How to Build Multiple Passive Income Streams
Do you want to build a passive income stream? Then, don't just build one, instead create multiple passive income streams and in this order.
Building multiple passive income streams can be your ticket to the bigger paydays. How? By combining various smaller income streams. Here is a list of the five passive income streams and the order you should do them in.
- Print On Demand
- Affiliate Marketing
- Drop Shipping
Build Multiple Passive Income Streams (the details)
Why These Five
These are all easy to start and require very little money. You can do all five ideas in your spare time, and all you need is some creativity and passion.
Why This Order
I have arranged these based on costs and time. Other passive income ideas may be faster, such as investing but investing requires money. Another example is writing a book. While this doesn't need money, it takes a lot of time.
Print On Demand
Print On Demand is a straightforward business to get started. You don't need any money (or at least very little), and you can begin. Print On Demand means printing T-Shirts, Hoodies, Bags, Mugs, etc., with your design. There are sites such as Teespring, Redbubble, Merch By Amazon, Printful, and Printify that you can sell your creations. The are others, but you get the idea. All of these are zero cost to you. You upload your design, and when someone buys it from one of these sites, they will print it, ship it, take payments and send you your slice of the pie. Remember, you pay nothing. For more in-depth information on Print On Demand, check out this article.
Affiliate marketing is nothing more than you recommending a product and getting paid by the product's company for doing so. You do that by adding your affiliate link in a blog post or YouTube information on a video you make. One of the biggest sites for affiliate marketing is Amazon. You can promote everything Amazon sells and receive a commission. For more on affiliate marketing, check out this article.
Arguably one of the newest and fastest-growing ways to generate passive income comes from YouTube. All you need to get started is a smartphone. Who knows, you might just become a YouTube star and make millions of dollars. Get details on how to get started in this article.
The concept here is to sell products on the internet that require you to do nothing. The supplier will provide the product and ship it. Okay, so you have to build the website, and you may have to handle customer service if need be, but once set up, your business pretty much will run on autopilot. Well, other than marketing. You will need to do that. For more on drop shipping, go here.
You will need a website and writing ability. I use HostGator to create websites. If you get the Baby Plan, it is just a few dollars a month, and you can have as many websites as you want. The great thing about blogging is you can get paid for allowing ads on your site. Even better, you can combine affiliate marketing and blogging and still have ads on your site. So now you get two income streams, one from ads and the other from affiliate commissions. For more on blogging, go here.
Now you can be well on your way to build multiple passive income streams. Having all these irons in the fire will help to ensure your financial success. Of course, you don't have to do it all simultaneously, but once you have one going, start another. The whole idea is diversification.