AFFILIATE MARKETING
Why Digital Assets are Becoming the Future of Passive Income | by Preston Yadegar | ILLUMINATION | Feb, 2023
And the reasons why alternative sources are falling behind
There are thousands, if not millions, of articles describing how you can generate passive income. Two of the most common ideas are:
- Blogging (which creates indirect revenue from ads, sponsorships, affiliate marketing, etc.)
- Online side hustles (which creates direct compensation for copywriting, social media marketing, assisting, consulting, etc.)
These ideas are fine, but the truth is that they can take a lot of time. You might not capture any income from these sources for weeks, if ever. What sounds like a source of “passive” income may turn out to be anything but. Side hustles can require a good deal of work, at which point you might as well just call it a second job.
You may be able to generate steady cash flow from these sources eventually, but the upfront input costs are meaningful.
This is a big deal for many people who need or want additional income. Spending 100 hours of your precious time to create a blog, all for a few cents of ad revenue, simply isn’t worth it.
Perhaps the most successful alternative for generating passive income is creating and selling digital products. This category is becoming bigger by the day.
Digital assets include things like templates, spreadsheets, ebooks, and graphics. For instance, you can create spreadsheet templates for any of the following use cases:
- Personal budgeting
- Retirement planning
- Project management
- Event planning
- Marketing campaign management
- Personal productivity / goal setting
Alternatively, you can create and sell assets like Notion templates, Canva templates, and graphic designs. These products can vary in price, from as low as $1 to upwards of 600€ a piece!
It’s not enough to create a nice template though. It needs to look attractive and provide the user with an intuitive, guided experience. Otherwise, the user may simply be confused and will regret buying your product.
Here’s an example of a nice-looking spreadsheet I found on Tiller:
This template does a few things right:
- Leverages charting features to create an easy-to-understand result
- Pre-populated with sample information to act as a baseline for new users
- Provides spacing between different components to provide clarity
- Uses colors to signify different ideas and increase visual appeal
- Includes a brand asset which may generate some referral traffic
Compared to a plain spreadsheet, this asset has much greater chances of delighting the user and providing value.
But you have to go beyond the basics these days to capture meaningful value. Anyone can create a spreadsheet with pretty graphs and eye-catching colors. Indeed, many such assets are already available for free.
In order to succeed, you need to create products that are tailor-made to specific use cases, and those products need to provide direct value to users. Blog posts tend to provide very thin value, if any at all. Maybe you change someone’s way of thinking for the better, but how actionable or impactful is that change?
If you’re having trouble thinking of new use cases, then you can instead think about specific verticals. Going with the topic of retirement planning, you might make a retirement plan tool designed just for teachers (or police officers, photographers, etc.). Think about what problems or issues that group of people might face in relation to the broader use case.
Limiting Factors
Creating a valuable digital asset isn’t enough on its own; you also have to get it in front of the people who need it.
It is true that these assets do require some input costs (e.g. for distribution). But this task is relatively easy compared to blogging and side hustles. Because these assets are standalone products, attracting demand can be quite straightforward in practice.
Blogs have to compete in a global arena of content. How will someone discover your blog? Why would they read your blog over another one? What tangible value is your blog creating for readers?
The answers to these questions reveal that it’s quite difficult to do well in blogging. To make matters worse, people are becoming less interested in written content in general, as video and audio content rise in popularity.
On the other hand, people may find digital assets quite easily. Someone searching for a solution to a particular problem (e.g. retirement, management) already has high intent. You can list your assets on a dedicated marketplace or listing center where people already go. In many cases, that actually means getting blogs (or other commentators) to write about your digital asset. Rather than be the writer, be the creator.
Coupled with the fact that these tools have much less competition (i.e. than blogging), it’s easier to stand out and be discovered. By thinking on the forefront of niche problems, perhaps you can escape the crowd and find success.
If you can figure out how to get your tool in front of your target audience, then perhaps you can attract enough attention to generate revenue. Post about your digital assets online (i.e. social media) to get the attention of your potential users.
I hope that this post inspired you to create something valuable for others. While blogging and online side hustles will increase in competitiveness, digital assets will continue to evolve and expand in value.
If you’re looking for more ideas on generating passive income, follow me on Medium.
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One $40 Payment Can Get You Lifetime Access to Microsoft Office Professional 2021
Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.
For entrepreneurs, freelancers, and small-business owners, managing software costs can be quite the balancing act. While subscriptions such as Microsoft 365 offer things like cloud storage, they also come with an ongoing cost that can be hard to justify.
That’s why Microsoft Office Professional 2021 can be a terrific option. It offers a comprehensive suite of productivity tools with a lifetime license—and for a limited time, it’s available for just $39.97 (reg. $219) through September 29.
Unlike subscription models, Microsoft Office Professional 2021 is a one-time purchase that lets you access all the essential Office apps you need—Word, Excel, PowerPoint, Outlook, Access, Publisher, and OneNote—without worrying about recurring fees or future price hikes. This means you can use these tools indefinitely on your Windows PC without needing to renew your license each year.
One of the biggest advantages of this lifetime license is that it allows you to avoid unpredictable subscription renewals. It’s perfect for professionals and entrepreneurs who want to keep their budgeting simple and predictable, with no surprises down the line.
Additionally, owning your software outright gives you a greater sense of control and security. There’s no need to worry about losing access to your Office suite if you decide not to renew a subscription or if prices change in the future. Once you’ve purchased Microsoft Office Professional 2021, it’s yours forever, offering peace of mind and stability in an ever-evolving software landscape.
Keep in mind that this offer is only available for Windows users, and you’ll need to have Windows 10 or 11 to activate the license. If that sounds like your setup, this is your chance to invest in a software suite that has been trusted by millions for decades—all for a fraction of the regular price.
Get a lifetime license to Microsoft Office Professional 2021 for Windows for just $39.97 (reg. $219) through September 29.
StackSocial prices subject to change.
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Invest in Yourself with a Lifetime of StackSkills Courses for $29.97
Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.
As a busy professional, finding time to invest in your education can be challenging. But what if you had lifetime access to an online learning platform that lets you learn whenever and wherever you want? That’s exactly what StackSkills offers—and right now, you can get lifetime access for just $29.97 (reg. $600).
StackSkills is an intuitive, user-friendly platform that’s perfect for anyone looking to enhance their skills without committing to a rigid schedule. Whether you’re a parent returning to the workforce, a business owner looking to gain new skills, or simply someone looking to keep up with ever-evolving industries, StackSkills provides the tools and flexibility you need to stay ahead.
With instant access to a pre-selected library of more than 1,000 courses—with new courses added monthly—there’s something for everyone. The platform’s range of beginner to advanced courses covers professional topics like IT, development, graphic design, finance, business, marketing, and more.
There are even personal growth topics like mindful meditation. And with more than 350 of the web’s top instructors, you’ll be learning from some of the best in the business.
One of the greatest advantages of StackSkills is the flexibility it offers. Instead of being tied to a specific time or place, you can access the platform from anywhere and learn at your own pace. Whether you have 15 minutes during your lunch break or a few hours on the weekend, StackSkills is designed to fit seamlessly into your busy life.
Consider a business owner looking to improve their finance skills to better manage their company’s growth. They can browse the available finance courses, find what suits their needs, and immediately start building the expertise necessary to take their business to the next level. And with course certifications, they can demonstrate their newly acquired skills to clients and stakeholders.
Whether you’re starting from scratch or looking to take your knowledge to the next level, StackSkills has something for everyone.
Get lifetime access to all of StackSkills courses for just $29.97 (reg. $600) through September 29.
StackSocial prices subject to change.
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Best US Cities to Start a Business, Entrepreneurship: Report
What city is best for starting your business? While several factors should play into a decision, a new report from fintech company SumUp has identified the top 10 for entrepreneurship based on tax data, the number of millionaires in the city, and even Google searches.
New York topped the list because of the opportunities it offers across industries, from tech to fashion, and its 4% sales tax, which was the lowest of the group. New Yorkers also frequently Google “how to get rich” and “how to make it in business,” the study found. The city also offers access to over 30 WeWork coworking locations, the most of all the cities in the report, which theoretically could help startup employees collaborate.
Related: Worried About AI Stealing Your Job? A New Report Calls These 10 Careers ‘AI-Proof’
Chicago came in at No. 2, with SumUp researchers highlighting its 120,500 millionaires and high interest in entrepreneurship through tracked Google searches. They also found that Chicago stood out for finance startups.
Rounding out the top three was Miami, “where the weather is warm and taxes are low,” according to the study. Travel, tourism, and commerce startups thrive in this city, which has 0% personal income and capital gains tax.
Related: These Are the Top 15 Jobs With the Highest Entry-Level Pay
Here’s a complete list of the top ten cities for entrepreneurship, according to the report.
1. New York
Number of millionaires: 349,500
Personal income tax – highest income: 10.90%
Sales tax: 4.00%
2. Chicago
Number of millionaires: 120,500
Personal income tax – highest income: 4.95%
Sales tax: 6.25%
3. Miami
Number of millionaires: 35,300
Personal income tax – highest income: 0.00%
Sales tax: 6.00%
4. Los Angeles
Number of millionaires: 212,100
Personal income tax – highest income: 13.30%
Sales tax: 9.50%
5. Dallas
Number of millionaires: 68,600
Personal income tax – highest income: 0.00%
Sales tax: 6.25%
6. Austin
Number of millionaires: 32,700
Personal income tax – highest income: 0.00%
Sales tax: 6.25%
7. Houston
Number of millionaires: 90,900
Personal income tax – highest income: 0.00%
Sales tax: 6.25%
8. Seattle
Number of millionaires: 54,200
Personal income tax – highest income: 0.00%
Sales tax: 6.50%
9. Washington
Number of millionaires: 28,300
Personal income tax – highest income: 10.75%
Sales tax: 6.00%
10. Boston
Number of millionaires: 42,900
Personal income tax – highest income: 9.00%
Sales tax: 6.25%
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