She got up leisurely without the harsh sound of an alarm, slid on her fox slippers, and before she could even brew her morning coffee, had made $2,000. Well, it was $2,012.57 to be exact, and while it may sound too good to be true, I can promise you it is attainable through passive income.
That doesn’t mean there is no work involved. The work is done upfront, which allows you to reap the benefits for months or years to come. This creates flexibility and freedom with how you run your day-to-day life and business. Below are my top three ways to earn passive income even if you’re just starting out as an entrepreneur.
Oftentimes, affiliate marketing gets a bad rep, but it’s one of the simplest places to start if you’re looking to earn money with little effort and no start-up costs.
Since Amazon is a household name, you can apply for its affiliate program and share links to products you love. While the payout is not large, it’s better than nothing and a great place to dip your toes in.
You can also browse websites of brands you love to see if they offer affiliate programs. This is becoming a trend for newer companies and a win-win situation for both sides. You can spread the word about things that have improved your life (which you probably would have anyway) and get paid for it.
While you can promote products or brands on social media, you’ll get more bang for your buck by publishing an article in a blog or recording a video that can continue to live online longer. This increases the chance that it will be seen and discovered by more people as time goes on.
You may be thinking, “Who am I to create a digital product? I have no authority and no one will pay to get my point of view on XYZ.”
Let me first tell you that you need to retrain your thought process. You (yes, you!) have something special to share with the world. Every minute you’re waiting to share your voice, you’re taking from people who need to hear your message.
Simple digital products can be things like ebooks, downloadable PDF how-to guides, pre-recorded video classes, Zoom call coaching packages … opportunities are TRULY endless.
I saved the best for last; digital courses. While this could fall under the digital product category, it’s such a big and important idea that I wanted to dive a little deeper into this topic.
Self education and personal development are areas that continue to skyrocket as women realize that the traditional path to “success” may not be right for them. The desire to feel fulfilled by the work you do has led to more and more women creating digital courses to share their expertise.
I love courses because the learning curve for whatever you’re diving into is so much shorter. For me, time is money, and if I can learn the exact strategies someone used to overhaul their life or business, sign me up.
Whatever your hobby, passion, or expertise is you can extract the knowledge you’ve learned through formal education or years of trial and error to get your customers results.
Whether you dream of supporting your family through passive income streams, or you’d like the peace-of-mind that another avenue of revenue can provide, these ideas are extremely executable and things that anyone can do. I should know. The woman in the fox slippers is me!
About the Author
Savannah Schroeder is a former Fortune 500 Brand Developer turned Strategic Life Coach and now helps women follow their dreams through education & personal development. She is the founder of the Chase Your; an online platform connecting students with their ideal educator or coach. Find more inspiration, straightforward how to’s and a community of like minded women on her website!