The one thing that we all dream for, at least most of us, is to be able to wake up to an email saying that you have earned money while you slept. This is what passive income is. Income that you didn’t have to slave away at a job that you hate to earn a measly amount of money that quite frankly isn’t worth your time.
Think about it this way. If you were to die right now, your job would be posted on all the job site’s before your obituary would hit the newspaper!
Now that is business, that is how companies stay in business. But do you think that your time away from your family is worth that? All that time that you put in just to fatten up the CEO’s bonus.
Time is precious, time is what we all wish that we had more of, time in my opinion is not worth wasting away at a job that I hate and you shouldn’t either!
Is passive income easy to achieve?
In order to have a steady passive income stream, you do need to put in some work to get it started. Sometimes a lot of work! Once it is bringing in some money, you can either let it set, or you can continue to work on it. The more that you work on it, the more money that you can make.
You could also think about outsourcing all the work once that you have started getting some income through your website. You can find Virtual Assistants from all over the globe that are fluent in any language that you are looking for and all that you have to do is explain to them what it is that you want and 9 times out of 10 they can get it done for you just as you have requested.
Most put in just a few hours a week once it is bringing in money and they can continue growing that income. But If you want to just let it set, it can work that way as well. That is up to you though.
There are many different things that you can do to start working on a passive income stream, I will go over a few of those today and explain how you can get started on the right path!
How many paths can I go down?
I’ll go over things that you can do digitally.
You can start a blog! Have you ever thought about sharing something that you are passionate about? Things like animal’s, vehicle’s, sports, hobbies or what ever else that you are passionate about?
Dropshipping is another thing that comes to mind when talking about a passive income. Not sure what dropshipping is? don’t worry I’ll explain it here in a bit.
Affiliate Marketing is what I do. I find it fascinating. There are so many things that you can become an affiliate for worldwide. You can just post links to products or services and if someone clicks through and makes a purchase then you earn a percentage of the sale.
Creating your own software is another great way to start an income stream. There are a lot of ways that you can go about doing this, you can either pay someone to create your software, or you can create it yourself. Don’t know how to code? Well that’s alright, you can do this without code.
Create a course or tutorial! Have you ever found yourself stumped with something and you couldn’t figure it out and you scoured the internet but you still didn’t find an answer? Did you manage to figure it out? Well you can create a tutorial or course and sell it online!
These are just a few of the many ways that you can start your path to a passive income. I’ll explain more about each down below.
How to start a blog!
Before we create out new blog, we should first know what a blog is.
A blog is simply a website that individuals upload information to regularly. This information can range from anything in the world. Do you love fishing, golfing, snowboarding? You can write about it and people with the same interest’s will find your blog and read it.
This site your reading here is a blog. I love helping other’s find their path to a passive income.
You can blog about anything in the world, or universe. If you have a passion for space dust on an asteroid three galaxies away, you can write about it.
Have you heard of the phrase “If you build it, They will come”? Well this rings true for blog’s and websites in general. If you build a blog, then readers will come to your blog to get the information they are looking for.
There are a few ways to monetize a blog, one is through Google Adsense and the other is through Affiliate Marketing. You could also sell some training courses or tutorials through your website. I will touch on these below. But first I will explain how you can get started blogging.
First you should pick your Niche, once you understand what it is that you want to blog about then we can move on to creating the website. Now I’m sure that you’re thinking “well I don’t have any experience building a website or messing with code”, well it is very easy to build a website these days. You can usually get it set up within 5 minutes.
Once you have your website up and running then all that you have to do is start writing blog post’s.
When creating blog post’s you want to use SEO this will help gain more traffic to your website. When you are starting out, it will be difficult to get anyone to your website. This can take time, but If you want to have a passive income that you can build up over time, then don’t give up!
What is dropshipping and how does it work?
Dropshipping is a term used for the method of someone listing item’s for sale, but they don’t have the actual product. How it work’s is if someone buys a product that you have listed for sale, you will send the customer information to the third party, and the third party sends out the item directly to the customer.
The nice thing about this method is that you do not have to have a lot of money to get started. Since you are not actually having to purchase and store the merchandise that you have listed for sale, you save a lot of money up front. Think of it this way, do you know how much it cost’s to rent or buy a storage warehouse?
The price can fluctuate from place to place but you are looking at around $1,000 a month. That isn’t including the amount that you spend to purchase the products to store in the warehouse, or the insurance that you would need to have.
That is the awesome thing about Dropshipping! You don’t have to worry about any of that.
There are a few downsides to it though. If the third party sends out the wrong item, or fails to send the item, then you will catch the blame for it. The margins can also be low as well.
Sure you can find that hot new item that everyone is buying and make a lot of money, but it can be hard to find those. Who remembers the fidget spinner craze?
If you have any questions related to Dropshipping, be sure to leave a comment down below!
As I have mentioned above, Affiliate marketing is what I do. It runs alongside being a blogger.
How it works is simple! Affiliate marketing is the method of sending your reader’s to a retailer, if they make a purchase, then you will get a percentage of the sale.
This a great because you don’t have to worry about handling the products or shipping. You also don’t have to worry about item’s not shipping or wrong item’s because that is all through the retailer.
There are tens of thousands different affiliate programs out there to join. They range from travel/vacation to telecommunications.
There are billions of products out there that you can promote.
There are almost 4 billions people in the world with access to the internet now. That is a lot of people that can come across your website.
What ever you blog about, you can find affiliate programs for.
What got me started with Affiliate marketing was Wealthy Affiliate. Wealthy Affiliate is a platform to train folks who want to be successful at Affiliate marketing.
There aren’t any cons that I have found so far of Affiliate marketing, with technology the way it is today, it is getting much more easier to run websites from your smart phone.
SaaS stands for Software as a Service. I have found a very informative video explaining what SaaS is.
Do you currently work for a business, big or small? Can you think of any type of software out there that would help you in your day to day tasks? Would you pay for something like that? If you would then you know that other’s would do the same!
The awesome thing about being in this decade is that there are programs and platforms out there that you can build just about any kind of digital software without having to know how to code! That’s right! Nowadays you can just drag and drop! It makes things so much easier!
You can actually create your own software for fairly cheap. I have looked into it and if you pay someone to do it all for you professionally you’re looking at about $50K+ but I have found a website called .bubble that you can build your own software for free!
Now of course with anything, the more that you pay the more that you get, but with the free version you are still able to build a fully functioning software! They have a personal level starting at $16 a month or $14 a month billed annually which has a lot more features!
You can also go with the business level’s but those a much more expensive!
Create a course or tutorial!
Creating a course or tutorial is fairly easy and you can do it all by yourself of have someone over at Fiverr put it together for you.
You can create a step by step guide on anything related to your website/niche and have it for sale. This is a way that a lot of blogger’s and affiliate marketers make more income and create a lasting follower because they know that what you have put together just for them was top-notch!
You can create it once and sell it over and over again! You could also make a series of tutorials and courses to make even more money!
Now its time to get started!
I hope that you have found this information to be of use for you in your passive income journey! There are some more ways that you can go about gaining passive income online but I think these will get you off to a great start!
If you have any questions at all be sure to leave a comment down below and I will help you get it figured out!