Do you like the idea of making money while you sleep? Same.
A bit ago I wrote a piece explaining why passive income is so important. I wanted to provide more clarity on passive income streams and help you determine which one might be the right one for you to focus on.
I’ve dipped my toes into all of these at one point or another so I wanted to share some insights about each one to help you find a way to profit while you sleep!
Let’s get into it.
Great if: you already have a large existing audience or if you have a high commission rate as an affiliate, since affiliates work best at scale or at a high commission %.
Skip if: you don’t have a large existing audience on a social media platform or through your blog or if you don’t already talk about products you use and love.
Great if: you have a following on a platform that enables you to run ads on your content such as YouTube, TikTok or your blog and earn a percentage of that revenue (As an example for YouTube you can monetize with 1k subscribers and 4k watch hours and creators have a 60/40 rev share with YouTube).
Skip if: none of these are your primary platforms or the RPM’s aren’t worth the effort to create content for a platform just for the sake of getting the ad revenue.
Great if: you’re selling on a searchable platform like Etsy and you enjoy graphic design and want passive sales from evergreen items.
Skip if: you’re not into graphic design, you don’t want to have to learn/optimize for a searchable platform or you’re not interested in selling lower priced products at a higher scale.
Great if: you want to do a deep content dive on one particular topic and you’re willing to spend a ton of time developing a higher priced product and updating it every few months based on audience feedback or changes in your industry.
Skip if: you don’t like “teaching” or you don’t want to spend time doing content marketing your e-book or program.
Now that we’ve gone over the pros and cons for these different revenue streams, which do you think you’d choose to focus on?
How will you celebrate once you master a passive income stream? I’d love to know your thoughts in the comments below!
Follow me no on Instagram and let’s connect personally.
(Click any image below to view more.)