In 2016, when Ryan juggled two roles: one as a senior web developer and another as an adjunct professor, he also freelanced as a web developer to make ends meet with only little business knowledge.
Today, Ryan has established over ten passive income streams, encompassing various e-commerce brands, a YouTube channel, and an online school. When combined, these could generate approximately $49,000 in monthly passive income. Through this journey, Ryan has gained valuable insights into building profitable businesses.
To build successful side hustles and passive income streams, Ryan advises people to believe these three myths:
Myth #1: Spending Money to Make Money
This advice is frequently shared in the business world. For instance, if you are considering opening a retail store, your expenses typically include monthly rent, buying inventory to stock shelves for resale, and paying employee wages. However, this traditional approach can be pretty costly.
As Ryan shared with CNBC, Make It, his preferred online business model is print-on-demand, which he began as a side business on Amazon in 2017 at no initial cost and has since extended to platforms like Etsy, Walmart, and eBay.
Print-on-demand enables Ryan to sell customized items like t-shirts and coffee mugs without upfront inventory costs. When a customer orders, a company like Printful handles printing and shipping, leaving Ryan with a profit after covering expenses.
Myth #2: Making a Passive Income without Putting in The Work
Creating passive income streams demands dedication and time, aside from dividend investing. Ryan invested countless early mornings and late nights into his side hustles, especially in the initial stages.
Although Ryan remains actively engaged in managing his businesses, he knows individuals who have transitioned away from daily operations once they achieved their desired income threshold yet still reap the rewards. Establishing his lucrative passive income streams demanded discipline and acceptance of delayed gratification, but the eventual outcome made the effort worthwhile.
READ ALSO: Top Five Golden Money Rules That Fuel Success and Prosperity According to Self-Made Millionaires
Myth #3: Needing a Team to Run Your Business
Ryan acknowledges the value of having a team but emphasizes from his experience that it is not essential for success. Even after seven years, he manages his ventures independently, aided by the many tools accessible to entrepreneurs today.
Initially, Ryan devoted three to four hours daily to his Amazon Merch business for its first two years to foster its growth. With advancements in automation, he now spends just one hour per week on it.
Ryan appreciates tools like MyDesigns for their efficiency. Utilizing AI, MyDesigns automates design creation, generates SEO-friendly product listings, and facilitates bulk publication of products online, which enables Ryan to introduce and sell a greater variety of custom items while eliminating tedious tasks.
Strategically leveraging these tools has enabled Ryan to effectively manage his workload while maintaining the flexibility to step away when necessary. This balance allows him to lead the lifestyle he desires.
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