Approximately one in three side hustlers undertake a side hustle out of necessity to make ends meet, according to a 2023 Bankrate survey.
With the cost of living reaching eye-watering inflation rates, it has become an increasing necessity to find multiple sources of income other than one’s main salary. Side hustles make for fantastic solutions because not only can you make a living, but they also enable you to explore other aspects of your career, and skills, that you most likely don’t have the chance to develop while in your day job.
Even better is the passive income solution, which enables you to build a side hustle that makes you money with minimal ongoing effort, so you can still put most of your energy into your main job, thus getting the best of both worlds.
One online platform which is great for establishing your voice as a thought leader, remaining relevant and on trend, and supplementing your income at the same time, is X (formerly known as Twitter).
X’s platform offers enormous potential for establishing yourself as a respected industry expert and making passive income, but below are three specific ways you can make this work:
1. Twitter Spaces
Previously known as Twitter Spaces before its rebranding in 2023 to X Spaces, this tool is very similar to LinkedIn live audio events, if you are familiar with how those work. A Space is like an audio room or podcast, in which anyone browsing the platform can join you and tune in. You can also invite co-hosts and other speakers (up to 13) to present on your broadcast. However you should note that you can only start a space on IOS or Android, and not on the web version of Twitter.
How can Twitter spaces bring in passive income?
Through building up a compelling personal brand on your X profile, and gaining a strong, loyal following over time, you can create and host spaces in which you share your industry expertise and analysis to hundreds and potentially thousands of eager listeners, on something relevant.
You can then use this to promote your services, for example in consulting or coaching. You can also schedule tweets in the run-up to the event to create the audience appetite for what you are about to share.
2. Creator Ads Revenue Sharing
Last year, X launched an initiative in which budding creators can get paid for permitting sponsored ads in the replies section, to content posted on the platform. To be eligible, you need to fulfil the criteria of being subscribed to X Premium or verified organizations, having a minimum of five million organic post impressions cumulatively within the last three months, and having at least 500 followers. You will then receive regular pay-outs so long as your pay is a minimum of $10—just for posting on Twitter.
3. Link Visibility
Think about all the different ways you can drive traction to the amazing work you do. You can use the top of your profile to link to your website or blog; utilize the cover photo to create a graphic that highlights a particular aspect of your work or significant career accolades, including your product(s) or service(s). You can also post highly engaging Tweets and link to relevant affiliate links or your own site in the comments, to add value to your post.
Affiliate marketing (in which you share links to products or services from other businesses) can help you earn passive income on X, so long as you have a steady stream of large-volume traffic, followers, and post impressions.
Through functions such as Twitter Spaces, the ads revenue program, and making use of links across your profile and activity on X, you can acquire passive income and build a solid reputation over time as an industry expert while doing what you love.
Source: 3 Passive Income Ideas For Twitter In 2024