As an adult, we are often presented with the classic conundrum: time or money. It feels like a constant narrative that things in life can only be one or the other, without any exceptions. What if I told you that you could have both?!
If you are looking to be more financially free without using social media, shipping or storing excessive products at your home, and, arguably the most important, not spending a ton of time on making money, you have arrived at the right place.
I have been in your position before and now I am dedicated to helping other people live the financially responsible life they have always wanted, without having to work more than 1 job. The suggestions that follow are ways you can make $500-1,000 a month while working a mere 2 hours per week! At just 2 hours per week, this is something you can do as a part-time gig while supplementing your income from other jobs. This is the future!
What Is Passive Income and What Is a Side Hustle?
If you have been exploring ways to increase your finances, you’ve probably come across the terms ‘passive income’ and ‘side hustle.’ Both are ways of making additional money each month. In this economy, I think it’s safe to say it’s something everyone can benefit from! The main difference between the two comes down to how much time and energy you wish to invest, as one is an active way to make money and the other is a passive way.
Generally, side hustles require significant time and energy to be rewarded with financial gain. Jobs, like dog walking, babysitting, writing, or driving for uber, are all examples of a side hustle. Oppositely, passive income requires little upkeep and time, with unlimited financial potential. While both options are valuable, I am all about that passive income!
Consider what world-famous entrepreneur Warren Buffett said: “If you don’t find a way to make money while you sleep, you will work until you die.” Amen to that. Now it’s not all sunshine and rainbows! Before it can become passive, it does involve time and effort to get to a place where it can sell without much of your attention.
What Is the Best Way to Obtain Passive Income?
The best way to make $500 – 1,000 a month, while just putting in 2 hours a week, is to create digital products on Etsy.
If you aren’t familiar with digital products, that’s okay! They are something that someone can download and use digitally, on their laptop, computer or mobile phone. You might be thinking: “why would I offer digital products instead of physical products!?”
Digital products have many advantages for you, the entrepreneur. These advantages include:
- Never having to worry about inventory, whether that is having too much or not enough.
- You don’t need to rent a storage unit to store your products.
- Customers can enjoy their product immediately after they purchase it.
- There are zero costs related to materials or assembly – except for the wifi bill, which you’re paying anyway.
- No stress about shipping or returns.
The less discussed benefits of passive income are moments like checking your sales at the end of the day, seeing your earnings and knowing you didn’t even look at your shop that day or making money while enjoying a holiday with your loved ones. Nothing can beat the feeling of having time to enjoy life, being present and doing the things you love, without the stress of constantly feeling like you need to be actively earning money. Passive income will change your life!
Which Digital Products Will Be the Most Successful?
There are many ways to garner success on your very own Etsy store! The very first thing you will want to do is to hone in on your personal skill set and what you can offer. Do you have a unique skill? Are you a talented photographer? Do you love to cook? I promise you, there is absolutely a skill or talent that someone will pay good money to learn about.
Once you determine what you will enjoy creating and talking about, you absolutely need to find a niche within that and do market research. The best-performing Etsy stores are those that are most often searched for by the consumer (aka in hot demand!) and that do not have a lot of competition. This means, while your product should be something you believe in, it should be something that is targeted at what people are actually wanting and needing! This will actually sell.
Here are some of my top suggestions to get you started on your digital product:
- Recipe ebooks of your top comfort foods for the winter months
- A sweet and aesthetic checklist for new parents
- Organization templates for university students
- Resume templates for job seekers
- Budgeting templates for beginners
- Social media templates for content creators
- Online courses about whatever topic you excel in. Are you a master in tai chi? Want to educate about plants and trees? Are you an avid yogi? Do you enjoy lettering? Whatever it is, I guarantee someone is keen to learn from you
- Graphic designers can sell textures, objects, typefaces and more that are in high demand
- Sound effects for various projects
- Stock photography of landscape
- A 20-30 page Ebook about a travel destination that offers insider tips
Once you determine what you want your product to be, it’s time to start rolling in the dough. You can learn all about how to make the absolute most of your time and effort with my Digital Shop From Scratch course. With my course, you can look forward to learning from 4 modules that offer:
- How to undertake market research
- Understanding how specialized keywords can grow your audience
- Making an Etsy page that will stand out and sell
- Picking a business name that pops
- Useful suggestions to get you started on creating a digital product
- Marketing and ads that lead to sales
- When and how to make revisions to your Etsy page
On theme with little time and high reward, my course takes just over 60 minutes to complete.
Overhaul your life and your finances with digital products! Ready to become financially free? Start the course today.