As a creative, the idea of increasing your income is something you’re always interested in. It’s nice to have multiple streams of income, but who wants to do multiple streams of work?
That’s where the beauty of passive income shines its light. Passive income is an excellent route to maximize your income without bombarding your schedule.
If you love the idea of having money come into your account with minimal involvement from you, this article is for you.
In this article, you would learn the several passive income streams you can create as a creative, what they entail, and how much you can earn.
Passive income ideas for creatives
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Create an online course
When you go about your daily work routine, the skill you put into practice probably comes easy or not so difficult to you. That’s your own reality but another person may not be able to say the same. The work you skillfully navigate is what someone else finds extremely challenging.
That challenge is an opportunity for you to make money. Share your expertise by creating a detailed online course that you can sell on platforms like Udemy, Skillshare, and Selar.
You only need upfront effort. Once the course is created and uploaded, the only work that needs to be done is the marketing, which can be outsourced to affiliate marketers, and then regular information updates which can easily be done.
Depending on your level of expertise, you can peg your course price from anywhere between N3,000 and N40,000.
If you make an average of 15 sales per month, excluding commission paid to affiliate marketers and course platforms (estimated at 40%), you could make between N27,000 to N360,000 in a month.
In a year, that sums up to between N324,000 to N4,320,000 per annum. Although there are unpredictable factors that can affect sales, the idea of working with minimal changes to your regular schedule yet getting a substantial increment in income is a chance you should take.
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Write and publish an E-book
Since the world has gone digital, very few people opt for hardcover books. Phones and other digital gadgets have become an intricate part of our daily lives. We text, make calls, send emails, work, cultivate relationships, and seek personal development opportunities on our devices. An e-book is a perfect medium for skill improvement that would not take the reader away from their usual daily routine. Instead of scrolling through social media, they can scroll through the pages of an ebook.
Fill the pages of your ebook with career-relevant information. The success achieved in a creative career that seems small to you is another’s aspiration. Document all the steps and decisions you took along the way that has led you to what you can now boast of.
Creative careers are uncertain by nature. The very essence of the career demands that new methods are invented, it is therefore out of place for creative careers to follow the typical paths of other careers. Although this translates to an increased level of freedom, no one is confined to boxes and is free to explore other and sometimes better routes to success, this also means that many people through the act of exploration end up lost and confused. This is what many beginners in a creative field face. They are seeking direction and guidance, and you can be the guiding light.
The content of an ebook doesn’t have to be limited to educational content. Beyond the desire to stay informed in skills is the desire for entertainment, an avenue to tune out the demands of adulthood and just relax. It’s even better if the content has a tint of humor. Short stories interlaced with humor and relatable moments will always be a bestseller. In doubt? Look at the amount of attention entertaining posts on Twitter and Instagram get. People would pay to be distracted from the daily hassle of this thing called life. The patronage that drug dealers, nightclubs, and vacation destinations get is proof.
Moving into the creation, if you’re skilled in the art of writing, you’re good to go. If otherwise, get a ghostwriter to do the job. Your message needs to be conveyed in a simple, easy-to-understand manner for the reader. No one likes to read through a book just to spend time trying to decode what the writer is actually trying to say.
After the book has been written, you can use Amazon Kindle Direct Publishing to take it online, especially if you’re trying to reach an international audience. Amazon has a good reputation, leverage that trust and sell. Alternatively, you can also use Selar to launch your ebook into the online market.
Most ebooks are priced anywhere between N3,000 to N10,000. Depending on your marketing strategy (which can also be outsourced to affiliate marketers), expect to make between N27,000 to N90,000 for an average of 15 sales per month.
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Influencing
Chances are that you have already built an online audience to increase your visibility as a creative. Leverage that audience to give others brand visibility. They need the visibility and they have the money while you have the visibility and you want the money. It’s a perfect tradeoff.
Tread with caution though. A part of brand influencing most people fail to understand is that by endorsing a brand, you confer the trust your audience has in you on the brand. If a brand fails to deliver on its promises, it is a taint on its image. Look beyond the money they offer, and be selective of those you choose to endorse.
The reverse is also true. When you have a track record of endorsing brands that meet up to expectations, their success also rubs off on you. The public’s trust in you grows, brands seek you out more and you can charge even higher prices for your services.
Depending on the size and quality of your audience, many brands are willing a fee of N40,000 upwards for the exposure you give. If you’re unsure of the amount to peg your price at, reach out to influencers who are already successful to gain clarity on proper pricing.
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Investments
You don’t have to limit your passive income options to the creative route. Investments have long been referred to as a commitment of money to receive more money later.
Investment options vary. There’s real estate, stocks, and bonds. Real estate is highly preferred due to its essential nature and high demand. Plus, unlike shares and stocks, it is far easier to understand the dynamics of the trade.
Investing in real estate is as simple as buying a multi-unit property and renting it out to tenants. You can always recruit house agents to source for tenants at no extra cost. But if you lack the time or resources to go through that route, there are crowdfunding platforms that simplify the investment process down to putting your money into an app and generating yearly returns.
If shares are your thing, then it is always advisable to get educated first by reading books like “The Intelligent Investor” by Benjamin Graham.
Although the world of shares and stock buying is more complex, they’re a great way to generate passive income and build wealth.
Income generated from investments depends on the amount of money invested but the average ROI percentage is 10% of the total investment per annum. That is, an investment of N2,000,000 generates N200,000 yearly.
Your main job as a creative still matters and you can find creative jobs in tech when you subscribe to the CareerBuddy Daily Newsletter. However, in your quest for financial freedom, it is essential to choose passive income ideas that align with your skills, interests, and target audience. Focus on creating high-quality products or content, and be prepared to invest time and effort upfront to set up your passive income streams effectively.