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What You Need to Know About Content Monetization

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What You Need to Know About Content Monetization

Content creation has become a cash cow for many individuals, many of whom we know and follow. Think Jimmy Donaldson, aka MrBeast and his massive YouTube channel – or Charli D’Amelio, the highest-earning TikToker of 2022.

Now, while the big numbers may seem out of reach for many people, there are many ways to monetize your content, even without a large audience. In this article, we will explore how creators can monetize their content online and the steps they can take to be successful.

What is content monetization?

Content monetization is the process of earning income from content that you have created. This can include video/audio streaming, podcasting, blogging, and more. Content monetization allows you to create what you want and do what you love while also earning money. And because content creation allows you to reach a global audience, monetization means you can make money from people and brands worldwide.

Who can monetize their content?

Basically, anyone – but that’s not much of an answer.

Jay Clouse breaks the creator types we encounter nowadays into three buckets – creator-educators, creator-entertainers, and creator-edutainers.

Creator-educators (like James Clear) focus on content that teaches, creator-entertainers (like Emma Chamberlain) help people pass the time without necessarily teaching anything, and creator-edutainers strike a balance by teaching with an easy-to-consume format.

A great example of the latter is Tanner Leatherstein, who takes luxury items (often bags) apart on social media to show consumers what they’re getting for the amount they pay. While his content does educate viewers, most people tend to highlight in his comments that they couldn’t afford the bags anyway but watch because they’re curious. And they wouldn’t keep watching if the content wasn’t entertaining.

@tanner.leatherstein

Louis Vuitton, Felicie Pochette, is it worth it? #louisvuitton #lv #feliciepochette #lvfel #fashionreview #leatherreview #tannerleatherstein #leathertok #leathertiktok #epileather #lvbag #baglovers #bagtok #fashion #fashiontok #luxurytok #bagunboxing #bagcollection #luxurybag #leatherbag #louisvuittonbag #lvtiktok

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♬ original sound – Tanner Leatherstein

I would like to add one more bucket that’s been mentioned in my conversations with creators: creator-entrepreneurs. As defined by The Tilt, these are people who “create content to build a long-term, successful business (not as a hobby) with plans to build a loyal audience and then monetize that audience over time.”

5 ways to monetize your content

There are many ways in which creators can monetize their content online. Let’s explore some of the most popular methods.

Platforms and services

This category covers every platform you don’t own that can generate revenue for you as a creator. The most popular is YouTube, which gives creators a portion of the income generated from ads. Creators use their videos to gain views and subscribers and monetize them with advertisements and sponsorships. Ads are a great way for creators to make money, as they are paid per video view or per click on an ad. Platforms like TikTok and Instagram are harder to monetize because its harder to place ads on short videos, and all other forms of advertisement are more complex to navigate.  

YouTube also offers sponsorship and crowdfunding options, providing creators with additional ways to monetize their content.

Twitch is another popular platform for creators to monetize their content. With Twitch, creators stream live videos of themselves and then monetize them through subscription-based ads and donations.  Additionally, creators can use Twitch’s affiliate marketing program to promote products and services.

Patreon is a crowdfunding platform that allows creators to monetize their content. Creators can create a page on Patreon and allow their fans to support them financially through donations and recurring payments. In addition, Patreon allows creators to offer exclusive content to creators, such as video tutorials or even custom content for the Sims 4.

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Last but not least, a popular option for writers is Substack, a newsletter-based platform that allows creators to monetize their content. By publishing their newsletters on Substack, creators can earn money from subscriptions and sponsorships. Additionally, Substack offers a “Pro” subscription option, which gives creators access to additional features such as customizable templates and advanced analytics.

You should also think big when it comes to the platforms where you publish your content. You’d be surprised at where you can get paid. For example, audio platforms like Spotify and its podcasting arm Anchor pay creators for their original content. So if you create original music, put it up on Spotify and earn money from streams. If you have a podcast and you publish through Anchor, you can make money from ads published within your podcast. The possibilities are endless.

Sell Something

In addition to the platforms and services mentioned above, creators can monetize their content by selling their own products. This can include physical items, such as t-shirts or mugs, or digital products, such as e-books or tutorials. With platforms like Shopify, creators can easily set up an online store and sell their products to a global audience.

This option is one of the most secure as it doesn’t require a large audience – but an engaged one. Following the idea of 1,000 True fans popularized by Kevin Kelly, if 1,000 people are willing to give you $100 for a product, you can make more money than most people make in their 9-5 within a month or even less. Even better is that if you put out a quality product, they will refer you to others, buy future products.

Steph Smith, who we interviewed for our series on personal branding Social Proof, is an example of this in practice. While she doesn’t have the largest audience as a creator, she has a highly engaged audience. Her book, Doing Content Right, which costs $150 has sold 4,519  times since its release in 2020.

The book isn’t for everyone, as it’s focused on a specific niche of content marketers and creators, but its 5-star rating and great reception have equaled consistent sales well after its launch.

Affiliate Marketing

Affiliate marketing is another popular way for creators to monetize their content. Creators partner with companies to promote and sell their products. In return, they receive a commission for each sale made through affiliate links. This is a great way to monetize their content without creating any product. Popular sites for finding affiliate links include:

@the.leap

@jadeswildparty shares her top tips for making $$$ via affiliate links 💸 #affiliatelinks #creatortips #influencertips

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♬ Darling – Trees and Lucy

For more potential affiliate websites and a detailed breakdown of each one, check out this article.

✍🏽

Hack: Sign up for Start Page to direct people to all your top affiliate links.

Licensing your content

Creators can also make money by licensing their content. Through licensing, creators can sell the rights to their content to businesses and organizations who want to use it for their own purposes.

For example, a creator can license the rights to a TikTok to an advertising agency, which will then use the video in their campaign for a given period and price until the rights revert to the creator. This is a great way to make money from your content while still retaining the rights to it so that you can keep benefiting from your great work.

@ginagaleoto

I’m sharing everything I know about attracting & negotiating high-paying brand partnerships in my upcoming Webinar series in just a few weeks! You can sign up for announcements about when YOU can register via my Stan Store! #brandcollaborations #ugc #ugccreato #ugcrates #ugcprices #ugctips2023 #stanfam #brandnegotiation #ugcnegotiation #ugcnegotiationtips #tipsforugccreators #contentcreatorsoftiktok

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♬ original sound – Gina| content creation mentor

🤝

Here’s a great beginner’s guide to licensing your content. It’s also vital that you engage the services of a professional wherever possible, so you’re getting the best deal.

Brand deals are one of the more well-known methods of content monetization. Creators make money by partnering with brands to promote their products and services. These partnerships happen in different ways, such as sponsored posts, giveaways, or paid endorsements. By partnering with brands, creators can profit from their content without creating their own products.

It can be difficult to navigate getting brand deals and sponsorships, especially if you don’t have much experience. Thankfully, websites like FYPM and Clara for Creators exist to keep partnerships transparent by letting creators publish their rates and experiences with brands anonymously. Sharing this information helps newer creators who may not know how to price their content.

@claraforcreators

How much do top creators make? 👀 💰

♬ Made You Look – Meghan Trainor

Best practices for monetizing content

Now that we have explored some ways in which creators can monetize their content, let’s discuss some best practices to help creators succeed.

  1. Know Your Audience: The first step to successfully monetizing your content is understanding your audience. What do they come to you for? What would they be willing to pay for? These are just some of the questions vital to understanding what you will do that will resonate with them. Of course, the last thing you want to do is damage the trust you’ve built through your content by partnering with the wrong brand or releasing the wrong product. An example is Emma Chamberlain’s 2018 attempt to launch a clothing line. The line was criticized for being overpriced (which wasn’t a good fit for her teenage audience) and lacking size inclusivity. Emma’s strategy has since improved – her company Chamberlain Coffee resonates much better with her audience.
  2. Know Your Metrics: Develop a deep understanding of your industry – what other creators are doing, what brands want from partnerships, and what unique proposition you have to offer. This relies heavily on being able to communicate your metrics. Your ability to dig into your YouTube analytics or the latest numbers behind your ebook launch will go a long way to helping you prove why people should give you their money. Understanding your metrics can also help you refine your content strategy and create content that resonates with your audience.
  3. Know Your Worth: Most importantly, no matter how big or small you are, when you start exploring content monetization, you need to know your worth. Once you’ve figured out how to deliver consistent, quality, and engaging content, you have to determine what price makes investing the time and effort it takes to create worth it. And you also need to decide what you’ll turn down in terms of partnerships and sponsorships if the economics don’t make sense to you.

Tess Barclay, a TikTok creator, is an excellent example of these best practices in action. This creator understands the metrics behind their content and has diversified their income streams, implementing everything from brand deals to podcasts to consulting.

@tess.barclay

My update media kit, dates & tips! 💕 day 25/100 days to self employed ✨ link in my bio to check out the membership and join the community! #mediakit #branddealtips #contenttips #contentcreation #contentcreationtips #microinfluencertips #microinfluencertiktok #nanoinfluencer media kit template brand deal rates rate card content creation tips #greenscreen

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♬ original sound – TESS BARCLAY ✨💕⚡️

Set up a system for generating quality content in Buffer

Consistency is vital when it comes to monetizing your content. Try to post content regularly and stick to a schedule that works for you. This will ensure that you stay top-of-mind with your audience. Set up a system for generating quality content by putting your ideas, drafts, and publishable content in one place – Buffer. Get started today!



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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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AFFILIATE MARKETING

What It Is & How to Leverage it in 4 Easy Steps in 2024

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What It Is & How to Leverage it in 4 Easy Steps in 2024

When you create great content, you already know that it requires keyword research to get your customers to find you or make a purchase. If you know what they’re looking for when they search for pages like yours, you can cater to their needs. In other words, you need to know what their keyword intent is so that you can more accurately market. 

What is keyword intent, and how can you leverage it for your SEO? 

Let’s dive in! 

What is Keyword Intent?

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Before we can dive into leveraging this important concept for your SEO, it’s important to understand just what it is. Keyword intent (sometimes also referred to as search intent) is the understanding of what any given user wants to accomplish with their search query. 

To identify keyword intent, you need to have a detailed understanding of your audience. Google aims to give its users exactly what they’re looking for, and it has grown in leaps and bounds when it comes to understanding search intent.

The result is a more seamless experience for the end user, but it can help you craft a well-designed website as well.

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If you know what people want when they enter certain keywords, you can target all content marketing for that purpose. More people will have a positive experience on your website, get what they came for, and ultimately have the option to make a purchase when they’re ready. 

How Keyword Intent Relates to Search Engine Optimization

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Does knowing your keyword intent help you rank higher on Google and other search engines? The good news is that Google is very sophisticated and can pinpoint intent keywords quickly. If your website can deliver on the promise that you put out there, you may stand a chance of ranking higher in SERPs for a specific query. 

For example, consider the customer who wants to “buy sneakers.” Google knows they want to make a purchase, so it shows them e-commerce websites. Someone who searches for “best sneakers for long-distance running” likely wants to learn more about various styles. Google instead shows informational articles and comparisons. 

If you can nail the search intent with your content marketing, you have every chance of claiming that coveted top spot on the results pages.

Make sure to do your keyword research so that you know what your audience is searching for and can nail it on the first try. 

How to Determine Search Intent

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Determining search intent is as simple as paying attention to the words people put into the search box. Are they looking to buy, or are they looking for a review of a particular product or service? Is someone searching for general terms like “paintbrushes,” or do they want to know the “best paintbrushes for watercolor painters”?

This is your first and best indicator of the type of content people are looking for. As you do keyword research, pay attention to high-intent keywords (those that are likely to lead to a sale). 

You can find search intent by using a tool like Keyword Magic (more on this in a minute) or simply by analyzing the top results on Google. Where are people spending their Google ads dollars? With an average cost per click of $2.69 , nobody is throwing their money away on bad keywords.

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This can be a good indicator that these particular keywords are likely to convert to sales, or people wouldn’t be spending money on them. 

Types of Keyword Intent

Ready for more clarity on what people might be searching for when they enter a specific keyword? These five types of keyword intent will guide you to creating content that works for your unique and captive audience. There are five core reasons someone searches, so understand what they are here.

If you can master pinpointing search intent, you’re that much closer to a top spot on Google. 

Commercial Intent

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Maybe your ideal customer isn’t ready to buy from you — yet! They need a little more information on your products and services or a comparison of top brands in the industry. Oftentimes, you will see a customer search for reviews when they are in this commercial intent stage. 

What does it mean for your business if you attract people with commercial intent? It means that they’re on the cusp of making a purchase, but they need to do a little more research. Help them along, and you might be able to score the sale. 

Transactional Intent

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If you were able to capture commercial intent and you did your job well, then you might be able to keep them when they transition to transactional intent. This is the stage where they are clearly ready to buy. The keyword intent moves from “reviews” or “best of” searches and starts to look a lot more like “buy.”

Informational Intent

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Sometimes, people aren’t looking for a solution to their problems at all. They simply want more details on a topic that interests them. It’s all about the education process with informational intent. Could you hook them with a sale later on? Maybe, but you should focus on providing a high-quality experience in the here and now. 

Give them detailed information about their desired topic, and you could score a reliable fan for life. Use this to teach someone how to do something or to answer their burning questions. 

Navigational Intent

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Maybe the user intent for a keyword is a little more straightforward: They want to get to a specific page somewhere on the internet. For example, let’s say that they want to pay their credit card bill, but locating the payment portal on the website is too hard. Instead, they might type in the name of their credit card company and “payment portal” to get Google to direct them there. 

These are typically “low intent” keywords which means you’re unlikely to make a sale from them. 

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Local Intent

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If you run a small brick-and-mortar local business, then you might want to leverage local intent. This is when people are specifically searching for a business in a geographic area close to them. It might be as simple as “Italian restaurants near me” or as detailed as “Carta bus stops in XYZ city.” 

Understanding search intent is important here if you want to surface in the search results. These can be high-intent keywords because people are searching for businesses like yours locally. Convince them to come visit you by providing them with an excellent online experience.

How to Identify Search Intent

Whether you want informational keywords or commercial keywords, you might find that you need some support to identify search intent. Fortunately, you don’t have to figure it out all on your own. There are lots of methods you can use to start surfacing in the right search results, starting with Google. 

Use Google to Your Advantage

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If you’ve already done your keyword research, you know what keywords you want to rank for. Now, you need to know what the search engine is likely to show users. Google is one of the most powerful tools — and it’s free for you to start using it to your advantage. Take your keywords and plug them in to see what results come up. 

Skim the data it provides you: snippets, featured images, People Also Ask, and even shopping results may all pop up. These search results lay the foundation for the type of content you should create to satisfy a searcher’s need. Even if they aren’t high-intent keywords, knowing what people expect from you can still be beneficial. 

Based on what your competition is showing, you can decide how to target your content.

SEMRush & Keyword Magic Tool

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If you don’t want to do the heavy lifting of searching search results, you may want to invest in a freemium tool like SEMRush. To get started and understand what informational keywords you may want to use, you can type them into the Keyword Overview tool. 

Not only does it give you search intent, but it also allows you to check the competition with its SERP features. This gives you an idea of what other websites are doing to rank high on the search engines, giving you a clear path forward. 

However, this isn’t the only tool that you can use to find keyword intent. SEMRush’s Keyword Magic Tool is a powerful option for finding keywords closely related to the seed keyword you were considering targeting. Type in your seed and watch as it spits out other targets along with their search intent. 

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Learn more in our Keyword Magic Tool review here!

How to Harness Search Intent for SEO

Once you know your intent keywords, it’s time to start leveraging them so that you show up on Google’s search engine results pages.

Here are a few ways to transform search intent into more sales and lead conversions for your brand. 

Get to Know Your Audience and Niche

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The first thing you should do when thinking of SEO is target a specific customer. Your audience is full of unique individuals, but they likely have some of the same pain points. If you want to show up in search results, you need to speak to those pain points and offer a solution. 

Gain a deeper understanding of your audience and your niche so that you know what people are looking for when they stumble across sites like yours. To this end, you might create an ideal customer avatar or send out a survey to your best customers to find out the sort of things they are searching for on Google to brainstorm new topic ideas. 

Perform Keyword Research to Find the Right Phrase

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There are endless possibilities when it comes to what people will search for, no matter what their search intent might be. Don’t take a shot in the dark. Do your homework with keyword research. No substitutes for doing the heavy lifting will work. You need to have a clear idea of keyword search intent so that your content hits the mark. 

You can use free tools like the Google Keyword Planner or SEMRush’s Keyword Magic Tool to clarify what people want to see from you. 

Be sure to see our complete guide to keyword research and the best keyword research tools here. 

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Check the SERPs for Competition and Intent

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Once you have narrowed down your keyword research, it’s time to see what the competition might be doing right here, right now. Your research on Google will certainly help at this stage of the game. Look at the content other sites are producing and ranking for. 

Are they creating sponsored posts with Google ads or have featured snippets? Take a survey of the content, and it will give you a great idea of the commercial intent of a particular keyword.

If it doesn’t have high intent, then it may not be a keyword you want to target right now.

Knowing what the industry is doing around you will help you in the next step: creating the right content type. 

Create the Right Content Type

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Last but not least, your keyword intent dictates the type of content marketing you will do. You will need to center your content strategy around the search intent for your particular phrase. Whether you decide to make a video or a blog post, knowing what shows up best in the search results is key. 

Target your relevant keywords and match the user search intent with your content. 

Maybe it’s a sales page geared toward someone ready to buy, complete with FAQ pages to answer common objections. Maybe it’s a guide or a review for informational intent. You might even create a long-form blog post that details everything there is to know about your niche and product or service.

Final Thoughts: Getting to Keyword Search Intent 

Is search intent important for helping you decide what to post and where to post it? This is one aspect of your SEO that you don’t want to leave to chance. Knowing a user’s intent makes it that much more likely that you will convert those users to paid customers when the time is right. 

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Whether you decide to use a tool like SEMRush or simply use Google, this guide will help you start to tease out high-intent keywords so that you can gain more readership and customers. 



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