When you think about passive income, what comes to mind? Perhaps it conjures up images of a sandy beach and walking along the shoreline while the waves gently cover your feet. Or maybe it’s more time with your family and plenty of money to cover all of your expenses. Whatever you imagine, passive income you can implement now is greater than anything, including winning a lottery or finding a pot of gold at the end of a rainbow. I know this firsthand, having devoted full time to my entrepreneurial endeavors since 2006 and creating my own economy in the process.
I was first introduced to the concept of passive income as an industrious twenty-something living in Los Angeles. Ambitious as I was, I could not seem to grasp how I was going to make this work for me. All around me were men and women of all ages and backgrounds who worked every waking hour and still complained of not being able to “get ahead” because of high interest rates, inflation, ever tightening loan standards, and the like. Then I met two men who were happy, relaxed, and living the dream life I so wanted to emulate. When I asked one of them, Kevin, what his secret was he exclaimed, “Passive income, of course!” and I wanted to know more.
He worked with Gordon, a man who had never had a job. He had become a professional bowler right out of high school and when that bored him he enrolled in the local community college. It was there that he ran into his former high school economics teacher. One semester is this man’s class taught him what he needed to get started in real estate. One year as an agent and he let his license go so he could invest in notes full time. I won’t share any more of this story with you here, as the point I’m making is that passive income you can implement now is the secret to a lifestyle most people only dream of achieving.
Implement Your Passive Income Stream Now and Avoid Kicking Yourself Later
There’s a time when businesses and freelancers take the next natural step and set up a passive income stream. Many companies put this off for various reasons and end up kicking themselves later. If you’re ready to get started building a passive income, here are some things you should know.
Planning Ahead Is the Key to Success
People make it sound easy to set up a passive income stream. The truth is that it takes a great deal of planning and set-up to get started. You need to understand your audience well and know what they want from you. You then need to match that with your own expertise and capabilities so you can offer it for them.
There are a number of different ideas you can implement to add a passive income stream to your sales funnel or website. You need to consider each one and match to the needs of your customers and your current business.
Returns in the Long Term
Passive income streams almost never bring a great deal of earnings at the beginning. It just doesn’t work this way. Instead, it starts out as a trickle and it may stay that way. A small passive income can provide you with a buffer or a supplemental income. It’s very hard to make it a full-time income.
However, you can earn a great deal through passive income by building multiple income streams. If you create a product to sell on the side, it will bring you a trickle of income; but create an empire of eBooks, and you can see a pretty good regular pay check from the work you’ve done.
No matter what strategy you choose, there will likely be content creation involved. If you’re earning extra income through affiliate marketing, you’ll need to blog and write reviews. If you’re selling information products, you’ll have to create the products first. If you’re planning to build streams of passive income, have a content creation strategy in place.
However, there are ways to make it easier for yourself. One is to hire a content creator. You can hire a writer to write the reviews and blog posts you need and recoup the expense later after it sells. You can also repurpose old content, bundling it into a new package, and sell this as an information product.
A Little Maintenance
Finally, there will be some maintenance along the way. You don’t just set it and forget it. The myth of the passive income has you sitting on a beach while the money rolls in. The truth is that most passive income strategies involve at least some routine maintenance and updating over time.
If you offer a membership site, you’ll have to moderate. There might be technical glitches or customer service issues if you’re selling products. But it’s still not anything like sweating for every penny.
Setting up a passive income is a natural step for your business, but make sure you understand that it does take some work to set up.
I’m a bestselling USA Today and Wall Street Journal author, publisher, and entrepreneur Connie Ragen Green and would love to connect with you. If you are new to the world of online entrepreneurship please check out my comprehensive training on how to set up Funnels That Click and learn how to gain an unfair advantage when it comes to building a lucrative online business.