It is no secret that coronavirus in the USA is causing untold devastation to the economy. The worst part is that, at the time of writing, we are not even at the peak of the pandemic. Many, many places have still to enter lockdown. When they do, brick & mortar stores closing down and unemployment are going to run rampant. We do not know if we will ever recover from this. This is why it is so important that we look into ways in which we can make money elsewhere. Here, we want to teach you how to make passive income but, before we do that, we want to talk to you about the importance of making passive income investments.
The Importance of Passive Income
So, what is passive income? Well, contrary to popular belief, it isn't something that you can earn by clicking a couple of buttons and, for the rest of your life, the money will just roll in. We wish that were the case. However, when it comes to passive income, the idea is to get a fairly hands-off business. You will need to do a bit of work to help grow your passive income investments, but that work is meant to be minimal. When you have a good passive income source set up, you could fall asleep at night and earn money before you wake up.
Setting up passive income sources is great because many of them are not completely tied to the economy. In theory, with the right methods, you could be earning money anywhere in the world. Anybody around the world could hand you cash. This means that if your economy is crumbling, another economy may not be. You can benefit from them. This means that once you have a few passive income ideas in place, the money will keep rolling in.
5 Best Passive Income Ideas
So, what are the ways to make passive income? We are going to share a few of the best side hustles with you here (although, these best side hustles can easily turn into the best jobs to do if you play your cards right).
1. Affiliate Marketing
This is going to be one of the best passive income ideas in 2020. Of course, with this method, you will need to start up a site. You will then be picking up a commission on any sales that you generate through your site. Lots of competition, but lots of money to be made.
2. Investing in Stocks
With Coronavirus in the USA, this may be one of the best passive income ideas once we know the way the economy is going to go. If the economy recovers quickly, then you will be able to buy stocks and shares at a low price, but generate tons of cash in passive income when you sell the stocks and shares on. Now is probably one of the best times in a long time to get involved with stock investments.
3. Sell Leads
Service businesses rely on leads. So, if you can make up a lead generation site, you can sell these leads on. Plenty of ways you can do this e.g. starting a site up dedicated to lawyers and pulling in those who may need a lawyer, or maybe even a site focused on builders.
4. Make a digital course and sell it
If you know a certain subject, why not put together a book or other digital product and sell access to it? You can make thousands and thousands of dollars if you manage to tap into the right niche.
5. Dropshipping
When it comes to how to make passive income, we recommend that you start dropshipping. Seriously, it is one of the best side hustles there is. It is also one of those passive income investments that will continue to grow. You can start up a plethora of different dropshipping stores, each filling their niche. For the most part, it is going to be a 'copy-paste' of what you did before too. So, just launch multiple stores and BAM cash.
With dropshipping, you run an eCommerce store. You do not need to hold any of the products in stock yourself. Instead, that is all going to be on the part of the drop shipping companies you work with. You take the orders, and somebody else deals with the whole shipping part of things. You do not even need to pay for products until you have received money for them.
How to Earn Passive Income by Staring Dropshipping
To give you an idea of how easy it is to start dropshipping, we thought we would run you through the steps required. Do not see this as a complete guide. It is more of an indication as to the simpleness of getting started with this one of the passive income ideas 2020.
Step 1: Choose a niche
Your first step is to choose the niche that you want to operate in. Thankfully, since you do not need to purchase any stock, your niche selection isn't that important for the long term. The beauty of dropshipping is that you can flick between niches with minimum effort. Sure, you probably do not want to waste a ton of time on a niche that isn't going to work, but at least you won't lose cash or be stuck with tons of stock that you can't sell.
That being said, niche selection is still an important job. You need to find a niche with products that sell, but with minimum competition. If this is your first foray into dropshipping, then stick with the larger niches.
Step 2: Determine how you will sell your dropshipping products
It could be your eCommerce store (Shopify works brilliantly for this), or if you don't mind tons and tons of competition, then you can also look into Amazon and eBay.
Step 3: Find a dropshipping supplier
Now, you just need a company that sells the products you want to dropship. So, find a site that allows you to search through dropshippers. Choose a few products that you can add to your site from reputable suppliers. SaleYee stands out among the best dropshipping suppliers, offering 30,000+ profitable SKUs, fast and free delivery from local US/UK/EU warehouses, free product recommendation based on big data research, free membership, unbeatable discounts, 24/7 customer support, up to 3 months long valid after-sales period. Over 20,000 sellers and suppliers have chosen SaleYee.
SaleYee is attracting more and more users since the roll-out of its global site. Be a SaleYee member, you can easily start and grow your dropshipping business with our reliable supply chain resources. Additionally, you can access the findings of professional big data-based product research, the best business resources, and weekly recommendations on top trending products on SaleYee Blog for free.
Step 4: Drive traffic towards your site
Once you have products listed on your site, it is simply a case of driving traffic towards them. You can do this in a multitude of different ways, and we do recommend that you utilize several different traffic generation methods. This includes search engine optimization. However, if you want the money to roll in rather quickly, then investing in Facebook and Google ads is a great method.
Hopefully, once you have started to drive traffic towards your offers, this should be more than enough for you to start making passive income. Of course, take this opportunity to expand your business and earn money by utilizing other methods.
Conclusion
So, there you have it, a list of some of the best side hustles and passive income ideas 2020. If you want to make money while Coronavirus in the USA is running rampant, then start dropshipping today. It is going to set you up for the rest of your life if you do it right. This means long after the pandemic has passed.
