Let’s discuss how to create multiple passive income streams in Nigeria. Passive income is the dream of almost every financially knowledgeable person. Warren buffet says it best “If you don’t find a way to make money while you sleep, you’ll end up working your whole life. This is coupled with the fact that the average millionaire has 7 income streams with most being passive income streams.
So before I jump right into the meat of this article, it might be worth defining what passive income is.
- What is passive income?
- How to create multiple passive income streams in Nigeria
- 1. Decide what you’re willing to invest.
- 2. Know your options
- Create and sell ebooks on Amazon Kindle
- Create and Sell Online courses
- Try Investing
- Create YouTube Videos
- Start Blogging
- Start Affiliate Marketing
- Design and sell T-shirts
- Sell your Photos
- Buy Online Businesses
- Outsource a Business
- 3. Learn the game
- 4. Stay Consistent
What is passive income?
Passive income is a term that defines earning money without having to make a direct exchange of time. It should most definitely be considered that this type of income requires some form of work upfront and regular maintenance from time to time.
Nevertheless, passive income actually exists and in this article, you’ll be learning how to create multiple passive income streams in Nigeria.
How to create multiple passive income streams in Nigeria
1. Decide what you’re willing to invest.
To make passive income A.K.A Money in your sleep, you’ll need to come to terms with what you’re willing to sacrifice upfront. This could be time or money.
You’ll need to make a choice anyways. Most times, passive income streams that are started with monetary investment tend to yield results faster than if it was solely started with time sacrifice.
As a beginner, I presume you have a lot of time at your disposal and maybe no cash at all, whichever sacrifice route you choose to take will solely depend on the passive income stream you’re trying to create as some income streams compulsorily require a monetary startup cost.
2. Know your options
There are several passive income ideas available to Nigerians. So Before you embark on this passive income journey, you’ll first need to weigh your options and choose whichever suits you best. Mind you, you can definitely have more than one passive income stream. This works so well because remember, with passive income, you only have to do the work once, do it well, and reap the fruits for a long time coming.
This gives you freedom and leverage to build even more passive income streams.
So before I go on to list the different passive income streams you can create, I want to quickly mention that you’ll need to stick with one at a time and move it up from there.
Since you’ll be doing the work just once, it has to be almost perfect. With that out of the way, let’s quickly discuss the different passive income streams possible in Nigeria.
Create and sell ebooks on Amazon Kindle
This is a really popular side hustle and passive income stream for Nigerians. I mean all you need to make this work is time.
Amazon kindle is a platform by amazon that allows writers to upload their book files and sell them on their platform for free.
Billions of people shop on amazon monthly and their book platform has massive traction as well. People make upwards of $1000 in passive income on the amazon platform and you can too.
So what do you need to start selling on amazon KDP?
You just need a book ready to be sold, an account on KDP, and Time to set it all up. Listen though, this side hustle isn’t some magic pill that’ll make you stinkingly rich overnight, you’ll need to learn what it takes to have people find your books on the platform.
You’ll need to learn KDP SEO, Market your book outside KDP for the initial reviews and once your book gets a bestseller rank, you’ll be on your way to crazy passive income.
The crazy thing about this hustle is you can sell coloring books and other forms of activity books you could think of and these books don’t need any form of writing.
Create and Sell Online courses
The next passive income stream is a really controversial one, but it damn works. People all over the world love learning and if you have a valuable skill you think more people would be dying to have at their disposal, it might be worth trying this hustle for yourself.
Many online millionaires actually became so because they had success with their main hustle, decided to share their knowledge, and made an even crazier income off of it.
So How Do You Start Selling Online Courses?
A. Think of a valuable skill you might have or learn one instead.
Make sure you’re actually good at what you’re trying to sell, so people don’t refund your courses after they buy.
B. Prove Your Concept
Some skills are not worth the time, as people won’t be willing to pay a fortune to learn what you have to say. Once you’ve decided on a potential course, make sure you validate it as a winning idea before you go ahead to invest your time and effort into creating this course.
Many course creators end up frustrated after spending all the time creating courses no one wants to buy or will ever buy.
C. Outline Your Course Curriculum
List out everything you’ll be teaching your students with your online courses, make sure it’s organized, and will help them learn your skill for themselves.
D. Start Creating your online course
The best way to create your online course is most definitely using a camera and a good microphone, but you could also try PowerPoint slides and screen records.
Better, you could record the voice-over and send it over to a professional video editor for a professional touch.
All that matters is that your course comes out looking clean and professional.
E. Start Marketing Your Online Course
You’re going to need to “Build it and they’ll come” saying because that rarely happens in the online world. You need a strong and solid marketing strategy to get people to know your course actually exists.
Thankfully, I have a couple of ways for you to do this.
- Use Marketplaces like skill share and Udemy to sell your course: These platforms already have millions of monthly visitors looking for courses to buy.
- Promote your course on Social media
- Blog about your course topic
- Create YouTube Videos about your course topic.
This idea is in the category that needs a monetary investment upfront compulsorily, but this is the quickest and surest route you can take to guaranteed passive income.
So How does one start Investing?
- Choose an asset you’ll willing to invest in, This could be cryptocurrency, stocks, or real estate.
- Get real financial advice or do your own research about the asset in question
- Buy and hold.
Real investment isn’t about flipping assets like in real estate flipping and day trading. These commodities are called assets for a reason. This is because they appreciate in value, so the safest Investment after you must have made your own research about the asset in question is to buy, hold, sell and profit from the capital gains.
Create YouTube Videos
No matter what anyone says, YouTube is really a passive income stream for those who use it well. Let me explain why
YouTube is the 2nd largest search engine in the whole world with billions of monthly users. The Keyword is “Search engine”, YouTube unlike Social media is a search engine and videos can be found even after many years if the creator does a good job with its S.E.O.
This means people will keep watching your videos years after you must have created them and if you’re part of the AdSense program, or promoted a product in the video, that’ll be crazy passive income every single month.
So how do you make this happen?
There are so many tips for YouTube Success, but as regards making passive income, my top advice is to focus on making evergreen videos rather than trendy videos.
This way people will always be in search of your video-type content and you’ll always get views.
To learn what it takes to be a YouTuber in Nigeria, Read this YouTube guide I made.
Blogging is another crazy passive income stream, but this isn’t as passive as the others on this list. It takes a lot of work upfront, writing posts, optimizing for S.E.O, building backlinks, and making sure your blog posts actually show up on Google.
Once your articles, that’s when the party starts, Google is the largest search engine in the world and if you get just a little percentage of this traction, you would have built a passive income-generating machine for yourself.
Once you start getting traffic to your website from google, there are so many ways to monetize these eyeballs.
You can sell your courses, products, and services, or promote affiliate links, you could apply to run ads on your website and that’s truly passive income.
Here’s a more in-depth guide on how to create a website, so you could start blogging online.
You might also love this blog post I made about the best blogging platforms you could choose from, both free and paid options.
Start Affiliate Marketing
This is literally the first hustle Nigerians think of when they first want to start making money online, but affiliate marketing isn’t as magical as gurus make you think. It requires a lot more effort but truth be told the rewards are well worth it.
For all my novices, let me quickly define what affiliate marketing is. Affiliate Marketing is the process of marketing someone else’s products, getting them sales, and having them pay you a commission for the sales you make.
Sure, you won’t have to create any product from scratch, but listen marketing an affiliate product is going to be just as stressful as it would be if you had to market your very own product.
Here’s how to do Affiliate Marketing
A. Choose an Affiliate Program
You’ll need to sign up for different programs for the products you want to promote, if you’re blank right now, read this post with some affiliate programs available to Nigerians.
B. Choose your traffic source
The worst affiliate marketing mistake you can ever make is thinking magically sales will pop up from God Knows where.
You need to do the work to plan your traffic source so it actually starts making you money.
Some places to promote your affiliate products include:
YouTube, Social media, your website, Paid ads, and Influencer Marketing.
Read this article for 21 different marketing platforms you can leverage for your affiliate marketing business.
Design and sell T-shirts
This passive income stream is for all my designers out there, if you think you have creative hands, you’re going to love this.
Marketplaces like RedBubble, MerchbyAmazon, Teepublic among others allow you to upload your designs on shirts as well as other apparel. Customers come to these platforms on a daily basis to buy T-shirts, stickers, and other apparel with amazing designs created by artists on them.
When this happens, these marketplaces take a cut for printing the products on demand while you keep the rest for being the designs.
Is This Passive? Most definitely, you just have to create these designs once, upload them on these marketplaces, optimize for S.E.O and sit while the passive income rolls in.
Is this possible for non-designers? If this business model interests you as a non-designer, you could most definitely hire graphic designs for $10 or less on fiverr, and upload them on those marketplaces. You’ll then be able to keep the profit that flows in.
Check out this post for other ways to Make Money as a Graphics Designer.
Sell your Photos
If you’re the photogenic type, you have a gift that could make you passive income realistically. You can actually start selling your beautiful photos on stock sites like Getty Images and Shutterstock.
Who would want to pay for my Photos? The thing is that many brands need unique photos and are on a budget that doesn’t allow them to hire models. They then go on to these stock photo sites, search for photos, and if they like your photo, they buy a license to be able to use them for various marketing purposes.
So if you think brands would die to have your face on their products, then you’re confident enough for this income stream.
This is completely passive because you just have to upload these designs once and get paid over and over again.
Buy Online Businesses
Some people have mastered the art of building profitable businesses and can do so with their eyes closed. If you have some money to spare and would want to start making passive income without any work upfront, then this is the idea for you.
Marketplaces like Empireflippers allow business owners to come in and sell their businesses at a fixed or an auctioned price.
Businesses you could buy Include:
- Dropshipping businesses
- Affiliate marketing businesses
- High-Traffic Blogs
- E-commerce businesses.
- Digital Agencies
Outsource a Business
If you’re willing to be patient, learn the game and actually build a profitable business from scratch, then this idea is for you. Remember how I mentioned some business models you can buy on marketplaces, you could also consider creating them from scratch, getting them to be profitable, and then hiring a team to run them on autopilot.
Let’s take a blogging business for example. If you were just starting, you’ll have to find blog post ideas, write and make these posts and then look for monetization methods.
With a team, you could have a writer do the whole work and you just focus on getting paid from ads, product sales, and the other monetization methods. Truth be told, Outsourcing a business is truly a sweet passive income stream.
3. Learn the game
Once you’ve decided on the passive income idea of your choice, it’s time to learn the game. The worst mistake you can make when trying to make money online is delving into ventures you know barely anything about.
You need to be almost 100% confident if not knowledgeable about a particular venture before going all in. Whether you’re considering making a time or monetary investment, it’ll definitely be a waste of time if you know little to nothing about the venture in question.
Take time to watch YouTube videos, take the necessary courses, and take advice from experienced mentors. You don’t have to pay a killing to make this happen, you just need to be able to learn, that’s all.
4. Stay Consistent
Once you’re confident about whichever idea you must have chosen, you need to stay consistent and positive. Passive income isn’t overnight and it definitely takes time.
Hence, you’ll need to quit the “Make money quick” attitude if you want to create multiple income stress.
Making money online takes a lot of time and work, it’s a lot quicker when you have to work in exchange for the money, but when it comes to making passive income, the story is really quite different. So just stay consistent and positive.
Name a business idea or passive income stream and I’ll tell you how digital marketing can literally help double your revenue and sales. Digital marketing is a high-income skill and learning it for yourself is one of the best things you can do for your business. Here’s a Free Digital Marketing course to help you get started.
Kudos to you.
I have my books on Amazon but people in Nigeria couldn’t access the Ebooks using the links issued by Amazon.
How can Nigerians and other African countries access my books on Amazon please?