Create a $4,600 Monthly Passive Income Stream in Less Than a Year in 4 Steps

Passive income comes in many forms, from investments that pay out regularly to low-maintenance small businesses. What they have in common is that you can earn money without actively working. The idea is that once you’ve laid the foundation, maintaining it requires minimal effort.

The problem is that you will have to invest money, time, or both to get your income streams up and running. This could mean purchasing income-producing assets or creating a passive income business. This article discusses how to build a popular passive income venture: a print-on-demand business.

Numbers vary, but according to Gelato, the average print-on-demand business makes more than $4,600 per year. Other studies show that you can earn between $1,000 and $5,000 once you gain momentum.

If you make that kind of money, it’s important to use a business bank account to keep your personal and business expenses separate. Check out our list of the best small business bank accounts to find the one that’s right for you.

Step 1: Brainstorm

Any profitable enterprise begins with generating ideas. In this case, you will need to think about the design and products that people might want to buy. Try to find a topic that matches your hobbies and interests. It could be jokes, pets, cartoons, hobbies, or even your job.

You can also look online for ideas, see what’s going on on social media, and talk to friends and family. It’s important not to copy other people, but you can adopt what others are selling – you may find a successful idea and see a way to make it better. Or maybe you can reimagine it to tap into an untapped market that you’re familiar with.

Once you’ve narrowed down your topic, you can begin to expand your product offerings. Research specific products, such as t-shirts, mugs, or tote bags, and consider what will best suit your market.

With print-on-demand services, your products are created only when someone orders them. This gives you more creative freedom because you won’t be stuck with a warehouse of unsellable items.

Step 2: Make a plan

Print on demand services do not require a huge investment of time and money at the initial stage. Regardless, it’s important to do some groundwork to give your idea the best chance of success. Planning will help you minimize the amount of time you spend and maximize the money you make.

Here are some things to consider:

• Make a plan for your expenses and potential income. Create a budget that includes all start-up and ongoing expenses.
• Learn more about your customers, especially how broad your customer base may be and how to reach them.
• Compare print on demand services to find the one that’s right for you. Look at quality, prices and service.
• Look at the strengths and weaknesses of your competitors. Think about how you can stand out.
• Make sure none of your designs or slogans are copyrighted.
• Decide how you are going to sell – you can create your own website or use an existing store.

Having a solid understanding of your customers and the market as a whole will help you build your brand. All the research you do will be used in your designs and product range.

There are plenty of design tools online to help you perfect your creations. If you’re not very good at design, include the cost of a freelance designer in your budget.

Step 3: Test your idea

Once you confirm your offer, you are almost ready to go. Before selling anything to the public, order samples of your products to check their physical condition. This way you can resolve any quality issues and tweak the design if necessary. You can also take photos to use in your marketing.

Don’t be afraid to show your products to your friends and acquaintances. Their feedback will give you a much better idea of ​​what works (and what doesn’t). If you can get information from your target customer base, so much the better.

Step 4: Bring it to market

Online stores like Amazon or Etsy can be a great way to reach a huge existing customer base. However, fees such as listing fees, transaction fees, etc. will eat into your profits.

Another way is to create your own website. There are some great eCommerce solutions that make the process very easy, even if you’re not technically savvy. If you go this route, be prepared to spend time and money on marketing and customer service.

Keep in mind, this is not a question of one or the other. You can start with a hybrid model and as your brand gets bigger, push customers to your own website.

It will take less than a year to build your print on demand business.

Print on demand services can be a great choice for a business that generates passive income. Not only is it easy to get started, but your start-up costs will be low since you only pay when someone orders a product.

The amount you can earn depends on what you sell and how you structure your business. Be sure to factor print-on-demand and online trading fees into your financial estimates. Set clear financial goals and keep a close eye on your profits to maximize your profits.