Welcome to our latest blog post where we’ll be exploring two passive income ideas for 2020 that can help you earn a steady $20,000 per month without requiring constant attention. By the end of this post, you’ll have a clear understanding of how these ideas work and how you can start implementing them to generate autopilot income. So, let’s dive in!
Discover Two Passive Income Ideas for 2020: How to Earn $20,000 Monthly on Autopilot
Introduction
Everyone wants to make money while they sleep, and there are few things more enticing than the idea of generating passive income. Passive income streams differ from more traditional revenue streams in that they require less ongoing work to maintain, with revenue generated without the need for active time commitment. These are the types of income streams you can “set and forget.” Here are two passive income ideas for 2020 that you can use to start earning $20,000 per month on autopilot.
Idea #1: Create a Digital Course
Creating a digital course may not be the first thing to come to mind when thinking of passive income ideas. However, it is an excellent way to leverage your expertise and earn revenue from it on a continuing basis. The initial effort may be significant, but creating a digital course can generate income long after the work is complete. As a bonus, digital courses offer the opportunity to provide value to your target audience by teaching them a new skill or providing a solution to a problem they’re facing.
Steps to Creating a Successful Digital Course
- Identify target audience
- Choose a topic based on their needs/problems
- Create a course outline
- Develop content for each section
- Create supplementary materials
- Create a course landing page
- Promote the course
Creating a digital course can take time, effort, and expertise, but it can pay off in a big way. It may require an initial investment, but if done correctly, the income generated can be substantial.
Idea #2: Build a Dropshipping Website
Dropshipping is another passive income idea that has gained popularity in recent years. It allows you to sell items online without managing the inventory, packaging or shipping of the products you sell. With dropshipping, you create an online store and partner with suppliers who ship items directly to your customers. You earn money by marking up the price above the cost charged by the supplier.
Steps to Building a Successful Dropshipping Website
- Choose a niche
- Research suppliers
- Build your website
- Explore marketing options
- Partner with suppliers
- Launch the website
Dropshipping is not as easy as it sounds, and there can be some challenges you might face. However, with proper research and execution, it can prove to be a profitable venture with high returns for low overhead.
Conclusion
Passive income ideas offer the potential to earn money while maintaining a flexible schedule. Creating a digital course and building a dropshipping website are two passive income ideas that require effort initially, but once established, can run on autopilot and generate revenue for years to come. It’s essential to research both options and assess which one aligns with your strengths, interests and financial goals. With the right mindset and determination, either option can bring in $20,000 per month in passive income.
FAQs After The Conclusion
1. How long does it take to create a digital course?
The amount of time it takes to create a digital course depends on the length and complexity of the course. However, it can take anywhere from several weeks to several months to create and launch the course.
2. How much can I earn dropshipping?
The amount of money you can earn through dropshipping varies based on niche, product costs, profit margins, and marketing efforts. Many dropshippers earn thousands of dollars per month.
3. How much does it cost to start dropshipping?
Dropshipping has a low start-up cost, with initial expenses mostly covering domain registration, web hosting, and basic branding. Most dropshippers begin with less than $500.
4. How can I promote my digital course?
There are various ways to promote a digital course, such as paid advertising, search engine optimization (SEO), social media marketing, email campaigns, and content marketing.
5. How do I know if dropshipping is right for me?
Dropshipping can be a lucrative venture but requires research, planning and execution. It’s important to assess whether you are willing to put in the effort to create and maintain a dropshipping website, as well as the potential challenges that might arise over time.
