How many Income Streams should you have?
There is no “one size fits all” advice when it comes to generating income streams. How many sources of income you have typically depends on where you are financially, and what your financial goals for the future are. But having at least a few is a good start.
Income Stream 1 - Passive Income
Before we get into the passive income ideas let me state that although the word “passive” makes it sound like you have to do nothing to bring in the income, this just isn’t true. All passive income streams will require at least one of the following two elements:
1) An upfront monetary investment, or
2) An upfront time investment
You can’t earn residual income without being willing to provide at least one of these two.
8 Creative Ways to Earn Passive Income
There are quite a lot of passive income ideas, but these are my very top 9 ideas that you can start any time.
1. Dropshipping – Start a dropshipping business and let your suppliers do the fulfillment for you. An ecommerce business you can start at anytime without the pressure of warehousing and logistics. Here are basic steps to take to succeed in dropshipping:
Select a niche. The niche you select needs to be laser-focused and something you are genuinely interested in or you know people are interested in and you want to solve a problem
Perform competition research. It’s okay to pay on competition
Secure a supplier, be careful to select the suppliers that will not tarnish your reputation. This is aa major step since they are the ones shopping directly to customers. You can go For overly, modalyst or Spocket when ordering from China and co. You can also source locally as well. Check around you, on social media, manufacturer's websites, etc.
Build your ecommerce website, you can build for free on Shopify and Wix, thereafter you can start with as low as $17 a month (ie less than N9,000). They also have website builder and domain names, making it easy for you to build without any experience. Wix also enable you build other landing pages for free.!! You can also use Whatsapp Catalog, Facebook shop, and your social media handles to sell at NO cost to you.
Create a customer acquisition plan. Focus 100% on sales and please sector network. Leverage!
Analyze and optimize.
The major point in dropshipping is finding the right products, suppliers and also the channels to sell.
You can start with low funds but you need to do proper research to avoid been disappointed. Alternatively, you can sign up to receive access to my Ultimate Dropshipping Bundle for N5,000 or $12.
2. Software –as-a-service – Find a major problem area for businesses, automate it, and offer it as a subscription service to users instead of a one-off purchase. This business hosts a platform online and provides users with access to its functionality, technical support, and additional services and can be accessed remotely.
Software as a Service mostly works in the B2B domain, connecting business owners to useful tools that help them improve their performance. However, some products are oriented on business-to-customer (B2C) niches, although these are rare occasions.
Some examples include:
Salesforce
Grammarly
TamperMonkey
Mailtrack
Quick books
Netflix
The beauty of SaaS Is that you can start off with very low number of staff and still be taking in millions of well packaged.
3. E-Books - Write a book and put it up for sale. You can also set up a sales funnel page on a bestselling ebook and sell (though you must have rights to this). Choose a topic that matches your audience's needs.
Outline each chapter of your ebook.
Break down each chapter as you write.
Design your ebook. You can use Canva for free, download pictures from Pixabay and edit on Inshot, all for free.
Use the right colors depending on your niche.
Incorporate visuals.
Highlight quotes or stats.
Place appropriate calls-to-action within your ebook.
4. Audio-books – Create and Sell an audio book version of your E-book. You can kick off with the voice note on your phone. Here’s what you needs to make an audiobook:
A good USB mic. The Blue Snowball condenser mic or the Samson Meteor Mic USB Studio Microphone are recommended.
A pop filter. Look for a good Microphone Pop Filter. You can easily find them on online stores
Audacity. Audacity is a free, open source cross-platform audio software for multi-track recording and editing. You can download Audacity here.
You could go fancier and get higher-end equipment, but these tools should be more than enough to get the job done.
You want to find an isolated, padded room or recording box. “Room Tone, or “Noise Floor” can bring in all sorts of sounds from around the environment.
Recording in your room is an option but make sure your space is set up for recording and that it is “silent.” If this is difficult, hiring a producer, in this case, would be a recommended option.
5. Affiliate Marketing - requires you to have a website, blog or platform you can use to promote other companies, or “affiliates.” When someone uses your affiliate link to purchase a product or sign up for a service, you get paid.
6. Online Courses – Create an online course about something you are experienced in. Whatever your skill set, there is something about you that you know and you are an authority in it, then create a course around it. You can also create a course around topics that are trending. Use Google trends and Google keywords to check trending topics, learn about them and then create them using your own style and language. You can also engage you potential customers to know the topics they will be interested in
7. Create and Sell Sales Funnels for different business types and get paid. This is what people we to attract and showcase the features of a product, whether digital or physical. There are several platforms to use to create sales funnels for your clients, including Wiz.
8. Other Digital Products- Set instructions, guides, templates, business hacks, patterns, etc.
The list of passive income ideas could go on forever. As you search for the best fit, keep an eye out for ideas that show positive long-term track records. Now, you don’t need to be the one to do any of these businesses if it is not your skill, you can visit Fiverr or Upwork and engage a freelancer that can come up with any of these, pay for the service and then begin to earn passive income. The only thing is that you then need to focus on driving sales to get more.
Do you need more detailed information, costs, strategies and simple hacks on each of these businesses, then feel free to order my EBook on “20 Businesses you can start with less than N100,000”
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Ezinne