Learn to Make Truly Passive Income With the Most Profitable Online Savings Account

Welcome back, empire builders! As I’m sure you’ve noticed, savings accounts are a joke. The average interest rate is 0.04% APY. That’s less than a tenth of half of one percent! It’s so low that when people find a bank offering 0.5%, they feel like they struck gold. Well, what if I told you that you could be earning between 6% and 10% APY? I found a savings account that can make it happen. So let’s get into the details of the most profitable online savings account I’ve found!

Disclaimer: Real quick, I just wanted to make one thing clear. I don’t claim to be a financial advisor, and this isn’t financial advice. I’m just telling you guys what works for me. You should always speak to a professional for financial advice and do your own research before making any investments or financial decisions.

The Most Profitable Online Savings Account I’ve Found

I’m sure by now everyone has heard of cryptocurrency and online crypto wallets. What you may not have heard is that many of these crypto wallets are now offering insane interest rates. I know when it comes to money, many people are naturally skeptical—which is good. So, for those wondering why they would do that, they’re doing the same thing the banks are doing: investing with your money.

Both your regular savings account and these crypto wallets are investing with your money to make huge returns. The only difference is, the banks are rolling in dough thanks to your savings, and you only get a fraction of a percent in interest every year. These crypto wallets are actually giving you back a real cut of the money they’re making off of your account, giving you a chance to earn big — completely passively.  

There are two crypto accounts that I’ve been using that I really like, so I’m going to go over them with you. Some of you may be thinking you know what I’m going to say already, but don’t worry, one of them is completely optional. Things also change fast in crypto, So even if you think you’ve heard this before, I encourage you to stick around through to the end.  

The Most Profitable Online Savings Account, Part One: Gemini Earn

Screen grab of Peter Pru explaining how Gemini Earn works

If you’re looking for the simplest or most stable method, this is the platform to use. Gemini is a crypto platform that acts as a marketplace to buy, sell, and send crypto. It also operates as a wallet to store it and earn interest. It’s just like any regular savings account, except with a much better rate. You just link your bank account and buy some crypto, like Bitcoin or Ethereum. Then you earn interest on the money you keep in the account.

They also have something called GUSD, or Gemini US Dollars. It’s the platform’s brand of crypto, and it’s what’s called a stable coin, meaning it tracks the US dollar one for one. One GUSD is one US dollar. This is where I’m putting all my savings. I’m converting it into GUSD and leaving it to earn interest. Gemini pays out about 7.4% APY, which is crazy high compared to a bank’s savings account.  

The Most Profitable Online Savings Account, Part Two: Celsius Network

Screen grab of Peter Pru discussing the high potential earnings through Celsius

This one is completely optional. Like I said, if you’re only going to use one, Gemini is the one. However, I like Celsius because their rates are a good amount higher. They’re currently offering 8.88% for GUSD, which is a substantial difference. However, the rate does fluctuate a good amount. The interest you earn from Celsius gets paid out every single week, so it can start compounding and making even more money.  

My Method for Using the Most Profitable Online Savings Account

If you’re looking to earn some passive income but you’re more interested in a stable rate, the most reputable company, or using only one platform, then I’d recommend Gemini. I use both, and they’re both very reputable. But for those looking for the simplest method, this is the one. 

If you’re looking to make the most money, you should use Gemini and Celsius in conjunction. That’s what I’m doing. I’m keeping around 70% of my savings in GUSD in Celsius and approximately 30% in Gemini, just to mix it up.

One thing I don’t like about Gemini is their low rates for other Cryptocurrency like Bitcoin. They’re offering 2.05%. That might sound high compared to traditional banks’ interest rates. However, when you look at Celsius, they’re offering 6.2% for Bitcoin so it’s a really huge difference.

While you can use only Gemini if you want, you can’t use only Celsius. Gemini is a crypto marketplace where you can buy Bitcoin and GUSD. Celsius, on the other hand, is just a wallet. You can use it as a powerful savings account, but without Gemini, you’ve got nothing to save in it. So, you really do have to use either only Gemini or both together. The dual strategy gives you access to the most profitable online savings account, but either strategy is worth looking into. 

The simplest thing to do to get the most out of it is to create the Gemini account, link your bank account to it, buy the GUSD, and transfer it to the Celsius account to earn more interest. It’s a few extra steps, but it’s the only way to do it. Then you’ll be able to take advantage of the best that both platforms have to offer and make a good amount of passive income.

Final Thoughts on This Strategy for Passive Income

Happy dropshipper seeing high returns after using one of the most profitable online savings account

This is my favorite way to make completely passive income and my biggest secret for getting the most reward for the least amount of effort. I’m going to be showing you guys a lot of different ways to make money, the best way to build an online business, how I make the most of different business hacks, financial tricks, and all that kind of stuff.

This method is the only way I know of to actually make 100% passive income with money you were just letting sit in a savings account. This way, you’re just doing the same thing, but much more effectively through the most profitable online savings account. I hope this helped you and that you enjoyed learning about this. If you’d like more of these kinds of tips, I’d love to hear your thoughts. Also, subscribe to my YouTube channel for even more videos in the future.

To learn how to build your own ecommerce empire with dropshipping, sign up for my masterclass. I’ll teach you my secret to making a full-time income online with a five-page funnel without touching a product, building a site, or investing in ads. I’ll even throw in the $100k funnel template FREE just for showing up. Remember, your empire starts now! Tagged : / / / /

How to Make $100,000 Every Month in Passive Income Investments

Empire builders, if you’re not already doing so, you need to make 2021 your year to start building passive income streams so you can make $100,000 every month in passive income investments. You, me, and everybody else love the idea of making money while we sleep. While it’s easy to see why passive income is such a hot topic, many people continue to get the actual concept of passive income wrong. I see many people classifying endeavors like eCommerce, blog writing, affiliate marketing, or even real estate investing as a passive income strategy. 

I’m going to tell you right now that each of these endeavors requires you to put in work and hours on the clock. None of these endeavors are truly passive. However, each of these business endeavors has the potential to grow your wealth and help you find passive income investments. Read on to learn what these passive income strategies are and how your road to making $100,000 every month in passive income can start today. 

The Road to Creating Passive Income  

It’s important to realize that creating passive income streams will require work. However, the good news is that anyone can start building passive income streams in today’s world. Anyone can get started, even with extremely limited funds. But before going about building these passive income streams, you should map out your strategy. 

The first element you should map out is your number for financial freedom. Your freedom number is how much money you need to make each month to be financially free. I mean so much freedom that you could sit on a couch watching Netflix all month and still be financially secure. 

Maybe it’s $5,000 a month. Perhaps it’s $10,000 a month, or maybe it’s even $100,000 a month. Whatever your initial goal is, just write it down before you get started. This will help you stay motivated on your road to true financial freedom. 

How to Start Creating Passive Income Streams

Peter Pru discussing how to start a business before focusing on passive income investments

Once you’ve mapped out your financial freedom goals, it’s time to start creating passive income streams. While eCommerce is not a direct passive income source, you very much need to start a business or side hustle on your road to creating passive income streams. 

However, don’t quit your day job just yet.

 I advise most people to stay at their current job for as long as possible when building up their first eCommerce business. Building an eCommerce operation is quite stressful, and staying at your job will help minimize the financial part of this stress by providing you a steady income. Once your eCommerce business starts making real money, though, you’ve struck gold. Unlike a traditional salary job, your eCommerce business is scalable. With an eCommerce business, you’re no longer just trading money for time. 

Why Building a Business Is the First Step

The extra money and profits you make through your eCommerce business are so beneficial to creating passive income streams. The additional funds you have from your business can be reinvested into real passive income opportunities. Ultimately, having your own business is the best strategy to reach financial freedom faster. 

The tax system is built for business owners. If you are dealing with salary from your job alone, you will be paying a ton of money in taxes each year. This takes away a good amount of money that could be invested into potential passive income streams. Having a business is the best way to have the tax codes work for you. 

A great resource to learn about making tax work in your favor is Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes by Tom Wheelwright. Pick up a copy of this book today to learn about tax-free wealth and how it can provide you with money to invest in more passive income opportunities. 

The Best Passive Income Investments 

Screenshot of Peter Pru discussing alternatives to traditional savings accounts and banks

Now that we’ve discussed why you should build tax-free wealth and increase your funds to invest in passive income opportunities, it’s time to look at some of the best options available to you today. I want to preface that I am not a financial planner and that the recommendations I am about to share with you are not financial advice. Always do your own research and talk to your financial planner before making investments. You can also watch my step-by-step guide to passive income here.

That being said, three of my favorite passive income investments are dividend-paying stocks, crypto coins, and interest from the U.S. Dollar.

1. Dividend-Paying Stocks 

Investing in dividend-paying stocks is a great way to obtain passive income. Blue-chip stocks — huge companies with excellent and longstanding reputations — are some of the best dividend-paying stocks to invest in. 

Stocks like AT&T or Coca-Cola have incredible histories. They also pay out good dividends to stockholders on the quarterly level. While these dividends are generally less than $1 a share, the compound effect is still your friend. Dividends that you earn can also be reinvested to buy more stock and so forth. So even if you start with just a couple of bucks to invest, the compounding will help you build wealth and create passive income. 

2. Crypto Coins 

I believe that cryptocurrency truly is the future, and that is why it’s in my top three passive income strategies. While I don’t typically recommend investing in altcoins, if you do your research and find a coin that you think has potential, it might be a good investment opportunity for you. The top five cryptocurrencies I am currently investing in are:

  • Bitcoin 
  • Ethereum 
  • Cardano 
  • Chainlink 
  • Uniswap 

While investing in Crypto is a great passive income strategy, I recommend taking a step further. I store my coins in a wallet and get paid interest to keep them there. Through the Celsius Network, you can, too. 

3. Interest on the U.S. Dollar 

Going hand-in-hand with earning interest with my Crypto coins, I also build passive income through collecting interest on the U.S. Dollar. The Celsius Network and Gemini are disrupting the traditional banking industry. When you let your money sit in a savings account at the bank, you aren’t having your money work for you. Instead, you’re letting your money work for the bank. 

If you put $10,000 in the bank and then try to go get it out the next day, good luck. The bank has already invested this money for their interest. It will be tied up in their investments for at least a couple of days. So rather than having your money work for the bank, it’s time to have it work for you.

Through the Celsius Network and Gemini, you can actually move your U.S. dollars, convert them into stablecoins, and then earn 8-12% interest on this money when it sits in a Celsius Wallet. There’s no bank where you can earn that kind of interest on your cash. This is a great passive income opportunity to research more and utilize to help you reach financial freedom faster. 

Consult With the Pros 

Dropshipper starting to invest in cryptocurrency and stocks

Now is the time to start building up your passive income investments. Reaching financial freedom faster will require strategic planning with your business and passive income investments. If you feel like you need more guidance on your road to financial freedom, passive income, or growing your eCommerce business, feel free to reach out to us today. 

At Ecommerce Empire Builders, we can help you build, launch, and scale your own profitable dropshipping business. To get the ball rolling, sign up for access to our exclusive free webinar today. Be sure to check my YouTube channel for even more free resources and insights into the dropshipping and sales funnel industries. Remember, your empire starts now! Tagged : / / / /

Affiliate Marketing With Clickbank for Beginners in 2021: Earn Your First $100

Empire builders, one of the great benefits of running an online business is that there are many ways to generate multiple income streams. Some of them are relatively passive. That means you can pretty much just “set it and forget it” while still dedicating most of your time to your main business. Affiliate marketing with Clickbank is one of the best examples of this type of online income. 

I want to emphasize that it shouldn’t be your only project. But affiliate marketing is a fantastic opportunity for just about anyone. Whether you have an established ecommerce business or are just getting started, I’m going to teach you how to make affiliate marketing with Clickbank.com work for you. 

Why Affiliate Marketing With Clickbank Is the Icing on the Cake

I have a long history with affiliate marketing because this was actually the strategy I used to earn my very first dollar online. This was 13 years ago when I was a freshman in college and just beginning to dip my toes in the world of making money on the internet. My experience with affiliate marketing really opened up my mind to how the whole process of making money online works. So much has changed since then, and many methods are simply outdated. But affiliate marketing with Clickbank is still an excellent source of extra income in 2021.   

If you don’t know anything at all about affiliate marketing, you can think of it like this: 

An ecommerce business is trying to promote its products. But instead of spending all its marketing dollars on Facebook ads or something similar, it pays someone like you to promote the products. Affiliate marketers use a designated link, and they get a cut every time someone uses that link to purchase the product. Since the companies only have to pay when you actually make a sale for them, affiliate marketing is potentially a more effective source of traffic for them. In other words, these companies WANT you to succeed.

Of course, the problem with affiliate marketing is that you’re not working toward building your own business or creating your own assets. You’re really helping someone ELSE build their business. I recommend you take control of your ecommerce business by selling your own physical products or digital products. Even better, sell a combination of both. Then you can layer on the extra income from affiliate marketing as the icing on the cake.  

Choosing a Product to Promote With Affiliate Marketing

Screen grab of Peter Pru exploring different offers for affiliate marketing with Clickbank

If you already have an ecommerce business and a built-in audience online, affiliate marketing is designed to fit in perfectly with your current niche. There’s literally an endless amount of products out there that you can be promoting. There are affiliate marketing offers for every type of consumer and in almost any market. For example, if you’re already selling fitness equipment or fitness-related information, you can promote a complementary product that has to do with fitness. The key is to find a quality product that people will actually be interested in. You really don’t want to go out there and promote something random that you’re not familiar with. Definitely try the product and learn as much as you can about it before recommending it to your audience.  

If you haven’t gotten your business off the ground yet or maybe don’t even have a niche, you can choose an affiliate marketing product by thinking about your own interests, passions, and hobbies. I always recommend you use that as the starting point. Are you into video games, cooking, computers, or travel? These kinds of topics are typically evergreen. That means there’s always plenty of digital and physical products being launched in these niches. Choosing a popular topic is what makes it a scalable business with plenty of opportunities for you.  

Using Clickbank.com for Affiliate Marketing

The place I love to use for affiliate marketing is Clickbank.com, and you can set up your account completely free. I’ve used all the different platforms out there for affiliate marketing. Clickbank.com is the best one, especially if you are looking for recurring affiliate marketing offers. That means you sell a subscription product that will go on to pay you a cut every single month. That’s the kind of excellent passive income you really need, and Clickbank.com is great for tracking those kinds of offers. 

I did a live demo showing you how to use Clickbank.com to find some great offers, but it’s very simple to use. Log in and head to the Marketplace tab to sort through all the different affiliate products that are currently available. There’s a ton of different categories, and you want to choose the ones that are most relevant for your niche. 

How the Math Works on Clickbank

Sticking with the fitness space, maybe you decide you want to promote a weight loss supplement. Head to the weight loss supplements and compare all the different options. Clickbank.com provides crucial information to help you choose the right product, like the average percent conversion. They also provide a Gravity rating. This is calculated by Clickbank’s algorithm to show how well a product has been selling over the last 12 weeks. As an example, Okinawa Flat Belly Tonic is a superstar product with a high Gravity rating and a high average percent conversion. If you drive traffic to your affiliate link for this product, you would be earning an average of $132.51 for every sale. Those are the kinds of stats you want to see for a product you would potentially promote.

Again, you want a quality product that’s doing well and that will give you some nice commissions. In my case, I do also make an effort to find subscription services that will be paying me every month. That’s free money in the bank! 

Affiliate Marketing With Clickbank Case Study: Custom Keto Diet

Screen grab of Peter Pru showing how to use Clickbank

As part of the live Clickbank.com demo, we took a deep dive into one product with great potential for affiliate marketing. Custom Keto Diet is one of the top sellers in the Keto diet niche, a category that’s definitely hot right now. This product is also a subscription service, which is excellent. You can see on their profile that Custom Keto Diet pays their affiliates $21.31 every month for each purchase made from your link. 

Every business on Clickbank.com will have a variety of great resources to help you sell their product. The better you can do, the more sales you can generate for them. Custom Keto Diet is a great example of this because they truly offer everything you need to promote the product. If you decide to market Custom Keto Diet, the first step is to generate your own unique link and head over to their page for affiliates. This is where you can learn much more about the product and also get a wealth of content that will help you promote it. You can find a ton of slick, professional images of the product to use for social media, blog posts, and anything else. They also have testimonials of the product, videos, and even fully-written email templates you can blast out to your list.

So it really is that simple and easy with affiliate marketing. Whether you’re choosing Custom Keto Diet or a product in a completely different niche, Clickbank makes it easy; you’re not going to have to go create your own offer stack images or anything like that. You just go in and use their content in a way that makes sense for you.  

Why Paid Ads and Affiliate Marketing Don’t Mix

Influencer doing affiliate marketing with Clickbank via videos

The affiliate marketing business model is obviously much easier when you already have an established business in a specific niche. You simply leverage your audience and existing infrastructure to make some extra money. If you’re a newbie to ecommerce, the big temptation with affiliate marketing is to try to use paid ads to drive traffic to your affiliate link. But I’m telling you right now — because I don’t want you to lose a bunch of money — that it’s really hard to make that kind of business work. Some people can manage it, but it’s rare. 

The reality is that your profit margins from earning a commission are way too slim for using paid ads. The business you’re trying to promote is ALREADY running those ads on Google, Facebook, Youtube, and everywhere else. You’re basically going to end up competing against them for those clicks. That doesn’t make any sense, and it’s not profitable for you. The business you’re promoting will make the numbers work much better than you can with your 50% commission.

The Bootstrap Method of Affiliate Marketing With Clickbank

If you really want to make your first dollar on the internet through affiliate marketing With Clickbank, you need what I call the Bootstrap Method. You’re basically pulling yourself up by your own bootstraps with the compelling content you make to market the product. All you have to do is purchase the product and then use it. You can even potentially write to the business on Clickbank.com to ask if there’s a discount code for affiliates. Obviously, choose something you believe in and something that’s relevant to you. Then, make a video on Youtube reviewing the product. Be as thorough and interesting as you can. If possible, make it a journey. Cover multiple days of your progress using the product, how your thoughts evolve, etc. Post a link to your affiliate link in the description box!

Create the same content in the form of a blog, and again add your affiliate link. Now you’re in a position to begin ranking when people are searching for reviews of that product. This is something consumers do all the time, organically. Getting some commissions that way is the absolute best way for someone without a business to begin making money with affiliate marketing. 

Consult With the Pros

There’s so much more about how creating a fantastic income online. Register for the FREE Ecommerce Empire Builders webinar, and begin building your empire today! You can also subscribe to my YouTube channel for frequent business tips and insights for affiliate marketing with Clickbank, dropshipping, and more. Tagged : / / / /

5 Passive Income Ideas That Work

Passive income is the money you generate with minimal or zero effort after an upfront investment. It eliminates the limitation of time from your ability to earn, so you can make money in multiple ways concurrently. Additionally, you get peace of mind and more time for personal interests and development. Read on to discover five proven passive income ideas you can implement to generate thousands of dollars.

1. Dividend-Paying Stocks

If you invest in a company with dividends, you earn a portion of their profit based on your investment size. In other words, you become the corporation’s shareholder, and you’re entitled to an annual or quarterly dividend.

Choosing the Best Stocks

Consider investing your money in dividend aristocrats. These are a select group of S&P 500 companies that have paid and increased their dividend base for at least 25 consecutive years. Investing in stocks with such a track record reduces the risk of losing your money.

As long as you’re earning a dividend every year, your investment is safe, and you’re making extra money for free. What’s more, your passive income from dividend aristocrats grows year in and year out.

The amount of money you can generate from stocks depends on the percentage of share price a company pays in the year. Therefore, it’s prudent to shop for stocks with high dividend yields to maximize your return.

For example, you might find a company with an annual dividend yield of $2.00 per stock. That might sound like nothing much. But what if you invested more and purchased 200 stocks? You would effortlessly earn $400 from the company that year as passive income.

2. Selling Physical Products Online

Screengrab of Peter Pru discussing dropshipping

Many consumers like buying commodities online due to the convenience of placing orders from home and waiting for a delivery. They can also access a wide range of products and prices on different ecommerce sites.

While online shopping was growing organically over the years, it made a dramatic leap in 2020 due to COVID-19. Lockdowns due to the pandemic forced even those who were skeptical about ecommerce to develop online buying habits. That’s one reason why online sales have recently skyrocketed, and you can even make a full-time income as a dropshipper.

Where to Source Products

There are two fantastic sources of physical products for resale: AliExpress and Alibaba. AliExpress is a great starting point for buying items at wholesale prices and dropshipping them to your customers. Use either platform to establish your best niche and winning products.

For better margins and more profits, move to Alibaba to stop overreliance on a few suppliers from one region. The platform features worldwide manufacturers and distributors, giving you more price options for the same product.

You’ll want to partner with reputable suppliers who have been in business for several years. Focus on building a relationship first instead of pushing for rapid supplies, especially if you’re looking for long-term business.

Ask the supplier to quote prices for different quantities of an item, say 50, 200, 1,000, 5,000, and so on. You’ll be surprised at how drastically prices can fall as you increase your order. Your selling price should include all the costs of sourcing the product and shipping it to your customer, plus your margin.

3. Affiliate Marketing

Affiliate marketing means selling other people’s products and making a commission off the sales. It’s an excellent passive income opportunity when you have an audience on social media and other digital channels.

Find a business that offers products and services you think your audience will buy and promote their affiliate links. Build a list of customers or people who follow you or engage with you online. Then define a touchpoint where you can promote relevant affiliate links.

Be sure to promote products that you’re familiar with (preferably commodities you have used). Potential customers will be more confident if you can answer basic questions about what you sell.

Where to Find Affiliate Products

One of the best places to find products to sell through affiliate marketing is clickbank.com. The platform has many digital and physical products you can promote online and earn commissions. Choose an affiliate product link and promote it through your social channels, email, website, blog, and other online platforms.

4. Selling Digital Products

Screengrab of Peter Pry discussing how to sell digital products

Professionals and industry experts can make easy passive income by creating and selling digital courses relevant to their field. You can sell ebooks, podcasts, and other digital resources on various subjects.

If you want a digital product that gives you almost 100% margin, try selling private label right (PLR) products. These are ebooks and video guides that you can buy once and do whatever you want with them. You can edit them, put yourself as the author, resell them, give them away for free, and so on.

Refining PLR Content

While PLRs have great content, most of them come in simple formats, like plaintext ebooks. You have to make them more attractive to your audience and customers, or they won’t read them.

Fortunately, there are many free and paid tools for improving these digital products. If you don’t have the time or don’t want to learn how to enhance PLRs, sites like plr.me sell ready-to-use content.

5. Real Estate

One of the most rewarding industries is real estate, especially if you own rental property. It’s a great business since you have a tangible high-value asset that generates long-term passive income.

Single-family units are perhaps the most sought-after houses since newlyweds and small families are always searching for new homes. You can net hundreds to thousands of dollars of passive income per month. Buy and rent out whichever real estate property you find marketable.

Where to Find Homes for Sale

Most people with real estate experience will agree that Zillow is ideal for finding houses for sale. The platform allows you to narrow your home search based on your preferences and budget.

Zillow also provides an estimate of the monthly costs associated with maintaining a given property. Add your mortgage, property taxes, and HOA fees to estimate a reasonable rent amount for a home before even buying it.

A good strategy is to ensure that your tenant pays the mortgage and other expenses. You’ll earn free money from the rent after paying off your monthly mortgage amount.

Start a Profitable Online Business Today

man succeeding with his passive income ideas in his home office

Ecommerce Empire Builders can provide the tools and insights you need to succeed in selling products online. Register for our webinar to learn how to build a lucrative ecommerce business today. You can also subscribe to my YouTube channel for more business insights and passive income ideas. Tagged : / / / / /

Start These 3 Massive Passive Income Opportunities in 2021

People love to talk about passive income, but they don’t really tell you how to get to that level. Today we’ll show you our three favorite passive income opportunities for online businesses. You will learn how you can start implementing these things into a new or existing business.

What Is Passive Income?

Screengrab of Peter Pru discussing the timeline for passive income growth

Passive income takes activity on your part to get started. Having sufficient passive income is possible, but it usually comes from many income sources. We have about 20 income sources, and a lot of them are happening even while we sleep. 

You may be trying to get passive income quickly. Realistically, it does not happen right away. By putting in a little effort over the next month, six months, and beyond, you will see passive income starting to come into your bank account.

Our first tip is our favorite way to start making money and turning it into passive income. It’s called ecommerce. Why is ecommerce one of the best passive income opportunities out there? Think about everything going on in the world right now. You have probably been ordering things mainly online for the past few years. Buyers continue to double month after month through online shopping. Wouldn’t you want to start your business around an industry that is already on the up? Of course you do! That is why ecommerce is our favorite way to get started, especially through dropshipping.

1. Dropshipping

Why do we say dropshipping is our top choice? Overall, it is the lowest risk and lowest cost way to get started.

Maybe you have a lot of money to get started on these passive income opportunities, and maybe you don’t. When we were getting started, we didn’t have a ton of money to reinvest into a new business. If you do, that’s perfect — it is going to make your journey a little bit easier. The goal is for you to make everything low-risk and at a low cost to yourself when you get started, especially when it is a new business idea. 

Consider these tips:

  • DON’T do things that are going to take up a lot of your time.
  • DON’T get involved in things that require a lot of upfront money.
  • DO start out with something low-cost.
  • DON’T spend time sourcing a huge volume of inventory.

For dropshipping, you generally work with overseas suppliers. They ship products on your behalf to your customers. Your job is 100 percent just to market the product. They give you a good price for products, and you charge more to your customers. You take the difference from what your customer pays, making it nearly risk-free. You could start with a couple of hundred bucks.

All the methods you are learning today can be stacked together. To generate real passive income, it works better when your income streams are complementary to each other. You should not completely rely on just one product, supplier, or method. Why? Because if your main one gets cut, all your income streams die. However, you do want them to be complementary. That way, when you are working on one thing, you are impacting the others, as well.

2. Sell Digital Products

Dropshipper organizing her passive income streams

Our second favorite way to start generating passive income is selling digital information products. Selling digital products is amazing because you create them once and then sell them over and over and over again.

The profit margins are better than selling physical products. There is a caveat, however, and we are sharing it here since we know some of you will decide to skip the dropshipping. Selling digital products only or by themselves can be very, very difficult. So how do you do it? How do you start?

Here is what we recommend. Let’s say you start a dropshipping business selling fishing equipment. Then you decide to start selling digital products. What you would do is sell digital products to the people that are already buying your physical fishing products. This is a sales technique called upselling.

For example, a customer buys a fishing lure from you. After they make that purchase, they go to your first upsell page with one click. You say, “Hey, do you want to purchase our five-video mastery guide series for tying your own fishing lures?” When they click “yes,” they purchase it with one click and are automatically billed.

The Big Benefit of Digital Products

That digital product — the video series — was created once. Maybe you paid somebody to create it for you or you made it yourself. You have some time invested in it. But every time you sell that video series, it is free money.

If you have a dropshipping business right now, try this. Put together a video course, a high-quality PLR (private label) product, or a PDF product. You can purchase information products from other websites and then resell them under your own label. It’s a great way to resell products and not have people asking for a refund.

The key is over-delivering the information products. With physical products, customers wait to get something in the mail — we call it the Christmas effect. We call a digital product the Amazon effect because they get it right away. Follow these tips:

  • DO sell the physical product first.
  • DON’T try to sell digital products as the front-end product.
  • DO upsell the digital product.
  • DO sell a mixture of both to start creating passive income.

3. Affiliate Marketing

Our third favorite way to build passive income is using affiliate marketing. Once you have your dropshipping business going and upselling digital products, it is time to add affiliate marketing. This essentially is where you sell other people’s products and earn a commission. You send them customers, and they handle the fulfillment. They manage all customer service, and you make a commission.

Affiliate marketing is a great business model but remember: you are not building your own business here. You are helping somebody else build theirs. It is important that you build your own customers and your own business. Don’t spend all of your time helping somebody else build their empire. You should even have affiliates for your own business!

Use affiliate marketing to interweave with your business for products that you don’t ever plan to sell. It is an amazing way to boost revenue for your business.

How to Start Affiliate Marketing

Let’s say, for example, that your business is selling supplements like green juices and smoothies. You like selling these products to fitness pros and people that love working out, but you are not interested in creating courses on that topic. The alternative is going to affiliate marketing websites such as Clickbank.com. You can sign up to be an affiliate for video courses, PDFs, and digital products. When your customers purchase the green juice, you refer them to the other company’s video training course (or whatever it is) and earn a commission. But keep these tips in mind:

  • DON’T refer your customers to other people’s products that you may sell in the future.
  • DON’T refer your customers to affiliated products just for the sake of earning a commission.
  • DO refer your customers to products that will benefit your customer, and you have no plans of launching yourself.
  • DON’T refer your customers to affiliate products that you would not use.

How to Put Together the Three Income Streams for More Passive Income

Ecommerce Empire Builders workshop

A good interweaving of these three business models is the way we recommend setting up your ecommerce business. You are making sales in your dropshipping store, you are selling digital products, and you also have some affiliate marketing products. It makes three income streams created from one single dropshipping product.  

Which one of these are you going to implement in your business today? At Ecommerce Empire Builders, we give you all the tools to launch the massive, passive income opportunity you need for 2021! Follow this link to get in on an exclusive, free webinar to learn in detail how to start a passive income business. And remember, your empire starts now! Tagged : / / / / /