How to Create a Product to Make a Passive Income

You might be making money by working actively, however, you need to understand truths about active income. First of all, you pay higher taxes, secondly, at some point in your life, your active income will cease to exist (because you are too old to work or unhealthy to work). Therefore, you need to build passive income. There are numerous ways to build passive income but the most profitable one is to build your own product. If you want to improve your finances, if you want to be financially stable, if you want to grow your net worth, you need a passive income. Passive income is the income that brings you money without having you work hard and spend a lot of time doing it. Sometimes it even generates money even when you are sleeping. There are different ways to create passive income, but the simplest and most effective method is to create a product.

How to Create a Product to Make a Passive Income

If you have created your own product, you will be making passive income from your product as long as there are people willing to spend money on the product.

However, the question is how do you create a product?

First of all, you need to identify your skills because the kind of product you can create depends entirely on your skills. For example, if you are a good writer, you can create an ebook and sell it via Amazon. If you are a graphic designer, you can create your digital art through digital art marketplaces. If you are a video content creator, you can start creating videos for youtube.

Secondly, you need marketing skills. You cannot sell your products without marketing skills.

Thirdly, you need to build an audience for your product.

If you create a product that solves problems and adds value to people’s lives, it is very useful for users, people will continue to buy it for a long time and you will continue to make money from the product.

What product can you create to build passive income?

The kind of product you can build depends on your skills. First of all, you need to identify your skills. Once you know what you are good at you can build the product.

Let’s say you are a very good speaker. You can create podcasts. You can sell your podcasts from various platforms.

Let’s say you have graphic designing skills. You can create digital art and sell your art on the art marketplace. If you are a graphic designer, you can also create designs and other digital products and sell these products through various marketplaces and make an income.

Three Products That Can Make You a Lot of Money

Creating your own product is the best way to make money. That’s because it is a completely passive method and once your product starts generating sales, you do not have to do anything. So, what product can make you a lot of money? Here are three options:

Mobile Apps: Mobile apps can make you a lot of money. You can make money in two ways, one, by offering your app for free and generating revenue from ads, and two, by selling subscriptions. If you have skills, you can create your own apps, if you do not have skills, you can either hire a developer or use a no-code mobile app development platform.

eBooks: eBooks can make you a lot of money provided you have published a lot of ebooks on sellable topics. Focus on creating ebooks on micro niches. Micro niches can be something like how to take care of your Tibetan Apso (not taking care of dogs in general), or something like how to grow avocado (not a general gardening ebook).

Digital Arts: There is a huge market for digital art. There are numerous platforms where you can sell your digital art. However, in order to create digital art, you need art and designing skills and skills with graphic designing software.

What is the Best Product Should You Create

There is a lot of money to be made by selling digital products because you create the product only once but you can sell it again and again. However, what product should you create?

The kind of product you should create depends on a lot of things, for example

Skills you have

Resources you have

The time it takes to create the product

How easy or complicated it is to create the product

You might be tempted to create an online course because you might have heard how much money people are making with online courses. However, you need to understand it takes a lot of time and effort. You need to be skilled in multiple areas, from writing to graphic designing, podcasting, and video making. A lot of people also talk about how profitable workbooks, social media templates, etc. If you don’t have graphic designing skills, this area might also not be for you.

In my opinion, ebooks are the best digital products to get started, if you can write, you can easily create ebooks. Even if you cannot write you can hire writers to write for you.