The term ‘investing’ can be enough to send chills down your spine. When done right, it’s obviously a great way to grow the money that otherwise would have just been sitting in the bank — but where do you possibly begin?
Passive income is the Holy Grail for online marketers. It’s automatic. Effortless. But, not at first. In the beginning, it’s grueling. I liken this to doing the most amount of work for the least initial return.
Over time, as your passive income begins to increase, your reliance on an active income plummets. That’s when the real magic starts to happen.
For most people, It equates to freedom. True financial independence. An extrication from the shackles that binds us to the 9-to-5 corporate life-sucking job. It means being unleashed. Living a fulfilled life. And having total freedom to live, work and roam free at your leisure.
When you lack the money, you need time. You will need to invest the upfront time now in order to reap the benefits of automatic income later. It just does not happen overnight. So don’t expect it to. However, you can do this without quitting your day job.
All it takes is some sincere effort over a consistent period, and voila! But, to get there, you will need to consistently burn the midnight oil or get up at the crack of dawn. Whichever one you decide on, below are 4 ways you can make passive income and still maintain your job;
Write an E-book
Ebooks are one of my favorite sources of passive income. Now, you can do this the simple way and just publish it on renouned online site. Or, you can go all out and build yourself a book funnel. Book funnels are powerful, but they won’t be fully passive.
For example, if you do a free-plus-shipping offer for your ebook (converting it into a physical book), you will need to create some one-time offers (i.e. extra training) and up-sells (i.e. an audiobook). But, a book funnel can be very powerful.
Moreso, you can simply write it and publish it and collect the income. That’s all. Send out a couple emails to your list (if you have one) or post it on social media, and there you have it. Passive income. Now, the amount of income you receive depends on the quality of the book you’ve written. How well did you craft the message? How targeted was the information to your audience? It counts.
Do Affiliate Marketing
One great way to generate a passive income is through affiliate marketing Now, this does depend on the size of your list. Yes, size matters when it comes to your list. Especially if you are looking to make some serious money and do it on autopilot. But, list-building takes time. It doesn’t happen overnight. And you need to add value to your list or you become obsolete.
Build a list in a particular niche and tell them stories. Create a bond. Build a relationship with them. It’s important. Then, when you have created a bit of culture, start marketing affiliate products or services to them that you think they might like. Just be sure that you personally vet out whatever it is that you are selling to avoid complaints if the product or service falls short.
Build an Information Product Funnel
Sales funnels are powerful. They offer the highest potential for income on the internet. When configured properly, they can also easily be scaled. You will need to understand a thing or two about conversion optimizations. And, possibly Facebook ads. But, you can source out whatever confuses you.
The hardest part about building an information product funnel is coming up with the right hook. There is so much competition out there that virtually everyone has just about done every type of product or service. The goal is not in recreating the wheel. You simply have to model what’s working, but not copy.
Find something you can sell that will entice enough people. In other words, pick a hot market. What are people buying up like crazy? Is it something diet related? Is it money related? So on.
Find what’s working and build out a better version of it without actually copying it. Add loads of value and watch as the money comes rolling in over time.
Start a Blog
One of the best ways you can create a passive income is by blogging. Yes, in the beginning there will be no income. Expect that. But, over time, you will start to generate an income from that blog. Eventually, it will snowball. Potentially, it could earn you six or seven figures per year, sometimes even more.
There are some basic steps you’ll need to take before you start a blog. Don’t just rush headfirst into this without planning first.
However, you should pick a niche and blog about that. If you are launching a money related blog, maybe it will be about how to make money in real estate or simply how to make money online.
Pick the niche and stick to it. If it’s a diet and fitness related blog, maybe the niche is the Ketogenic diet, the Atkins diet or some other form of diet or fitness.