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How the Best Podcasters Do Their Work Faster

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How the Best Podcasters Do Their Work Faster

Best practices to help you create the highest quality podcasts in the least possible time.

My aim, right here, is to help you to create a podcast in the shortest time possible.

And I’m not just talking about any old podcast. I mean a great podcast. Your best possible podcast!

Because this is where so many people get caught out. It’s where shows go to die. The podcaster spends too much time making every episode. So much that it just doesn’t fit into their week or even their life. By that point, it just drains all the fun and value out of the entire show!

Of course, it’s worth noting that different types of shows take different amounts of time to produce (go ask an audio drama producer how much time they spend on dialogue editing alone!). And sometimes, spending more time on your show can improve the quality, or what you get out of it. But, that’s only if you spend that time on the right stuff. And I believe it’s possible to do those right things in far less time than you think.

So that’s what I’ll do in this article: show you the best of those “right things” and help you create the best possible product in the least possible time.

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Who I Am and What You’ll Learn

By way of a quick “who the heck’s this guy?”: my name is Colin Gray, and I’m a podcaster, writer, teacher, and general dogsbody at The Podcast Host. We create a network of our own shows and help thousands of others produce their own through our content.

Plus, we run a podcast maker tool called Alitu. The whole purpose behind Alitu is to offer recording, editing, and publishing tools that automate and simplify, making it far quicker and easier to create your show. And a lot of that is based on the “right ways” that I’ll talk about here.

Over the past ten years, I’ve gone from fitting a podcast around a completely different normal job (teaching teachers how to teach — meta, huh?), to trying to fit as many podcasts as possible into my current job and designing tools to help others do it quicker!

It was all about cutting out the cruft and figuring out what’s really worthwhile in creating a high-quality, successful show. I’ll talk about all those insights here, including:

  • How to plan content in the minimum time, and in a way that makes it easy to deliver
  • How to get the most from everything you do create
  • Recording & editing tricks to save time
  • How to find and learn the tools that cut down on processing time

So, let’s get into it. Time to apply a little lightning to your podcast!

Why Seasons are Rocketfuel for You and your Audience

Seasons-based podcasting is the most underrated workflow hack in the industry. And, even better, it’s a massive driver of listener success, loyalty, and audience growth, too.

How? Well, there are three reasons.

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Planning Nirvana

You know when you turn up at your desk for recording time and think: “Alrighty … podcast time. I’ve got an hour to get this baby recorded! Soooo … what shall I talk about … ”

An hour later, you’re still only halfway through planning the episode. Or even worse, you’re still staring at a blank screen, trying to think of an idea.

Well, here’s a new tack: take an hour of your life and think about your next season instead.

Take a question you often get from your listeners, or a topic you know you want to cover, and then break it down. One of the biggest mistakes we make as podcasters is trying to fit too much into an episode. We do it because we care. We want to give a lot of value, but actually, it’s shortchanging your listeners, often missing details, or giving them too much to think about all at once. Instead, break that topic down into its component parts.

I did a season on podcast equipment a while back. I could have easily covered it in one episode but it’s better to break it down. One episode on microphones, one on mixers, one on recording software, and one on editing software.

Normally I can work this out in less than ten minutes for a topic I know well. Maybe 20 to 30 if I need to do a bit of research. I’ll end up with a list of maybe six or seven episodes, sometimes up to 15 or 20.

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Then, I’ll take another 20 minutes to put some meat on them bones, and do a set of five to ten bullet points within each main topic, outlining what I’ll cover.

By the end of the hour (or less!) I’ve got a plan for an entire season’s worth of content, often two or three months long, maybe more.

So now, instead of the usual, “Oh no! What do I talk about this week!”, next time you open up that season plan, check out the next episode’s script and hit record. Easy!

And yes, this can still work for interview shows. Do all of the above, and only THEN start to think about guests. This makes for far better content. Instead of just picking out random pseudo-famous people in your niche, just for their name, choose based on expertise and knowledge.

Search around for blog posts covering the topics you have in your plan. Find people with interesting angles on those topics, and then invite them on the show. You’ll create far better, much more focused content as a result.

Better Batching

With a season plan, you can really easily take advantage of another huge timesaver: batch recording.

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Matthew is my co-host on our “how to podcast” show, Podcraft. It’s a seasons-based show, and we’ve long recorded it in batches. We co-host the podcast, so we can plan a season together, and then we’ll record two to three episodes at a time.

I know people who can do four episodes in one sitting, but we always find we hit a wall around three. Still, that means we only have to arrange recording time every two or three weeks, rather than every single week.

Editing can be batched, too. As anyone who has to do a lot of task switching knows, doing a few of them all together takes far less time than three separate editing sessions.

Listener-Powered Content

Every podcaster knows they should be getting their listeners more involved with their show. It drives engagement, loyalty, and huge listener growth. But, it’s a big time suck … monitoring emails, social media, and voicemails every single week can be draining.

Seasons put something brand new in your toolbox: a break!

At the end of the season, you say: “Okay, thanks for listening! We’ll be back in 6 weeks, on August 1st. During that time, though, here’s what I want you to do. We’re going to cover podcast equipment on the next season. Tell me, what gear are you using right now? What gear have you tried that was rubbish? What are your biggest struggles or questions with equipment that I can answer? Send me a tweet,or an email, or (best of all) leave a voicemail at ..”

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Then you take a well-earned break!

Towards the end of the break, you can batch-process all of this. Take an afternoon to collect it all together, collate the tweets and the emails, and process the audio recordings so it’s all ready for the new season. This is so much easier and more efficient than doing little drips and drabs every few days.

Even better, this can power the planning we mentioned above. The questions will direct your episodes, and you can plan ahead, including all the relevant questions in the right episode. In that way, you include and involve your listeners in the show and drive a huge amount of value and loyalty. Plus, you create better content because it’s based on the thoughts of real people.

Fly Solo (At Least a Little)

This one makes people a little nervous, at least for those that normally fly with a guest! Recording alone is one of the biggest time-saving moves you can make, particularly if you’re a regular interviewee on other shows.

If you’ve never tried it, imagine a world where you don’t have to coordinate calendars to find a time that suits everyone. Imagine planning the episode yourself, knowing that you don’t have to prompt your co-host or think of a few backup questions in case that interview goes awry. Imagine having 100 percent control over what’s said (because you’re doing the saying!), so there are no tangents, no fluff and no … editing? Imagine just deciding to record, off the cuff, and 20 minutes later, you have an episode in the bag.

All of that’s possible with solo recording, plus the added benefit of showcasing your own knowledge and talent for a change, rather than your guest (I’m talking about interview shows in particular).

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If you haven’t tried it, take one episode a month and fly solo. See how much time it saves you and how your listeners might like to hear what you think, for a change.

The Minimum Effective Editing Process

Okay, we’ve planned it out and we’ve recorded an episode. Now comes the most dangerous of potential time-eaters: editing.

I still come across so many people who spend 2x or 3x the length of their show in editing. For example, taking two or three hours to edit a one-hour recording. I even meet people who spend 5x to 10x the length of their show in production! It’s just unsustainable.

Part of that is dialogue editing, listening through the whole thing to find and eradicate their mistakes. Painful! We’ll tackle that in the next tactic.

The other part is audio engineering; namely audio cleanup, adding music or ads, layering tracks, and exporting the whole thing.

So, how do we make it easy? By adding constraints. You can do so much less by applying the right mindset to your editing. I’ve got two processes here for you to try.

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MEE (Minimum Effective Editing)

This is perfect for early-stage podcasters. I often recommend following this for your first 10 to 20 episodes, at a minimum. There’s so much you’re learning during those first months, and editing really is low on the impact list. There’s so much more value in working on your presentation and content design skills. (Really, you could extend this mindset to any podcaster at any stage.)

Simply cut editing down to two things, and two things only:

  1. Trim
  2. Normalize

Trim means trimming the start and the end only. Usually that means cutting out the silence and the paper rustling after you hit record and before you start speaking. Then, do the same for the end.

Normalize means leveling out the volume of your show. This is the one and only “audio engineering” task that’s essential. It means your show won’t be too quiet, and the volume of the different speakers should be relatively even so you don’t have your listeners reaching for their volume control every time the speaker changes.

Most editing tools have normalization features included, such as Audacity.

Notice that this doesn’t include dialogue editing at all. So, you can’t cut out mistakes! That’s a constraint that has a few benefits:

  • You can’t use editing as a crutch, so you learn to improve the way you speak, fast! Learn to drop the ums and ahs while you speak, not afterward.
  • You avoid this time-warp rabbit hole altogether because even a little “Oh I’ll just remove that one thing” can turn into an hour of editing.
  • You sound more human. “Oh, sorry, that’s not what I meant! <laugh> Let me say that again.” This is honest. Open. Relatable. People identify with you more closely.

Instead, record with a “live broadcast” mindset. Pretend you’re live on air, the show has to go on. There’s a chance you’ve done that very thing — Facebook, YouTube, Instagram — and survived! So take it into your podcasting, and reap the time-saving benefits. even if just for your first few episodes.

MEE-V2

Later in your podcasting career, you might decide you do want to add a bit more polish. Whether that’s episode 20 or 200, here’s the 2nd level: MEE-V2.

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  1. Trim
  2. Click Edit
  3. Noise Reduction
  4. Limit and Normalize
  5. Add Music
  6. Overlap and Fades

That polish comes mainly in the form of music: adding your own audio branding, and putting in some pro-sounding overlaps and fades.

MEE-V2 also includes an extra couple of audio engineering steps. A hard limit helps to improve your audio leveling, and noise reduction is a big help for most of us who are recording in bog-standard rooms rather than recording studios.

We’re not delving into a lot of the audio engineering that you’ll find around the podcasting web, such as EQ, compression, de-essing, or plosive removal. Those are useful in their place, sure, polish for your audio — but they’re non-essential.

Finally, you’ll notice the mention of a click edit. Yes, I hear you breathe a sigh of relief: now you can remove a few mistakes from your audio. But only the big ones that really can’t stay in! We still want to maintain that live-recording mindset to stay human, and we’ll use a click-edit process that slashes the time required to complete. You’ll see that in the next tactic.

MEE-V3?

Before we move on, I’ll mention another possibility here. You can automate a whole lot of MEE-2 and add even more polish using the right tools.

I came up with MEE years ago in an attempt to help our readers defeat the monster that is editing. But, even then, it was still a task that dragged shows under.

So, we built our own tool, Alitu, to automate MEE-2, and then to add a whole lot more polish and assistance on top.

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Alitu podcast editing software can be used to record solo episodes or call recorder to bring in a guest.

For example, inside Alitu you can record a solo episode, or use our call recorder to bring in a guest. That recording is then automatically cleaned up — noise reduction, limiting, normalization, EQ, de-essing, plosive removal, the whole nine yards. Then it’s popped into the episode builder, which adds your music, overlaps and fades automatically. You can add in any intros or outros required there, too, or any ads or inserts for the episode.

All that’s left is to use Alitu’s audio editor to search out your clicks with 2x speed control (more on this below), highlight the edits, and then hit publish. You can even publish to Alitu’s in-built hosting if you don’t have hosting set up yet, so it’s all in one place.

Alitu features in-built hosting to publish episodes.

Alitu offers a week-long free trial to test out the platform before purchasing.

Click Editing

Now, to click editing!

It’s a classic, but always worth including since it’s a revelation to anyone who hasn’t heard it. It tackles the dreaded task of combing through a podcast episode, minute by minute, to track down those mistakes that you know have to be removed.

Instead, with click editing, I would normally edit our 30-minute average Podcraft episode in less than 5 minutes. Here’s how it works:

When I make a mistake in my show, I create a visual marker in the waveform by clicking my tongue three times. You can also clap, or snap your fingers. They all work. The goal is to create something that’s really easy to see on the waveform when you get into your editing package.

You’re speaking. You make a mistake or trip over your tongue, or need to cough. So, you stop. You pause for a few seconds. Click. Click. Click. You pause for another few seconds. Then you start speaking again.

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This is very visible on the waveform, as shown highlighted in red.

Details of waveform in Alitu's editing feature.

That means, when you get to editing, you just get down to a reasonable zoom level and scan the waveform, looking for these signals.

Then you highlight the end of the sentence before the mistake, right through to the point before you restart, and delete. Mistake eradicated!

Pro Tip: You can quite easily get in the habit of remembering the start of the sentence before you made your mistake, and then restarting with the same first few words. This means that when I find a mistake in editing, I listen to the re-start first, and then go back a bit and find the same few words before the mistake. I know that’s where I have to start the edit. That saves another few seconds, every time!

Take Control of Errant Interviewees

Let’s finish up with a tactic that not only comes under the category of “time saver,” both in recording and editing, but also bleeds into “improved content.” It’s the simple concept of taking ownership of your show, and your content.

The thing is, interview shows are great when done well. But, they’re often not done well. That can lead to sub-par content, sure, but even worse, it leads to a whole lot of extra time in your process.

It takes more time to record because the guest goes off on tangents. Or they don’t stay on point and fail to answer questions. That all means more time editing, trying to cut the fluff, and elevating the quality.

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Instead, take control, and give some guidelines before you start. Here are a few of the things I might say:

  1. I’d love to share a few bits of guidance. I know my audience really well, and I’ve learned that these can help you come across in the best possible way with them.
  2. We like to keep this show really conversational. So, try to keep answers short and sharp, less than a minute, two at most.
  3. Don’t worry, we’ll get into detail, but I’ll ask about the parts I know my audience loves.
  4. Always feel free to ask me questions back, so we’re both involved, and it flows well.
  5. will interrupt you from time to time. Not because your content’s bad, but because I know what my audience wants and I’ll keep us tracking with that.

Keep emphasizing that this is in their best interests. This makes them look good! You know your audience, and if the guest wants to make a great impression, then you can help them do that. But, only if they work with you, and let you guide the conversation (#3).

That primarily means shorter answers (#2), and being prepared to be interrupted (#5 — and this is so much easier when you mention it before you start).

I’ve also found that #4 is a really interesting hack, for two reasons. First, conversations are much better when it’s two ways. And second, asking questions just puts people into conversation-mode rather than monologue-mode. (It also helps avoid the 5-minute solo tangents that are the bane of any interviewer’s life!)

How Will You Cut Your Production Time?

To me, there are two big ideas to this.

First, simple routines and purposeful tools. That means:

  • Keep your weekly routine as simple and as regular as possible.
  • Use seasons to simplify your planning.
  • Go solo to simplify the logistics.
  • Record as if you’re live and commit to really simple editing.

Make it your goal to find those routines that repeat so that you can fit the entire workflow easily into your week.

Secondly, it means using tools with real purpose. As podcasters, we can be guilty of adding in on-trend tools or tactics that take up more time, rather than save it. Instead, pick fewer, better tools, and go deep with them.

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The click trick is a tool, use it to save hours in editing. Alitu is a tool that works great alongside it, and adds more features to annihilate the time spent editing and engineering. If they don’t work for you, though, there are dozens of choices. Find just a few that fit you, personally, and go deep.

Above all, use these tactics to hone your personal routine, find the methods that work for you, and offer up all that extra time to the content itself. Use it to talk to your listeners. What do they like? What do they not like? Find out what they really want from you. That’s what makes the big difference. Not an extra pass of compression, or a jot of noise reduction. Instead, get simple, get tooled up, and then you can really start thriving as a podcaster.

The post How the Best Podcasters Do Their Work Faster appeared first on Smart Passive Income.

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How Creators Make Money Is Changing

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In 2021, we reported on a survey that measured creators’ top sources of revenue. At that time, sponsorships with advertisers took the top spot by …

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The Ultimate Guide to Succeeding Alone in Business in 2024

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The Ultimate Guide to Succeeding Alone in Business in 2024

What is a solopreneur? And how do you become one?

Well, in this post, we’re diving into the world of solopreneurship to help you get started.

You’ll learn:

  • The difference between a solopreneur and an entrepreneur
  • Pros and cons of solopreneurship
  • A step-by-step guide to becoming a solopreneur
  • Plus, solopreneur business ideas you can start today.

Let’s get started.

What is a Solopreneur?

A solopreneur is a person who starts a business by themself, without a partner, and the need for hiring employees.

What is a Solopreneur?

Merriam-Webster defines it as:

One who organizes, manages, and assumes the risks of a business or enterprise without the help of a partner : a solo entrepreneur.

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They typically bootstrap their business using their own money and manage all aspects of the business needs to make a profit.

This might involve sales, marketing, product development, managing finances, and customer satisfaction.

Solopreneur vs Entrepreneur

Now, you might be asking, “What’s the difference between a solopreneur and an entrepreneur?”

Solopreneur vs EntrepreneurSolopreneur vs Entrepreneur

Here are the key distinctions between the two. Knowing these can also help you choose which one to pursue.

Purpose

A solopreneur and an entrepreneur have slightly different intentions when launching a business. The solopreneur starts a business so they can work for themselves, make extra money, and work on something they’re passionate about.

Solopreneurs often start a side hustle while working a regular job, hoping their business will take over their salary.

The entrepreneur generally starts a business for growth, scalability, and profit. They may also be driven by having an impact on a market.

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Entrepreneurs might start as solopreneurs in the beginning but with an aim to expand. They may also have an exit strategy in mind from the very beginning, whereas solopreneurs rarely start to sell the business.

Management

Solopreneurs don’t hire employees as they aim to manage all aspects of the business themselves. But, they might hire a freelancer, independent contractor, or virtual assistant for specific daily tasks.

The solopreneur doesn’t usually seek investments either, as their startups are self-funded.

Entrepreneurs will build a team of employees and seek investments so they can expand the business quickly.

Most entrepreneurs don’t want to be working in the business but rather focus on their vision and creative direction.

Focus

The focus of a solopreneur is primarily to create a lifestyle business. They might also want to achieve financial independence and work on things they love.

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Many solopreneurs are simply driven by their interests. For example, an artist might want to spend more time painting, so they research ways to monetize their work.

When their art business makes more money than their job, they can leave and focus on painting full-time. They’ve turned their hobby into a business.

Whereas the entrepreneur might have a passion for growth, innovation, impact, or for business itself. The businesses they start can be varied, and they don’t necessarily have to be passionate about their niche.

Pros and Cons of Solopreneurship

Like any venture, business model, or career choice, there are advantages and disadvantages.

Here’s what you need to know when becoming a solopreneur.

Solopreneurship Pros

  1. The introverts dream. Solopreneurship can be very appealing to introverts or those who like working alone.
  2. Total autonomy. You have complete control over business decisions, projects you work on, and the people you serve.
  3. Flexibility. It provides total freedom regarding the hours you work and your location.
  4. Low startup costs. Many solopreneurs can start with a social media account and free marketing tools like Substack.
  5. Passive income. There’s a lot of potential to earn passive income as a solopreneur. Here are some passive income ideas to look into.

Solopreneurship Cons

  1. Workload. Many roles are required to be a successful solopreneur. These include marketing, sales, accounting, and client satisfaction.
  2. Inconsistent income. Revenue can be slow and inconsistent in the beginning.
  3. Isolation. Running a business alone can get pretty lonely sometimes, even for introverts.
  4. Work-life imbalance. It can be hard to switch between work and play, especially when working from home.
  5. Financial responsibility. Financial management can be quite daunting for some people and may lead to failed startups when not managed well.

How to Become a Solopreneur

Here are 9 steps you can take to make the solopreneur journey a breeze.

1. Evaluate Your Skills

Solopreneurship is all about monetizing a skill or what you know. So, the first step is to know what you’re good at.

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This is harder than it seems because what we’re good at often comes naturally to us. Therefore, we don’t recognize our own talents.

It could be fixing your diet, graphic design, writing a novel, or dealing with stress.

Start by documenting your life and answering these questions:

  • What are you passionate about that you’ll never get bored with?
  • Have you achieved anything significant that came easy to you?
  • What do you spend the most money on?
  • What do your friends come to you for advice about?

Spend some time journalling or brainstorming things that come to you. Just try to keep it simple.

You don’t have to be an expert to be your own boss. Only a desire to help others who are a few steps behind you.

If you’re really stuck, you can choose one of the easiest online businesses to start to get you going.

2. Set Financial Goals

Next up is knowing how much income you want to make.

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Solopreneur financial goalsSolopreneur financial goals

Do you want to make a little extra on the side? Or do you want to replace your salary?

There’s no limit to how much you can make when starting an online business as a solopreneur.

But it’s still important to set business goals. Doing so will help you make better decisions and even choose a business model or product to sell.

You’ll want to establish short-term and long-term financial goals. That way, you’ll stay motivated and maintain focus.

3. Choose a Business Model

Your business model is how you deliver your products or services. Establishing one will give you clarity on the direction you can take.

It will also reveal how you’ll generate income, establish risk, and how you might scale if you want to.

We’ll take a deeper dive at specific business ideas later, but these are the main business models to choose from.

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  1. Service-based. Things like freelance writing or web design services.
  2. Content creator. Teaching through YouTube, blogs, or online courses.
  3. Coaching. Helping people achieve personal or professional goals.
  4. eCommerce. Selling physical or digital products.
  5. Developer. Launching web or mobile apps.

4. Identify Your Ideal Market

So you have an idea of what you’ll be offering and the business model to deliver it.

But now you need to find an audience who needs it. Skip this step, and you could sell something no one needs.

Market research validates what you have to sell and will help you clarify your offer.

It involves understanding the pain points of your target audience and crafting a compelling solution.

Here are some popular ways to perform market research today:

  1. Forums and communities: Join and engage in niche forums or communities like Facebook groups. Use Google to find these forums or the search feature on Facebook.
  2. Social media: Monitor conversations on social media sites like Twitter and Reddit. Search for niche-related tags to find the right people.
  3. Competitor analysis: Research your competitors to see what pain points they focus on. Analyze the copy on their website and social media channels to gather insights into your audience.
  4. Keyword research: Use tools like Google Keyword Planner or SEMRush to find out what your niche is searching for. This will help you understand what their needs and goals are.
  5. Start a community: Launch a free Facebook Group or community platform like Skool to get to know your audience on a deeper level.

Niching down will always help you find a more passionate audience, so try not to go too broad. You can also read our posts on the best niche markets to get some ideas.

5. Create a Business Plan

According to a study published in Small Business Economics, people who create a business plan are 152% more likely to launch their business .

Develop a business planDevelop a business plan

Another study revealed that companies that plan grow 30% faster than those that don’t plan.

The downfall when planning is that many solopreneurs can get caught up in all the details. However, it doesn’t have to take weeks or months or need to be perfect.

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What’s important is getting the fundamentals down on paper.

This notion template is a great place to start, or this Udemy course for a more comprehensive and guided approach.

6. Launch Your Brand

Now, you’ll want to define the identity of your brand. This includes the name, logo, and messaging to attract the right people to your business.

The easiest route is to use your name and start your business as a personal brand.

But if you intend on scaling your business or selling it as an entrepreneur, you might want to start a professional brand instead.

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Either way, start by brainstorming ideas and checking for domain availability and social media handles.

You might want to register your business legally at this point, too.

If you have design skills, a simple logo might be sufficient enough. You can also hire a designer on Upwork to design your logo and brand identity professionally.

Lastly, you’ll need to tailor your brand messaging to resonate with your audience. A great book on this subject is Building a StoryBrand by Donald Miller.

7. Establish an Online Presence

The next step to solopreneur success is forming a coherent online presence. These will be the places where you market yourself, publish content, and deliver your offerings.

Here are a few things you’ll need to set up:

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  1. A website: You can build a simple site using WordPress or Shopify if you sell products.
  2. Social media channels: Sign up and claim your social media handles on the main sites. These include Facebook, X, Instagram, Pinterest, Medium, and YouTube.
  3. Email list: Use ConvertKit or a newsletter service like Substack to start building an email list. The earlier you start this, the better.
  4. Blog: If you like writing, you can also start to publish articles that attract organic visitors through search engines.

You don’t have to be active on all these channels at once. Just set them up so no one else takes your username, then choose a channel your audience uses most.

As a solopreneur, it’s possible to grow your business by sticking to one channel.

8. Develop a Digital Marketing Strategy

Marketing is how you’ll raise awareness of the problems your niche experiences and how you can help solve them.

Solopreneur marketing strategySolopreneur marketing strategy

To do this effectively, you need a strategy.

You’ll want to decide which platform to spend most of your time on. As a solopreneur, there’s only you, so trying to juggle multiple channels will spread you thin.

The strategy is to publish content at each level of the funnel.

Using the AIDA formula is a good place to start:

A: Grab the audience’s Attention with well-crafted headlines
I: Create Interest by communicating pain points. This will help grow followers or subscribers.
D: Create Desire by emphasizing the desired state for potential customers.
A: Provide a call to Action to drive conversions and sales.

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You can check out the 1-Page Marketing Plan for this. It will help you define a comprehensive marketing strategy on a single page.

9. Never Stop Learning

Lastly, you’ll make your journey so much easier when you become a continuous learner and adopt a success mindset.

You can read the best audiobooks for business, take Udemy courses, or even join an online community.

Some great books for solopreneurs include The Lean Startup, Company of One, and Alex Hormozi’s books.

Solopreneur Business Ideas

There are tons of different types of businesses you can start as a solopreneur.

Choosing one will depend on your skills, passions, available resources, and market needs.

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Here’s a quick look at some one-person business ideas to give you some inspiration:

  • App developer: Creating mobile or web apps like habit trackers or even games.
  • Blogger: Publishing content on Medium, Quora, Twitter, or a WordPress blog.
  • Paid newsletter subscription: Sharing your insights and knowledge through a platform like Substack or Beehiiv.
  • Copywriter: Offering copywriting as a freelancer on Upwork on your website.
  • Digital products: Sell your knowledge in the form of digital products on Gumroad or Systeme.
  • eCommerce: Sell physical products through Amazon FBA, Etsy, or a Shopify store.
  • YouTuber: Share your knowledge and monetize with YouTube affiliate marketing and ads.
  • Start a community: Create a Skool community and charge a monthly subscription.

Solopreneur in Conclusion

Becoming a solopreneur has many advantages when starting a business. Unlike entrepreneurship, you get to work alone, choose your hours, and only work on things you love.

Don’t expect things to go perfectly, though. Achieving success in any business venture takes time and dedication.

If you want to connect with others on their solopreneur journey, consider joining the Niche Pursuits Community. You’ll get access to weekly calls from successful bloggers, YouTubers, and 7- and 8-figure digital business owners.



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27 Passive Income Ideas to Make Money & Build Wealth in 2024

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27 Passive Income Ideas to Make Money & Build Wealth in 2024

In this article, we discuss the 27 passive income ideas to make money and build wealth. To skip our detailed analysis of passive income and its benefits in today’s world go directly to the 7 Passive Income Ideas to Make Money & Build Wealth in 2024.

Passive income can be defined as a side income that comes from a minimal amount of work as compared to your active income. In the current economic conditions, many people are finding it hard to keep up with inflation with a single paycheck. While the US Federal Reserve’s policies have managed to tone down inflation and the bank is expected to cut interest rates, some Wall Street analysts still paint a bleak picture of the US economy in the near future. 

According to a survey by Self, 45% of working Americans have a side gig. Out of the people surveyed, nearly 35% said that they need their side hustle source to pay their bills and other expenses, while over 32% of people use it as disposable income. Around 30% of the respondents put their side gig money toward savings and investments. The survey suggests that these side gigs generate an approximate average of $688 per month. We previously reported that  73% of Americans with side hustles are thinking of leaving their primary jobs. 

Passive Income Ideas with Stocks

Some of our passive income ideas to make wealth revolve around investing in the financial markets. The US stock market is one of the places that have made many people rich. For example, value investors such as Warren Buffett and Seth Klarman have made billions from buying stocks and keeping them for the long term. Their style of investing is known as value investing. It is important to note that these two investors have spent a lot of time and money on their investments, but at the moment we are looking for passive income ideas to make wealth. In that case, you can follow their strategy on a smaller scale by buying quality stocks and letting them grow over a few years.

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Nevertheless, a value investing strategy works best if you have a lot of capital. For example, Warren Buffett has owned 151.61 million shares of American Express Company (NYSE:AXP) since the third quarter of 2013, when its stock price averaged at $75.23. By the end of the fourth quarter of 2023, the company shares were trading at an average price of $160.97. It means that American Express Company (NYSE:AXP) stock made around $17 billion for Buffett’s firm during this time, and that is without counting the dividend income. As of March 7, the company’s stock was trading at $221. Some other value stocks from Berkshire Hathaway’s portfolio include The Coca-Cola Company (NYSE:KO) and Bank of America Corporation (NYSE:BAC).

Use of AI to Generate Passive Income

A survey by GOBankingRates reveals that 45% of the respondents are in favor of using AI to generate passive income, and 8% are already using it to do so. Open AI’s ChatGPT has been responsible for the surge in 2023’s AI revolution. The platform also offers a passive income source with its Bug Bounty Program. The program invites people to find bugs or security flaws and get paid. The rewards start from $200 and go up to $20,000.

 Passive Income Ideas to Make Money & Build Wealth in 2024

Passive Income Ideas to Make Money & Build Wealth in 2024

Photo by nathan dumlao on Unsplash

Our Methodology

For this article, we carefully reviewed several sources, including Time Magazine, CNN, CNBC, and Reddit. Next, we chose the most common recommendations to make passive income across these sources and listed them according to the number of mentions each idea received. The more times a passive income idea was mentioned, the higher it was placed on our list.

By the way, Insider Monkey is an investing website that uses a consensus approach to identify the best stock picks of more than 900 hedge funds investing in US stocks. The website tracks the movement of corporate insiders and hedge funds. Our top 10 consensus stock picks of hedge funds outperformed the S&P 500 stock index by more than 140 percentage points over the last 10 years (see the details here). So, if you are looking for the best stock picks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.

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Passive Income Ideas to Make Money & Build Wealth in 2024

27. Domain Parking

Domain parking is a practice where any person or company registers domain names but does not use them for hosting a website or email service immediately. Instead, they place them “parked” with a domain parking service or a domain registrar.

Revenue is primarily generated through advertising. When visitors click on the ads displayed on the parked domain’s page, you, as the owner of the domain, will earn a small amount of money. To get the most out of domain parking, hone your monetization strategy to direct traffic to the domain. You can optimize the domains via a third party like Newsy, Bodis, and ParkingCrew.

Due to the risks like potential legal issues and low revenue potential, we gave it the lowest priority on our list of passive income ideas to make money and build wealth in 2024.

26. Crypto Staking

Crypto staking is a process used in blockchain networks to validate and secure transactions, similar to how mining works in some cryptocurrencies like Bitcoin. However, instead of using computational power to solve complex mathematical problems as used in mining, staking involves validators locking up a certain amount of cryptocurrency as collateral to support the network’s operations. Crypto staking is a good way to earn passive income. However, it also carries risks, such as the potential loss of staked funds in the event of validator misbehavior.

Coinbase Global, Inc. (NASDAQ:COIN) is one of the companies that allows you to stake your tokens. The interest rate return on crypto staking varies between tokens. The estimated reward on Ethereum is 2.94% at the time of writing on March 7.

25. Annuity Set Up

An annuity is a financial product that provides a series of payments to an individual over a specified period. An annuity can be set up in various ways, depending on the terms of the annuity contract and the preferences of the individual purchasing it. 

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Annuities are usually bought through insurance companies. However, they are also provided by financial services businesses like brokerage firms and banks. Fixed Index Annuity is a type of annuity that is tied to broader market indexes such as the S&P 500. It pays you a fixed interest rate along with a variable income, depending on the performance of the market.

There are several other ways to set up annuities, and it is better to consult a financial expert or insurance provider to make more informed decisions before moving forward.

24. Renting Out Things in Your Home That You Don’t Use

Renting out household items has become increasingly popular with the rise of online platforms that facilitate peer-to-peer rentals. While renting out your household items can carry risks, it is a great passive income idea to make money and build wealth in 2024. You can be on your way to building wealth with this idea if you rent out high-value items that people need for only a short duration and/or infrequently. 

Other than keeping your items in good condition to retain and invite new customers, it is important to come up with competitive rental rates and provide clear rental terms and conditions. A few noteworthy sites/apps for peer-to-peer rentals are Rannsak, Fat Lllama, and Yoodlize. Some marketplaces provide insurance to cover damages, loss, or theft. For example, Rannsak offers The Rannsak Reimbursement Program in the U.S., and the insurance is up to $1,000.

23. Royalties From Intellectual Properties

Royalties from intellectual property refer to payments made to the creator of intellectual property in exchange for the use of the said asset. According to a report by the World Intellectual Property Organization, there were 3.5 million patents filed in 2022. 67% of the total patent filings were made by Asian countries.

If you plan on earning royalties from intellectual properties, you must protect them legally, and that can be done through copyrighting, trademarking, licensing, patenting, and more.

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A way to create passive income from royalties would be entering into a licensing agreement with a third party to allow them the use of your intellectual property and receive financial benefits in return. The amount of money you make from these royalties depends on the terms of the licensing agreement. For example, agreeing to a percentage of revenue generated by the sales of the product. Laws regarding patenting in the United States can be found on the United States Patent and Trademark Office website.

22. Peer-to-peer Lending

Peer-to-peer lending is a method of debt financing through which individuals borrow and lend money directly, and there is no involvement from traditional financial institutions. It is one of the best passive income ideas to make money as it serves as a source of funding for individuals and businesses while offering competitive interest rates and flexible terms with a streamlined loan process. The above-mentioned factors are not available to most individuals and businesses when it comes to taking loans from traditional banking institutions.

If it is your first time getting into peer-to-peer lending, you can sign up on established websites like Prosper Marketplace’s Prosper.com through which you can invest in consumer loans, and the website will connect you with borrowers.

21. Set Up an ATM or Vending Machine

An individual can set up an ATM or a vending machine to make a profit from them. However, these two things will generate income based on the number of people that use your machines, so it is essential to set them up somewhere with a lot of foot traffic. If you decide to go the vending machine route, there are a few costs that you should keep in mind, including the cost of the machine (secondhand machines cost between $1,500 – $5,000), location fee, replenishment cost, and maintenance. A few Reddit users recommend delegating tasks like re-stocking and maintenance to cut down on work hours.

For ATMs, setting them near cash businesses like casinos or barber shops where people prefer to tip in cash is ideal. To get started, you will need to open a limited liability company, purchase an ATM, find a location for it and draw up a contract with the owner of the location, and install the machine. 

20. App Development

Creating an app can be your way of building wealth because if successful, it will generate revenue for you over a long time. There are many ways you can monetize your app, including paid downloads, in-app purchases, subscriptions, and more. App development is one of the best passive income ideas to make money.

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Mobile apps have the most promise, as 56.1% of all global website traffic was attributed to mobile usage as of December 2023, according to Oberlo. While your income will vary depending on a multitude of factors, including but not limited to which app store you choose, the niche your app belongs to, and the monetization pathway you opt for, mobile apps have more potential to generate passive income.

19. Sell Stock Photos

Selling pictures online that you have captured is a great passive income idea. You will need to start by capturing high-quality pictures. You can then search for different reputable stock photography websites or agencies, like Shutterstock, Inc. (NYSE:SSTK), which hires photographers. According to data collected by Matic Broz for Photutorial, on average, a stock photographer can earn around $0.02 per image per month on average. Moreover, Stocksy United pays the highest, i.e., $200 per standard royalty-free sale and $8,100 per extended license.

18. Video Content Creation

Video content creation can not only generate passive income for you but also be highly engaging. You can create video content for different purposes, like stock footage, subscription platforms, and more. Creating videos for sponsored content is a great way to make a little money on the side. For that, you will need to find brands that will sponsor you to advertise their product or services.

Choosing the right platform for your video content is the most important step, and you can look at Google’s YouTube, TikTok, and Meta Platforms, Inc. (NASDAQ:META)’s Instagram. According to Influencer Marketing Hub, on average, a channel on YouTube gets $0.018 per view or $18 per 1,000 views.

17. Advertising on Your Car

Advertising on your car to earn money is a legitimate way to make some extra cash. This practice, often referred to as car wrapping, involves having advertisements or promotional graphics on your car in exchange for payment. To earn passively through car advertising, you would need to sign up with specialized agencies that hire people for this purpose. 

According to some Reddit users, they have been paid between $100 to $700 a month for getting their cars wrapped. However, some of them have cautioned people to beware of scams. It is essential to remember to do thorough research on the agency you plan on conducting your business with.

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16. Design Custom Products

Earning through custom-designed products can be a lucrative venture, especially with the rise of e-commerce platforms like Shopify Inc. (NYSE:SHOP) and print-on-demand services. You would start by identifying the material you wish to work with and your niche and create your designs. From there, you can choose a platform and hire a print-on-demand service. Once you set up your store, you will need to do effective marketing to solidify your customer base. Amazon.com, Inc. (NASDAQ:AMZN)’s Merch on Demand allows people to share their designs for their products. Some Reddit users even claim to make $2k to $3k a month from that platform.

15. Affiliate Marketing

Affiliate marketing is one of the best passive income ideas to make money and build wealth in 2024. According to AuthorityHacker, before consumers make a purchase, 74% of internet consumers in the U.S. go to multiple affiliate websites. Moreover, affiliate marketing contributes to 16% of all internet orders in the U.S.

With affiliate marketing, you can promote products or services through various marketing channels, such as websites, blogs, social media, email newsletters, or online advertisements, and earn a commission for each successful referral or conversion from a business or advertiser. 

The Amazon Affiliate program, or Amazon Associate program by Amazon, is an easy way to get into affiliate marketing.

14. Rent Storage Places

Buying and renting out self-storage space can indeed be a viable way to earn money. Other than that, you will need to be careful to set profitable and reasonable rental terms and conditions and screen the potential renters. According to one source, storage units can generate an annual income between $365,000 to $800,000, depending on size and location.

13. Rent Out Parking Space

If you have a parking space that you are not utilizing, you can rent it out, as it is a lucrative way to make extra money. It can become profitable for you if the parking space is near a venue that sees a lot of traffic, e.g., a shopping mall. Moreover, you can rent it out during specific times, like when a concert is being held somewhere nearby. The money generated from these parking lots mostly depends on your location. Make sure to check your local laws before investing in such ventures.

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Moreover, you can also list your private parking space on platforms like Neighbor, which can generate between $50-$300 per month.

12. Real Estate Investing 

Real estate investing by renting out a spare room is one of the best ideas to earn passive income and build wealth. It involves renting out the room to tenants in exchange for regular rental payments. The amount of rental income you can earn depends on various factors such as location, property type, market demand, and rental rates.

Airbnb, Inc. (NASDAQ:ABNB) is one of the best online marketplaces for short and long-term homestays.

11. Create an Ebook

Writing an ebook can be lucrative for you as it falls under a digital product. You can get passive income through sales revenue by selling your ebook to an online ebook publishing platform, including but not limited to Amazon Kindle Direct Publishing, Apple Books, and Google Play Books.

10. Buy a Successful Blog

Buying a successful blog means getting a website that already has lots of people visiting it and making money from it. When you buy it, you get possession of all the work that’s already been done, like writing articles and getting ads on the site. Buying a successful blog is a good passive income idea to make money and build wealth, especially if you know how to grow and improve it. Many Reddit users recommend buying blogs off of Flippa or Empire Flipper. According to them, it is important to remember that the initial investment will be considerable, and they recommend researching blog websites thoroughly.

9. Create an Online Course

Our eighth passive income idea to create wealth is creating an online course. Online courses have become a popular way for people to share their knowledge and expertise with others while also monetizing their skills. You can generate revenue through many strategies, including course sales, offering continuing education credits, etc. You would benefit from looking up e-learning platforms like Udemy, Inc. (NASDAQ:UDMY), as such platforms will provide you with tools for course creation, marketing, and sales.

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8. High-Yield Savings Account

A high-yield savings account is a type of savings account offered by banks or financial institutions, and it typically offers a higher interest rate compared to traditional savings accounts. To take full advantage of high-yield savings accounts, you should leverage compound interest. It can help you grow your savings steadily over time and help you reach your financial goals more quickly.

In 2024, several high-yield savings accounts offer returns of 4% or more in some cases as compared to the 0.46% national average return on traditional savings accounts.

 

Click to continue reading and see the 7 Passive Income Ideas to Make Money & Build Wealth in 2024.

 

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Disclosure. None. 27 Passive Income Ideas to Make Money & Build Wealth in 2024 is originally published on Insider Monkey.

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