Americans are picking up side hustles left and right. In 2023, 45% of Americans are projected to have at least one extra source of income up by 5% from the previous year. Whether the extra money is for padding the retirement fund, saving up for a dream vacation, or simply bringing in more cash; it’s clear that it’s more popular than ever to explore outside income.
But how exactly do you build an extra stream of income? Where can beginners start building their businesses?
With the help of the content expert, marketer, and educator ENERGI, we’ll detail everything you need to know about earning extra below.
Passive Income Isn’t Always “Passive”
Before we dive into the ins and outs of building and selling digital products, it’s important to understand the true meaning behind passive income. A lot of creators come in with the notion that passive income is produced by listing a product, customizing the storefront, and then the money starts flooding in– This is a huge misconception.
Passive income might not require as much work or attention as a typical 9-5, but you’ll still have to commit to the following in order to make it worth your while:
- Product upkeep is fairly small, but you’ll need to invest time into building a great product. Good products don’t build themselves. As discussed below, ENERGI explains the importance of finding a product that solves a unique problem for your customers. Once you’ve created a valuable product you likely won’t have to change it very often making it a more passive source of income, but you’ll need to invest some time upfront.
- You’ll need to cultivate an audience. Great sellers know how to connect with their audiences outside of selling their products. As showcased by ENERGI in the video, you’ll need to research and build a community around your specific niche.
- Successful sellers optimize their sales strategy on the regular. Analyzing and optimizing your seller strategy is key to turning your digital products into a sustainable business.
- Digital products are an excellent way to get your feet wet. With Koji, setting up a digital storefront only takes a matter of minutes without any upfront investment. This is a great way to start your seller journey that won’t require any expensive physical inventory or subscription fees.
What Is A Koji?A Koji is a type of interactive media that can help you sell your products, downloads, services or premium content. To create a Koji, simply select a template and customize before sharing the unique URL on Instagram, TikTok, YouTube, WhatsApp, or anywhere else!
How Do I Find A Digital Product?
So, how do you find what product is best for your audience? ENERGI explains that the best way is to keep your ears open–
“Listen in your daily lives, on social media, anywhere and everywhere! If you hear that your audience is constantly experiencing a problem, see if you can create a product to help solve it.”ENERGI
Are you a finance creator? Are your followers constantly struggling with their budget? Create an Excel template to help them get on track.
A musician with incredible guitar skills that your listeners just can’t get enough of? Make a course showcasing your warm-ups and practice methods.
What’s right for you will be different than that of the next creator, but ENERGI rattles off a couple of examples that might help inspire your first digital product:
- Ebooks: ENERGI sold her own ebook on haircare, but you can write your own on any topic. Check out our guide to ebooks and audiobooks here. Start selling with the Ebooks & Audiobooks Koji template.
- PDF Guides and Templates: 30-day guides, journals, planners, and other PDFs suited to your niche make easy, low-lift products that can be customized utilizing free services like Canva. ENERGI built her own PDF full of uplifting quotes to inspire her audience. These can be sold through the Ebook template.
- Audio Files: ENERGI mentions creating positive affirmations, ASMR meditations, or breathing exercises to sell through templates like Locked Audio.
Still having trouble finding the right digital product for your niche? Check out our guide with 30+ digital product ideas.
Once you’ve created your product, it only takes a few minutes to set up your free storefront on Koji:
How Do I Market My Products?
You have a great product and you’ve started sharing your shoppable link on social media. Now what? Here are a couple of recommendations from ENERGI to help you successfully market what you’ve made:
- Do Your Content Research: You don’t need to be a seasoned data specialist to learn about your niche. ENERGI explains that simply searching social media platforms like TikTok can help you populate content ideas that are relevant to your niche. Search keywords that appeal to your target audience and build your content strategy around what’s popular.
- Steal Like An Artist: Use the most popular pieces of content as inspiration for your own. In ENERGI’s case, she saw that positive affirmation videos were doing well on TikTok, so she took to create her own with the power of free software like Audacity and royalty-free music. Get inspired, but don’t forget to cater your content to the needs of your individual audience.
- Make The Purchase Process Easy: You should always have your shoppable link positioned in your social media link in bio and showcased within your posts. Koji links are shoppable within any app or internet browser. Make sure your customers know where to find your products.
- Adjust, Adapt, and Refine: Pay close attention to your analytics on a regular basis to determine what’s working and what isn’t. Adjust your content accordingly to move the needle closer to your target audience.
Perhaps it’s said best by Energi herself:
“If you have a solid product, you’re solving someone’s problem, and your marketing is on point– You will sell products.”ENERGI
The process is easier said than done, but with time, patience, and commitment to your craft; transforming your life is just around the corner.
Other Helpful Resources
How To Promote Your Online Store
9 Easy TikTok Ideas for Small Businesses to Drive Sales
Getting Started On Koji: The Complete Guide
7 Essential Strategies For Social Media Marketing