A 2023 Bankrate survey revealed that about one in three individuals engage in side hustles out of necessity to cope with the escalating cost of living. As inflation rates soar, the demand for alternative income sources has become more pressing. Side hustles not only provide a means of financial support but also allow individuals to explore new career avenues and develop skills outside of their primary employment. Another appealing option is passive income, which enables individuals to generate earnings with minimal ongoing effort, allowing them to focus primarily on their main job.
One promising online platform for establishing oneself as a thought leader, staying relevant in the industry, and supplementing income is X (formerly known as Twitter). X offers significant potential for building a reputation as an industry expert and creating passive income. Here are three specific strategies to make this platform work for you:
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 with 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's 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 fulfill 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.