It can look that getting passive income while you sleep is a dream until you start getting it. Only then, you realize that it is even better than you though. It enables you to do what you want and fulfill any dreams or life goals that you have.
What is better than devoting your life to what really matters and what makes you happy instead of sitting around trying to pay the bills. I am glad to say that I reached that point and you can do it as well. Unfortunately, it took me a lot of time to reach my goal, and I probably made all possible mistakes on the road, but the good news is that you do not need to repeat those mistakes and can concentrate on what really matters.
Find passive income ideas from your passion
There are many ways to earn money and only when you start getting it, you realize that you want to be doing something that you like. It is not a secret that I am a professional poker player and have my poker coaching site. I truly enjoy the game and appreciate every time I have the opportunity to sit down at the table, and most of my students love it as well. However, I had one player who came to this game strictly for money, and after we finish coaching, he started making much more than his full-time job, so he quit it. It did not take long for him to realize that he did not want to play it for a living and was unhappy with his situation even though he was making a ton of money.
This just one example, but I hear it all the time. Even if you want to earn money badly, but you do that in a way that is not fulfilling or at least something that you like, you will regret it eventually. Thus, why you cannot concentrate on what you love the most and even build a business in that field.
You absolutely can and probably you should. I am not talking about calling your boss and saying that you quit. I am not saying you cannot work for money, but I am saying that you should work because you love the job and money will surely come.
I am sure that you have something that you love to do, like to talk about and feel very enthusiastic. If I am right, you are sitting on a golden opportunity. Almost everything can be transformed into a business. If you love growing potatoes and are very passionate about the subject, you can surely make a lot of money from it as well. If this is the case, you probably know much more than an average potatoes grower and can share your experience and thoughts. Therefore, do not be afraid to follow your passion no matter what it is. Because, in reality, you can grow passive income stream in any field if you are persistent enough.
Identifying your hobby and personal brand opportunity
As I said before, you can earn money from any hobby that you have, and I am not even talking about photographers or personal fitness trainers who are just striving right now. You can make money from growing potatoes, drinking wine or anything else you love to do. Before selecting an area where you want to concentrate your attention, answer few questions for yourself:
- What are you passionate about? Love to do and talk about?
- Would you work in this field if there were no money involved? Let say if you have 10 million in your account, would you still do it?
- Do you see yourself in that field after 5 years?
When you identify your niche, you have to decide what path you want to take. Again, you should choose the most fulfilling one. To build a passive income stream, you will have to develop a product that you can sell multiple times without spending extra time. Few good passive income ideas are as follows:
- Write and sell physical book or an ebook;
- Create video courses, which shows how to solve a problem;
- Create a site dedicated to your niche ;
- Produce an audiobook.
As you see all of these products are digital ones, and it is the best way to go if you want passive income. Bear in mind, that you will have to put some serious time upfront to create it, but when you have the product, you can scale it almost indefinitely, and that is the whole beauty. To get more ideas, I highly recommend you getting this free book and learning from the best – Experts Secrets!
The most important thing to accomplish is to solve a problem in your niche or educate newcomers. If you can do that, you are on the right road!
Sell yourself to build passive income stream
Keep learning and be an authority
Continuing learning to become an expert in your niche is essential. If you want to share your knowledge and help other people, you have to be good. You do not need to be the best in the world though. Many people end up not starting at all just because they fear what others think or that they are not good enough. However, to help others, you only need to be better than them.
Even though my sister is not the best photographer in the world, she is million times better than I am and is a big authority for me in that field because she knows more. Therefore, when I need advice, opinion or even a photo, guess whom I will ask.
The same way, you can quickly become an authority to other people. You just have to build your presence on social media, niche forums or other places where your target audience is hanging out, and you will be amazed how quickly you will grow and help others to strive as well.
Offer value upfront
Most new businesses mistakenly try to sell and only then communicate to the customers. This era is all gone and to have some clients in the first place, you have to give value upfront. Let us take an example about growing potatoes. What steps you can take to give value for your audience upfront:
- You can create a checklist of the best species to grow.
- You can use it as a lead magnet to collect emails.
- You can send a weekly newsletter with tips for planting, growing and so on. (Actually, not a big fan of potatoes growing so not sure what else you can find, but I am certain there is plenty of information to be shared)
This way when you give them a special offer with video course about “Advanced potato growing: secrets that helped me buy the house”, the vast majority will buy it. However, if that was the first thing you offer when they see you, your sales will be minimum or in most cases close to zero. Therefore, always give value before you sell, and you will find success.
Therefore, if we can come up with a plan how to make money from informational product about growing potatoes, I think we can make money from anything.
Build the audience
Obviously, to sell, you need to have an audience. Luckily, with all mighty internet, you can very quickly find where everyone is hanging out. If you have a particular niche, you probably will find some forums or Facebook groups connecting users with similar interest. Make sure to join it and spread the word.
When I was starting out with poker coaching, by far the best marketing channel was a forum where all the students went to discuss hands and learn more. I would say almost 80% of new prospects came from there in the beginning. So make sure to spend some time identifying these areas in your niche, and you will be able to build your community very fast. If you already have a great product but still lack traffic, you can always by advertising and get it delivered to you.
Be visible and communicate
When you have the audience and are known as an expert all you have to do is keep providing value. Almost all major brands and entrepreneurs regularly post on social media, add videos and continue to build their presence. The problem is that it can take a lot of time and if you are just starting out, probably you will not be getting an assistant, social media marketer or seller to help you.
Luckily, all that can be automated with a small investment of your time for mastering the tools and that is exactly what you should do.
Make it all automatic
One of the most important parts, which overlooked excessively often. If you want to build passive income, you have to automate many things. Luckily, it is effortless to do that with many of the automated tools that I use myself. For example, I am using the buffer to plan all my social media communications at least a month in advance so that I can do it in one sitting. It goes with email auto responders as well, and I love mine so highly recommend it.
However, the most important part is selling your products and services. In this area, nothing comes close to click funnels. I highly recommend trying it yourself. You can do it completely free and sell WHAT YOU ALREADY KNOW!
- Learn to sell everything you KNOW with the best FREE book out there! (p.s. – you will have to cover the shipping)
- Get FREE 14-days trial and best Russell Brunson’s sales funnels! (p.s. – he is the best in the world at selling)
Obviously, you will need some time to get hold of all the possibilities that opens up, but all you have to do now is stop hesitating! Grab that previously mentioned free book, pay few bucks for shipping, and you will open the door to the new world.
Few last tips before you go
Even if you are not sure what is waiting in the future, just get started, and you will learn on the way. The worst thing you can tell to yourself is that you will do it tomorrow. Procrastination killed too many dreams already, do not be one of the victims.
I am not saying you should quit your job to dive into developing your hobby and building a business, but you can start it as a side project. Honestly, it is even better because you will have an additional stream of income that will cover the bills and can concentrate on working to accomplish your long-term goals. Actually, my last article was about live goal setting and planning so make sure to check it out as well.
Follow what you love, and rest will come. Remember, that every day is a new opportunity to run and only you can decide how far you go!