For introverts, the knowledge that a typical job comes with meetings, phone calls, cubicle visits, and the occasional social gathering is daunting. However, for most introverts, so is the thought of becoming an entrepreneur. Being an entrepreneur means putting yourself out there. You sell yourself and your product.
Neither of these options seems appealing, so is there another option? One that allows the introvert to stay out of the public eye? What about passive income? Unfortunately, many of the passive income stream systems still require some level of selling or communication. However, here are five passive income streams perfect for introverts.
“If you build it, they will come…” Field of Dreams
This quote holds for more than just baseball fields, it also prophesizes what can happen if you build a blog site. A blog site reflecting your passion. This is key to a successful, and eventually profitable, blog. You need not be a brilliant writer if your excitement for the topic shines through the words. Your interest in the topic connects you to your readers. For most introverts, written communication is always preferable to verbal. Identify a topic that interests you, preferably one that you would happily spend hours researching and discussing. Create quality content for your blog and over time you’ll gain an audience. To earn passive income from your blog, use one or more of the following proven ideas:
1. Sell advertising on your site.
2. Earn affiliate commissions by promoting products on your site.
3. Sell physical products, created by you or others, on your site.
4. Sell information products on your site.
5. Turn your site into a paid member’s only website.
Need more direction on how to get started with your own blog, or maybe you want more information about building a profitable business by creating content? Attend this free webinar. In this webinar, you will learn how to build an online business from scratch using a simple 4-step method by giving people free information.
“Reading One Book is Like Eating One Potato Chip” – Diane Duane
If you are an introvert who loves to write and has always dreamed of being a published author, then you’ll find your ideal passive income stream via self-publishing. Whether you prefer writing fiction or non-fiction, you will find readers for your books. With Amazon’s Kindle Publishing, it is ridiculously easy to publish your book. Not only did they simplify the publishing process, but thanks to Amazon it is also easier than ever to find readers for your books. You can offer your books in electronic form only or by using their print-on-demand service you can offer hardback or paperback versions of your book without worrying about inventory or paying for stock upfront. By publishing with Amazon, you can also take advantage of the ways they promote products through the site. You can also promote the sale of your own book through various sites that offer free and paid advertisements targeted to readers.
Writing a book is daunting, but there are coaches and programs that offer guidance.
If fiction is your thing, consider writing profitable children’s books. Jay Boyer offers a program dedicated to building a solid income around publishing children’s books. Watch his free webinar to learn more.
However, if your interests lie in the non-fiction arena, then watch the webinar created by Ty Cohen titled Kindle Cash Flow.
“One hand washes the other…” German Proverb
À propos for 2020, this proverb also serves to describe affiliate marketing. Affiliate marketing is promoting other people’s products and services, most often via an affiliate network, earning a commission when someone buys based on your marketing. If you don’t have the time or energy to write a book or create a blog, consider affiliate marketing. However, if you have a blog, consider adding affiliate marketing for an additional income stream. The major appeal of affiliate marketing is that you only have to focus on marketing since the owner of the product or service is responsible for everything else, like hosting a shopping cart, writing sales copy or providing customer service.
One challenge with affiliate marketing is identifying which products and services to promote. If you have a blog focused on a niche, then it is fairly easy to identify which products and services best fit the needs of your readers. However, if you are still searching for a niche, would benefit from the guidance of someone who has done his research and built a successful business around affiliate marketing? Check it out here.
“Because Every Picture Has a Story To Tell”
For some introverts, seeing the world through a camera lens is more appealing than trying to describe that world with words. If photography is your passion, then consider turning those photos and videos into passive income. The Internet is full of written content in desperate need of quality photos or videos to complete the presentation. Most bloggers and website developers turn to sites like Shutterstock and Pixabay to find high-quality photos to enhance their sites. Just by using your smartphone or your digital camera, you can create a passive income from the photos you take. But, you don’t have to stick with just photos, more and more people want video. It will take time to build a profitable portfolio, but if photography is a passion of yours, why not take advantage of it?
“It’s an add to cart kind of day”
If you want to sell products online consider eCommerce. Amazon, Shopify and Etsy all offer a way for you, a convenient way to get products in front of potential buyers. The advantage of going this route is that you can scale your business. You can start with one product that you ship out of your home and build from there. If you don’t have a product to sell, here are some ways to find products or even create your own.
1. Coloring Books and Journals
Kindle publishing offers more opportunities than just ebook publishing. Amazon merged with CreateSpace to allow authors to print-on-demand copies of their books. Why not use this service to publish no-content books like journals and coloring books? You can create a plain journal for writing ideas or sketching and themed journals for menu planning, eating, goal setting, etc. Then upload the journal to KDP with the option for buying the printed version. No stock to maintain. You can do the same with coloring books. KDP offers paperback and hardcover options for their print-on-demand service. Once your journal or coloring book is out there, you’ll earn money each time someone buys the product with no additional effort on your part.
2. Customized Products
Did you know that print-on-demand is available for more than just books? Companies like GearBubble give you the ability to create and sell multiple products you can customize. From jewelry to coffee mugs, you create a design and their tools help you turn it into a product others want to buy. This model lets you purchase and ship products as they sell so you can build up your business without keeping an inventory.
3. Bundled Products
Another way to build a product is to find related products and create a bundled offering. For example, you could bundle together a coloring book with colored pencils and create a new product on Amazon. This solution can be more labor intensive because you’ll likely buy the products separately and combine them before fulfilling an order.
In basic terms, arbitrage is buying existing products from one source and selling for a profit elsewhere. For most Amazon shoppers, especially Prime Members, their go-to-source for anything they want to buy is going to be Amazon Prime. Even if they could get the product from a third-party for a cheaper price, they will still choose the offer under Prime. You can take advantage of this ingrained mindset by finding products on other sites like Walmart.com and offering them on Amazon.
Creating passive income streams goes a long way in supplementing or even replacing your existing income. For most introverts, making money from home and freeing themselves from a workplace is their ideal life. Fortunately, this goal is achievable. Implement one or more of these ideas and you’ll build the life you’re dreaming about.
This is a guest post from Jennifer Alwood if you would like to be considered for a guest post please contact me.