You’ve probably heard about Jamaicans earning livable passive income. The idea of passive income is not as popular in Jamaica as in countries like the USA. However, you can create a passive income stream from Jamaica and earn a consistent income. Jamaica has been blessed with a large pool of talents. While track and field, music, and arts are often highlighted, there are a vast number of talents on the island. 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 and 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 and spent my hours at work daily. 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 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.
Amazon Associates. Amazon is the affiliate network of choice for many beginners.
Commission Junction (CJ)
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. However, 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.
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.
Barnes & Noble Press
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.
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
Get the right profit margin (profitable or not)
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. With blog writing, you would need to research the content that you are writing about and how much interest readers have in such content. You will also need to drive consistent traffic to your blog and create fresh content to keep your readers engaged. Pinterest is a great source to drive organic traffic to your blog.
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.
Pinterest Template Designer
Voice over artist
Web page design
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' 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 doing now, or quite 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.
Annette Kinglock Murray
Jamaican Author, Blogger, Businesswoman, Affiliate Marketer, Investor.