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Jul 8, 2016

How to create passive income on Social Media in three easy steps

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How to create passive income on Social Media in three easy steps

A question as old as the internet itself is: how do you make money online? Either you or one of your friends has often wondered just how possible it would be to earn money with a little help from the internet and social media. And the fact is, it isn’t really that hard.

The internet has been accessed by over 3 billion people worldwide while social media sites such as Instagram, Twitter, and Facebook boast a highly impressive active user rate of 1.2 billion and above. This means that you have nearly 2 billion people that you can reach via social media and all with the push of a few buttons.

That is a staggering figure, and is the reason that every major company in the world uses social media to its advantage, but it’s not just up to the major companies. You can create a passive income on social media too, and here is how you do it, in three easy steps.

Step one: Figuring out the right market

The first step, and possibly the most important step, is figuring out what market is right for you and if the skills that you possess are right for that market. Remember that the gift of the seemingly endless scope of the internet can also be a curse, so zero in on one thing and figure out who will love it and where to find them.

It may take some time to find the right market, as the choices are seemingly endless, but don’t rush this step, because once you figure out the right market, you will be well on your way to making a passive income on social media.

Step two: Figure out your selling points

Once you know what and who you are going to sell stuff to, whether it is a tangible item or a service that you are providing, you need to figure out your selling points and utilize them to get the ball rolling. For example, if you are an online bakery, and you are using Twitter as a means for people to get your product, what makes you different from the other bakeries? Why should I pay you instead of the top search? What makes you so special?

You need to stand out from the crowd and make people WANT to pay you for a product or a service and doing this goes far beyond advertising. While adverts help, you still need selling points to showcase your product to your audience, so figuring them out and putting them into practice is a crucial step. 

Step three: Make a plan, execute it, collect data

If you know your market, and you know how to sell your product to your market in the best way, the only thing left to do is to make a plan and put it into motion. This is a step that has a lot of trial and error and if you do it in a certain way and it doesn’t work, that doesn’t mean you should scrap the idea and start from scratch.

Whether your plan works or not, you should collect the data of your projects results, this will not only help you make your product better, it will also help you in the future if you want to change or expand your method.

Bonus infographic:

Use social media to your advantage

Use social media to your advantage - infographic
courtesy of: Paystream

Creating a passive income on social media isn’t hard at all, it just takes some good planning and a little patience, and you can be using social media as a source of income in a matter of months. Make sure you take note of easy to follow steps above as utilizing them is the best way to make the process smooth and easy.

David Grover is a Communications Manager at Timeo, a useful tool for businesses in the UK. He’s also a freelance career coach, who’s always eager to share his experience. In his free time he enjoys travelling.

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