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1. Build social media accounts
Building social media accounts, or any “digital assets” will pay you dividends over the long term.
Imagine you’ve got an audience of 1,000 true fans within a specific niche.
If each one of them buys a $10 monthly subscription to your service, that’s $10,000 every single month.
If each person buys your $50 product, congratulations, you just made $50,000.
That’s the power of 1,000 true fans. Even 100 true fans will take you a long way.
But they need to be people who love your free content so much and engage with your brand, that they’re willing to pay for your products/services.
You don’t even have to build an audience in a niche you’re an expert in. When you build niche accounts, you can curate content about any topic in the world.
– Funny pet videos
These niches aren’t hard to create content for and build an audience around.
Once you have 1,000 true fans, you can create your own product or sell other peoples.
Selling other people’s products or services is what’s known as affiliate marketing.
When you advertise on someone else’s behalf as an ‘affiliate’, you get paid a commission if someone purchases through your advertisement. The creator gets paid, and you get paid.
Find products within your niche, become an affiliate for them, and promote them to your 1,000 fans.
Blogging may seem old fashioned to you, but there are still plenty of people who are crushing it with this side hustle.
I’d even go as far as to say that it’s even underrated and underutilized, even though it’s such a well-known path to passive income.
Another myth is that it takes years to build a successful blog.
Although I’m just starting out on my blogging journey and can’t show you any amazing results right now, I know many people who have been able to monetize their blog in just a matter of months.
Blogging is similar to the first entry on this list (building social media accounts) as in it requires you to gather an audience (fans) and promote offers to them.
However, the medium itself is very different. Generally, blogging requires you to create long-form content such as articles like the one you’re reading right now.
You need to be able to write about various topics within your niche and provide value.
The next step is pushing traffic to your blog. The more people you get seeing your posts (and your offers), the more money you’ll bring in.
One of the best ways to do this is through SEO (Search Engine Optimization – ranking well in search engines like google) and social media.
Pinterest is proven to be a great tool for sending traffic to your blog. By creating eye-catching ‘pins’, you’ll get more eyeballs on your content and clicks over to your blog.
If you’re interested in creating beautiful pins, posting them to Pinterest and sending traffic over to your blog, discover these beautiful pin templates here.
3. Email marketing
Email marketing is another interesting hustle you can use to generate passive cash flow and side income.
I’ve spoken about blogging and that I feel it’s underappreciated, but email marketing definitely tops the list of underutilized tools, in my opinion.
Email marketing is a great way to reach your audience and send offers to them in a more personalised manner.
You’re able to create long-form content, like a blog post, but sent directly to someone with a notification.
It’s another great example of creating digital ‘assets’. You build a list of 1,000 emails and you can email them with content and offers. No one can take that away from you.
The best way to start collecting emails is with what’s known as a ‘lead magnet’. This is simply a free resource that people can get once they’ve signed up to your email list.
It can be things like:
– Recipe guides
– Any free resource that people will find valuable in your niche.
You build a landing page that describes the lead magnet and people can enter their email so you can send it to them.
Once you have their email, you send the lead magnet over to them and boom – you have their email.
There are free email marketing tools you can use such as Gumroad, Mailerlite, Mailchimp and so on. These let you collect and store emails and send lead magnets to subscribers automatically.
If you’re interested in learning more about building digital assets such as an email list and generating passive income from this, check out Email Oracle’s complete guide to email marketing. Get $22 off with my link.
If you have a skill that solves a problem, you will be in high demand.
And if you don’t have a lucrative skill yet, then now is the perfect to learn one.
– Graphic design
– Data analysis
Businesses will pay big bucks to outsource this type of work. There are also less demanding skills you can learn such as data entry or transcription, that businesses are still looking for.
Linkedin, cold emailing/calling and social media are great at finding potential long-term clients for your freelancing.
Also, sign up to Fiverr, Upwork and lots of other remote working platforms where you can sell your skills for money.
This last side hustle is probably one you’ve seen before. Flipping products for profit on eBay, Facebook and other marketplaces isn’t a revolutionary idea.
Once you’ve sourced the right products, simply list them on the marketplaces and wait for sales to roll in. I haven’t participated in this hustle myself, however, I’ve seen many people have huge success with this.
The sticking point is making sure you get the right products.
If you’re able to get to stores and the post office in 2020, this could be a good one for you to consider.
That’s it. Thank you for reading.
Remember, if you want to start a side hustle today I recommend building social media accounts.
Grab my free guide here before I put a price on it.