Creating a steady Passive income stream, especially an online one, is one of the most profitable and rewarding ways of making money today. It is not only a very lucrative way for people to earn from their side gigs but also a prime opportunity for entrepreneurs to turn these passion into new businesses opportunities.
If you disagree, let me first point you towards www.smartpassiveincome.com. Pat Flynn who runs that site is always full of great info on escaping the traditional 9 to 5 jobs and gaining financial freedom. He promotes ideas and great content on how to start a small business and how to generate passive income. He was laid off from his job in 2008 economic crash and thus learned the value of passive income the hard way.
But you should not let the idea of earning passive income make you think of this as no work and free money. Setting up a passive income stream is often hard work with no or very less income at early stages, but once you get it going and do it right, it just gets natural and more comfortable each day.
One of the easy ways to build your passive income stream is to provide a service to other people like creating a blog or youtube channel. Or starting out any other consulting service in a niche, you know you are an expert. It is not like you can stand at a place and offer something and people should come to buy. You need to make sure there are people who need your solution, and they can see you.
Secrets to Find your Passive Income
1. Do Your Research.
Passive income opportunities are all about finding wealth in what you want to do and not what others may suggest as the popular idea. You need to find a niche or a sub-segment that interests you, identify a problem within the same and offer a solution to other people for your stream of passive income to take off.
You can start with basic keyword research through free tools (Google Keyword, NicheBot Classic. Then filter down the list for the keywords that have a lot of need but not much of solution present.
This task could usually take from a few hrs to days but is always worth every second spent. Then you need to research how you can isolate the ‘problem’ your target audience faces and the different ways in which your solution is fixing their urgent need.
Focusing on consumer more than generating profits at the initial stages often helps to grow business at a much rapid pace.
2. Pick Your Medium.
Passive income can flow from several sources, but the one thing ‘passive’ income cant define is the always active contribution required to run the whole system. Then it is not passive anymore. So when you are just running a freelancer work-paid consultancy(like on upwork, fiver) you are not making any passive income, it is undoubtedly an income, but definitely, you are always required to do a lot to make it come around the clock.
How to differentiate? Creating a series of ‘consulting’ videos that then can be sold to clients based on their needs instead of providing one-to-one coaching is an example of converting traditional income into a passive source.
So figure out how you are going to create your passive income opportunity first, then you can write an eBook about it, or create a membership site or course.
3. Take Yourself Out!
Once you have built up a passive income source, after the initial upfront effort, you need to find ways to take yourself out of the equation.
The best way to get ready for this abdication of control is to start delegating things you already know, hire virtual assistants to do minor stuff for you.
Some people are the perfectionist and believe they are the only one who can only do the particular task perfectly. But what they need to learn is that by perfectly deligating ( setting proper expectations and adequately defining anticipated results) even the crucial task can be completed just in the same way while focus the same hours into achieving something bigger.
Once you master these three initial key-secrets of passive income opportunities, you’ll are on your way to making its online success. The skills you gather when you take yourself out of the earning equation are the skills you replicate and use throughout your life and business to grow and succeed again and again.
Read Tim Ferriss’ The Four Hour Workweek and understand
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