How To Start Building Passive Income Streams For Beginners: Unique Ideas to Get You Started
/This post may contains affiliate offers and if you make a purchase through these links, I may earn a commission, which helps support this website and keep it ad free. This comes at no extra cost to you
Are you using social media for at least one hour every day? If yes, then you are just one step away from earning a passive income using these platforms.
I started using social media in 2017 to earn a passive income online using several ways I will share in this article. This has allowed me to have another source of income other than my corporate job, invest in my passions for travel and photography, pay for my plane tickets and photography gear, travel to 40 countries across 5 continents and quit my job in 2017 to become a freelance digital marketer.
Social media is transforming many lives and helping entrepreneurial-driven individuals make their dreams come true.
I'd like to share with you several ways I use to earn a passive income and how you too could do it.
1. Let's define passive income
By definition, passive income is income that requires little to no effort to earn and maintain. I still remember the day I was introduced to this concept, I could not believe it could be real. But yet if you look around you, you will see many sources of passive income in our daily lives:
- The rent you pay is a source of passive income for your landlord. The payment he receives may be enough to cover their mortgage and maintenance fees bust also get a profit on top.
- The stocks you buy on the stock market are a source of passive income if traded the right way. You receive a dividend at the end of each trading period.
- Becoming an online teacher can be a source of passive income. You just need to create the content once, host it on a platform like Teachable, Podia or Skillshare and receive your payment every month for every student that enrols.
The goal of passive income is to make money while you sleep by providing value to others or answering a problem people have.
Learn more about passive income
How to earn a passive income
There are 3 main sources of passive income:
- Physical products
- Digital product
- Services
Up to you to find the one you feel the most comfortable with to get started.
I started by selling digital products I did not own. I partnered with companies to sell their products on their behalf. And in return, I'd earn a percentage on each sale made.
This is called affiliate marketing.
I will share with you more ways I have used to earn an income online. But before that, I'd like to clarify that setting up a passive income requires time and effort. Only a small amount of people would actually put in the effort to make it work and be successful with this business model.
My sources of passive income
Affiliate programs: As a blogger, I partner with brands in the different industry categories or niches I talk about ( travel, photography and marketing) to promote their products. These are the products I personally use and that can benefit other people looking for the same solutions. But it is not mandatory to use those products. It is just a good practice
When people decide to click on the links I promote and buy one of these products or services, I earn a commission on each sale.
Learn more about affiliate marketing:
Referral program: Same principle as the affiliate program, I earn a commission for every new customer I bring to a business. Teachable, Tailwind app or Adobe Creative Cloud programs are good examples. These are services I personally use too and that answer to a problem I faced in the past and that can benefit other people.
Sell digital products: I sell digital products like e-books, online courses and Lightroom presets. I just need to create them once and make them available for purchase and my job is done. Every time someone will want to get one of these products, I would earn the money from the sale
Membership: With my online course I offer a membership option to people who can't afford to pay the full cost of the course. They also benefit from a lot of videos I share related to making money online, marketing and entrepreneurship
Sell physical products: I recently started selling prints via my website and Instagram account. I use a third-party website named Printful to take care of printing on demand every time I receive an order from my website. This is done automatically and does not require me to do anything.
What are the steps to set up a passive income?
So, now that you know what is passive income and ways to earn a passive income online, where should you start?
Let's reverse-engineer it.
The goal is to earn money passively.
What do you need to make money passively? A product or service you can sell to people
How do you get people to find your product or service? You need them to visit your website or your social media account
How do you get them to visit your website or social media account? By using SEO (search engine optimisation) and Social Media
How do you get noticed on social media? By publishing posts related to your passion(s)
Once you figure that part out, you need a place to sell your product.
I personally use my blog that I host on Squarespace. Squarespace is very user-friendly and offers a built-in e-commerce store depending on the type of membership you are interested in.
But you can use dedicated websites like Shopify (perfect for e-commerce), and Clickfunnels or systeme.io (mostly used by marketers) or sell directly from Instagram.
There you have it!
You now know what is passive income, ways to earn a passive income and what you need to start making money while you sleep. The great thing is that once it is set up, everything works on automation 24/7. Some people will even describe this system as your personal ATM machine!
This is a very condensed version of what I actually share in my Laptop Lifestyle 7-day BootCamp.
In this bootcamp, I walk you through every step I took to create a new source of passive income using social media and how you could do the same.
I personally decided to create a passive income using social media because I knew that relying on one source of active income would not pay for my retirement and also to create a "what if" fund in case I lost my corporate job, which actually happened back in 2017 when I was made redundant.
As Warren Buffet, one of the wealthiest people on the planet, says:
" If you do not find a way to make money while you sleep, you will work until you die"
I don't know about you, but working until I die and not being able to live a life I am passionate about were no options for me.
Looking back I absolutely have no regrets, and doing this has allowed me to travel to countries and experience things I never thought could be possible:
Travel to countries like Colombia, Japan and Indonesia, Travel first class with Emirates, Swim in the Caribbean Sea, Rent penthouses with my friends and more...
What would your life look like if you could earn an extra $300, $1,000 or $5,000 a month?
Discover how you too could create a stream of passive income and change your life forever in my FREE 7 day bootcamp. Click here or on the button below to register your spot.
If you enjoyed reading this article, make sure to like it, it actually makes a difference. And if you’d like to receive more social media tips , you can either join my telegram channel here or join the 15 Day Social Media Bootcamp Challenge to learn how thousands of people are earning an income online using social media and how you could do it too.
PIN ME
