Passive income. How I make it and how you can too.

In my two previous entries, I shared how I've been able to 'navigate my current unemployment' (haha) thanks to what I like to call 'time investment' as a contributor to some microstock agencies, through a passive income structure.

First and foremost, you're probably wondering, what is passive income?

Despite being a quite popular topic lately, certain questions still linger about it.

Passive income is money you earn from work you did once, but it continues to generate profits for an indefinite period of time. It's the opposite of trading time for money in a traditional job. The concept revolves around creating assets that generate revenue continuously, requiring one time and no ongoing direct effort.

In my case as a contributor for microstock agencies, passive income is derived from digital assets such as vector illustrations that continue to generate income long after they've been created and uploaded. These assets remain available for purchase or licensing by users, and each transaction contributes to my earnings.

The beauty of passive income lies in its potential for scalability and the ability to build wealth over time. It allows individuals to break free from the constraints of traditional employment, offering financial freedom and flexibility. While it often involves upfront effort, such as creating digital content or establishing a business, the ongoing income stream allows individuals to earn money even when not actively working.

One thing to keep in mind, though, is that as wonderful as it may sound, it's not an "easy way to make money." You have to put effort into it, and even then, it's not guaranteed that you'll start making money right away.

I've uploaded vector arts that have been generating consistent earnings from day one, and I could consider them my top sellers. However, there are cases of graphics I uploaded three years ago, from which I've had 5 sales during this entire time. Nevertheless, you can't just focus on creating hits because, by the way, it can be challenging to predict exactly which design will be the big success we're hoping for. There are themes and seasons where you can assume that a particular theme will sell more, but speaking from my almost 10 years of experience, the world of the internet is extremely unpredictable.

Now, how can you start generating passive income?

Your best bet is to start and focus on building a diverse portfolio of high-quality content, whether you choose illustrations, photographs, graphics or all of them. Pay attention to market trends, ensuring your creations align with popular themes.

Optimize your visibility by using relevant keywords, engage with the microstock community for insights, and regularly upload new content to keep your portfolio fresh. Analyze the performance of your work, adapting to changing market demands while remaining patient and persistent. Remember, success in microstock is a gradual process, and staying adaptable, consistent, and well-informed will increase your chances of creating a reliable and passive income stream over time.

I hope these very concise tips help you build your next income stream. If you want more details on this, just keep reading my next post where I talk more in depth about how you can start right now!