And these 7 Stay at Home Mom Business Ideas will work for anyone interested in Building Passive Income Streams!
The pursuit of passive income is a tantalizing prospect, promising financial freedom, and flexibility. It's a path that can be taken by stay-at-home moms, part-time workers, and anyone intrigued by the concept of earning money without being tethered to a nine-to-five job. In this comprehensive guide, I'm diving into seven proven passive income business ideas, shedding light on their workings and potential for financial independence.
What is Passive Income?
To truly understand passive income, we must demystify the concept. At its core, passive income is money earned without active participation in a task. That is, making money without doing anything. While it may seem too good to be true, it is achievable to varying degrees for most people. Passive income is indeed money that you receive while you are sleeping. However, it's crucial to recognize that not all passive income is entirely hands-off; it often requires initial effort to set up and maintain. Sometimes the effort is quite great, but completely worth it, and if you're passionate about creating your passive income stream, you will enjoy the work. The ultimate goal is to reap the financial rewards without trading your time for money.
Set Up of Your Income Streams
One misconception about passive income is that it requires no effort upfront. In reality, most passive income streams demand an initial investment of time and energy (or in the alternative, a big chunk of money to be truly passive to generate interest). Think of it as planting a seed that you'll later reap the benefits from. Some passive income streams also require ongoing nurturing, similar to tending to a growing plant, while others become truly passive once established.
Your Goal is Important
Before I explore the specific passive income ideas, it's essential to clarify your goals and motivation. Why do you seek passive income? For many, it's about reclaiming time to spend with family, friends, or pursuing personal interests. Time is a finite and precious resource, and passive income can be the bridge to a life less bound by the constraints of a traditional nine-to-five job. If you're passionate about your goal, and you know where you're heading, you become part of that 5% of people who are already successful, because that will keep you going and motivated during the setup of these passive income streams.
The Passive Income Streams
There are many ways to generate passive income streams, some more passive than others. Here I list only 7 of them which I am building myself. If you're on the quest like I am, you've surely watched and scoured YouTube for passive income success stories and ideas, and are wondering if they're too good to be true or if this truly works. These ideas I'm unveiling here are accessible an manageable for most people, regardless of prior experience. Some will be a good fit for you, and I invite you to follow me on my journey to see how it goes.
1. Investing
Investing is a timeless and widely adopted approach to passive income. While it may not be a traditional business idea, it has the potential to yield substantial returns over time. The magic lies in the power of compounding interest.
The sooner you start investing, the greater the probability of retiring as a millionaire. But don't be intimidated by the jargon; there are excellent resources available, such as Joshua Mayo's YouTube channel, that simplify the complexities of investing and explain all investing terms in everyday and easy to understand language. Stay tuned; I might be creating a dedicated video on this topic soon. I also recommend you start investing using an app called Acorns; find it here. And also check out my other video about saving and investing money here!
2. High Yield Savings
Your money can grow steadily, and managing your account is effortless online.
Rather than letting your savings languish in a low-interest checking account, consider high-yield savings accounts. Platforms like Varo Bank offer attractive annual percentage interest rates (APY) of up to 4.5%. I've even covered Varo Bank in a separate video (watch here) and a blog post with details, and you can find a link here to sign up and create your account.
3. Digital Items & Print on Demand (POD)
Creating and selling digital items or harnessing the power of print-on-demand services can be a lucrative venture.
Digital products like printable art, planners, templates, and invitations can find a thriving market on platforms like Etsy. Print on demand allows you to design products like mugs and shirts without the hassles of dealing with the physical products, which involves inventory management, printing, packaging and product delivery. You can easily create a design on Canva, Kittl and other websites or using professional design tools, place it on a mock-up picture, and connect your store front to print on demand services like Printify and Printful. Currently, I'm exploring these options and will share my journey as it unfolds. Follow my YouTube Channel here to be updated on my progress! And if you're interested in joining me on this Etsy journey, you will find some tools like Kittl and Everbee very useful. Click here to find their links!
4. Amazon KDP
Amazon Kindle Direct Publishing is an empowering platform that enables you to become a self-published author.
In the past, to become a published author you had to endure going from publishing company to another, to get a publishing deal. This was (and still is) an arduous process that usually ends with many rejections. But thanks to Amazon KDP, you can now create many kinds of books and publish them in no time. Whether you write your own book or enlist the services of a ghostwriter, it's a viable business opportunity. Nonfiction, fiction, low-content books (like notebooks), and medium-content books (such as coloring books, activity books, and more) are all options. Success hinges on proper research and captivating cover design. Yes, people do judge a book by it's cover. And ugly books usually don't sell. And as mentioned before, you don't have to be a writer, nor a designer, to become a published author! You also can easily hire a designer for your book on outsourcing services like Fiverr and Upwork, among others. In my case however, I am both a designer and a writer; so I'm very excited to see this business prosper. I've embarked on this journey and will be sharing my experiences in future videos on my YouTube Channel, which you can follow here.
If you're interested in learning more about becoming successful on Amazon KDP and how to do it, I highly recommend the tools and the Masterclass that Corvin and Cleo from Self Publishing Titans have. CLICK HERE to check it out!
5. Google AdSense
Creating a blog or YouTube channel can open the doors to Google AdSense, where you earn money through ad revenue.
Building an audience and maintaining an online presence are prerequisites, but it's a proven path to passive income. Fear not if you're new to this; there are abundant resources available to help you get started. You just have to "Punch Fear in the Face" like Sean Cannell says, from Think Media. Anyone can start a YouTube channel, and you don't even have to show your face. There are many face-less YouTube channels out there; for example: Guided meditations, ambient scenery, inspirational quotes, unboxings, ASMR, and so many more viable options you could try if you're shy and do not want to show your face online. Currently, YouTube requires that you have 1000 subscribers and 4000 watch hours to become monetized, which means you will be eligible for Google AdSense and can start earning revenue from the ads displayed on your videos. If you're interested in learning how to become a successful Content Creator (YouTuber), check out the following:
Think Media courses and webinars
I also recommend wonderful tools that will help you on your YouTube journey, like TubeBuddy (a must have for any content creator on YouTube) and Descript (which will make video editing a breeze!).
For blogs, there are also minimum content requirements and guidelines that must be followed to be approved by Google AdSense. So it does take a while if you're just starting. But if you post consistently, and follow the rules, you can start to receive passive income from your blog! And there are many ways to monetize your blog besides Google AdSense. One of my favorite bloggers that also has a YouTube channel, is Adam Enfroy. His story is very inspiring and his tips are excellent. He even has a course on how to become a successful blogger.
6. Affiliate Marketing
Affiliate marketing, often underestimated, can be a goldmine of passive income.
The key is promoting products you genuinely believe in and sharing your affiliate links through various channels. Building trust with your audience is paramount, and one effective approach is through product reviews. Social media presence is also quite helpful as long as you promote the product links in a classy way, not spamming in comments. Instagram, TikTok, YouTube and Facebook are all excellent ways to share your affiliate links, and when someone places a purchase after clicking on your link, you get a comission for that sale. You are the middleman (or woman) between the seller and the buyer, since you take the buyers to the product. Be careful to only promote good products so that you can nurture trust. There are many affiliate products and services, and each brand has their own policies on how to promote them, what percentage you get as commission, how often you get paid, etc. Some famous sources for affiliate marketing are Amazon Associate Program, Amazon Influencer Program, Clickbank, Impact, LinkMink, etc. It's easier to get approved for some more than others of these choices, but most require that you have a certain size of audience and social presence first. For the Amazon Associate Program, they give you 180 days to make 3 qualified sales to be approved. But many brands also have their own affiliate program, which you can usually find at the bottom of their page in their menu or submenus.
If you're interested in starting an affiliate business in just a few days to hit the ground running, and learn how to build a sales funnel, which usually consist of a landing page that captures potential clients emails and sends them through a sequence of emails to close a sale so you can start receiving commissions asap, I've discovered an interesting set of courses and webinars by Fullstaq that guide you through the nuances of affiliate marketing by promoting their own products. Check them out:
FULLSTAQ - Start your Affiliate Business FAST!
• Affiliate Evergreen Webinar Registration - an excellent webinar on how affiliate marketing works
• Business Launch Challenge Registration - 3 day challenge to launch your own affiliate marketing business promoting FullStaq
• Fullstaq Email Traffic - Send traffic to your links
7. Yoli Certified Wellness Coach
Through Yoli's Co-Op Marketing Program, you can fulfill the dream of becoming a Wellness Coach and earn passive income too.
Becoming a Yoli Certified Wellness Coach offers a unique and potentially lucrative opportunity. Yoli consists of all natural health and weight loss products that I've been using since 2016 (learn more about my Yoli Journey here), and their new Co-Op Marketing Program provides clients for you, allowing you to earn commissions on their purchases. At first, you might see modest returns, but as you accumulate more clients, your earnings can snowball.
Every week you get a minimum of one client, and I've personally experienced the benefits of Yoli products and the flow of passive income from my client's purchases (which is paid on a weekly basis), and am enthusiastic about sharing this opportunity. Click here to check out my Yoli Storefront, and if you're interested in enrolling to become a Yoli distributor and Certified Wellness Coach, use this link.
For a limited time, there's also a great promo to get one of their products for FREE! It is called PURE and it aids in gut health and weightloss. Click here or on the image below for more information!
Conclusion
These seven passive income stream and business ideas represent just a glimpse into the world of passive income, but I believe these are the most promising right now because anyone can do this.
There are numerous other avenues to explore, each offering unique potential. Whether you're a stay-at-home mom or anyone yearning for financial independence, you can do this! We all have an unfair advantage, talent or gift that will make one or several of these ideas a good fit for you.
Stay tuned for more in-depth blog posts and videos on each of these opportunities! I invite you to follow my journey by subscribing to my YouTube channel as I delve deeper into each one of these passive income streams. Remember, the path to financial freedom begins with the first step!