7 passive income strategies to earn money and build Wealth by 2024

1. Create a sales funnel website and landing page

There are many small – to medium-sized enterprises in the world that do not have websites for sales funnels and landing pages. These sites collect customer data whenever they click on an advertisement or website of a company. They’re also employed in social media advertisements to entice customers to provide their personal information like a coupon, discount code, or the chance to download a free eBook.

The details of the customer are then added to an email list to be used for future email blasts or drip email campaigns. The advantage is that once you’ve built a an effective sales funnel it’s simple to duplicate it for different clients. The trick is pitching the funnel to business owners who want to buy.

2. Make money from the accounts on your social networks using videos

The social media sites YouTube, Instagram and TikTok allow creators to make videos through Reels or shorts as well as TikTok. Each platform is unique as is the case in terms of how to be accepted as a creator. However, If you’re good at video and have a particular area of expertise and a passion for it, you could make profits.

The smaller the scope is, the greater the potential audience. Examples: Seeing you talk about as well as play games on video, versus watching you play and describe Dungeons and Dragons. The benefit is that you’ll earn regular income if you write every few days. The trick is to create enough content that viewers can take in and to keep posting regularly.

3. Monetize a podcast

Podcasts are nothing new. As per Exploding Topics more than three million podcasts are available in September 2023. After you’ve recorded and published the podcast the trick is to go back and cut the audio into Reels, Shorts and TikToks. The drawback is that you’ll have to record a number of podcast episodes to ensure that people come back to listen to more. The trick is to interview individuals with a huge following as guests.

4. Arbitrage in online and retail

This will incur some effort and expense to find the best software, and you’ll require cash to buy the inventory of products you want to offer, however it’s an ideal opportunity to earn money. Sites such as Amazon FBA and eBay are where you can sell your products. However, you’ll have to source the goods for sale on these sites and this is time-consuming. The most important thing is to invest in the right software to guarantee an adequate margin so that you can justify buying the product you want to market.

5. Create and make money from a popular local news Instagram account

People’s attention is centered in Instagram so why not start a business through Instagram? It’s a simple process: set up an entirely new Instagram channel and share local information from your local area and city — stories on car accidents, crimes or sports events, new restaurants, events such as. People will like and share your posts. to your content since it’s local news and isn’t biased TV news.

When you have enough followers You can then start charging local businesses for posts in the pages. You can make money from stories reels, posts and stories. The bigger the number of subscribers is, the more you can be able to charge. Do not overdo it, people don’t like ads and being scammed by. Growing your audience takes time. The trick is to locate and publish local news that is worthy of a person taking a moment to look it up.

6. Video editing

Video is among the most sought-after methods of marketing and communication in the present, and is utilized on a variety of websites to make cash. A lot of creators do not have the time or don’t have the skills to edit video. Here’s the place you can help. Begin by by direct messaging (DM-ing) to influencers using posted videos, and also offer editing services for videos.

An excellent way to catch their attention is to edit one of their videos at no cost and sending the edited video to them. If your edits to the video are excellent, you’ll be able to get their attention and they’ll be interested in your business. The drawback is that editing video can be time-consuming. It is important to have numerous influencers who need editing capabilities, which means you don’t have to communicate with other influencers. You can instead focus solely on editing video.

7. Create online courses

Do you have a knowledge or talent that could be taught via video? It could be anything from selling luxury properties, welcoming new employees as an Human Resources (HR) Director or even baking a prestigious apple pie. People will buy online courses in case you are able to capture the attention of your viewers and make several videos about the topic.

The video courses can be cut into reels, teaser clips shorts, and TikToks. The trick is storyboarding and writing the content in advance to create a seamless video series. The drawback is that it’s labor-intensive when you want to release an excellent product.