Passive income almost sounds too good to be true. But with the digital economy booming, the SaaS industry flourishing, and automated video solutions in major growth, there has never been a better, nor more lucrative time to build your own passive income stream online.
Here’s what you need to know before you start.
In its simplest form, passive income is any income generated with little to no ongoing effort from you. There are plenty of offline examples, like rental income or high-interest investments. But these all require a decent chunk of upfront capital. The beauty of passive income streams created online is that they often require little upfront cash, so long as you’re willing to put some work in advance.
Affiliate marketing is one great example. You can become an affiliate of video products online where you use links provided by a company to sell on their behalf and gain commission-based income on a percentage of each sale. Just set up a website or landing page, and direct traffic using email list mailshots and social media advertising. Once you’re set up this takes very little effort to maintain.
Or you could create a digital product or service that – once it’s made – lets you sit back and relax while the income rolls in. That could be something like an online course, a how-to guide or book or a cloud-based platform (like Viddyoze). All it takes is a little promotion and some clever SEO.
So, who can benefit from online passive income opportunities? Basically anyone looking to build or develop the digital side of their business and/or generate additional income with a hands-off approach. You could be an entrepreneur, a content creator, a marketing agency, a reseller or a creative.
The beauty of passive income is that the opportunities out there can be tweaked to suit almost anyone. For instance, you might be a business owner looking to establish a foothold in the digital economy; someone who is interested in creating a side hustle that makes you cash while you’re at your 9-5; or an influencer that wants to utilize their audience better. Whichever it is, there’s an option that could work for you.
Now! The digital economy was already scaling up exponentially prior to Covid-19 and now, amid national lockdowns and bricks-and-mortar closures, it’s lit a fire under everything. Digital tools and platforms are now being used on a daily basis for everything from commerce and entertainment to education, with, for example, enrolment in MOOCs, aka massive online-only courses, up 640% on Coursera during 2020.
At the center of all that is online video. By 2022, online videos are expected to make up more than 82% of all consumer internet traffic – that’s 15 times higher than in 2017. Never have we been more comfortable and open to using online video in almost every facet of our lives.
That creates great opportunities for passive income in the digital space. “With the growth and acceleration of technology over the past few years, which at the time of writing has only sped up considerably over the past 12 months, self-service has become more and more of the norm,” says Viddyoze co-founder Jamie Garside “And ultimately paying to self-serve on a regular basis is accepted widely too.”
Want to make money while you’re on holiday? Hanging out with friends? When you’re asleep? With passive income, you can. It allows you to put in the work upfront when it suits, and then enjoy the flexibility of getting on with your life – while reaping the rewards of your efforts with minimal ongoing work that keeps things ticking over.
Now is a great time to build up passive income streams
With all the financial challenges out there right now, that kind of back-up can be invaluable. “Now is a great time to build up passive income streams because of the uncertainty across the world,” adds Jamie. “We all need income to live – and having to chase the next dollar is always much harder and more stressful than being paid on a regular basis for the same product or service.”
It doesn’t only have to be a side-hustle either. Passive income can be a route to creating a successful and smart digital business in its own right.
With passive income, the hard work comes at the start. You’ll need to forge the right relationships with brands to start using affiliate links, for example, or you’ll need to create and design a digital product that people are happy to pay for.
That said, there’s something of a middle way. You can minimize the time and effort involved in this initial stage by opting for a white label approach, one that lets you get off the ground and earning income quickly. With an out the box solution like this you can set up a fully functioning digital business quickly and cost-effectively with little risk.
White labeling software takes away the time and financial risk of creating a product
“White labeling software takes away the time and financial risk of creating a product,” sums up Viddyoze co-founder David Chamberlain. “You can quickly go to market and start a business, or bolt on a new revenue stream to your business.”
For instance, with Viddyoze’s white label solution you can use our readymade agency account to provide customers with access to your video templates – for a fee and for as long as you like.
To Sum Up
There’s never been a better time to get started with creating your own source of passive income online. And here’s the brilliance of it – there’s an option to suit everyone. All you’ll need is an idea, a bit of time upfront, and a desire to cash in on the digital economy.
For more information on what Viddyoze can do for you, head to the Who We Help section of our website via our homepage.