A few days ago, I wrote a very detailed and informative article about 17 Side Hustle Ideas from Home for Students in 2024.
But then I had an afterthought:
Which of those 17 side hustle ideas would be the most cost-effective for every young adult to build their passive income effortlessly?
The answer was right in my face.
- Selling digital products, especially Canva templates
- Podcast hosting
- and affiliate marketing
According to Forbes magazine, those are the top three income streams that every young adult (I included) is taking advantage of.
And today I’ll be sharing the five expert phases you can go through to set them up profitably.
Disclaimer: The phases have been tested by experts in the industry and have proven to work!
Phase 1: Choose Your Niche and Audience
Every passive-income entrepreneur will tell you this:
‘Your ideas are everything when it comes to building a profitable passive income business.’
So your first step to building passive income ideas as a young adult is to choose a niche and an audience that you are passionate about and that has a high demand.
A niche is a specific topic or area of interest that you can focus on, such as
fitness,
travel,
or personal finance.
An audience is a group of people who share similar needs, problems, or interests that you can serve, such as college students, working moms, or entrepreneurs.
Choosing a niche and an audience will help you create relevant and valuable content, products, and services that will attract and retain loyal customers. It will also help you stand out from the competition and establish yourself as an authority and a trusted source of information.
To choose a niche and an audience, you can
- Brainstorm a list of topics that you are interested in, knowledgeable about, or want to learn more about. You can use tools like Google Trends, Answer the Public, or Quora to find out what people are searching for and asking about online.
- Narrow down your list by evaluating the market size, demand, competition, and profitability of each topic. Use tools like Google Keyword Planner, SEMrush, or Ubersuggest to find out how many people are searching for keywords related to your topic, how competitive the niche is, and how much money you can potentially make from it.
- Pick one topic that meets the following criteria: it has a large and engaged audience, it has low to medium competition, it has high earning potential, and it aligns with your passion and skills.
Phase 2: Create Your Digital Products
Once you have the perfect niche, audience, and product idea, it’s time to create your digital product(s).
Digital products are any type of content or service that can be delivered electronically, such as ebooks, courses, software, or memberships. Digital products have many advantages over physical products:
1. They are easy and cheap to create and distribute. You don’t need to worry about inventory, shipping, or handling costs. You can use platforms like Printify, Canva, Teachable, Gumroad, or Podia to create and sell your digital products with minimal hassle and expense.
How to Use Printify to Start Your Print-on-Demand Business (Even If You Have No Design Skills)
2. They are scalable and evergreen. You can sell unlimited copies of your digital products to unlimited customers without any degradation in quality or value. You also have the freedom to update and improve your digital products over time to keep them relevant and fresh.
3. They generate passive income. Once you create and launch your digital products, you can earn money from them 24/7, even when you are sleeping or doing other things. You can also automate your marketing and sales processes using tools like Mailchimp, ConvertKit, or ClickFunnels to increase your conversions and revenue.
To create your digital products,
i. Identify the pain points, challenges, or goals of your audience. Use surveys, interviews, reviews, or social media to find out.
- what your audience is struggling with,
- what they want to achieve,
- or what they are interested in learning more about.
ii. Create a solution that solves their problem or helps them reach their desired outcome. You can use your own expertise, research, or experience to create a digital product that provides value and benefits to your audience.
Here are the different profitable formats and types of digital products for you to choose from.
- Ebooks: These are long-form written content that can cover a specific topic in depth. You can use ebooks to educate, inform, or entertain your audience. Google Docs, Microsoft Word, or Scrivener are some of the available tools for creating ebooks.
- Courses: These are structured and interactive pieces of content that can teach your audience a new skill or knowledge. You can use courses to demonstrate, guide, or coach your audience. Available tools for this task are Skillshare, Teachable, or Udemy.
- Software: These are applications or tools that can help your audience perform a specific task or function. Software will help you automate, simplify, or enhance your audience’s workflow or experience. You can create software using tools like Codecademy, GitHub, or WordPress.
- Memberships: These are subscriptions or access to exclusive content or services that can provide ongoing value and support to your audience. You can use memberships to build a community, offer coaching, or deliver premium content. To create memberships, use Podia, Patreon, or Substack.
iii. Validate your digital product idea before you invest too much time and money into it. Use methods like landing pages, pre-sales, or beta testing to test the demand, feedback, and interest of your audience for your digital product. Additional tools are Google Analytics, Hotjar, or SurveyMonkey to measure and analyze your validation results.
Phase 3: Launch Your Digital Products
The third step to building passive income ideas for young adults is to launch digital products on the market and start selling them.
Launching your digital products is a crucial and exciting phase.
as it will determine the success
and profitability of your passive income stream.
To launch your digital products effectively:
a. Create a launch plan that outlines your goals, strategies, and tactics for your launch. Use Trello, Asana, or Notion to organize and manage your launch plan.
Your launch plan should include:
- Launch date and duration. Decide whether you want to have a one-time launch or a recurring launch, such as a monthly or quarterly launch.
- Launch offer and pricing. Come up with the kind of offer and pricing you want to use for your launch, such as a discount, a bonus, a bundle, or a limited edition. Also, you can use different pricing strategies, like a fixed price, a pay-what-you-want price, or a tiered price.
- Launch audience and channels. Target your existing customers, your email subscribers, your social media followers, or your referral partners. To promote and sell your digital products, you can use your website, your blog, your email list, your social media platforms, or your podcast.
- Launch content and assets. Decide the kind of content and assets you want to create and use for your launch, such as a sales page, a landing page, a webinar, a video, a podcast episode, a blog post, an email sequence, a social media post, or a testimonial.
b. Execute your launch plan and monitor your launch performance. Let software and AI tools like Mailchimp, ConvertKit, or ClickFunnels automate and optimize your launch process. You can also use tools like Google Analytics, Hotjar, or Stripe to track and measure your launch results.
Just remember to pay attention to metrics like:
- Traffic: The number of visitors who land on your launch page or website.
- Conversion: The percentage of visitors who take the desired action, such as signing up, registering, or buying your digital product.
- Revenue: The amount of money you generate from your launch sales.
- Customer satisfaction: the level of satisfaction and feedback from your customers who purchased your digital product.
- Evaluate your launch outcome and learn from your launch experience.
Phase 4: Create Your Podcast
The fourth step to building passive income ideas for young adults is to start podcasting.
Podcasts are great for your audience growth, strong brand foundation, and digital product promotion.
A podcast is a series of audio or video episodes that you can publish and distribute online, usually on a regular basis.
Why Podcats?
Because;
1. They are easy and fun to create and consume. You don’t need to have any special skills or equipment to start a podcast. All you need are tools like Anchor, Buzzsprout, or Podbean to record, edit, and host your podcast episodes.
To enhance your audio, you can use tools like Audacity, GarageBand, or Adobe Audition. Your audience can listen to your podcast anytime and anywhere, as long as you publish them on platforms like Spotify, Apple Podcasts, or Google Podcasts.
2. They are engaging and personal. Podcasts are great for sharing your stories, opinions, insights, or tips with your audience.
You can also use podcasts to interview guests, answer questions, or host live shows. Podcasts allow you to connect with your audience on a deeper level and build trust and rapport with them.
3. They are profitable and scalable. You can use podcasts to monetize your audience and generate passive income. You can use methods like
to earn money from your podcast.
You can also use podcasts to drive traffic and sales for your digital products by offering discounts, bonuses, or free trials to your listeners.
Follow these steps to create a podcast if you want to start one:
1. Choose a name and a format for your podcast.
Choose a name that reflects your niche, your brand, or your personality. Also, you can choose a format that suits your style, your content, and your audience.
2. There are many different formats and types of podcasts that you can choose from.
- Solo: These are podcasts where you talk by yourself about a specific topic or theme. This format gives you the freedom to share your expertise, experience, or perspective with your audience.
- Interview: These are podcasts where you invite guests to talk with you about a specific topic or theme. Interview podcasts are best for showcasing other experts, influencers, or celebrities in your niche.
- Co-hosted: These are podcasts where you collaborate with one or more co-hosts to talk about a specific topic or theme. Co-hosted podcasts are great for a dynamic and diverse conversation with your co-hosts.
- Live: These are podcasts where you broadcast your audio or video live to your audience. You can use live podcasts to interact with your audience in real-time, answer their questions, or get their feedback.
You should plan and prepare your podcast episodes by:
Choosing a topic and a title that are relevant, interesting, and catchy for your audience
researching and gathering information for each episode. Make sure you research and gather information that will support, explain, or illustrate your topic. Use sources like Google Scholar or Medium to find reliable and credible information for your topic.
writing and editing your script or outline for each episode.
Record and edit your podcast episodes. Use tools like Anchor, Buzzsprout, or Podbean to record your podcast episodes. To edit your podcast episodes, use Audacity, GarageBand, or Adobe Audition.
You should record and edit your podcast episodes by:
1. Choosing a microphone and a headset that will capture your voice clearly and reduce background noise. In short, use microphones and headsets that are designed for podcasting, such as the
Blue Yeti, or Audio-Technical ATH-M50x and RØDE Condenser Microphone.
RØDE NT-USB Mini Versatile Studio-quality Condenser USB Microphone. It comes with Free Software for Podcasting, Music Production, Streaming, Gaming, vocals and instrumentals
2. Choosing a location and a time that will minimize distractions and interruptions. Consider locations and times that are quiet, comfortable, and convenient for you and your guests or co-hosts.
3. Following your script or outline and speaking naturally and confidently
4. Add music, sound effects, or transitions to enhance your audio quality and style. These create a professional and polished podcast.
Where to find free music and effects for your podcast
Or SoundBible
Phase 5: Promote Your Podcast and Your Digital Products
The fifth and final step to building passive income ideas for young adults is to promote podcasts and digital products to the audience and the market.
Promoting your podcast and your digital products is essential to growing your audience, increasing your visibility, and boosting your sales and revenue.
To promote your podcast and your digital products effectively, you can follow these steps:
I) Create a website and a blog for your podcast and your digital products.
Use WordPress, Wix, or Squarespace to create and design your website and blog. To optimize your website and blog for search engines and keywords, use Yoast, SEMrush, or Ubersuggest.
You should create a website and a blog by:
- creating a domain name and a hosting service for your website and blog.
- creating a logo and a brand identity for your website and blog.
- creating a layout and a theme for your website and blog.
- creating content and a marketing strategy for your website and blog.
II) Create a social media presence and a community for your podcast and your digital products.
choosing the best social media platforms for your podcast and your digital products. The social media platforms that you choose should match your niche, your audience, and your goals.
– Facebook:
This is the largest and most popular social media platform that allows you to create a page, a group, or an event for your podcast and your digital products.
– Instagram:
This is the most visual and creative social media platform that allows you to create a profile, a story, or a reel for your podcast and your digital products.
– Twitter:
This is the most concise and timely social media platform that allows you to create a profile, a tweet, or a thread for your podcast and your digital products.
Ensure that you create a consistent and authentic voice and tone for your social media content.
III) Create content and a marketing calendar that outlines your social media content and marketing goals, strategies, and tactics. Perfect tools for these tasks are Google Calendar, Trello, or Asana.
IV) Create an email list and a newsletter for your podcast and your digital products. Here are tools for the job: Mailchimp, ConvertKit, or Substack.
V) Choose a name and a goal for your email list and newsletter. Simply choose a name and a goal that reflect your niche, your brand, or your value proposition. Or choose a name and a goal that attracts and motivates your audience to subscribe to and stay subscribed to your email list and newsletter.
VI) Create a lead magnet and a landing page that offers a free and valuable incentive to your audience in exchange for their email address. You can also create a lead magnet and a landing page that showcase your podcast and your digital products, your benefits and features, or your testimonials and reviews.
VII) Get to create content and a marketing strategy that outlines your email list and newsletter content and marketing goals, strategies, and tactics.
Also, create content and a marketing strategy that schedules and organizes your email list, newsletter content, and marketing activities.
Always remember to measure and analyze your email list and newsletter performance and results.
That’s it! As a young adult looking for easy ways to build successful passive income ideas, you can follow these five expert phases and start earning money from your podcast and your digital products.
