One of the things that we’ve all heard at some point when beginning our Entrepreneurial journey is that the average millionaire has 7 different income streams. We are then told that if you want to be successful then you need to focus all of your attention on your one strength or passion. The strange thing I’ve learned is that both are true. In this post I will bring you through the 5 Simplest Passive Income Streams to begin with. Also welcome to my website, don’t forget to check back every week for new posts!
TLDR? Watch Instead
Hyper successful people or those with a dedicated passion should and generally do focus on one thing. However they then use their money to create other revenue streams for them. Think Jeff Bezos, how much real estate for example do you think he owns along with the Washington Post, but he spends his time somewhere else.
Now if you’re just getting started, have you ever thought about spending some of your time doing it the other way round. Creating multiple simple income streams that mean your bases are covered and then you can spend your time on your passion? That’s what I did. This is my 5 passive income streams, all of which should take no more than 20-60 minutes of your time per day to grow into $1000’s per month over the next 12-18 months.
My biggest income streams that I’ve developed over the past few years is Affiliate Marketing, if you have no idea what this is, it’s really simple. The idea is that you refer people online to a product using a unique link and when that product is sold to someone who uses your link you get a commission. There are Affiliate programs or almost anything that you can think of. One of the simplest ways to begin is with Amazon Affiliates but honestly this will take a long time to give returns. I would suggest joining Share A Sale to start and finding products within your niche.
The simplest way to begin with this kind of income stream is to pick a niche, like cars or anything in your passion and create a website using WordPress, Wix or Squarespace. Then commit to writing a post, creating a video or even doing a podcast one or two times a week. In this content you can tie a product to it and then also place ads for other products or services on the website.
If you enjoy doing video then you can create a YouTube channel and put the links in the description for example. Remember that even though you might not have a big following, you can slowly grow this over time and if you choose some high end affiliates like Viliers Jets. Then you don’t need much traffic to earn a lot.
It can take around 6-8 months for Google to start sending you traffic also, so the key here is commit to an hour or two or writing or posting videos a week and just stick with it. Eventually you’ll be getting daily sales without working!
Adult Affiliate Marketing
If you are interested in doing the above in the adult industry this you can find how I make money from everything from Adult cam sites to selling sex toys at my dedicated website Together We Cam. I won’t go into this one further, because I have tones of content on the other site for this.
The second of my 5 simplest passive income streams is a way that you can make simple ongoing passive income is to create courses. These are an easy way to share the knowledge you currently have and make some money. I spend about 3 hours a week making courses for Udemy and as you might be aware on this website, I also make other courses, including some High Ticket ones. High Ticket is when the course sells for more than $500 per sale, although some say $5,000 and above is high ticket.
The way to start this is up to you. You can build your own site and do everything yourself if this is in your skillset. However you will need to know how to create the website, marketing, course and so on for this. The advantage is you can charges $100’s per course.
However if you want the easiest way to get started then I would advise Udemy. This way you can focus on just creating your courses and let them sell the course for you.
Print on Demand
If you’ve got a creative side then one of the other ways that I’ve made money over the past few years is creating T-Shirts and other items. However unlike most I never bothered with trying to setup my own brand and so on. That takes way to much time and effort. Instead I’ve simply just decided o publish all of my designs to Teespring, Redbubble and some others. However the first two are the main ones that generate income for me.
The difficulty with this type of work is that to make a full time style income from it, you’ll need to build up a big library of work. Think of it as every design is putting a fishing line out. The more you put out the more likely you are to catch a fish.
The best part though is that instead of having to design these items from scratch, you can simply head over to canva.com and just rejig one of their designs. Therefore every day if you spend 20-30 minutes then you will over the course of a couple years you’ll have hundreds of designs.
It probably won’t make you rich, but it pays the bills.
This is one that I teach people to achieve with their businesses in general. However I’ve also turned this into a fairly passive income. Over the years I’ve had many different client businesses however over the past year I’ve decided to remove myself from the work as much as possible.
Nowadays when a client sends me anything they want done, I send them back a price (from a list I’ve created) and then I have a list of providers, freelancers and so on that can do the work. I send the work on and act as the middle man.
This took a lot of time at the start, however the key is to start looking at ways to outsource and automate each piece of the software. As an example I now have software that responds with the price and sends the invoice automatically. Then once they pay, it sends this work automatically who do the work for me.
This now results in a tonne of income from only about an hour a day of management. This can apply to most businesses and I help people everyday impletment these kind of changes to their life. Think about how you can achieve this. with your current work.
Are there ways you could send some of your work to India, Romania, the Philippines etc., becoming a manager and then slowly outsource the management side too?