Everyone’s talking about creating passive income and how to create passive income through various methods. And it sounds great. You sit back and let something else earn your money. But how do you accomplish this? No one ever tells you this. Here are eight realistic steps to starting a passive income side hustle.
1. Write Down Your Interests
Only focus on your interests. Just because something’s a popular niche doesn’t mean you must chase it. You’ll have more passion if you’re already into the subject. Passion shows through, and your audience will be much more receptive to you. By focusing on your interests, you can explore various passive income ideas that align with your passions and it'll be something you're motivated to pursue on your journey to generate passive income.
2. State your Experience
Write down all the experiences you have with your desired niche. You probably have more than you realize. By writing down your experience, you’ll be able to fine-tune what you’re niche will be. For example, if you’re interested in health and wellness and your expertise is in weight loss, concentrate on that. Your experience can be a valuable asset to generate a passive income stream through various channels and help with ideas to hit your financial freedom goals.
3. Identify Your Top Skills
Think about it and write down your skills. This doesn’t only have to be within your niche. Are you a good writer? Can you edit video? Or you may be a good speaker. Knowing all the skills associated with your niche and all the ancillary skills will help you get started. Leveraging your skills can open up numerous opportunities to earn passive income.
4. Find a Platform That Makes Sense
If you don’t care about blogs, then don’t write one. If you’re more into video, focus on a video-oriented platform like TikTok or YouTube. Maybe you’d like a combination of writing and video. Facebook might be for you. But choose the platform that you use and feel comfortable with to effectively generate income.
5. Choose Your Demographic
Who are you going to target your information toward? Is your target females? Or do you want men who are into monster trucks? Don’t create any content until you know who it is you want to use your content. You can’t go after everyone; you need to focus or you’ll fail. Knowing your target demographic is crucial for creating a successful passive income stream.
6. Set Your Goals
What do you want to accomplish? Set your goals in increments. Don’t try to get 100,000 subscribers in one year on YouTube. You’ll find yourself disappointed and frustrated when you don’t and may even quit. Start with small goals and build. When you accomplish them, you’ll feel more motivated to continue. Setting realistic goals will help you stay motivated and on track to generate passive income.
7. Pick a Name
What are you going to call your project? Choose a name that indicates what you’re doing. You may even want to use your name. This is especially true if you have a personality-based niche. A well-chosen name can help establish your brand and attract a loyal audience, contributing to a steady income stream.
8. Create Original Content
You can use AI for research but don’t use it to generate your content. People will see through that, and it will only hurt you with your audience. Only use original content. It’s you they want to see, not a machine. Original content is key to building trust and establishing multiple passive income streams.
Conclusion
Social media says have a passive side hustle, but they don’t tell you how. Take the time to do the prep work before you jump into a side hustle. Consider exploring options like dividend paying stocks, high yield savings accounts, and peer to peer lending as part of your passive income strategy. These methods can provide steady income with minimal ongoing effort. If you do this, you’ll have a map to follow to success.
