5 Passive income ideas for 2024, features five ways to make money with minimal continuous effort. Save for maintenance which we would all agree is essential for the sustainability of any business model. A business is like a delicate flower that requires periodic tending and maintenance.
As an affiliate marketer/associate, I may earn commissions from transactions completed from the affiliate links attached to this post.
The importance of having passive income side businesses cannot be overstated. Here are some key benefits:
Financial Security: Multiple income streams can provide a safety net if your primary source of income is disrupted.
Wealth Building: Passive income can accelerate your ability to save and invest, leading to faster wealth accumulation.
Freedom and Flexibility: With additional income, you have more freedom to pursue passions, and hobbies, or even retire early.
Reduced Stress: Knowing you have income sources that require minimal effort can reduce financial stress and provide peace of mind.
Scalability: Many passive income streams can be scaled up over time to increase earnings without a corresponding increase in effort.
Work-Life Balance: By generating income passively, you can spend more time with family, travel, or engage in activities that bring you joy. Here are my top five Ideas for passive income in 2024.
What are the best side business ideas for 2024? How to get a continuous cash flow from sources other than your regular white-collar jobs.
Book Publishing
Affiliate Marketing
Sell Stock Photos and Videos
Blogging
Investment banking
In case you are wondering who am I or what my authority is on passive side income ideas, I would like to introduce myself briefly.
My name is Blessing Ameh, and I am the co-founder and creative director of aicameron.co.uk. We create and sell postgraduate student's essentials and business essentials. I am a law tutor and entrepreneur. I am currently working on my doctoral thesis.
I recall starting buying and selling at age 9. I toasted some palm kernel nuts and coated them with some sugar. I was selling out fast. I did not know that members of my family were just trying to encourage me.
I graduated by buying packs of sweets and selling them as singles and doubles. I also sold other Nigerian snacks. When I turned 19, I opened a cosmetics and hair products store back home in Nigeria.
My business started well until I got a full-time job. This was an unwise move. I employed a sales rep and in 3 quick months, my stock went down by 50%. I was too young and too timid to speak with my staff. Since then I have run a successful food business, events catering, and more.
Monetize your content with Adsterra here, no website is needed - easy signup and integration. Remember to always read the terms and conditions. If you have a site that is kid-friendly, make sure to remove all adult options.
Even though I am a trained lawyer, I have always had a thing for business or side gigs. With time I have started shifting from side gigs to passive income. I have only been able to make this distinction recently. It is all about working smart and feeling secure about your future.
In 2023, I went through a stormy patch in life. I was bereaved, I lost my visa sponsorship, and I lost my mind and myself. God has been good to me and I cannot deny his mercies. While I was mourning in the last six months of 2023, my creative side began to burst, it popped.
It was an explosion of creative fireworks in my head. It was difficult to contain my creative side. Once my visa was restored, I knew it was time to do something about my financial security. I never want to be in a position where I would not earn except if I attended a physical workplace.
Without much research, I dived into dropshipping. I paid for a few months, and by the time I had finished reading over 200 articles on how to make your first Shopify sale, I had run out of steam. I could not go on.
I learned my lesson and began to think that it was time for some housekeeping. I decided to narrow down what I wanted to do and how it would fit with the new creative me!
I did a little research here and there, and I published my first book on Amazon. So far, it has sold over 200 copies in E-books and 13 Physical copies.https://amzn.eu/d/9IjEv4F
Since then I have published business planners, postgraduate planners, and other learning resources.
I am not earning massive amounts of money yet, but it felt good when I received my first royalty from Amazon, which is what has encouraged me to write this post on side gigs and passive income ideas for 2024.
This was my third week of publishing. I target 5 Customers for paperback and hardcovers weekly. That takes me to between £8-£12 royalty weekly.
30 Ebooks monthly which takes me to £15 monthly and I aim for at least 1000 Kdp Reads every month.
That takes me to at least £50- £70 from Amazon every month. Not too bad I think for passive income.
I like to attach some evidence to what I write about. So my first royalty came in and it was £12. That does not seem very bad for a new author, in my opinion. It is safe to discuss our passive income ideas at this juncture.
First, what is passive income and what is the importance of passive income
Book Publishing: how to publish on Amazon is a question many aspiring authors have. The process is straightforward but requires attention to detail. Here’s a step-by-step guide to help you through the process:
Write and Edit Your Manuscript: Before you can publish, you need a complete and polished manuscript. Spend time writing, revising, and editing your work. Consider hiring a professional editor to ensure your manuscript is error-free and engaging.
Format Your Book: Amazon has specific formatting requirements for both eBooks and print books. Use tools like Kindle Create for eBooks and templates provided by Amazon for print books to ensure your manuscript meets these standards.
Design a Cover: Your book cover is the first thing potential readers will see. It needs to be professional and eye-catching. You can design it yourself if you have the skills, or hire a professional cover designer. Amazon also provides a cover creator tool for eBooks.
Create a Kindle Direct Publishing (KDP) Account: Go to the KDP website and sign in with your Amazon account or create a new one. This platform will allow you to publish and manage your books.
Upload Your Manuscript and Cover: Follow the prompts on KDP to upload your formatted manuscript and cover. Make sure to review the uploaded files to ensure everything looks correct.
Enter Book Details: Provide information about your book, such as title, author name, description, keywords, and categories. This information helps readers find your book on Amazon.
Set Your Pricing and Royalties: Decide how much you want to charge for your book and select your royalty plan. Amazon offers different royalty options depending on the price of your book and the distribution channels you choose.
Preview Your Book: Use the online previewer on KDP to see how your book will look on different devices. This step is crucial to ensure your book looks professional and is easy to read.
Publish Your Book: Once you’re satisfied with everything, click the publish button. Your book will go through a review process, which can take up to 72 hours. After approval, it will be available for purchase on Amazon.
Promote Your Book: After publishing, the next step is marketing. Utilize social media, book blogs, and Amazon’s advertising tools to promote your book and reach potential readers.
I promote my books by embedding preview links accross my webite. I aim to speak to 5 different people every week about my books. And I aways post on my watsapp status, facebook and attached my book links to my Instgram and Tik Tok accounts.
This is my earnings for February. I published my first short story on the 10th of February 2024. While it might look small, I believe that every little helps.
So, I have set a target for myself. My January 2024, my earning from Amazon has to be at least £100 every month. That would help to offset subscription bills and make some passive cash for my business savings
Publishing on Amazon is an exciting journey that opens up a world of possibilities. By following these steps and staying committed to your craft, you can share your stories with readers worldwide.
I will embed some of the books in this post. And I will tell you the lesson that I have learned from each publication.
Lessons/Tips: This is a well-thought-out journal cover. I was intentional about it. This was published on the 25th of May 2024. I will be back to update this report in a month or, two on how many copies I sold in 30 days and what strategies I employed.
I am not very proud of my first 5 short stories. If I had researched better, I probably would have created /designed better book covers. I would have paid an editor to look at my work. I promoted as much as I could but as I said, I was down mentally, so my train of thought and my line of action were spiraling out of control. I believe that if more organization and advertising technique
Affiliate Marketing: An affiliate marketing business model that leverages both content creation and social media influence to drive traffic and sales to partner products. Here's a comprehensive outline to get you started:
Niche Selection: Identify a specific niche where you have expertise or interest. This could range from health and wellness to technology gadgets, fashion, travel, or personal finance.
Partnerships and Affiliate Networks: Join reputable affiliate networks like Amazon Associates, ShareASale, or Commission Junction, and seek out partnerships with companies that offer products relevant to your niche.
Content Creation:
Blogging: Start a blog that provides valuable content, such as product reviews, how-to guides, and industry news. Optimize your posts for SEO to attract organic traffic. Social Media Strategy:
YouTube Channel: Create a YouTube channel with engaging video content like unboxing videos, tutorials, and product comparisons.
Podcasting: Launch a podcast where you discuss topics related to your niche and recommend products.
Email Marketing: Build an email list by offering a freebie (like an eBook or a discount code) in exchange for email sign-ups. Send regular newsletters with valuable content and product recommendations.
SEO and Paid Advertising: Invest in SEO to improve your search engine rankings and consider using paid advertising (like Google Ads or Facebook Ads) to drive targeted traffic to your content.
Analytics and Optimization: Use tools like Google Analytics to track the performance of your content and affiliate links. Analyze the data to understand what works best and continuously optimize your strategy.
Compliance and Ethics: Always disclose your affiliate relationships to maintain transparency and trust with your audience. Follow the guidelines and regulations set forth by the Federal Trade Commission (FTC) and other relevant authorities.
By integrating these elements into your affiliate marketing business model, you can create a sustainable and profitable venture that benefits both you and your affiliate partners.
With Adsterra, you could just place a social bar on your website. or copy and paste your referral codes on your social media accounts and let the passive hustle do its thing.
Adsterra is my latest gig which I am thrilled about because I started earning the night I signed up. Seamless integration and easy to use on my social media pages.
So, this is what I earned from placing direct links to my blog posts. I made this from an average of 3,800 views without clicks.
Remember to read the terms and conditions before signing up as conditions always apply.
Blogging: Once established, revenue can be generated through ads, sponsorships, and affiliate marketing.
Consistently producing high-quality and captivating content can help cultivate a dedicated audience.
It is crucial to select a niche that you are passionate and knowledgeable about to create content that connects with your viewers.
For a blog, consider topics like travel, food, technology, or personal development. For a YouTube channel, options include tutorials, vlogs, reviews, or entertainment.
Engage with your audience by interacting with comments and messages, and share your content on social media.
Collaboration with other bloggers or YouTubers can expand your reach.
As your audience grows, explore additional income sources like online courses, merchandise sales, or consulting services.
I set up my website on WIX in February 2024, I guess to grow or 'fix' whatever was wrong with my dropshipping business. (Dropshipping)
I lost the zeal for my dropshipping business. I now manage this page full-time. Constantly researching and learning the ropes. I am still learning what works and what does not work for my business.
In today's world of economic crisis and inflation, having a passive income source is beneficial. Passive income ideas generally require little ongoing maintanence.
5 Passive Income Ideas for 2024- some popular sayings on passive income.
You can only be financially free when your passive income surpasses your expenses- T. Hary Eker
Compound Interest is the 8th wonder of the ld. He who understands it earns it. He who doesn't pay it. - Albert Einstein.
Investment banking:
Network: Connect with professionals in the field. Attend industry conferences, join financial forums, and consider becoming a member of investment banking associations. Networking can provide valuable insights and opportunities.
Develop a Business Plan: Outline your goals, target market, and strategies. A well-thought-out business plan can guide your efforts and attract potential investors.
Gain Experience: If possible, gain experience by working part-time or as an intern at an established investment bank. This hands-on experience can be invaluable.
Start Small: Begin by managing small investment portfolios or offering advisory services to friends and family. This will help you build a track record and gain confidence.
Compliance and Licensing: Ensure you understand the regulatory requirements and obtain the necessary licenses. Compliance is crucial in the investment banking industry.
Technology and Tools: Invest in reliable financial software and tools to help with analysis, trading, and management of investments.
Stay Informed: The financial markets are constantly evolving. Stay updated with the latest news, trends, and regulations to make informed decisions.
Risk Management: Develop a strategy to manage risks. Diversify your investments and have contingency plans in place.
Marketing and Client Acquisition: Develop a strong marketing strategy to attract clients. Utilize social media, content marketing, and networking to build your client base.
By following these steps and remaining dedicated to continuous learning and improvement, you can successfully venture into investment banking as a side idea. Remember, patience and persistence are key in this competitive field.
Affiliate Marketing: Choose a Niche: Start by selecting a niche that aligns with your interests and expertise. This will help you create content that resonates with your audience and establishes you as an authority in your chosen field.
I have registered with Amazon as an associate, and IONOS as an affiliate marketer or referrer. 4 Days ago, I joined Adsterra. Even though it's a new gig, I have started earning already.
Research Affiliate Programs: Identify reputable affiliate programs that offer products or services relevant to your niche. Look for programs that provide competitive commissions, reliable tracking, and timely payouts.
Build a Website or Blog: Create a professional website or blog where you can share valuable content related to your niche. Use a clean, user-friendly design and make sure your site is optimized for search engines (SEO).
Create Quality Content: Develop high-quality, informative, and engaging content that addresses the needs and interests of your target audience. This can include blog posts, reviews, tutorials, and videos. Make sure to naturally incorporate affiliate links within your content.
Drive Traffic: Use various strategies to drive traffic to your website, such as search engine optimization (SEO), social media marketing, email marketing, and paid advertising. The goal is to attract a steady stream of visitors who are interested in your niche.
Build an Email List: Encourage visitors to subscribe to your email list by offering valuable incentives, such as free eBooks, guides, or exclusive content. Use email marketing to nurture relationships with your audience and promote affiliate products.
Promote Affiliate Products: Regularly promote affiliate products through your content and email campaigns. Be transparent about your affiliate relationships and provide honest, unbiased reviews to build trust with your audience.
Monitor and Optimize: Track the performance of your affiliate marketing efforts using analytics tools. Monitor key metrics such as click-through rates, conversion rates, and earnings. Use this data to optimize your strategies and improve your results over time.
Engage with Your Audience: Engage with your audience by responding to comments, answering questions, and participating in relevant online communities. Building a loyal and engaged audience can lead to higher conversions and long-term success.
Stay Updated: Keep up with industry trends, new affiliate programs, and changes in consumer behavior.
Here are some samples of what I have been doing to generate passive income, and also, build a string of financial stability.
Adsterra Direct Link: I generated the direct link code a few minutes after I signed up. So far, my Adsterra side gig has made me £0.05, and I will be back later to update.
2. E-Books on Amazon: So far, I have made £62 in the three months that I started publishing. Working on my marketing and advertising strategies to take the numbers up. Find a few of some of my publications.
As an Amazon Affiliate, I may earn some commission from transactions completed from links in this post at no cost to you.
Five Side Gigs For Beginners
FEMI: The Trials of A Playboy: This has sold the most hard copies(which is where the 'real ' passive income is. I got a few willing family and friends to help repost links on their social media handles.
PRECIOUS: The Diaries of A Coloured Quine: Despite being my biggest book, 35,000 words. It has done worse. It has sold 3 paperbacks and I hardback so far. I wish I researched more on keywords, book titles, cover design, proofreading, editing, and all. I am not mad at myself for the silly rookie mistakes. I am just saying that they could have been avoided.
Dara and Anu: This is the second best-performing book with over 20 paperback copies sold. Again, it sounds like just a little, but it isn't really. What if I go back and edit what I can- unfortunately, the cover stays the same forever. I wish I made better covers for the paperback and hardback editions.
You need to be absolutely sure that you are satisfied with the quality of your work before you submit to the publising platform. Not putting your best work out there reduces the confidence you would have during advertising. When you look at the book shelves of other writers, you might just attempt to hide yours. But this problem can be fixed by a number of advertising techniques.
The Concierge(short story): This is a short story on Kindle. A few downloads here and there. It has got a 2nd and third part. I am hoping they give this one some visibility.
Life Begins After 30: A Wellness and Productivity Book: This book has done well so far. It is my most-read book on Kindle. The paperback sales have been slow. However, it has sold one paperback and two hardcovers over the next two weeks. Again, I have not paid for commercials. However I enrolled with KDP Select, and after a few weeks of downloads on the Kindle app, sales have become slow.
So, I know that there is room for improvement in terms of advertising. I also wish to state that I love this cover, the contents, and the design of this book.
How To Start An Up-Cycling Business: This has also not gotten attention from me in terms of advertising, no hardcover or paperback sold. However, it has 30 download-processed orders in the Kindle store. Again, I would start promoting my books to see what difference it makes.
This is an Adsterra Direct link- So far, I have made $0.11. I am inspired, and hoping that I get more traffic and also to refer more people.
Update: So far, I have made $ 3.20 so far, and I would be back in July to update. Hoping I have something tangible to report. Well, fingers crossed.