What is passive income?
Passive income ( Passive Income Streams) refers to revenue that takes little to no effort to make. While it generally takes some steadfast effort and substantial time to get these businesses started, it’s well worth it in the end, when you find yourself watching profits grow without expending much effort.
Let’s look at some of the top e-commerce passive income streams that anyone can take advantage of 2024.
Best passive income ideas for 2024
1. Start a drop-shipping store
Drop-shipping involves selling products that you never actually have to put your hands on. All you have to do is choose the products you want to sell and set up your store. You don’t need to worry about packaging, shipping, or inventory. Generally, you don’t pay your suppliers until customers make payment, making this an accessible business to start with minimal investment upfront.
2. Print-on-demand online store
This is like the concept of drop-shipping, but it involves an added layer of creativity. Essentially, you’re white labeling products like sweatshirts, mugs, and posters—and putting your own designs on them. The best part about POD e-commerce businesses is that you don’t pay for the cost of goods until after someone makes a purchase. So, you won’t have to worry about losing money on leftover inventory.
3. Create an online course
If you possess any specialized knowledge, now’s the time to get it down on paper and turn it into a digital course. It’s a lot easier than you think, too. To begin, you can create PDF-based courses with creative tools like Canva or Adobe Express.
Once you have courses ready to sell, it’s important to put a ton of effort into the promotion side of things and make sure you have an active funnel to drive customers to the conversion stage.
4. Affiliate marketing
If you have no prior experience with affiliate marketing, it helps if you have some kind of established following, whether on social media, a blog, email list, etc. Choose products and links that align specifically with your niche to ensure brand consistency.
5. Sell stock photos
The only real work you must do here is take beautiful photos and publish them to a stock photo-selling platform. You can offer the license to your photos for a fee of your choosing and make money with every single use of each photo. This might be something that takes time to get the hang of, but the return can be incredible.
Whether you want to spend your days traveling and capturing beautiful moments around the world or bring life to still images of five-star meals, it’s sure to be an interesting ride.
How to start with passive income in 2024
First, identify which passive income ideas would require the least amount of investment for you. For example, if you’re an artist, you might benefit from getting your work into the world through print-on-demand products. If you’re a professor, an online course might be the perfect way to break into e-commerce.
If you feel like you don’t have any relevant background to draw inspiration from that’s fine as well—all of the options listed above are beginner-friendly. Whatever you choose to do, take some time to research the most scalable e-commerce platform for the category you wish to break into.
Final thoughts
With a multitude of options to choose from, there’s never been a better time to start a new passive income stream. No matter how to plan to start your entrepreneurial journey in the digital space, you must have a strong online presence for your business and a streamlined way to carry out convenient and secure transactions.
Working with a consultant like Prime Summit Solution can help set you apart in the industry. Not only will you have a strong e-commerce foundation, but you’ll be prepared to adapt to an ever-evolving, unpredictable industry.