To start with, what is passive income?
According to this definition found on WikiPedia from this Google search result page:WikiPedia Definition of Passive Income
With that in mind, lets read what expert and an online marketing symbol (Pat Flynn) of the term Passive income ideas have to say about this subject,
building online businesses that take advantage of systems of automations that allow transactions, cash flow and growth without requiring a real-time presence. We don’t have to trade our time for money one to one. Instead, we invest our time upfront, creating valuable products and experiences for people, and we reap the benefits of that time invested later,” he says, adding, “It’s not easy. I just want to make sure that is clear.” – Source, Forbes
Okay! But before we go fully on today’s topic, here is something you need to know, understand and accept upfront (taking from the above words of Pat Flynn) – there is no such thing as 100% passive income lifestyle or business.
Every noise you read about building a passive income business online happens at the back of years, months, weeks and days of hard work, consistencies, trials, and failures, building, creating etc.
The business of passive income ideas is to keep your business operations fully on automation, and there are lots of tools that will make your life easier doing that, but even at that and on top of it…….a lot of time MUST have been invested into building, growing and perfecting the business to reach such level.
And when you achieve this, you still need to keep maintain the trust, credibility, awareness and keep updating the tools that make your business runs smoothly. So while you have invested the greater amount of time upfront, a lot of time still require to maintain your business otherwise it may get sidekick by your competitors.
So you see, is not all that passive anyway!
This is why we will need to discuss some important issues about the reality of what passive income IS and what is NOT plus how you can create consistent passive income opportunities that enable you to be financially free.
Tips #1. Passive Income is Not For The lazy Type.
Nothing worthwhile that leads to great success in life comes easy, so also generating passive income consistently good enough to sustain your whole life responsibility will not come by on a silver of platter.
You have to work your way up to it, be prepared for the task ahead and did I tell you that the task is not an easy one at all?
Building a successful online business is one of the most challenging tasks I ever know, in my opinion – this is not something for the weak minded person or the so-called “Lazy Man.”
Online business is very hard, don’t get deceived by some conventional marketers that try to make money off you by selling you false hopes. It takes lots and lots of constant efforts to build a thriving online money making business.
Tips #2. what you give is what you get.
In fact, let me put it straight in your face – Garbage in, Garbage out – what you give is what you get. If you put in few hours of work (Productive one for that matter) you also get few rewards in the future for your efforts.
If you put in long hours of productive work, you get more and better rewards for your efforts in the future.
So don’t expect to start generating passive income from mediocre or unproductive task. It doesn’t happen like that, you have to give your best upfront, put in lots of efforts, energy and resources to perfect the system before you can expect it to work on autopilot for you.
Tips #3. Choose EveryGreen Topics.
This is very important and applicable to online marketers that hope of generating residual income from their one-time efforts they’ve invested in putting that quality content or products out there.
Trending topics that fade away with time or events won’t give you much of passive income opportunities, it takes writing on evergreen topics or creating products and services that will always remain relevant to the concerned society to make the best out of passive income consistently.
This is one disadvantage of blogs that writes on technology, mobile devices, events and occasions, breaking news etc. What is HOT in the morning might just be as cool as ice cold water in the evening – no one is talking about it anymore.
These types blogs need to keep updating multiple times per day in order to remain relevant to their followers. The worst is that a good percentage of their content doesn’t have long-term value because they’re writing on time-sensitive information.
For instance, do you remember this Nokia Symbian OS Mobile phone? It was my first ever smartphone to use, and as at the time….one of the very best smartphone in the market.Nokia 3650
Fast forward to some four, five years later, even my six-year-old son won’t accept it as a gift. Technology has moved beyond it, and if there is anyone living that built part of his passive income strategies on Nokia Symbian OS phones brand……..I guess that’s a dead income a long time ago.
Tips #4. Passive Income is a Reality.
Many are still in doubt whether earning passive income is real or not, my answer is “YES”! earning passive income from your one-time efforts is a reality and not myth.
One blog post you publish today has the potential to keep generating income for years to come as long as the topic discuss remain relevant to the affected community. Also, a single product you produce today can keep selling for years so far it remain in top shape, and relevant to the community.
Take the business of ebook publication for an example.
The author writes and published his digital book today, but keep selling it for years to come as long as certain factors are met.
Tips #5. Discover Your Target Audience.
Earning consistent residual income will directly involve utilizing your personal skills, experience, and passion to create something worthwhile for your target audience. The best you can discover this target market, the best your chances to serve them better with providing them with useful content/products and or, services that will benefit them.
Don’t build your business on the purpose of trying to appeal to everyone, targeting everyone in your marketing means you’re calling nobody to your business. You can’t appeal to everyone.
How to discover your target audience.
There are lots of practical ways to discover your ideal target market, but here I will discuss few:
- Your Passion. Your passion should be your number one strategy for finding your ideal audience especially if you’re a beginner. This will make it easier for you to serve your audience in an honest way, and to keep serving them for long. Try to discover your true self; what is that gift nature has blessed you with that the world need to see in you? If you can discover this, consider building your online business around that gift….it makes a lot more sense starting a blog/podcast or video blog around the subject you’re passionate about.
- Use Keyword Tools. If you’re an advance digital marketer, keyword research tools like that of Google keyword planner is a great tool for discovering target market that resonate with your passion. Use this tools and many more to discover hidden treasure in creating your next business blog and start building the foundation that leads to creating passive income streams.
- Forums. Niche specific forums are great places to discover what could be hot and have long-term value to build your business around. There are lots of these places on the internet, depending on your choice…..find one that relates to your business and see how you can make the best of it. Warrior Forum is a great place to discover HOT topics that has been around for years and are likely to remain so.
Tips #6. Choose Products/Services wisely.
One of the backbone to create passive income opportunity is in the services or products you promotes either as an affiliate marketer or product owner.
If the products or services you promotes doesn’t appeal to your target audience, there is no way to go around this – you won’t make money from your efforts not to say generating consistent passive income from it.
Choose products or services you render wisely and this should be base on the topics of your blog/podcast or youtube videos. If your audience is directly tied to the products/services you promotes, you’ve opened up your chances of generating a steady income.
Tips #7. Start a Niche Specific Sites.
Once you’ve discovered your ideal audience is best to create a site only for this audience;. This will allow you to concentrate only on the task that truly matters to them.
Instead of building a blog that talks about SEO, Traffic techniques, Backlinks Strategy, Conversion optimization – you can narrow it down to target just one specific topic. Let say – Traffic Techniques.
All the above-mentioned topics are closely related yet each one can be a stand alone blog topic you write about.
This makes it a lot easier for your audience to know what they should expect from reading your blog, it also provide advanced marketing strategies for proper monetization methods you can take advantage of when your niche specific site start generating quality traffic.
Tips #8. Choose Best Product Format.
After you’ve created your niche specific site, and you have validate that your audience do enjoy what you’re offering them, and some decent traffic worth monetizing……is time to decide on what product will best serve your audience purpose.
There are many format a single product can be created especially when it has to do with giving out information.
You can create an ebook to sell to your audience who are currently reading your blog while you place it on for sale in places like Amazon, Ejunkie, ClickBank etc and makes more money from it for years to come as long as it remains relevant to the society.
Also, one of the best strategies to keep earning passive income is by creating membership sites, but this has lots of layers to cover and is best executed by season marketers like Zac Johnson who know what it takes to manage it effectively.
Affiliate marketing is something you should consider too, especially if you have loyal followings that put great trust in your work and take positive actions on your recommendations.
However, choosing the right affiliate product to promote is one difficult task, but there are lots of ways to make it look simple and one of such ways is to ask your audience directly what products could best solve their problem(s). You can do this through running a survey on your blog, email newsletter, social media marketing and many more.
Affiliate marketing if done right, can be a very reliable passive income streams for years.
Tips #9. Remember Your Audience Trust.
If there is just one thing I would want you to take from all you’ve read so far – that would be trust – don’t trade the trust your audience have for you for anything in this world……even a million dollar does not worth the trust people have in you.
Trust is what will make people buy from your recommendation time and time again. If they put their trust in your expertise, skills, and knowledge…….only to find at the end of it all that you’re only here for the money – believe it or not – that’s the beginning of your end in making money online.
Word of mouth is consider as the best form of advertising, so also word of mouth is the worst reputation or image destroyer. And to make things worst, whatever goes up online remain online forever so far search engines have indexed it.
Generation after generation will keep reading your ugly past forever even after you’re gone.
The joy and freedom that comes along with being able to live the way you want are enough to motivate anyone to strive to reach greater height in his choosing career, and one of the best possible ways to live that dream live is by not trading your time for money.
This is where earning passive income comes into play. But remember, there are lots of works involved upfront and when these works are married with the best intention to serve your audience faithfully……….the sky is just your beginning!
How Much Confidence Do You REALLY Have in Your Blog?
Watch this video I recorded in Brooklyn Heights today:
Sweet view, eh? I made a powerful point too. Bloggers sometimes boast of their confidence and clarity. Puffing themselves up, they believe deeply in themselves and in their blog. Critics? Who cares? These dynamos seem unstoppable. Belief! Success is on the way, right? Awesome. Then, after mentioning their blog in front of a parent or sibling or cousin, their loved ones make fun of “blogging”, telling these idiots to “get a real job”. OUCH! Like a balloon being popped, your loved ones took a pin to your ego, deflating you. AND showing how you genuinely have little confidence in your blog. Turns out, you feel filled with doubt and pure uncertainty about your blog AND in yourself, blogging-wise. This is a good thing. Critics trigger and unearth deep fears you need to face, feel and release, to reach the next stage of your blogging career. So…how much confidence do you REALLY have in your blog? Talk about your blog to friends and family members, or to strangers. You will find out. Fast. Because these folks are non-targeted and often highly NOT interested in blogging.
I recall mentioning my blog to my fam about 10 years ago. Before doing this, I believed I felt super confident about my blog and self. I BELIEVED in myself! Wild-eyed, ignorant, deluded newbie blogging excitement covered up the fact I doubted myself and my blogging abilities, horribly. After that little chat – even though no family member seemed terribly critical – I felt like crap. Awkward, and lost, my family’s questions triggered deep fears in me. I doubted myself. I doubted my blog. In truth, I had no idea what I was doing because I refused to learn from pros. Bad idea. Naturally, I gained confidence after this session – eventually – because I faced and felt doubts eating into my blogging confidence.
The quickest way to gain blogging confidence is to discuss your blog and what you do with anybody on earth, from friends, to fam, to strangers. Never try to convince or influence or convert folks, because doing so shows your lack of confidence. Let people live their lives and make their choices. Your job is to see how shy or clear you feel discussing your blog. Shy bloggers feeling awkward chatting blogging with folks simply feel filled with fear. Blogging fears need to go for you to succeed. Speak about blogging in public. Broadcast live in a public spot. Record videos in busy spots with heavy foot traffic, as I did above, in Brooklyn. Face, feel and release self-conscious fears that need to go for you to reach the next stage of blogging growth.
One way to be a smarter and richer blogger is by facing your blogging fears routinely. Speaking to or in front of fam or strangers about your blog certainly unearths some of those deep fears. Do it. See where you are at, confidence-wise. Being straight with yourself is hands down one of the quickest ways to accelerate your blogging success. Relax, share your blogging exploits and honestly assess how you feel, to increase your blogging success.
Writing: Your Best Blogging Friend
Writing helps you succeed with blogging. Because writing gives you credibility. Credible bloggers land clients, sell eBooks, place sponsored posts and drive steady traffic, too. Write your rear end off. Write 500-1000 words daily. Write to be confident. Write to be clear. Write to gain credibility in your blogging niche. Of course, most bloggers struggle because few bloggers practice writing offline, daily. Bloggers only write when they publish a blog post or guest post. BIG mistake. Most bloggers publish posts infrequently, meaning you get in little writing practice. Not good.
Why do you believe you can just show up, write and publish a post and become successful quickly? If blogger were this easy, guys like me could have gone pro within weeks of buying my domain and hosting. Alas, it took me thousands of hours and years to go full time because I had to practice writing, creating and connecting to be REALLY good at blogging. Skills, exposure and credibility flow to bloggers who tirelessly practice all aspects of blogging. Everybody else fails and quits.
All money you make through blogging flows to you because people trust you and your blog. Writing skillfully – with confidence and clarity – is the only way people trust you and your blog. The more you write, the more skilled a writer you become. The formula is genuinely simple. But quite uncomfortable to put into action, sometimes. Few bloggers want to practice writing with nobody watching. Some bloggers foolishly skip writing practice because they believe writing offline for practice wastes their time. This is like saying you waste your time practicing shooting hoops in a lonely, empty gym if you aspire to make it to the NBA. NBA stars practiced 10,000 hours or more, often times in quiet, lonely gyms, and always *in private, out of the public eye, with nobody watching*, to become skilled enough to go pro. Expect to take a similar journey in order to become a professional blogger.
Writing is your core skill. If you write well, you make money online. If you write poorly, you do not make money online.
Buy my eBook:
Every way to profit – out of these 15 strategies – can work quite nicely if you practice writing offline daily. Practice to become confident. Practice to become clear on your writing. Confident, clear writers write with authority. Writing with authority inspires trust in your readers. Again; this is a simple process. But sometimes, this process feels uncomfortable. Nudge through discomfort. Write, write and write some more. People who trust you based on your writing skills tend to buy your eBooks, hire you to coach them, hire you to freelance write for them and buy sponsored posts on your blog. Be diligent in writing. The money flows to you based on how much you practice writing. Plus, practicing your writing makes you prolific. Being prolific increase your blog traffic and blogging profits, too. No downsides exist to writing offline daily. Only upsides. So….write!
Practice in private. Shine in public.
Any successful blogger you envy now practiced writing so diligently that you would never envy their writing practice. After having written millions of words both online and offline, nobody envies the work I put into going pro. But being free to circle the globe? Worth it!
Do You Assume too Much?
One of the biggest problems in blogging; bloggers assume too much. Perfect example is someone emails looking for your best sponsored post price. Right away, most bloggers fear losing money to a cheapie because they ASSUMED someone looking for the best price is cheap. Based on past experience. NO! Do NOT do this. Because based on NOT assuming, but being open and in the moment, more than a handful of folks looking for the best price placed orders at my full price, when I shared it was my final price. I rarely if ever assume because assuming cuts you off from traffic and money, based on past experience and future expectations.
These days, I am more in the moment. I am open. Let’s say a blogger quotes their sponsored post price as being $100. A blogger outreach service pro asks for a lower, better price. In that moment, you can do one of two thing: make a foolish assumption that the individual cannot afford $100 or simply share how $100 is your flat, final price. Assuming they cannot afford $100 INSTANTLY robs you of $100. I mean, instantly. Labeling their email as spam or being nasty with them immediately robs you of $100, based on your ignorant assumption. Choosing not to assume anything opens you up to making a quick $100. Wealthy people with large budgets sometimes seek the best price. Rockefeller would be worth $280 billion today – by estimates – and he balanced his books to the penny. He sought the best price but had billions to invest and did invest billions to be the wealthiest person the world has ever known.
This is why I wrote Creating the Mindset of a Successful Blogger for you. How you choose to think and feel dictates how you act. How you act dictates your success. Failures cling to the past and wander into the future by assuming future scenarios based on past experience. But wise bloggers remain grounded in the present, never assuming. Of course, many cheap bloggers willing to pay only $5 for a $100 sponsored post emailed you with “the best price” reply, in the past. But never rob yourself of $100 by assuming these folks do not have $100 to invest in your guest post. I leave no stones unturned. The way I see it, spending 1 second to read a “Give me a sponsored post for $5” email here and there is worth the “OK, let’s place it for $100” email I see more often these days. Assuming cuts you off from abundance. Being open-minded tunes you in to abundance. Make more money. Be open-minded. Stop assuming.
A few moments ago, our Uber driver told us he originally hailed from Jordan. He has been in the USA for 20 years. My silly mind made a quick assumption; he must live in NYC, like many folks do who immigrated to the USA over the past few decades. He still had a heavy accent. But I refused to assume this and asked him where he lived in the USA. He said in the same New Jersey suburban development where we lived. Small world! Not assuming opens you up to fun, fascinating experiences. Stop assuming online. You’ll make more money, too, and will enjoy your blogging journey.
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