It seems like more and more people are looking to create a passive source of income. The times are difficult because of the pandemic and with extra free time on one’s hand, it would be wise to make the most out of it and be more productive.
If you feel like your current job is not paying enough or would like to switch careers, working on the internet might be the answer. Take a look at some of the ideas below and see whether they catch your attention.
With the help from services like Printify, people can design and sell custom backpacks, t-shirts, hoodies, sneakers, or face masks.
Now, to make money from this idea, you have two options. The first is to learn graphic design and join an already established print-on-demand store where you will work as a graphic designer. The second option is to develop an ecommerce store from scratch yourself.
Which of the two is better depends on your preference. For some, the thought of learning graphic design might be too much to handle, and they would rather learn the intricacies of ecommerce. After all, there is an option to hire a freelance graphic designer who can work for you.
Speaking of ecommerce, you can take a different approach and sell a different product, not custom merchandise. Drones, computer equipment, smart home appliances, accessories, pet products, jewelry, and clothes are a few examples of popular niches.
Dropshipping is probably the best business model to pick for a newcomer because you do not have to invest in manufacturing equipment. Instead, you will work as a middleman.
Make sure that your ecommerce website is mobile-friendly. In 2018, mobile ecommerce revenue accounted for 50% of total U.S. ecommerce revenue. The percentage increased even more recently, particularly during the pandemic when even more people are shopping on the internet.
Besides mobile optimization, you will also need to spend time advertising the store. Social media, SEO, PPC, and even email marketing are effective methods to attract new customers.
Having an educational background would help, but you do not need that to teach others thanks to the internet.
Working with a student individually is one of the options, but you can also create online courses and sell them on platforms like Skillshare and Udemy. Video tutorials on YouTube could work as well, but the platform has changed their monetization model recently, making it harder to profit from ads. If your videos do not get enough views, you will have mediocre income on YouTube.
In case you have an entertaining personality, streaming should be one of the first methods to try. Twitch TV is the most popular streamer platform, averaging more than 1 million concurrent viewers.
Content creators make money by receiving donations from viewers. Also, after your channel grows, you can become a Twitch TV partner and get subscribers. Each subscription pays money as well.
While Twitch TV started as a platform for gamers, it has reached a point when some of the most popular channels have nothing to do with video games. Talk shows, cooking, and music are a few categories that have just as many viewers as some of the biggest gaming channels on the platform. Therefore, if you are not into video games, you should still find a niche and turn it into a profitable streaming channel.
Transcription jobs do not pay the most money, but they are still a good way to increase your income. You can find transcription gigs on sites like Fiverr and Upwork.
The work itself is not that difficult. You need to turn audio into text. Audio or video files vary in their length and quality. In fact, some are quite difficult to decipher, but having a bad audio quality means getting paid more since you need to spend more time working on the task.
Start with market research if you want to create an affiliate marketing venture. The competition is pretty fierce and you do not want to end up promoting a product that will be too difficult to promote.
Also, keep in mind that you should go for an ever-green niche. Seasonal items like running shoes, ice skates, or gardening tools will not sell well throughout the whole year.
Amazon and ClickBank offer the widest selection of affiliate products, and their commission rates are pretty decent. On the other hand, if you do not find a suitable product you would like to promote, do not limit yourself to just Amazon or ClickBank. There are plenty of other affiliate programs that are just as good if not better in some instances.
Once your affiliate site is up and running, promote it on multiple marketing channels. Pay extra focus to search engine optimization because organic traffic is worth a lot.