1–5)
SaaS is a software as a service, such as Canva. The company has hundreds of employees and is worth billions of dollars. For example, Canva’s font identifier could be a micro SaaS. Canva finds the closest font match from your photo when you upload it.
Making money on the internet has never been easier.
A commission is earned for each sale of a product you sell through affiliate marketing.
You don’t need to be an expert in a subject or create your own product to be successful in affiliate marketing. It’s just a matter of knowing how to sell products.
The affiliate marketing space on social media has been expanded dramatically by Gumroad.
In exchange for an affiliate commission, more creators are creating info products and looking for people to promote them.
In order to promote the products, you simply need a good audience. In order to succeed, you must build an audience.
Building an audience is possible wherever you want. If you are blogging or posting to Twitter, Instagram, Facebook Groups, TikTok, or YouTube, make sure to include the link.
Choosing a topic that interests you is the best way to narrow your search. In order to promote products effectively, you will need to create a lot of content, so I recommend finding something you are genuinely passionate about.
The potential for affiliate marketing is unlimited, just like YouTube.
You can write articles if you don’t feel comfortable talking to people or making videos. The majority of people believe that blogs have become outdated and that no one reads articles anymore. Quite the contrary!
Thousands of people, including yourself, read blogs every day, and Google is still the #1 source of traffic for websites.
Long-form content is still popular with readers, and it’s here to stay. What is the best way to make passive income through blogging?
Medium’s semi-passive nature is one of the reasons I’m still blogging there. I can receive payments for weeks and months after publishing a blog rather than getting a single payment.
A few options are listed below:
Partner program at Medium: Medium pays its writers when they write articles behind a paywall. Writers share Medium’s earnings when it makes money from paid users (who read premium articles).
The Hashnode blogging platform offers a sponsorship program where readers can sponsor their favorite bloggers.
Blogging is one of the best ways to earn affiliate income. Receive payment when someone buys your product or service review or Top 10 article.
Blogs should not ignore ads if they have ads. Ads don’t hurt your user experience as long as you don’t go overboard, since people are used to seeing them everywhere.
You should have a good understanding of writing. The process of writing helps you fill in knowledge gaps and clarify your thoughts on a subject.
Getting started is now the next step.
In exploring passive income streams, my only regret is not starting sooner!