10 Passive Income Ideas | How I make $20k per week
TLDRThe video script outlines ten methods for generating passive income, emphasizing that while these streams can be set up for automated earnings, they require initial effort. Methods discussed include affiliate marketing, selling digital products, online courses, memberships, platform monetization, user-generated content, brand collaborations, app development, and investing in stocks. The video provides practical advice on starting and maintaining these income streams, along with the expected effort levels for each method.
Takeaways
- π‘ Passive income requires upfront effort and setting up a system that generates consistent income with minimal maintenance.
- π Affiliate marketing is a popular way to earn passive income by promoting products and earning a commission on sales made through your unique referral links.
- π The average salary of a full-time affiliate marketer is around $59,000 a year, with some content creators making over $10,000 a year.
- π οΈ Selling digital products like e-guides, templates, or presets can provide passive income with relatively low effort once the product is created and marketed effectively.
- π» Online courses offer the potential for high-ticket passive income by providing valuable, structured learning experiences to a specific audience.
- π’ Memberships create a recurring revenue stream by offering exclusive content or community access to subscribers for a monthly fee.
- ποΈ Physical products and print-on-demand services can generate passive income with minimal inventory management, relying on design and marketing skills.
- π₯ Platform monetization through ads, product tagging, and other creator-friendly features can provide passive income for those with a strong social media presence.
- π User-generated content (UGC) and brand collaborations can be leveraged for passive income through strategic usage rights in contracts.
- π§ Building an app or software and selling it as a one-off purchase or subscription can be a challenging but potentially lucrative source of passive income.
- π Investing in stocks or shares can be a long-term strategy for generating passive income, with the potential for growth depending on market performance.
Q & A
What is the definition of passive income?
-Passive income refers to earnings that require minimal labor to earn or maintain, often described as a money stream that requires little to no continuous effort. It is typically associated with income that can be earned with limited ongoing involvement after initial setup.
How does the process of setting up passive income work?
-Setting up passive income involves doing a majority of the hard work upfront, which allows for the creation of income streams that can automate and generate consistent income in the background.
What is the average salary of a full-time affiliate marketer?
-According to Glassdoor, the average salary of a full-time affiliate marketer is $59,000 a year, which is almost $5,000 a week.
What are the steps to get started with affiliate marketing?
-To get started with affiliate marketing, one should pick a niche, apply to affiliate marketing programs, and create their own links to start the Snowball Effect.
What are some high commission payout niches?
-Some high commission payout niches include e-learning, beauty and health, finance, and software as a service (SaaS) products, with commissions ranging from 30% to 70%.
How difficult is it to maintain income with affiliate marketing?
-Maintaining income with affiliate marketing is moderately difficult, rated as a 5 out of 10, as it depends on various scenarios such as building a following, being in a profitable niche, and continuously directing traffic to affiliate links.
What is the earning potential for selling digital products?
-The earning potential for selling digital products can be significant, with some individuals making thousands of dollars in a short period, such as $20,000 in 7 days for a digital marketing coach who created a product called 'Secret SAU to 16k'.
What are some platforms to apply for affiliate marketing programs?
-Some top platforms to apply for affiliate marketing programs include Amazon, Influencer ShareASale, and Magic Links, or directly to a company's website like Canva, TubeBuddy, and others.
How does one get started with selling digital products?
-To get started with selling digital products, one should identify a problem in a particular market or industry, provide a solution to that problem, and then create and sell the digital product through platforms like one's own website, Etsy, or directly to the audience.
What is the difficulty level of starting an online course?
-Starting an online course is considered moderately difficult, rated as an 8 out of 10, due to the time and effort required to create a comprehensive and valuable course, validate the course topic, and market it effectively.
What is the potential earning range for an online course?
-The potential earning range for an online course can vary greatly, from as low as $10 to as high as $6,000 or more, depending on the course content, target audience, and marketing strategies employed.
Outlines
π° Understanding Passive Income and Its Effort
This paragraph discusses the concept of passive income, clarifying common misconceptions about its ease and instant profitability. It emphasizes that while passive income can be set up to earn money with minimal effort, initial hard work is required. The speaker shares their personal journey of establishing passive income streams over three years, generating significant weekly revenue. The paragraph serves as an introduction to the topic, setting the stage for a detailed exploration of various methods to earn passive income.
π Affiliate Marketing: A Beginner's Guide
The second paragraph delves into the first method of earning passive income, affiliate marketing. It explains how one can earn a commission by promoting products to followers, either through clicks or purchases made via affiliate links. The speaker shares personal experience with a tool called St store and how they earn a percentage from referrals. The average salary of full-time affiliate marketers is mentioned, along with the potential earnings from popular niches. A step-by-step guide is provided for beginners, including choosing a niche, applying for affiliate programs, and creating and sharing affiliate links. The paragraph concludes with a ranking of the difficulty of starting and maintaining income through affiliate marketing.
π Selling Digital Products: E-Books, Templates, and More
This paragraph introduces selling digital products as a passive income method. It highlights the success story of Haley Cunningham, a digital marketing coach, who made significant earnings from her digital product. The process of identifying a problem in a specific market or industry and providing a digital solution is outlined. The paragraph discusses the ease of creating digital products, such as e-guides or templates, using tools like Canva. It also mentions platforms for selling digital products, including personal websites and Etsy. The difficulty of starting and maintaining this income stream is rated and discussed, emphasizing the importance of marketing these products effectively.
π Online Courses: Educating for Profit
The fourth paragraph focuses on online courses as a lucrative passive income source. It provides statistics on the growth of the e-learning industry and the potential earnings from creating and selling online courses. The paragraph outlines the steps to create an online course, including validating the course topic, outlining the content, and using platforms like Zoom for recording. The speaker shares their experience of using Thinkific for hosting courses and offers a detailed explanation of the process, including the potential earnings from high-ticket items like online courses. The difficulty of starting and maintaining this income stream is also discussed.
π€ Memberships: Building a Community and Revenue
This paragraph discusses the concept of membership websites as a means to generate predictable, recurring revenue. It differentiates between fan-funded and education-based memberships, providing examples of each. The paragraph outlines the steps to set up a membership, including choosing an industry, creating a video library, and using platforms like UScreen to host the content. The speaker shares their personal experience with community-based memberships and the challenges of maintaining subscriber interest over time. The difficulty of starting and maintaining income through memberships is rated and explained, emphasizing the importance of providing ongoing value to members.
ποΈ Selling Physical Products: Print on Demand
The sixth paragraph explores selling physical products through print on demand, a business model that eliminates inventory management. It discusses the challenges of success in this field and the misconception of it being a get-rich-quick scheme. The paragraph outlines the steps to get started, including finding product ideas, designing the product, and using platforms like Etsy for sales. It also touches on the importance of SEO and keyword strategy for success on platforms like Etsy. The difficulty of maintaining this income stream is rated and discussed, highlighting the potential for creating a snowball effect of sales over time.
πΈ Platform Monetization: Earning on Social Media
This paragraph covers platform monetization as a passive income stream, detailing the various ways social media platforms like YouTube, Instagram, and TikTok allow creators to earn money. It provides statistics on average incomes from different platforms and outlines the requirements for monetization on each. The paragraph discusses the challenges of maintaining a consistent income through platform monetization, especially on Instagram and TikTok, and shares the speaker's experience with YouTube AdSense as a more reliable source of passive income. The paragraph concludes with a rating of the difficulty of maintaining this income stream.
πΈ User Generated Content (UGC): Authentic and Engaging
The seventh paragraph discusses the rise of user generated content (UGC) as a form of passive income. It explains that UGC is content created by everyday users of a product or brand and is considered more effective and engaging than brand-created content. The paragraph outlines the steps to get started with UGC, including building a portfolio and applying for jobs or pitching directly to brands. It also discusses the potential to earn passive income from UGC through usage rights in contracts. The difficulty of starting and maintaining this income stream is rated and explained, emphasizing the importance of creating high-quality, engaging content.
π€ Brand Collaborations: Partnering for Profit
This paragraph focuses on brand collaborations as a method to earn passive income. It highlights the significant growth of the influencer marketing industry and the potential for creators to earn from partnerships with brands. The paragraph outlines the steps to get started with brand collaborations, including building trust with followers and applying through third-party platforms. It also discusses the potential to earn passive income from usage rights in contracts, similar to UGC. The difficulty of starting and maintaining this income stream is rated and explained, emphasizing the importance of creating content that brands are willing to pay for.
π‘ Building an App or Software: A High-Risk, High-Reward Venture
The eighth paragraph discusses the potential of building an app or software to earn passive income. It provides examples of successful apps and the potential for revenue generation. The paragraph outlines the high difficulty of getting started with this method, requiring a great idea and coding experience or a partnership with someone who has coding skills. It also discusses the challenges of maintaining this income stream, especially without a pre-existing audience or social platform.
π Investing in Stocks or Shares: Long-Term Growth
The final paragraph explores investing in stocks or shares as a method to earn passive income. It provides a brief overview of how investing in index funds can mirror the performance of the market. The paragraph outlines the steps to get started, including finding a stock broker and investing in index funds. It also discusses the low difficulty of maintaining this income stream once established, but emphasizes that it requires extra money to invest and is not a quick way to earn passive income.
Mindmap
Keywords
π‘Passive Income
π‘Affiliate Marketing
π‘Digital Products
π‘Online Courses
π‘Memberships
π‘Print on Demand
π‘Platform Monetization
π‘User Generated Content (UGC)
π‘Brand Collaborations
π‘App Development
π‘Investing in Stocks
Highlights
Passive income often requires upfront effort, contrary to the common misconception of 'get rich quick' schemes.
Affiliate marketing involves earning a commission or fee by sharing a product with your followers, without extra costs for the user.
The average salary of a full-time affiliate marketer is around $59,000 a year, with some content creators making over $10,000 a year.
To start affiliate marketing, one should pick a niche, apply to affiliate marketing programs, and create and share their own links.
Selling digital products, such as e-guides or templates, can generate passive income with the right marketing strategies.
Creating online courses allows for high-ticket sales and can be a significant source of passive income for content creators.
Memberships offer predictable, recurring revenue by providing exclusive content to subscribers for a monthly fee.
Print-on-demand removes the inventory aspect of retail, allowing creators to earn from their designs without handling products.
Platform monetization through ads, product tagging, and other features can provide passive income for social media creators.
User Generated Content (UGC) is on the rise, with brands finding it more effective and engaging than traditional marketing.
Brand collaborations offer opportunities for creators to earn by promoting products or services, even with a small following.
Creating an app or software and selling it as a one-off or subscription model can be a challenging but potentially lucrative passive income stream.
Investing in stocks or shares can be a way to earn passive income, though it requires initial capital and carries its own risks.
The BSP model course bundle is designed to guide content creators through building, scaling, and profiting from their personal brand and content creation.
For maintaining passive income streams, understanding the nuances of each platform and consistently delivering value is crucial.
Creating a niche-specific platform or influence can significantly boost the success of passive income ventures like affiliate marketing or UGC.
Usage rights in contracts for UGC and brand collaborations can turn active income into passive income through ongoing payments.
Transcripts
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