Connect with us

AFFILIATE MARKETING

How to make money in podcasting (Complete guide for 2023)

Published

on

How to make money in podcasting (Complete guide for 2023)

When you work hard on your podcast, it shows. Hours of dedication put into creating well-crafted, interesting content pays off with a fine-tuned product— your very own podcast. A show that listeners discover and keep coming back to week after week. And while having a great show and a growing audience is rewarding, you may want to get the full benefit from your work. We’re talking about a payday.

Whether you’re a bedroom podcaster or a seasoned pro, Acast believes that everyone deserves to find their audience and make money from their craft. So if you’re looking for tools to turn your passion into a side hustle or even a career, we’ve got you covered.

Getting podcasters paid is our business at Acast. We provide creators with the best monetization tools that enable them to find a model that works for both them and their audience. From ads and sponsorship to subscriptions and one-time payments, Acast makes it easy to get paid for doing what you love. We’ve already paid out over $240 million to creators, and they’re all earning in different ways — we put the creator in control.

In this article, we will talk about how to make money podcasting and the different monetization methods available on Acast and beyond. We’ll cover how to get started with ads, sponsorships, and subscriptions, and how you can track your earnings and growth with clear and transparent metrics. As well as touching on additional revenue streams such as merch, live events, and affiliate marketing.

Why and when should I monetize my podcast?

Look, we know that not everyone gets into podcasting to make money. In fact, we don’t encourage people to start a podcast specifically to make a quick buck — it doesn’t work like that, but more on this later. But the beauty of podcasting is that it allows you to turn a passion project into a side hustle that can earn you money and, if you’re lucky, even develop into a career. If you’re in it for the long haul, you’ll want a strategy when it comes to monetizing your show.

Getting paid will allow you to sustain making episodes. For example, if you have an interview podcast, you can attract more guests by offering a fee for their time. If your podcast involves traveling, you can fund your next trip to produce future episodes. You may decide to hire specialists such as sound designers, social media managers, or a producer, to take your show to the next level and improve the quality of the show going forward.

Having a little extra money in your pocket can pay for essential podcasting equipment and recording gear. Maybe there’s a snazzy new microphone you’ve been coveting, or you want to upgrade your editing software. If you don’t record at home, monetizing can also help pay for regular studio time in a professional podcast studio.

As for when to start monetizing, it’s down to the individual. You can start straight away with ads on platforms like Acast to open up an income stream, and there’s no risk in launching a subscription early on to start developing your offering. Keep in mind there are some limitations on how much revenue you can generate while your audience is limited, but there’s nothing wrong with starting early.

What do I need to start monetizing my podcast?

As we said, we don’t encourage people to start a podcast to make money fast. Podcasting is a medium that takes planning, managing, and a fair bit of hard work to start seeing success—don’t rush to the bank after starting a podcast with one episode.

While there’s no definitive list of things you need to start making money from podcasting, as it can differ from podcast to podcast. Here are the foundations that you should have in place before exploring monetization:

Quality content

When you’re starting out with a new podcast, it’s important to focus on creating the best possible content you can. This all starts with your idea, concept, and format for the podcast. Something that plays to your strengths as a creator, and offers listeners something different that they can’t hear on any other podcast. We love the phrase “Build it, and they will come” because it is so true in podcasting. We’ve got a great guide for how to start a podcast called Aclass Essentials with tons of helpful insights into how to create quality content, which is a great place to start.

Building an audience

Building and sustaining a podcast audience is crucial for monetizing — it’s your audience that advertisers are paying you to reach, or the listeners themselves who will support you financially. Ultimately, it’s a case of steadily growing your podcast and building your audience — keeping listeners tuning in, episode after episode. It’s about making sure that they don’t “dip in”, but rather hit the follow button and keep coming back for future episodes.

It’s all about consistency, which is the fuel for podcast growth. Keep a regular release schedule, and use seasons to give yourself a break. Your listeners are creatures of habit, and podcast listening is habitual behavior, so they’ll appreciate knowing exactly when new episodes are out.

The best and most obvious way of getting an audience to return is simply to ask them. Make sure you always tell listeners their support matters and tell them to follow wherever they get their podcasts — as well as leave a positive review. Point out you’ve got social media accounts they can follow, and that you’d love to hear from them. The relationship between the podcast host and the listener is an unusually close one, so make the most of this bond.

Some podcasters take advantage of other marketing channels to entice returning listeners. This could take the shape of an email newsletter, dropping a reminder of the next episode into listeners’ inboxes. Your podcast should feel like a club, where your most valuable listeners are the ones who keep coming back – the ones who reach out to let you know they’re listening. Let them know you’re listening, too.

Choosing the best podcast monetization platforms

If you’re serious about developing a successful podcast monetization strategy, your best bet is to work with specialized partners in generating revenue for your podcast. These platforms offer tools that do all the heavy lifting for you, so you can focus on doing what you do best — making podcasts. Platforms and tools vary in what they provide; from podcast advertising networks, membership subscriptions, one-off payments, donations, merch, and more.

There are a lot of choices out there, which can leave podcasters feeling overwhelmed about which platforms to choose. That’s why Acast developed its podcast hosting platform to be a one-stop shop for the most effective podcast monetization. Podcasters can access our podcaster advertising network, the ‘Acast Marketplace’, where they can monetize with ads and, once they’re big enough, sponsorships. We also have our industry-leading subscriptions and one-time payments tool ‘Acast+’, which allows podcasters to get paid directly by listeners in return for premium content, ad-free episodes, and much more. You can find out more about these monetization tools below.

How do podcasts make money?

Here we go, your complete guide to the various podcast monetization methods, along with helpful explainers and tips on how to get started.

Podcast advertising and sponsorships

Podcast ads and sponsorships are the bread and butter of podcast monetization. If you’ve ever listened to a podcast, chances are you’ve heard what these sound like. These commercial messages from brands and businesses are what put the most money in podcasters’ pockets and keep podcasts free for listeners.

First, let’s define a few important terms:

  • Ads are shorter commercial messages in podcasts, usually, 30-60 seconds in length, that are typically created by the advertiser, brand, or business themselves. These will often feature their own signature voice, tone, or music associated with that brand. 
  • Sponsorships are commercial messages that are direct endorsements of a brand, often read by the podcast creator themself — also known as host-read sponsorship. These are typically longer, around 1-3 minutes in length. As sponsorships are personally created and read by podcasters, this ad format is suitable for podcasts with bigger listenerships.
  • Dynamic Ad Insertion is a technology that inserts ads and sponsorships into your podcast, which Acast invented all the way back in 2014. Dynamically inserted ads and sponsorships are heard on your podcast episodes at the right time, targeting the right audience, across all of your shows’ episodes. This means that your podcast, no matter how far back in your catalog your listens are taking place, will generate passive income even from episodes published years ago. Neat!

In the majority of cases, it’s recommended that you sign up for a podcast host that’s got a built-in podcast advertising network, like Acast. On Acast’s platform, you have everything you need for podcast creation, publishing, and monetizing — including access to the Acast Marketplace where you can start making money through ads and sponsorship that uses dynamic ad insertion, and manage and track your revenue all from the same place.

Monetizing with Acast means you can make money from advertising no matter what app is used by your podcast listeners, including Apple Podcasts, Spotify, Amazon Music, Google Podcasts, and any other app that catches your RSS feed.

One of the beauties of podcasting is just how individual and tailor-made advertising can be, so we’d encourage even beginners to see how ads can start working for you, whatever stage you’re at in your podcasting journey.

Acast works with the world’s biggest and best brands, so you don’t have to worry about any dodgy ads. On top of this, we ensure that ads sound right at home on your show by putting you in control of setting criteria for any brands or categories that you don’t feel are right for your listeners. It’s our job to make sure your audience hears the right ad that won’t interfere with their experience.

You also have control of showing us exactly where you want ads to be heard in your episodes, using what is known as ‘Ad Markers’.

  • Pre-roll markers usually play at the very start of your episode
  • Post-roll markers usually play toward the end of your episode
  • Mid-roll markers can be placed in the middle of any episode that is at least 10 minutes long. And want to know a secret? – this tends to be the most lucrative ad spot.

Before an ad plays in your episode, we play our iconic audio logo (the Acast North Star) to let your listeners know the difference between your show and the ads.

Once ads are in your episodes, it’s time to get paid. The amount of money you earn depends on the number of listens, your show category, how brand-safe your content is, and a few other factors. Crucially, ad revenue is dependent on CPM (Cost Per Mille), which is a fancy way to say the cost-per-thousand impressions (listens) from your listeners. This can range between advertisers, but typically falls between $5-50 per CPM. Once you’ve reached a certain monthly threshold (for example, $50 in the US), you’ll receive simple steps to tell us where to send your money. You can also track your earnings through the dashboard with our transparent metrics.

As your podcast grows and you get bigger, you may find that advertisers want to hear from you directly, in your voice. These are podcast sponsorships, and Acast can help connect you with sponsors. Sponsorships are podcast host recorded endorsements of a product or brand read aloud by the podcast creator. Podcasts allow you to fully take control of advertising in your own style. In fact, it’s that personal connection between you and the listener that our advertisers want to tap into. Eligibility for the sponsorship on Acast starts at 500 listens per week, but sponsorship campaigns are managed on a case-by-case basis through our dedicated podcast sales team.

Of course, there’s the option of going it alone and pitching potential sponsors yourself for your podcast. Before you reach out, you’ll need to have some numbers ready. Advertisers will want to know how many downloads or listens your podcast gets, and therefore how many impressions their ad is likely to get. In other words, how many people are likely to hear it. You should also be prepared to talk in detail about who your listeners are, and why they’d be interested in the sponsor. For most podcasters, this is very time-consuming and difficult to manage whilst doing everything else it takes to create a podcast. And keep in mind, if you have your own baked-in ads you are not eligible for sponsorship opportunities from Acast.

Podcast subscriptions, memberships, and premium content

Working with brands isn’t the only route for making money in podcasting, increasingly a lot of creators are supported directly by their listeners through subscriptions or memberships, as well as one-off payments for premium content. And you may not need masses of listeners to make this work – you just need them to be really into what you’re doing.

It’s a bit of a different approach to advertising – one that relies on building a loyal audience base before it can be truly sustainable. But when it works it can be so effective in creating revenue that grows alongside your show’s popularity and helps you build a strong, two-way relationship with the people who are investing in you. 

There are a few platforms out there for podcast subscriptions, such as Supercast and Patreon—which Acast has integration with. Acast also has its own supercharged subscription tool called Acast+, which is included in its hosting platform. Think of Acast+ as the ultimate podcast membership club, all available through the same platform you host and publish your podcast.

Podcast subscriptions and premium content are a way to offer listeners all sorts of benefits or perks in return for a monthly fee, or one-time payment. Essentially you’re creating a paywall for exclusive content. Acast+ subscriptions work across pretty much every listening app including Apple Podcasts, Google Podcasts, Pocket Casts, Podcast Addict, and many others. This means a super seamless experience for your listeners. No changing apps or even feeds to access their Acast+ benefits.

Let’s look first at monthly subscribers—that is, listeners who pay a monthly subscription fee, set by you to access benefits. On average, we’ve seen that around 2-5% of audiences could become paying subscribers using Acast+. Shows that promote frequently and persistently can see upwards of 7-10%. This process can take a while – podcasts are slow-burning experiences built on trust and faith so don’t be disheartened if things take a while to ramp up. Persevere, focus on your show, and the subscribers will come in time.

You’ll need to work out what you can offer your listeners in return for their subscription. You can set up a range of tiers for different amounts of money and assign perks to each. Benefits that you can offer through Acast+ include:

  • Ad-free episodes: Acast can automatically remove ads from episodes for paying listeners. 
  • Bonus episodes: Exclusive podcast content for the people who love it most.
  • Early access: Get episodes to your superfans before anyone else can listen.
  • Access to archive: Holding back your archive is a great way of turning new listeners into paying subscribers

You can also customize these tiers to fit with the themes and stories of your show. Take a look at some of Acast’s popular podcasts that are using Acast+, including WTF With Marc Maron, Sh**ged, Married, Annoyed, and Owning It.

Acast+ brings all the tools you need to convert your audience to membership, including a dynamically-inserted intro message added to your regular episodes, explaining what your subscription is and how to subscribe. And cleverly, you can make sure these messages aren’t served to any existing subscribers. You can also put a custom call-to-action in your show notes so people can easily click straight through to your subscription offering.

You can also test your listeners’ appetite for subscriptions with one-time payments for special episodes, bonus content, or bundles of episodes in one go. This can be a really great, low-stakes way of bringing them closer to your show without the pressure of ongoing payments. You’re also not limited to podcasts. Audio content like audiobooks, stand-up sets, live recordings, and more can all be delivered to your audience through Acast+.

You don’t just make money with Podcast subscriptions, they’re also a great way of building an email list—which you can use to build a closer relationship with your biggest fans.

Podcast subscriptions work because they are a great example of what makes podcasts so special. It’s about you, it’s about what you love and connecting you with the people who love what you do.

Affiliate programs

Affiliate programs allow you to earn commission by promoting a business’s products or services. When your listeners use your affiliate link to make a purchase, you earn a percentage of the sale. Here are some steps to help you make money in podcasting using affiliate programs:

  • Choose a niche: Identify a specific niche that your podcast caters to. For example, if you host a podcast about personal finance, you can promote affiliate products related to finance and investments.
  • Find affiliate programs: Research and find affiliate programs that align with your niche. There are several affiliate networks available, such as Amazon Associates, ShareASale, and Commission Junction. Acast also has its own affiliate program.
  • Select products: Choose products or services that you genuinely believe in or have used yourself. It is crucial to promote high-quality products that will provide value to your listeners.
  • Promote products on your podcast: Once you have selected the products, you can promote them on your podcast by creating engaging ad spots. You can also add links to the show notes or your podcast website.
  • Track your earnings: Keep track of your earnings from affiliate marketing to determine the effectiveness of your efforts. This will help you make adjustments to your strategy and optimize your earnings.

Acast has its very own affiliate program, which can earn you a 30% recurring commission every month for each podcast customer you refer to Acast who signs up for one of our paid-for plans. This is perfect for podcasters as you’re already speaking to people interested in the medium, and can talk from experience about the joys of podcasting.

Additional ways to monetize your podcast

Donations and crowdfunding

Similar to one-time payments, there are tools to request one-off donations from your listeners to support the podcast. People often phrase this to their listeners as helping them buy a cup of coffee, a beer, or an in-joke related to their podcast. You can do this through Acast+ easily by creating a one-time payment tier and customizing the message.

Crowdfunding is a slightly different approach than a donation, but still involves your fans contributing to support the podcast. Usually, creators will launch a crowdfunding campaign to launch a new podcast or series, using platforms like Kickstarter—which has a whole section dedicated to funding podcast projects. For example, James Acaster, co-host of Off Menu, funded a new podcast using Kickstarter.

Merch

Another way to earn money directly from your diehard fans is by selling merchandise. This is a great way to put money in the bank but also to build a community with your audience around your podcast — like a real fan club. Using e-commerce platforms like Shopify and Everpress or specialist merch platforms like Spring, you can create branded t-shirts, mugs, hats, or even books or an online course that ties in with the topic of your show.

Live events, live streams, and gigs

In-person live events and live streams offer podcasters the opportunity to connect with their audience in a more intimate way. The relationship between podcasters and listeners is unlike any other medium, so many fans want to be able to interact with their favorite podcasters. You can run events such as live Q&A sessions, behind-the-scenes looks at your show, and even exclusive interviews with your guests. And the best part? You can charge your audience to access these events.

To get started, you’ll need to choose a platform to host your live events and live streams. There are plenty of options out there, including YouTube, Facebook, Twitch, and Zoom. You’ll also want to promote your event through your podcast, social media, and email list to get as many people to attend as possible.

And here’s an idea, why not try using one-time payments on Acast+ to sell tickets to your live events?

Summary

There you have it, a comprehensive look at all the different ways to earn money through podcasting. Monetizing is just one aspect of podcasting, but an important one if you’re looking to turn your passion into a profitable venture. From ads and sponsorships to merchandise and subscriptions, there is a monetization strategy that can work for you and your audience. At Acast, we offer a variety of tools and features to help you monetize your podcast on your own terms. Get started by signing up or switching to Acast today.

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address

AFFILIATE MARKETING

Can Travel Blogs Make Money?

Published

on

travel blogging

Travel blogging has surged in popularity, enticing globetrotters and storytellers to share their adventures with the world. From beautiful landscapes to cultural insights, travel blogs offer readers a window into different corners of the globe. However, amidst the appeal of wanderlust and the promise of digital nomadism, a crucial question looms: can travel blogs make money?

Understanding the Landscape

Before delving into profitability, it’s essential to grasp the dynamics of the travel blogging landscape. With the rise of social media platforms and accessible website hosting, anyone passionate about travel can start a blog relatively quickly. This has led to a market saturation, with countless travel blogs vying for attention.

Pros of Profitability

Monetization Opportunities: While success isn’t guaranteed, profitable avenues exist within travel blogging. Many travel bloggers monetize their platforms through various channels, including affiliate marketing, sponsored content, brand partnerships, ad networks, and selling digital products like e-books or courses.

Passive Income Potential: Once established, travel blogs have the potential to generate passive income streams. High-quality content remains accessible to readers long after publication, attracting organic traffic and generating revenue through advertisements or affiliate links without ongoing effort.

Travel Perks and Opportunities: Successful travel bloggers often receive complimentary travel accommodations, tours, and experiences in exchange for exposure on their platforms. This not only reduces the financial burden of travel but also enriches the blogger’s content with unique experiences and destinations.

Personal Branding and Influence: Building a successful travel blog can elevate your brand and establish you as an authority in the travel niche. This can open doors to speaking engagements, freelance writing opportunities, and collaborations beyond blogging, further diversifying your income streams.

Cons and Challenges

Initial Investment and Time: Contrary to popular belief, achieving profitability in travel blogging requires significant investment and time commitment. From domain registration and website hosting fees to content creation and marketing efforts, building a successful travel blog demands upfront investment and perseverance.

Competition and Saturation: With the proliferation of travel blogs, standing out amidst the competition is increasingly challenging. Navigating the saturated market requires unique content, consistent engagement with your audience, and strategic marketing efforts to attract and retain readers.

Income Volatility: Income generated from travel blogging can be volatile and unpredictable. Relying solely on revenue streams such as ad networks, affiliate marketing, or sponsored content leaves bloggers vulnerable to fluctuations in market trends, advertiser preferences, and algorithm changes.

Work-Life Balance and Burnout: Maintaining a travel blog involves juggling multiple responsibilities, from content creation and website management to networking and monetization strategies. Without careful time management and boundaries, travel bloggers risk burnout and sacrificing the freedom and flexibility they seek to achieve.

Can Travel Blogs Make Money?

The profitability of travel blogging hinges on various factors, including niche selection, content quality, marketing strategies, and resilience in the face of challenges. While opportunities for monetization and personal fulfillment abound, aspiring travel bloggers must approach the endeavor with realistic expectations and a long-term perspective.

Ultimately, success in travel blogging requires passion, perseverance, and adaptability in an ever-evolving digital landscape. By understanding the complexities and nuances of the industry, aspiring travel bloggers can embark on their journey with clarity and purpose, pursuing profitability while sharing their love for travel with the world.



Alexandrea Sumuel

Alexandrea Sumuel is a nationally syndicated travel writer and founder of the Wander With Alex travel blog. With 16 years of online marketing and SEO experience, a business management and information technology degree, and a profitable travel blog, she can help you start a travel blog or accelerate your existing blog with one-on-one coaching.

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

AFFILIATE MARKETING

3,066 victims lose over $45m in job scams between Oct 2023 and Jan 2024

Published

on

3,066 victims lose over $45m in job scams between Oct 2023 and Jan 2024

SINGAPORE – At least 3,066 victims lost $45.7 million or more after they were targeted in job scams between Oct 1, 2023, and Jan 31, 2024, the police said on Feb 20.

Scammers approached their victims through dating apps, messaging platforms or social media to befriend them or offer jobs, before asking them to perform tasks for a commission.

In the case of job scams involving tasks to generate traction on social media, the victims were added to WhatsApp or Telegram chat groups by scammers who promised them easy and profitable online jobs.

The scammers claimed that they represented online communications companies, marketing companies or even TikTok.

The victims were asked to follow TikTok or Instagram accounts, subscribe to channels, or like videos on YouTube, posts on Trip.com or songs on Spotify.

After completing these tasks, they were given a small commission.

Convinced they could earn more, the scam victims accepted further tasks and, in some cases, were given fake employment contracts.

In another scam variant, those targeted received WhatsApp or Telegram messages offering small commissions for completing surveys.

The victims were asked to contact other WhatsApp or Telegram users, or join chat groups where tasks including those to generate traction on social media or transfer money for fake investments would be discussed.

To perform these new tasks, the victims had to open accounts on scam websites and transfer money to bank accounts or cryptocurrency wallets provided by the scammers.

They realised they had been scammed when their website accounts showed a negative balance, and they were told to pay additional funds to upgrade their accounts, or when they could not withdraw their earnings.

People were also scammed in a variant involving affiliate marketing, with scammers approaching and befriending victims on messaging platforms, dating apps or social media platforms such as Facebook and Instagram.

Those targeted were offered a commission to help boost products on e-commerce platforms.

Subsequently, they were referred to other WhatsApp or Telegram users, who instructed them to take screenshots of certain products on e-commerce websites and make payments to specified bank accounts or PayNow numbers before they could get their refunds and commissions.

This process was repeated, beginning with low-cost items before progressing to expensive ones.

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

AFFILIATE MARKETING

Farmers Growing Their Wealth: Harvesting Free Time To Grow More Than Crops

Published

on

Chicken laying eggs on farm

People associate land ownership and working the land with farming and agriculture. Although this isn’t inaccurate, there’s a lot more to owning land than farming.

Some ranchers work with cattle and horses. Some host events with picturesque venues. Others farm part of their land and offer Airbnb experiences — a daytime activity or extended stay in an old train or cozy cabin. Zoning and owners set the bar for profit.

Some assume farmers only want to farm, yet agriculture only yields so much profit. Even though many landowners don’t look at farming as a profit mill, most can’t work the land at 80 years of age.

Self-sufficient living appeals to many, but many people consider it overwhelming. Independence appeals to many, yet “giving it all up” isn’t realistic for those wanting to become more self-reliant. Is farming even possible for those who don’t own tons of land, say, only an acre?

Even if it is, farming on that small land would not benefit more than self-sufficiency, right? One lifelong farmer learned to maximize media while still working with his hands. A freelancer turned farm-preneur took the phrase “Grab life by the reins” literally.

Tilling the Fields for Maximum Yield: Derek Lancaster, the Build Wealth Farmer

Shutterstock 2164281549
Image Credit: Shutterstock.

Derek works on his family farm, Lancaster Farms, in North Carolina. He works well past full-time, with many weeks averaging 80 to 90 hours. Those are entrepreneurial levels, for sure! He explains his and his wife’s mindset on his website and Instagram.

“Being a full-time farmer working 90-hour weeks with a wife who’s a full-time teacher, inflation hit us hard. We went from a life of stable comfort to one of paycheck-to-paycheck stress, hoping to live the ‘American Dream.’”

Imagine working that much only to experience this level of financial strain. Unfortunately, inflation impacts most Americans. 21% of families and 67% of single adults lived paycheck to paycheck, according to LendingClub’s 2023 report. Lancaster doesn’t disclose debt. Living with no safety net is stressful, especially with two full-time providers, children, and significant assets to maintain (e.g., the family farm).

Most folks would find a new job, but that won’t be an option for Lancaster. Without selling land and moving closer to a city, there was no “finding a new job.” He chose to take a personal risk by trying a new, alternative income stream.

Don’t Be Passive About Growing Wealth

Focused young couple calculating bills, discussing planning budget together, serious wife and husband looking at laptop screen, using online banking services and calculator, checking financesFocused young couple calculating bills, discussing planning budget together, serious wife and husband looking at laptop screen, using online banking services and calculator, checking finances
Image Credit: fizkes/Shutterstock.

Although wannabe financial influencers use phrases like passive income, it’s often a scam. In reality, earning income is never passive. Even with leverage income goods (e.g., ebooks, courses), setup and maintenance are often required. For folks with work weeks like Lancaster, these tempting scams rely on desperation.

Yet passive income, as defined by the Internal Revenue Service (IRS), only includes:

  • Dividends, interest, and annuities
  • Royalties
  • Rents from real property and personal property leased with real property
  • Gains from sales, exchanges, or other dispositions of property (with some exceptions)
  • Sale of goods income without production, delivery, or inventory

These categories fall into the more reputable passive income programs sold online. Most of these programs and micro-influencers need to share how much time and energy it takes to build a business, even with passive income.

Fortunately, Lancaster is realistic — although initially doubtful.

“Being someone who works outside all day, I was skeptical that I could do this. But [affiliate marketing] was one of the most beginner-friendly routes I could take. So now I am here, sharing it with as many people as possible to show everyone that you can do this, no matter your background.”

For anyone versed in digital marketing, sound, profitable affiliate marketing takes a lot of time and effort. To Lancaster’s credit, he’s used to a long workweek and is quite the workhorse, so taking on more work seems simple enough.

Harvesting Free Time To Build Wealth

Businessman hand writing and signing white empty bank checkbook with modern computer notebook and wireless mouse on the desk at office. Payment by check paycheck payroll cheque sign conceptualBusinessman hand writing and signing white empty bank checkbook with modern computer notebook and wireless mouse on the desk at office. Payment by check paycheck payroll cheque sign conceptual
Image Credit: Shutterstock.

Living paycheck to paycheck, working 90 hours weekly, most would break under the stress. Lancaster felt differently. 

“DONE with stressing over any financial obligations that we came across daily… [and] wanted the freedom to earn income online without the hassle of creating products, fulfilling orders, and handling customer service requests.”

Knowing what he had time for and what he didn’t want to do narrowed down his options. Extra time constraints of operating a farm and spending time with family clarified his options. For Lancaster, affiliate marketing stood out.

He converts a few hours into moneymakers with his skills and dedicated training and learning. On Instagram, he’s forthright with his profits. He’s also very upfront about how much work it takes to start and operate a business like this. Lancaster mentions that this is not passive income but requires dedicated attention.

It is effective, too; his account is manageable. He’s not out here trying to microinfluence with his farm. Instead, he uses affiliate marketing as a supplement to his primary income. The goal is to build up enough wealth that when he does want to retire, he has the option. Instead of being forced to work the land until he’s well into his twilight years, he’s giving himself and his wife a bigger future.

Building wealth during free time is the best use of that time. Instead of escaping from your 9-to-5 grind, use it to explore things that move you. As personal finance expert Michael Dinich suggests, “You gotta try junk.” That’s what free time is for, right?

Increasing profitability requires discipline and clarity. Lancaster’s other commitments limited him and laser-focused his priorities. This focus made it easier for him. To leverage free time and develop a side hustle into something profitable, others might have more work ahead of them.

There’s still hope for those who aren’t currently farmers or landowners! Self-sufficiency can be attained by achieving the work-life balance that comes with it.

Brand Building to Land Owning: Freelancer Turned Farm-preneur, Alexandra Fasulo

FarmlandFarmland
Image Credit: Shutterstock/Ronald E Grafe.

Social media makes it easy to find plenty of aesthetic content. Successful content creators play to their viewers’ visual appetites. Much content uses beautiful natural backgrounds and scenery, including vacation footage, rented space that was traveled to, or, in rarer cases, land owned by the creator.

Digital nomads work and love to feature the beautiful spaces they work from. Alexandra Fasulo did this. She taught others how to freelance and thrived off side gigs for a long time. She eventually tired of the digital nomad life and wanted to settle down. On one of her trips, she found a piece of property she fell in love with in upstate New York.

Although some discount her casual buy of 6.74 acres of land, it makes sense when you learn more about her reasoning. She purchased the land using capital, research, and the right loan. Why buy farmland with no prior experience?

Fasulo explains, “We all need to step up and start buying the land in this country before Wall Street does (it’s alarming). I know buying undeveloped land sounds scary. So, I will become the case study in my experiment of how you can turn even less than one acre into YOUR own money-making business.”

Although she’s coming from the reverse end of Lancaster’s experience, their goals are similar. She wanted to remain unfettered from financial stress and build a future that gave her flexibility. Many millennials and zoomers are tired of the 9-to-5 grind, even those who switch to self-employment.

Leveraging Freelancing Skills To Profit Off Farmland

Typing using computer planningTyping using computer planning
Image Credit: Shutterstock/Rawpixel.com.

It’s easy to judge the casualness with which Fasulo bought her land. Yet, she outlines her intention and ideas for purchasing it. Despite the haters, her purchasing process was well-researched.

She details how she found the land on Zillow. She also explains the various loan options available to her. Fasulo clarifies why she didn’t go with a USDA loan over a Farm Credit loan. She also provides alternative suggestions, knowing her financial background differs from others. She clarifies in one of her posts:

“I am using a Farm CREDIT loan, an offshoot of the USDA, NOT a traditional USDA loan. That’s why mine is 25% down, and other loans are NOT. I also DID NOT need to provide a business plan. There are a variety of ways to secure farmland if you want it. If you have $0, that’s ok. There’s $0 down USDA loans for lower-income households, communal farm purchasing, investing, etc.”

With my history as a freelance writer and my dream of owning land, her transparency about the process is refreshing. She doesn’t imitate a real estate, finance, or agriculture expert. Instead, she explains her motivation and goals and the process she’s taking to get there. She’s also fully aware of the mistakes she will make along the way.

Sharing her experience on social media gets her views and potential sponsorships. She leverages her former experience as a content writer to generate newsletters and maintain income, building up everything she has planned for the farmland.

Cultivating More Than Crops

Gardening CommunityGardening Community
Image Credit: Yuri A/Shutterstock.

Although a business plan was not required for her loan, many folks will not follow Fasulo’s route. Farm Credit required a much higher credit score and a 30% down payment, at least in her region. It’s important to look into regional differences because farmland is more valuable for different kinds of agriculture. Loan accommodations for lower income may be more forgiving depending on the demographics and economics in your area.

So far, Fasulo has yet to do much to the property. She closed on the land back in August of 2023. She’s discussed her land plans and made local connections to ease the construction. Although she focuses on sustainably profiting off her land, she still has to develop a lot of infrastructure and knowledge.

One smart move: connecting with local Amish people, whom she hired to build the road to access the back of the property. She also shopped their barn builds for the first structure on her property. They poured the pad for the barn as well.

Aside from a certified land surveyor, most of the physical labor on her land has been done by the Amish.

Knowing she needs to gain the physical skill and practical knowledge to do much of the work, Fasulo leverages her network. In this case, her network was her neighbors. That’s one of the beautiful things about landownership and working in agriculture. Farming communities trend towards interdependence. The mutual exchange of goods and services naturally occurs.

Becoming Financially and Agriculturally Self-Sufficient

Seed PropagationSeed Propagation
Image Credit: Shutterstock.

Like many farm owners, Fasulo aims to profit off the land. She wants to set “an example of protecting the environment while making great money. I don’t see many people pursuing the same thing right now!”

After checking that it meets city zoning laws, she’s included a quick list of everything she plans to include on her land.

  • Social media brand deals with green-forward companies
  • Twitch streaming farm animals
  • Plant sales from microgreens, mushrooms, and vertical farming
  • Subscription boxes
  • Event space for weddings, community, etc.
  • Affiliate marketing
  • Email newsletter with ad space
  • Monetized YouTube posts of her process
  • Quarterly courses for locals and visitors

All of the infrastructure needs to be built out. That will take a lot of time, and many mistakes will be made.

Fasulo is open to learning and growing, however. Making a big personal shift like this involves staying open-minded despite adversity. At the end of the day, as Lancaster showcases his lifestyle, working the land takes work. It’s simple, but it requires dedicated and consistent focus.

I look forward to seeing where Fasulo goes with this process and hope she sets a trend for those interested in self-sufficiency.

The Benefits of Self-Sufficient Living

GardeningGardening
Image Credit: Shutterstock.

As Lancaster shows, not everyone can hack the 90-hour work week plus side hustle. Only some people are built for the entrepreneur’s life. However, there is a way to incorporate your existing skills and acquire farmland. Fasulo addresses this a few times by highlighting how little space you need to farm. She’s not experienced like Lancaster, but accessible farming trends like hydroponics and vertical farming simplify growing.

Purchasing grow lights and building hydroponic towers for indoor farming is tough but still doable. Most farmers are independent and need help maintaining the cost of living, maintaining the land, and expanding their farms into a specific, profitable niche. It’s hard when all your working time focuses on caring for your crops or animals.

Work-life balance and self-sufficiency are critical for farmers. Those who have found a way, like Lancaster or Fasulo, are approaching income generation based on their values and necessities.

Leveraging the community can cut costs for any farmer, as Fasulo shows by turning to her local Amish. She can’t build the structures herself, but she can begin to invest more time and infrastructure and expand her ideas for profit.

Although Lancaster focused on affiliate marketing, Fasulo will work through different side hustles to determine the best income generators. Although she’s got a side gig as a marketing liaison for the Amish, I’m sure there’s more hustling she’s doing using her freelancer experience.

Farmers and freelancers can grow wealth by prioritizing work/life balance and embracing self-sufficiency. Explore the possibilities of achieving financial stability and free time through growing crops and building a life based on your values.



Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

Trending

Follow by Email
RSS