We have two words for you: passive income. When people hear the phrase, they usually think of the stock market—investing money in accounts that will generate more money for you without additional work.
But that’s not the only kind of passive income you can make. What if you could add another income stream to your overall earnings but have it be fun? If you have a creative hobby or pastime like painting, buying vintage clothes, or knitting blankets, you can easily monetize it.
Here’s how to open your online shop and have your favorite pastime start generating income for you.
1. Decide on Your Business
Don’t think about what’s going to make you the most money. Think about what you’re going to be happiest doing. If this business takes off (which, truth be told, you want it to!), you don’t want to be saddled with doing something you don’t like.
Reflect on your free time—what natural impulses do you have that you instantly gratify? Is it binding books? Refinishing old furniture? Writing songs? You can find a way to build an online store around just about anything.
2. Manufacture Your Products
Once you decide what you want to sell, now you need to figure out how you’re going to sell it. Before you figure out the online infrastructure, you’ve got to produce your products! Unless you’re creating every piece yourself, like paintings or poems, you’ll need to work with a custom product manufacturer.
With the help of The/Studio, you can have your designs brought to life and shipped to you in a lightning-quick turnaround time. Services that provide customized production can help you with pins, patches, socks, and more.
3. Select an E-Commerce Platform
Now you need to find a platform for your store. There are so many different e-commerce platforms to choose from, and it’s just like buying a car or a new phone. Some give you more creative control; some offer that at a higher price if you don’t want those responsibilities.
Some are free, while others charge a monthly fee and will throw in some perks. It’s all about what’s best for you.
4. Create Your Store
This year, Forbes predicted that the future of e-commerce will be less corporate, more independent, smaller, and more personal. It will feature connections between customers and their favorite vendors.
When creating your store, think of the customers you want to attract. You want it to be people like you and the friends you already have in your life. Design your store with accessibility and ease of navigation in mind, and don’t forget a soothing (and on-trend) color palette.
5. Build a Customer Base
Currently, e-commerce businesses generate roughly 5 trillion dollars annually; by 2026, that will grow to over 8 trillion. The time to open your store is now.
The best way to ensure your store thrives is by building a loyal customer base. You can do this by creating personal relationships with your first customers, having friends and families recommend folks, and offering customized deals to your loyal customers.
Doing Better Business
Maximize your downtime. Get your online store going today.