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AFFILIATE MARKETING

Want To Generate Passive Income? Here Are 15 Practical Ways To Do It

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In an unsteady job market, passive income has become a financial goal for many individuals. This is especially true for busy business owners who want to earn more money without overextending themselves.

Setting up recurring revenue streams that generate cash with little to no management or oversight is an effective way to maximize your financial gains. However, finding and launching the right passive income stream for your business can be harder than it looks.

To help, 15 members of Forbes Business Council shared some smart and practical strategies for generating passive business income without a ton of time and effort.

Forbes Business Council members share ways businesses can generate passive income.

Photos courtesy of the individual members.

1. Share Your Internal Resources As Paid Content

Find ways to make internal tools and resources public so you can retrieve an additional passive income for work you are already doing. This, for example, could be setting up internal training you have on sites like Coursera or Udemy, or making your API publicly available to use with a subscription. – Ada Liu, ShareCreators

2. Invest In Perennial And Unfading Industries

I choose to define passive income as prudent investments and rational savings. I believe every entrepreneur is born with the “Wise Investor” tag, so be sure to invest in perennial and unfading industries or sectors like healthcare. It generates a recurring revenue stream, and all it takes is your portion of savings as an investment. – Saikiran Chandha, Typeset

3. Ensure Your Brand Is Marketable

The first step is to ensure both your offer and brand are very marketable. You have to have a great product or service and communicate the value of your offer to the right audience. Even in a digital world, I cannot underscore enough the value of networking, speaking and reaching out to prospects directly to share your message and offer. – Hanna Fitz, Cultured Life Global

4. Launch A Partnership Strategy

Launching a partnership strategy is a great way to generate passive referral income without taking too much time and effort away from your core business. Your sales and marketing leaders can lead, and once at scale, a partnerships manager can scale up further. Partnerships are a great way to extend your marketing efforts as well as create long-term business ambassadors with like-market businesses. – Jen Root, Manifest Commerce

5. Consult For Other Startups

Personally, I have been consulting for other startups and it generates good income. It is not as passive as many other types of businesses are, but with the proper structure, it can be quite passive. Whatever stage of entrepreneur you are, you must always have some skills that are needed by the other stage entrepreneurs like a seed-stage startup founder consulting a pre-seed stage startup. – Bhaskar Ahuja , Originscale Corp

6. Inherit Passive Income

There is no such thing as truly passive income unless it has been inherited. If one is receiving income today on a regular basis for a service or a product that one designed, developed and executed, then one is only bearing fruits of the time and effort that was invested in doing so maybe years ago. – Nikhil Ra, X8

7. Look To Affiliate Marketing, Cryptocurrency And More

Off the top of my head, a few ways entrepreneurs can generate passive income include through real estate, investments, cryptocurrency, affiliate marketing, digital advertising, partnerships or sponsorships, opening high yield savings accounts for their business and more. – Veronica H. Speck, VHS Ventures

8. Invest In Commercial Real Estate

Passive investments in commercial real estate are an excellent way to achieve risk-adjusted, tax-efficient and inflation-hedging returns while avoiding the headaches or the expertise required for day-to-day management—especially using a solo 401(k) to invest retirement funds. Cash flowing real estate in strong U.S. markets stands the test of time for investors.  – Mark Adair-Rios, ProsperityCRE

9. Make Syndicated Investments

Syndicated investments can provide entrepreneurs with passive income with relative ease. In today’s market, entrepreneurs or professionals have a large selection of different investments available to them, each with varying rates of return or risk. Syndicated investments also allow you the option of building a tax strategy that can benefit your full-time business. – Anthony Morena, Mortar Group

10. Start A Professional Blog

One of the best ways I have found that gives a stable passive income is to run a professional blog. If you are passionate about writing, then this can change your life. I have been doing this and found that it has enough potential to grow and expand, too. Usually, passive income from blogs can be between $5000 to $12000 a month with programmatic advertising. – Jonathan Gary, i-Kare Treatment Center

11. Repurpose Your Programs And Services

One of the best ways to generate passive income in your business is to take one of your programs or your service offerings and turn a small portion of that into a digital download, masterclass or workshop that can be purchased at a fraction of the cost. Sell at a price point that gives people skin in the game to work with you on a larger level moving forward. – Jessica Marx, Jessica Marx Coaching Corporation

12. Automate Some Of Your Tasks

An interesting way to think of passive income would be increasing efficiency. Chipping away at unsolved inefficiencies would essentially yield the same results as passive income. Automation is a great example. If you can automate tasks that previously took time and cost money, you have then generated passive income by investing in your own business’ efficiency rather than someone else’s. – Gareth Parkin, GoPromotional

13. Invest In The Stock Market

We have a record-high stock market, low-interest rates and only so many good real estate deals available. I speak daily with people across the country who are looking to invest a portion of their portfolio in small business ownership. They see the benefits of cash flow, asset building and tax write-offs. I let them know that nothing is easy, but semi-absentee income is achievable. – Jon Ostenson, FranBridge Consulting and Capital

14. Invest In Real Estate Syndications

Investing in real estate syndications is definitely one way to generate passive income while taking advantage of the tax benefits. This form of investing is truly hands-off once you have vetted the sponsor team and the business plan. By investing in this tangible asset with relatively low risks and above-average returns, you can sit back and enjoy the cash flow, profits and tax benefits. – Julius Oni, XSITE Capital Investment

15. Sell Your Business Tools As Services

When things are especially slow, sell not only your services, but your tools as well. For example, we don’t just sell our design work, we also sell 3D printing services. 3D printing capabilities are necessary for a design firm to have in-house, so using it to make a small profit when possible is a way to maximize income from an expensive tool that would otherwise not be in use. – Jackson Hedden, Jackson Hedden .LLC

AFFILIATE MARKETING

5 Ways To Grow Your Affiliate Marketing Side Hustle On Instagram

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5 Ways To Grow Your Affiliate Marketing Side Hustle On Instagram

Side hustles are a great way to boost your income, and sometimes they even turn into something more than a side hustle, making them definitely worth a shot for anyone interested. 

But where does one begin on the side hustle journey? And which side hustles are the best to try out?

We’ve got it all laid out here in a helpful guide to side hustles! 

Specifically, we’ll talk about how affiliate marketing is one of the best options, especially if you’d like to use Instagram as one of your main tools. Insta can be a great way to reach your audience, especially when undertaking affiliate marketing. 

So let’s dive right into how you can do exactly that!

5 ways to win on Instagram with affiliate marketing

Want to win at affiliate marketing? 

It can be a valuable undertaking if you know what you’re doing – essentially, you earn commission on products by promoting them to followers on social media. 

Here are some of our hot tips for making your affiliate marketing journey a success:

1. Add an affiliate link to your Instagram bio

When using affiliate marketing as a side hustle, it’s important to utilize Instagram’s link in bio feature. Here, you can provide a link to whatever products you’re promoting so your followers will have easy access to purchase them. And this is good for you because the more followers that purchase the products you’re promoting, the more money you’ll earn via commissions!

Mackweldon

Although Instagram only allows each account to provide a single link in its bio, there are tools that allow you to turn one link into multiple. Essentially, when a user clicks on the link in your bio, they’ll be taken to a list of links that you have created. That’s where you can link multiple products or websites at one time.

2. Tag affiliate products as paid partnerships

Using the paid partnership feature on Instagram helps to establish you as an affiliate marketer or influencer. 

When other users view your posts, they’ll see that you participate in paid partnerships, which gives you credibility as an influencer as well as promotes transparency between you and your audience.

When other brands view your posts and see that you participate in paid partnerships, they’re likely to be more interested in working with you as an affiliate marketer. And, when your followers see that a post is labeled as a paid partnership, they’ll likely be more inclined to check out what you’re promoting in the post, especially if you have a follower base that adheres closely to what you recommend.

3. Create content on product tutorials

Tutorials are all the rage these days – everyone seems to love watching them, especially with the rise in short-form video content. Use this to your advantage when promoting products!

If you’re looking to promote a particular product to your audience, try filming a tutorial on how to use it. This will get people familiar with the product, raise their curiosity, and overall increase their interest and likelihood of purchasing.

Reels

Plus, when your followers see you film a tutorial for a product, they’ll be seeing you use the product. This confirms that you actually use the products you promote, rather than just creating content that entices other people to buy the items. 

People love to see “real-life” content, so sometimes a video filmed in your own kitchen resonates better than a photoshoot from an idyllic location.

4. Optimize your hashtags

Hashtags are one of the most valuable tools in your arsenal as a social media content creator! Social-media-based side hustles thrive on proper hashtag use, so make sure you’re using this feature to your advantage. 

Reels 2

When promoting a product, make sure that you select hashtags related to that product or related to the audience that you are targeting. This will ensure that your post is promoted among the proper market of users. 

It’s important that each of your posts has a unique set of hashtags – recycling the same tags over and over won’t get you anywhere. So, ensure that the hashtags you use on each post and story are relevant not only to your own account, but also to the specific product you’re promoting. 

5. Track affiliate performance

One of the best parts about using Instagram for side hustles is that the app allows you to track the performance of all of your posts. The insights provided by Instagram are thorough and help you to keep an eye on how well each of your posts is received – so make sure to take advantage of this feature!

Using Instagram’s analytics, you can compare and contrast how successful your affiliate marketing posts are. This allows you to experiment with various techniques and determine which ones work best for you.

How to get started

Sold on the idea of affiliate marketing? 

Here’s how you can get started! 

1. Switch to creator

The first step you’ll want to take in this process is to switch your account into creator mode. In order to do this, simply navigate to the settings on your personal profile. Then select “account” and then “switch to professional account.” From there, all you need to do is select “creator.”

Account

Now, you’ve got a professional creator account! 

This will give you the ability to track the analytics and insights on the performance of your account’s posts, and your account will appear more official to viewers. You’ll also be able to learn more about your followers, create a contact button, and create promotions to reach a wider audience.

2. Focus on growing your followers

When using Instagram for an affiliate marketing side hustle, it’s important to ensure that you are reaching a sizeable audience. Without a significant amount of followers, your product promotions likely won’t be very successful. 

In order to grow your audience and boost the success of your account, we recommend using a growth service like Kicksta.

Kicksta

Kicksta is an Instagram growth service that prides itself on providing organic growth to its customers. It’s a good idea to employ a service that promotes natural growth on the app, as this will lead you to reach a wider audience of genuine followers who are interested in your content and, therefore, more likely to purchase the products that you promote. 

3. Pick the right affiliate partners

When starting out in affiliate marketing, it can feel exciting and overwhelming, and you may want to jump at every opportunity for a partnership that presents itself. However, it’s a good idea to be selective about the brands that you choose to work with. 

As an affiliate marketer, you’ll be developing a social media presence that is a reflection of who you are. Therefore, you should only promote products that fall in line with your personal branding as well as the values that you want to promote on your page. 

When determining which brands you’ll partner with, consider what your page stands for. Are you a health and wellness account? Fashion and beauty? Family-based? Travel? Each of these is a unique sort of branding, and certain products will align better with some accounts than with others. So make sure that you carefully craft a list of affiliate partners who work well with the branding you’ve developed for your own page.

4. Share your unique link

As an affiliate marketer, you’ll receive a unique link from your affiliate program. This is the link that your followers will click when looking into the products that you’re promoting. It’s important for you to share this link specifically, as it’ll allow your affiliate program to track your performance as a marketer. 

Your affiliate program will be able to track the sales, clicks, and commissions garnered from your unique link, which is important to your success as an affiliate marketer. So, when looking to grow a successful side hustle in this area, it’ll be important to boost this link to make sure that your followers use it as much as possible!

Ready, set, market!

Are you geared up to create a successful affiliate marketing side hustle now? 

We hope that this article has been helpful in developing your understanding of the value of using Instagram for affiliate marketing. 

Among all the side hustles that you can choose from, affiliate marketing can certainly be a lucrative – and fun – option! 

So, why not give it a shot? Keep these tips in mind, and refer back to this article for guidance throughout the process. And, of course…Good luck!

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