7 Best passive income ideas for Jamaicans

7 Best passive income ideas for Jamaicans



The idea of having a livable passive income is that as popular in Jamaica. However, you can create a passive income stream from Jamaica and earn a consistent income. Are you stuck in a mundane job that brings food to the table? Are you stuck in a job that makes you feel unfulfilled? Are you stuck in a job that keeps you from paycheck to paycheck? Are you brainstorming more ways to earn additional income to upgrade your life?


I was in a similar position. I spent several hours on the internet researching passive income ideas that I could do from Jamaica; to earn an additional income, and have more financial freedom. I started out with surveys on Survey Savvy. To my astonishment, many of the surveys were only available to US residents.


Over time, I got lukewarm and my interest in passive income ideas dwindled. I continued in the traditional shift system. However, additional income ideas for Jamaicans never left my mind. I picked up pace in 2018, and I did further research. Below, I will list some additional income ideas that Jamaicans can do.


Affiliate Marketing


Affiliate marketing is a type of performance-based marketing in which a business rewards one or more affiliates for each visitor or customer brought by the affiliate's own marketing efforts. There are legitimate companies that reward affiliates with huge commissions. Below are a few of the top affiliates however, there are many other affiliate programs that you can join. I too have done some affiliate marketing, it isn’t as easy as some may think, but affiliate marketing pays if you are consistent in what you are doing.


Examples:


Amazon Associates. Amazon is the affiliate network of choice for many beginners.

Impact

Awin

ShareASale

FlexOffers

Skimlinks



Self-Publishing


The Self-publishing industry has broken many barriers that existed in the traditional publishing industry. Gone are the days when authors would submit their manuscripts to a traditional publisher and wait for months to receive a response. With self-publishing you create your manuscript, get it edited, and within hours your work is published, congrats you are an Author!
However, there are drawbacks in the self-publishing industry. Funding, marketing, promoting, and editing. This can be a great deal of work for a new author trying to get their name out there. Self-publishing is no getting rich scheme, and if you will not put in the work, then your book (s) will become lost among the millions of published works out there.

There are authors who make a reasonable income from self-publishing. Below are examples of self-publishing platforms. As a Jamaican author, I have opted to use Amazon KDP. It is straightforward. They provide built-in templates to create your own book covers and within 72 hours or fewer your book is live.
You are paid a royalty of 35% or 70% depending on the price of your book and the format (kindle or paperback). I haven’t used another publishing platform for my books, so I can’t elaborate on them.


Examples


Kindle Direct Publishing (KDP) Owned by Amazon, KDP publishes and retails ebooks that can be read on Kindle devices or on devices that have installed the Kindle app.



iBooks

Barnes & Noble Press

Kobo

IngramSpark

Smashwords

Draft2Digital



Dropshipping


Dropshipping is a streamlined form of retail business wherein the seller accepts customer orders but does not keep goods sold in stock. You can create your own dropshipping store from Jamaica and ship your products worldwide. To do this, you would need to create your website, sign up with a hosting company DreamHost, Big-commerce, Bluehost, Web Hosting Hub, etc.

You would also need to sign up with a supplier who will handle all your shipping, handling, and delivery of your products. Remember that you will not control your products. Thus, you would want to sign up with a reputable supplier to keep a positive brand image. Below are some examples of drop shippers.


  • Spocket

  • AliExpress

  • Suppliersdata

  • SaleHoo

  • Doba

  • Wholesale2B

  • Worldwide Brands

  • Wholesale Central


How to find dropshipping products that sell

  • Find popular products.

  • Find not-so-popular products within a laser-focused niche (there'll be less competition).

  • Find the right price point for your niche



Blog Writing



There are Jamaicans who have created their own blogs. Blog content is a great way to earn additional income. Many persons who started out in affiliate marketing have created blogs and post their affiliate links there.
 Before you start your blog acquire some  knowledge about website analytics, link building, DA, PA, SEO, SERP, content marketing, website layout, page speed, website theme, mobile friendliness, etc. You’ll soon realize that these are more important than writing blog posts.
When I started my official blog, The Drama Free Club in 2021, I HAD ‘ZERO’ KNOWLEDGE ABOUT BLOGGING. I went on Google and I read tips from top blogs, Neil Patel, Moz, Semrush, and Ahrefs. I highly recommend reading these blogs if you plan to enter the blogging industry.




Freelancing


Freelancing is becoming more popular in Jamaica. There are several persons who have successfully launched their freelancing career from Jamaica, using platforms like Fiverr and Upwork. Below is a list of freelance services that can be sold on these platforms. I have purchased several Gigs on Fiverr for various projects. I came across a few Jamaicans on there.


  • Virtual Assistant

  • Pinterest Template Designer

  • Proofreading

  • Editing

  • Stock Photographer

  • Logo Design.

  • Translation Services

  • Writing

  • Voice over artist

  • Web page design

  • Transcriber





Invest in stocks



You may have heard of the term shareholder. A shareholder also referred to as a stockholder, is a person, company, or institution that owns at least one share of a company's stock, which is known as equity. Because shareholders are essentially owners of a company, they reap the benefits of a business's success.

Shareholders are paid dividends from the company’s profit. You can buy local shares on the Jamaican stock market for a minimum of 100 shares. You can visit the Jamaica Stock Exchange website or your local media for IPO’s or APO’s that are currently available.

Depending on the type of risk-taker (aggressive, moderate, conservative) that you are. You can invest in a portfolio that will yield maximum returns. Be sure to assess the risks of purchasing stocks. For more information, you can speak to a Wealth Advisor at any of the following brokers Barita, JMMB, NCB Capital Markets, etc.



These are only a few passive income ideas. I have only listed the ones I am familiar with. There are many others that are available. If you decide to do any of the above, be sure to do your research, make sure that you understand the terms and conditions of the companies you are going to sign up with. Be willing to put in your work to generate a livable income. While passive income requires fewer work hours, it can take a lot of effort to generate consistent income.
Related

10 ways to earn from your smartphone in Jamaica

Top five reasons every low and average income earner should be generating a side income

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