Make sure to price your Udemy courses a bit on the high end. Because Udemy is always offering discounts and allows you to create coupons, you can help create the illusion of a higher value while making a reasonable amount per student. Coupons also work to promote the course, so it’s a win-win situation.
Start By Taking Some Courses!
We’ve already said this, but start out by spending time familiarizing yourself with popular courses on Udemy. Taking the time to understand what other people are doing that works will give you a huge advantage before you spend a ton of time working on a course blindly.
Income Stream #5: Online Store
It may seem like every other website is some type of online store, but create a niche-specific store, branding it effectively, and marketing it well still makes it a viable source of passive income. I know what you’re probably thinking: how passive can it be if I have to ship items? The thing is: you don’t! You have two options to open an online store and create a relatively passive income stream.
Option #1: Affiliate Store
An affiliate store works much like we’ve discussed with blog posts that take advantage of product reviews and other opportunities to link people to Amazon or other affiliate programs. When someone buys, you earn a portion of the profit. Again, with Amazon at least, it doesn’t actually matter if the products you promote in your “store” are sold at all. As long as the customer is brought to Amazon through your affiliate link, you will be compensated for any qualifying products they buy.
Option #2: Drop Shipping:
The way drop shipping works is you find a product that is typically difficult for people to purchase within their local stores that are expensive enough to justify taking only a portion of the profit but priced fair enough that people will like them. Once you setup your product listings and sell the items, you initiate the distributor to ship the item. You are then responsible for customer service and ensuring everything goes smoothly.
This form of passive income is not always as passive as it may sound.
While you don’t actually ship the item, it is up to you to find reliable providers, source products that are cheap enough to make a profit but difficult for customers to find elsewhere at lower prices, and ultimately deal with the customer. While there is some serious money involved in drop shipping, it is not as passive as other passive income streams until you put
Learn The Viral Secrets Of TikTok Marketing
in the work to put together a great shopping experience, have found reliable partners to distribute your items, and potentially outsourced customer service if there’s a need to save yourself the time down the road.
When working with drop shipping, the challenge is always going to be in finding great products that aren’t likely to change, lose interest, or become absurdly too cheap down the road. It can be a bit hit or miss starting out, and it’s definitely not a quick money maker, but once you are successful, it has huge potential to create a steady stream of income.