Hustle Tips: 3 Online Passive Income Business Models
Passive income is one of the World Wide Hustle Brand philosophies. Multiple passive income streams to be exact.
We define passive income as - creating an income stream system that generates revenue over a medium too long period of time. This is not a get rich quick scheme.
The concept of this is: doing the initial hard work up front. By setting up a system income stream that generates income. Once that system is in place to generate income, you can sit back passively and let the income stream work itself.
We are going to discuss three online passive income business models you can use to generate passive income online and path to financial freedom.
I) Affiliate Marketing
The concept of affiliate marketing is selling other businesses' products/services and earning a commission when you make a sale. There are literally hundreds, maybe thousands or affiliate programs and products you can promote.
For instance, Vegas.com is a website you can book Las Vegas hotel rooms, rental cars, and shows. They have an affiliate program.
Example: Sign up for the Vegas.com affiliate program. Once you sign up, they give you promotion tools. Such as: banner images, gifs, and affiliate links to share.
Next, you share your affiliate link thru your social media accounts and blogs related to the niche.
If someone clicks on your affiliate link (sending them to Vegas.com) and they book a hotel room, show, or rental car; you get a commission percentage of that sale.
That was the most basic affiliate marketing example.
If you wanted, you could make a website/blog related to the Las Vegas tourism niche and create content for the website/blog, drive traffic your website/blog, so people can click on your affiliate links and other affiliate content.
Affiliate platforms such as: ClickBank.com | MaxBounty.com | JVZoo.com have thousands of affiliate products you can promote, so check them out.
There are thousands of affiliate products and platforms out there and affiliate marketing is one of the lowest start up business cost.
Find a niche/product that has a demand and that you're passionate about, get out there a make that passive income!
II) Creating Digital Products/Assets
Digital products are eBooks, audio books, videos, webinars, and informational courses.
You could create an eBook/audio book and publish on Amazon or sell directly thru your own website.
You can also create informational courses and sell them on platforms such as: GumRoad, Thinkrific or Udemy.
Creating these digital products are quite easy, because you can use the programs already equipped on your computer.
The Digital Assets we'll briefly get into are domain names and website.
We look at domain names and websites as digital real estate.
Domain names are considered a website's street address (WWHustleBrand.com) and you can look at the domain name as a plot of land. Just as in real estate it is all about location. The better the domain name is related to the keyword niche, the better "location" the domain name is.
Next we need to build a building on the land. The website is considered the building on the land. When we add content, drive traffic to the website and make it profitable, this increases both the domain name and website value.
At this point, the domain name and website has become a digital asset. We can make the passive income continuously and eventually sell the website at a later date.
III) eCommerce Store
The third online passive income business model is creating a eCommerce store.
Now you can approach this two ways…You can make a sustainable eCommerce business by creating a brand concept around a product. Or you can do DropShipping by finding trending products to sell without any branding and less hands on.
Sustainable eCommerce Store
If you want to have a eCommerce store with longevity and something sustainable, you could create a brand.
First find a product and create a brand concept around that product. Order your product from a wholesale supplier (future blog post/video). Once you have it you take pictures of the product.
Next, create a eCommcere store on platforms such as BigCommerce, Shopify, BigCarter. Post the pictures you took and place them in your store and set a price.
Last you find your target market and promote your website.
Once you sell something you are responsible for shipping and handling the product to your customer.
This is the most basic explanation. Creating a brand concept, finding a product that is in demand and not over saturated, finding your target market, and creating brand trust takes time. But definitely worth the effort.
You can also use this method called Dropshipping. Using this method, you do not have to worry about handling the product or shipping the product you wish you sell. Your product wholesaler will ship and handle the products for you.
For Example: You create a Shopify eCommerce. Next, you found a supplier, so you can sell those energy balance bracelets.
You get the bracelets from your wholesale supplier for $4. They provide you with pictures of the products, so you put the picture on your Shopify store and sell them for $9.95.
When a customer places a bracelet order on your website for $9.95. Next, you contact your wholesale supplier, provide your customer's shipping information and place the bracelet order for $4.
The supplier will ship the bracelet directly to your customer, leaving you with a $5.95 profit.
This is a good method if you do not want to deal with storing products and shipping products.
The downside to this is maintaining quality control and making it a sustainable business to brand.
Don't be fooled by those YouTube Ads saying you can become a millionaire overnight by drop shipping on Amazon. Or portraying online business owners living the luxury life overnight.
Making passive income online takes a great deal of energy, effort, and CONSISTENCY to make these business models a success.
Once you get these online passive income systems set up and rolling, you can make money in your sleep and from anywhere in the world.
Providing you with the financial freedom lifestyle..