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HD YouTube Videos With Medium And Canva! | by Deon Christie | ILLUMINATION | Mar, 2023
Linking Medium With YouTube Videos And Canva For Exposure!
Medium Non-Members Can Read The Full Story HERE!
What you will learn from this article.
Understanding content marketing strategies first.
Linking Medium and YouTube strategy in a nutshell.
Turning Medium stories into HD YouTube videos.
Medium YouTube videos page one in 60 seconds!
Importance of creating a free Canva website.
This is where Google video ads will play their part.
Content marketing strategy recap.
Understanding content marketing strategies first.
Linking between YouTube and Medium is a rather effective content marketing strategy. And it really is not all that difficult to do. But first, you need to understand what content marketing strategies are.
One of the primary reasons I failed to make money online for quite a while, is that I didn’t have several content marketing strategies in place. I was just chasing the “next best thing”. All the while gathering knowledge about an arsenal of different content marketing strategies.
Content marketing strategies when it comes to making money online. Is all about the journey you take your reader on, ultimately leading to your sales offer. Without ever having to sales pitch anyone.
Because your content marketing strategy path must be interesting enough and raise sufficient curiosity. Doing that means that by the time your reader or visitor reaches your affiliate offer, for instance, they already have their credit card ready.
Meaning your content must solve a problem, without your reader or visitor having to purchase anything. Once you solved a problem your reader or visitor is struggling with, you become your reader or visitor’s “last stop”. Because they have “found what they were looking for”.
Now, I can carry on with all the different content marketing strategies out there, but that would be an eBook with hundreds of thousands of words. Because there are so many different content marketing strategies it’s overwhelming.
The “key” however, is to combine different strategies and see which ones make up the most profitable content marketing strategy. For the purpose of this demonstration, I am going to show you how to leverage YouTube through Medium without having any fancy video-creating tools.
Several of these strategies are mentioned in other Medium stories I have published, combined into different content marketing strategies. This one in turn is merely a different sequence of combining the strategies.
And I will also provide proof that this works for me. So keep reading because I saved the proof for last. But whether my strategy will work for you remains to be seen and will depend on how well you follow the illustrated guides which I will also include.
This is why you will find that there will be other Medium stories included in this article with step-by-step instructions to complete each step. Like the one below, for instance, covering content marketing strategies in more detail.
Because this content marketing strategy is rather vast, it will be (near) impossible to get everything into one Medium story. More like an eBook. So please note that the included Medium stories form a large part of guiding you through this strategy.
Linking Medium and YouTube strategy in a nutshell.
It all starts with turning your Medium stories into HD YouTube videos, this is done completely free. Because you will have access to all the tools you need to make this strategy work for you too.
Admittedly, yes, it is quite a bit of work, but once fully set up. The results you will see later make it so worth the time and effort. In a nutshell, breaking this content marketing strategy into steps, we will be looking at it in the following order.
Turn Medium Stories Into HD YouTube Videos.
Upload Your Video To YouTube.
Rank Your Video Page One On YouTube.
Cloak Your Medium Story URL.
Create Your Free Medium Website.
Use The Website URL Instead.
Run A $25 Google Video Ad Campaign.
Basically, seven steps. Once completed, you would have established the link between YouTube and Medium. But you will also be getting free traffic from Canva to your website. Effectively combining three sites instead of only two.
Medium (147.3 Million Visitors Per Month)
YouTube (30.6 Billion Visitors Per Month)
Canva (374.3 Million Visitors Per Month)
That is a combined monthly visitor count of around 31.2 BILLION visitors per month. I think that on its own must be reason enough to give this content marketing strategy a shot.
Turning Medium stories into HD YouTube videos.
Getting started with step one, turning your Medium stories into HD YouTube videos. Because HD YouTube videos play a role when it comes to the SEO part of ranking YouTube videos.
But we will get to “rank your YouTube video page one in under 60 seconds” during the course of this content marketing strategy. Below is an example of one of my Medium stories I turned into an HD YouTube video with Canva.
Included in the video description you will find the link to the Medium story related to the video. But try and keep the videos short (30 seconds to 90 seconds), sending a clear and objective message as opposed to covering too many details with a longer video.
If you watch the above video on YouTube, you will notice the cloaking technique I use to cloak all my links. From article links to Medium story links, basically, all links I use online. But why is that?
That is because this cloaking strategy, also makes the cloaked link indexable in search engines. That is how I “index” affiliate offers in search engines. For this, however, you will need your own hosted domain. Because this is done with a plugin called Pretty Links Lite.
Any link that is cloaked with this plugin, will then turn that link into a URL slug. Kind of like a blog post or article URL, which makes it indexable in search engines. Because it points back to your primary domain.
But there are other link-cloaking tools in the event you don’t have your own hosted domain yet. Among some of the favourites you might have heard about are the ones mentioned below.
Tiny URL.
Bitly.
Chrome URL Shortening Browser Extension.
If however, you do have your own hosted domain, I strongly suggest using the Pretty Link Lite plugin. Because it offers the option to include a meta description for every cloaked link too. A must-have tool for any affiliate marketer.
Pretty Links Lite Plugin (affiliate link).
This is a video I created for one of my Medium stories. And it is still ranking for search phrases (video tags) like “medium writing and affiliate marketing”, “affiliate marketing and medium writing”, “medium writing with affiliate marketing”, and “affiliate marketing writing on medium”. One month later!
Now the search volume for these tags is not all that staggering, but the point is targeting. I try thinking of tags people would be more likely to enter into their browsers. And there’s a lot of interest in making money on Medium.
Just quickly coming back to the video length, why only 30–90 seconds long? Well, because apart from ranking your video. I will also show you how to get USA-targeted Google ads video views for $0.012 cents per 30-second video view.
You will then need to use this video, and shorter videos perform better with Google video ads. But you also have the advantage of leveraging a “call-to-action” button to a URL other that the video URL. So, keep reading because we will get to that in a bit.
The step-by-step guide on how to turn Medium stories into HD YouTube videos is already published in another Medium story. You might want to follow the steps as set out and illustrated in the Medium story below.
Medium YouTube videos page one in 60 seconds!
I can suggest the tools I use to help with video ranking, like keyword research, choosing the best title, thumbnail, etc. These are free browser extensions used by a lot of YouTube users.
It tells you your ranking position for the suggested tags, or search phrases. But it does a whole lot more, besides, it’s free to use. Yes, there is an upgraded version, but you really don’t need to upgrade.
I can assure you that the free version will work just fine to get started. Getting your videos on page one of YouTube is the objective here. And these tools will help you with that because it does me.
Tube Buddy (affiliate link)
VidIQ (affiliate link)
These two video SEO tools simplify a lot of tasks for me on YouTube, and I have been using them for years on all my YouTube channels (13). When you focus on YouTube video SEO, there are a few areas of paramount importance, and they are.
Video Title.
Video Description.
Video Thumbnail.
Video Language.
Title And Description Language.
Video Tags (search phrases/keywords).
Video Hashtags.
Recording Date.
Adding Videos To Playlists.
Video End Screen.
Video Cards.
Video Subtitles.
But the step-by-step illustrated guide on how to rank your videos in 60 seconds or less is already covered in another Medium story. Therefore, you might what to read the story below and follow along to get your video ranking on YouTube page one.
However, ranking a video on YouTube page one upon uploading it is the easy part. Maintaining that ranking position will depend on the activity on the video, feeding the algorithm as it were. The more responsive people are to your video, the longer you will maintain the ranking position.
To the best of my understanding, the YouTube algorithm will place more importance on the activity on a video. It is an indication of something that people are looking for. Therefore, justifies preference.
This is why I am sharing the Google video ads strategy at the end of this article. That is to maintain constant activity, and therefore also maintain your video ranking position.
You should now be able to find ranking a YouTube video rather logically if you followed along, especially with the other Medium story included above. All guides are illustrated and explained, making them rather easy to follow.
Watch us rank videos on page one in 60 seconds and get targeted visitors from the two largest search engines on Earth! Google and YouTube! That’s 147 billion visitors per month! — Source
Importance of creating a free Canva website.
Creating a Canva website, a tool you may or might not have heard of. Is part of the Google video ads strategy with your medium story videos. Because you need a link to use with the “call-to-action” button.
These free Canva one-page websites are accepted with Google ads, which is why you need this website link. No more waiting only for your Google to be “not approved”.
Basically, the benefit of this advertising strategy is that you get traffic to three links. Your Medium story YouTube video, the Medium story URL in the video description, and your (Canva) Medium website with the call-to-action button.
Pay Only For Views Exceeding 30 Seconds.
GEO Location, Interest, Topic, And Age Targeted.
Pay $0.012 Cents Per 30-Second View.
Website Views Through Call-To-Action.
But that is just a quick introduction to what is yet to come during the course of this article. Before you create your Medium website with Canva, you must first have a professional Medium profile.
You don’t want people to visit your Medium website, and then your Medium profile and find little to nothing of interest. Or find a faceless profile for instance without any “About” section.
So, please start with your Medium profile before creating your Medium website with Canva. A complete guide is available in the Medium story below. It will guide you step-by-step on how to create a professional Medium profile.
With your Medium website, you want to redirect to different areas with your Medium profile. Personally, I link to the following from my Medium website, which, by the way also receives traffic from Canva with over 370 million visitors per month.
Medium Profile.
Medium About Page.
Medium Publications I Am Editor To.
Below I have included the link to my personal Medium website for redirecting visitors to Medium. Just to give you a better idea of what I find working rather well for me. But it is only a guide.
Just use the guideline, add your own creativity, and your one-page Medium website with Canva will be up and running in no time. Don’t forget that the primary purpose of this website with this particular content marketing strategy.
Is that you will need an acceptable Google ads URL for the “call-to-action” button. Because you will already have a YouTube video link, with the Medium story link in the video description. So, you need another acceptable URL for the call-to-action.
Either way, it all points back to your Medium profile, Medium stories, and Medium publications in the event you already have your own. But if you do not yet have your own Medium publications, then simply redirect to your Medium stories and profile.
The step-by-step guide on how to create your Medium website with Canva is covered in the article below. Therefore, completing this part of the content marketing strategy will require you to follow along.
This is where Google video ads will play their part.
Getting your Google video ad up and running is the final step, but under this subheading, you will also be able to see some results I had by spending a ridiculously tiny amount of money. $25 in fact!
Just a quick recap of the gears you will need to make this traffic machine effective and operational. Everything is completely free, with the exclusion of the gigantic $25 Google video ad investment.
Medium Story YouTube Video.
Cloaking Method.
Free Medium Website.
Allow me to share with you how I stumbled across this really cheap traffic with Google video ads. I was just messing about on YouTube, to see which other “buttons” can be useful. Because that’s what I do, I figure stuff out.
I accidentally clicked the 3 dots next to the “view the video on YouTube” option inside my videos dashboard. A drop-down menu had the option to “promote”. Promote? And curiosity lead me to explore this. So, here we are. But more about exactly how to do that in a bit.
Above you can see a screenshot of my Medium “previous 30 days” analytics. In other words, before I tested this video ad strategy with just one video. I am yet to get into creating a video for every Medium story, all 176 of them, and counting.
But I first had to share this strategy with my valued Medium readers because I know it works, and like a charm too. On the first test run, admittedly, it was not millions of views. But that is beside the point.
It’s not the quantity, but the quality of your visitors and readers that count. Moving on to the “next and current 30 days period” analytics, there is a noticeable change. Below you will notice the spikes in views during the times I ran the video ad.
But you might also want to pay attention to the increase in reads. Because that is where your true power lies with Medium. Reads mean that those are the people interested enough in your content to read the entire Medium story.
Around a 250% growth, as you can see above. You can also see the traffic spikes on the days that I ran the Google video ad. Also, notice how the growth increased and then even stabilized at a much higher average than the previous 30 days’ analytic result.
But before we carry on, as I have mentioned in other Medium stories. This is my new Medium profile, which I started on October 6, 2022. So, the illustration includes the entire growth duration since the Medium profile was created.
For a brand new Medium profile, I am rather satisfied with the results. But the fact that the content marketing strategies I test work, now that is the real reward!
As seen above in the screenshot. Notice how February outgrew the other months by far. Why? Well, February was the month that I took my own strategy for another test drive, so I can have some proof to present.
This a strategy I have used and am using to this day for affiliate marketing, so, I decided to give the same strategy a try with Medium. I figured that because it could drive traffic and generate sales with affiliate marketing.
Then I saw no reason it would not work with Medium, as you can drive traffic to any link with this strategy. As you can see, it clearly had an enormous difference in high-quality growth.
As mentioned earlier, I have spent very little on these Google Ads. R450 (ZAR — South African Rand). Which is around $25! For a high-quality follower increase of +285, and a Medium subscribers increase of +23. For $25?
Trust me when I say, you are going to have a hard time getting that kind of results (and quality) with $25 elsewhere. Especially considering that these followers and subscribers gained are extremely active. And I mean really active and responsive! Because they are targeted!
As seen above, from 176 medium stories there are 2378 responses. Now if that’s not an active audience, then I don’t know what is. Which is why I say, I doubt you will find that kind of quality for $25 elsewhere.
Creating your Google video ad with your Medium story YouTube video is also laid out step-by-step in the Medium story below. Therefore you might want to follow along with this one too, and get this entire strategy properly assembled.
Content marketing strategy recap.
Basically, you just run a video ad, redirecting to your YouTube video with your Medium story (cloaked) URL in the video description. Then include your Medium website URL for the call-to-action redirect.
That way focus all your YouTube traffic efforts on your Medium profile, and in doing so build a responsive Medium audience for mere pennies, literally (well less than pennies actually)!
Simply take your time and follow along with the step-by-step guide Medium stories included. They are completely illustrated, and I tried making them as easy as possible to understand the steps.
This is a rather time-consuming content marketing strategy, but I can assure you that it will be worth your time. Because this will work with any niche, I am just applying the strategy to focus on Medium traffic.
With your Medium website, you can create multiple such websites redirecting to any URL really. Because these Canva website URLs are accepted everywhere, it can be a much larger traffic opportunity than only Medium.
May this strategy work even better for you than it does for me. After you tested it, please let us know in the comments how it worked out for you. I am curious to know how many people this will be working for.
Today all my website traffic is generated from my own efforts, efforts that I have perfected over the years that have created up to 16,364 targeted visitors per day and returned revenue in excess of (See For Yourself Inside) per month! — Source
AFFILIATE DISCLOSURE: Some of the links in this post are links to affiliate offers. If you visit them to make a purchase, I will earn a commission. The decision is yours, and whether or not you decide to buy something is entirely up to you. All offers come with a full money-back guarantee!
Free Stuff For My Medium Subscribers.
All new subscribers on Medium will receive 4 free gifts. 2 of my top traffic eBooks, and 2 free memberships (invitation only) for buyer traffic tools I use. Subscribe to me (Deon Christie) on Medium and your free stuff will be emailed to you asap. Medium has no affiliation, nor do they endorse the free giveaway in any way. It is my personal free giveaway to all new Medium subscribers.
AFFILIATE MARKETING
How Creators Make Money Is Changing
In 2021, we reported on a survey that measured creators’ top sources of revenue. At that time, sponsorships with advertisers took the top spot by …
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AFFILIATE MARKETING
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.
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.
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?”
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.
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.
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
- The introverts dream. Solopreneurship can be very appealing to introverts or those who like working alone.
- Total autonomy. You have complete control over business decisions, projects you work on, and the people you serve.
- Flexibility. It provides total freedom regarding the hours you work and your location.
- Low startup costs. Many solopreneurs can start with a social media account and free marketing tools like Substack.
- 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
- Workload. Many roles are required to be a successful solopreneur. These include marketing, sales, accounting, and client satisfaction.
- Inconsistent income. Revenue can be slow and inconsistent in the beginning.
- Isolation. Running a business alone can get pretty lonely sometimes, even for introverts.
- Work-life imbalance. It can be hard to switch between work and play, especially when working from home.
- 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.
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.
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.
- Service-based. Things like freelance writing or web design services.
- Content creator. Teaching through YouTube, blogs, or online courses.
- Coaching. Helping people achieve personal or professional goals.
- eCommerce. Selling physical or digital products.
- 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:
- 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.
- Social media: Monitor conversations on social media sites like Twitter and Reddit. Search for niche-related tags to find the right people.
- 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.
- 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.
- 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.
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.
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.
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:
- A website: You can build a simple site using WordPress or Shopify if you sell products.
- Social media channels: Sign up and claim your social media handles on the main sites. These include Facebook, X, Instagram, Pinterest, Medium, and YouTube.
- Email list: Use ConvertKit or a newsletter service like Substack to start building an email list. The earlier you start this, the better.
- 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.
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.
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.
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.
AFFILIATE MARKETING
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.
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.
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.
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.
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.
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.
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.
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.
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.
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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