Passive Income Strategies For 2021

Passive Income Strategies For 2021

If you have a business, it never hurts to have other sources of income to supplement your business. I mainly believe that the more sources of income you have, the better.

According to Ecclesiastes 11:2, King Solomon, the wealthiest human being to ever exist on this Earth whose net worth presently would have been $2 trillion gave very sound advice. Did I say he was the wisest man to have ever lived as well? Okay, back to the memory verse, in Ecclesiastes 11:2, King Solomon said,” Invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land.” This is a very wise saying and true. When I look at some of the wealthiest entrepreneurs around such as Richard Branson, he has multiple sources of income, which add up to a net worth of $4.2 billion. He has numerous businesses such as hotels, health clubs, tourism companies, radio stations, amongst others.

We might not have a large investment to start a business, and I advise people to stay away from borrowing to start a business for various reasons, which is a blog post for another day. But, if you have a website where you run any business, I have ideas you can use to supplement your income. Hopefully, you can also be on your way to becoming a wealthy entrepreneur with multiple income streams.

With these income streams, you do not need initial investments, which is a huge relief; all that is required is hard work and dedication on your part. Let’s go ahead and talk about these income streams

Passive Income Strategies For 2021

1. Affiliate Marketing – Affiliate marketing is the process by which an affiliate, which is you, earns a commission for marketing another person’s or company’s product. All you have to do is sign up to companies such as Amazon associates, pick a product that you believe people are searching to buy, and implement that product link into your webpage or blog post. Anyone who clicks in the link and buys the product via your link, you earn a commission from Amazon. It is as simple as that. There is no heavy lifting, you don’t have to store products at a warehouse, and you get to make money passively. The more traffic you get to your website, the more commission you can earn. You can also share your unique link to Twitter, Instagram, Pinterest, or FB for more exposure and more traffic.

2. E-Book – If you have a wealth of information, an ebook is a great way to make an income. You can turn your highly read blog posts into an ebook to reach an even broader audience. Writing an ebook is an easy process all you need to do is

Choose a topic to write about, outline each chapter of your ebook, break down each chapter as you write, design your ebook, add visuals, place a call-to-action, convert it into PDF, create a landing page for your ebook, finally promote, promote, promote.

3. YouTube – Not everyone might be comfortable in front of the camera, but going digital is all the craze right now. Starting a youtube channel for your business is another way to reach an untapped audience. It is estimated that 1,300,000,000 total number of people use YouTube, whoa, about 5 billion videos are watched every single day, YouTube gets over 30 million visitors a day, and an average 18-49-year-olds watch YouTube. These statistics are enough reasons to start a YouTube channel and tap into the YouTube audience and grow your business and income at the same time.

4. Podcast – Podcast is a digital audio file made available on the internet for downloading to a computer or mobile device, typically available as a series. It is free to start a podcast. Anchor is a platform that I use to host my podcast. It is a free platform, you can also make money via advertisers, which is cool, and they share your podcast to other platforms such as Spotify, Apple podcast, Google podcast, Breaker, Castbox, Overcast, Pocket Casts, and RadioPublic. With podcasts, you can share more about your business and convert your blog posts into podcasts to reach a wider audience.

5. Sell Products – Another cool way to make an income is to sell products associated with your business. This is what I mean, depending on what your business is about, you can print artwork onto t.shirts, tote bags, hoodies, mugs, pens, the possibilities are endless. Again, no need to store merchandise in a warehouse; there are companies that will do that for you. A company like Redbubble will allow you to upload your artwork to print on t.shirts and hoodies. All you have to do is upload your artwork or design your merchandise. When someone buys your product, their inhouse production team will produce the sold item and ship it to the customer. You don’t have to lift a finger. You receive payment via Paypal or direct deposit. There are other companies similar to Redbubble, such as Gumroad, Zazzle, and TeeSpring. I will encourage you to do your research and figure out the best company to use.

Making supplemental income is a great way to grow your revenue and become financially independent. You can implement all of these streams of income into your business, or you can choose one that you are most interested in adding to your business. Remember to work hard, and you will see your goals come to fruition.

Passive Income Strategies For 2021