The idea of having money roll in without having a job is appealing, but is it possible? For some people it is. There are ways to make money online, and while it does take effort, it is not the grind that showing up to work every day can be. You can build a website to generate this income, but there are ways to save yourself the time and effort of even that. Using social media as the launching point for your passive income stream allows you to make money from your phone.
Affiliate Marketing
Have you ever bought something that you loved? Do you find it easy to talk up a product? If so, affiliate marketing may be a good choice. When you work as an affiliate, you link to products you like, or that you know will be popular with your followers, and make a commission from sales. You have plenty of different choices when it comes to affiliate marketing. The biggest retailers offer programs, but even smaller, niche markets often have similar offerings. You generally are not limited to a specific program and can post items from a variety of shops.
Selling Information
Sharing knowledge is a good way to earn passive income. If you have an area of expertise, you can create a class, e-book, or other resources to share the information. This is a project that does require some up-front work to put the product together. Once you have it compiled, all you need to do is attract customers. A strong social media presence provides you with a built-in audience.
Before You Quit Your Job
Affiliate marketing and selling information are both good ways to earn a passive income, but they don't happen overnight. The time it will take to build a solid income depends on a variety of factors, including the size and engagement of your existing social media following and the price point of your products. Have a safety net in your savings account, and get your passive income stream up and running before you leave your job. Lower your monthly expenses to ease the financial strain. By refinancing your student loans with a private lender, you can lower your monthly expenses. Don't skimp on your internet package, as reliable connectivity is an important part of building a steady income stream.
Keep Your Customers Happy
The quickest way to lose your audience is to turn your channel into nothing but an advertisement. If you have a strong enough social media presence to consider this type of business, you don't want them to leave. Don't pivot dramatically from the method you used to build your audience when you launch your business. When you link to an affiliate product, it should be because it makes sense to your followers. If you offer an informational product, it should be something that will have value for your audience. Most people will not mind that you are generating income from your content. Don't create content for the sole purpose of an affiliate link and continue to post content that does not include affiliate links or advertisements for your product.
