Building additional sources of income is very important for financial stability. This post explains 5 different ways you can build a side business and start earning passive income today!
Fulfillment by Amazon is a business model that leverages Amazon’s online marketplace, supply chain, and distribution channel. Although this model is built on automation, it requires a lot of work up-front for the business owner. For example, the initial sourcing of a product and the creation of the product listing is very time-consuming. However, after these steps are completed the business goes on autopilot. Once on autopilot, you will find yourself working 1-2 hours per week on the business, handling customer reviews and questions, managing sponsored Amazon ads and monitoring inventory levels. Many Amazon FBA owners have even been able to escape 9-5 with the income generated from their business.
For more information on how to start an Amazon business, check out the post, Creating an Additional Source of Income (Side Hustle).
Once you determine your special skill set, you can start earning money by sharing your expertise as an online coach. Today, many have created online businesses by educating others on specific subject matters ranging from ‘How to Run a Hot Dog Stand’ to ‘How to Master Facebook Ads.’
One platform for obtaining clients is Click Funnels. Check out this free book that got me started with my own online coaching business, which was written by the CEO of Click Funnels, Russel Brunson. The book, “Expert Secrets” has also helped other entrepreneurs earn 6 and 7 figures selling their courses.
If you are an expert, then there’s an audience waiting to learn from you!
Creating a blog is a time-consuming effort and not a quick solution to passive income. However, if you are consistent and promote good content, your blog will grow and reach a large audience. As your blog grows, post ads on it that appeal to your visitor’s interest and create an additional source of income. I slowly introduced ads to this blog as the number of visits grew over the last two years. Many entrepreneurs main source of income comes from ad revenues and yours can too. The key is to find your niche and build an audience!
Building a large social media presence isn’t easy. You will need to find a niche to differentiate yourself from others but once you grow your following you can work with brands and market their products/services. The concept is simple, the more followers/subscribers you have, the bigger the companies you will collaborate with and the more money you will make. The most popular platforms for social media influencers are Instagram, Facebook, and YouTube. The beauty with Youtube is that you can generate ad revenue like a blog so it has double the opportunity for income!
What is drop-shipping? According to Google, drop-shipping is “the movement of goods from the manufacturer directly to the retailer without going through the usual distribution channels.” Today, there are several platforms available to perform drop-shipping. Shopify is a wonderful platform for this type of business model and there are plenty of tutorials to start an eCommerce website and begin drop-shipping today. Here is a great link to get started. Similar to building a blog, you want to find a niche market to target and sell to. You can leverage Facebook Ads to drive traffic to your store.