I’m constantly on the hunt for a plan B that I can implement to create future wealth. In fact, in my case “future wealth” translates to the ability to afford my monthly expenses and having something left over. Thankfully, Noobpreneur owner Ivan provides me with as much work as he can and treats me well. But, I do have to work for that money, and the idea of passive income coming in at some point is appealing to me, and every one of you reading this.
This list is ideas I’m personally considering to pull the trigger on, a couple of which I’m seriously starting soon — one this weekend. Finding more hours in the day is going to be hectic, and I’m big on exercise and time with my dog, so if you’re in the same boat: buckle up and let’s go on this ride together!
There are so many platforms that allow for dropshipping. I’m not saying it’s easy, and it’s recommended that you spend money on advertising through Adwords and such. However, you don’t have to. Source the products, choose a platform such as Shopify, Amazon, or Ebay, and build or use your existing social media presence to market. If you have a website, push traffic to your store.
I’ve read a lot on this subject recently and I don’t think it’s the impossible giant everyone’s harping on. What you don’t want to do is push those cheap old trinkets that everyone else playing the game does. We’ve all seen the stuff that costs less than $10 from China (mostly sourced through Alibaba) with a hundred sellers all within a $1 of each other — some with free shipping and some trying to fool the lazy with insane prices.
The trick is finding a niche, and I’ve found some products I believe can be profitable. Is it guaranteed? What is? Guess I could apply for a job at Walmart — they’re never going out of business.
Sell physical products
Ebay, Amazon, Shopify, Etsy, and others all offer free platforms where you can sell your products. Obviously, they take their fees, but accounts are free to set up. If you’re good with your hands like me, and have access to materials or perhaps want to try your hand at flipping dollar store swag for profit or something like that, it’s not the worst idea in the world.
This past spring, I’d thought I’d hit on the coolest idea ever. I would purchase a cheap chain saw and use it along with my decent wood-working skills to make decorative wood crafts from free wood I would source from a local reforestation place. This place is literally full of wood because loggers have to constantly cut down trees to keep overcrowding from taking place. Stuff’s just sitting there!
However, seeing all this kinda put a damper on that idea. Mind you, the idea is a great one, as those are very priced items. I decided the competition plus the time needed to manufacture even the simple pieces just doesn’t appeal to me. If you have a great idea of your own, check out what this entrepreneur created using Kickstarter.
Become a social phenom
This isn’t out of the realm of anyone’s possibilities. Yes, few make it — but they do make it. There are tons of people becoming overnight successes on YouTube and Instagram every day. I’ll honestly admit this is much easier if you’re a pretty girl with a great body or a penchant for clothing and makeup. But, there are plenty of niches for men and women of all ages to work their way into.
Instagram requires awesome pics, obviously. And, it’s important to engage through Instagram stories, too. We’re talking about a side hustle here. Nothing’s guaranteed, but follow Instagram posting best practices and give it a shot. Same with YouTube. Look at Tana Mongeau. She blew up overnight, simply by passionately ranting about the things that happen in her life. She went from an admittedly poor Vegas girl to wealthy, highly sought out, and (possibly) celebrity Bella Thorn’s girlfriend.
Which to Choose?
I could have mentioned building a website, too. However, we all pretty much know you can build a blog or ecommerce store using a domain you purchase and hosting. However, that does actually cost money to begin. I’d say arguably more time as well, as you either need lots of time or lots of money to get any sort of real traction. Just getting enough content to keep bounce rates low and people returning takes an enormous amount of time. However, go where the wind takes you.
I mentioned dropshipping, and that I’ve identified some products to sell for good profits. Obviously, I’m not going to share those! I’m also passionate about helping others, so I’m going to use my trusty phone and external mic to build my YouTube channel out. I’ve had some interesting experiences, and been through some trials in life that I don’t think are addressed much on the platform, regardless of what naysayers might say.
How about you?
I’d love to hear about your interests/experiences on creating an online plan B income. How did it fit into your schedule and how did it work out. Perhaps you’ve made a success out of one of these ideas?