It’s not hard to understand what passive income means. While it’s easy to understand the concept, it does require work to produce the results. Passive income requires some form of investment of time, energy, and of course, money to make it worth the long run of minimal maintenance ahead.
Based on the Internet’s capabilities, building a passive income stream has made this process easier. There are plenty of online passive income ideas you can embark in, and I personally believe the internet is the best place to start. So how do you create successful passive income revenues? In this chapter, we’ll explore how to go about creating a plan to produce this form of income, especially now that we have a better idea of what passive income is.
It may not be easy, but it’s worth the effort. Here are some step-by-step ways to ensure you’re on the right path to acquire and work on your own passive income stream:
Step 1 - It starts with an idea
Of course, the first thing you should do is select the idea which you can work on the best. Later in the book we’ll discuss 35 business models that you can generate passive income with. I recommend you pick one from there. Which one you decide on is entirely an individual decision as it involves the unique situation including your passion, interest, skill sets, etc. If you have the means to purchase real estate or business investing or even in dividend stocks, then great. If not, you can look at other choices you have. For most people now, passive income is built from an online business. One of the biggest reasons being that there are plenty of ways that you can create passive income online that doesn’t require such a huge investment upfront. So, go through the business models listed in this book, then start by writing down which one works best with your situation now, and identify what resources you have to make this idea happen.
Step 2: Setting your goals
When you’ve selected on the passive income business you want to build, your next step is to set measurable goals and to start taking action. You need to invest a good deal of time to bring your idea to fruition, so you’ll want to do proper research to make sure you understand as much as you can about the business.
I recommend everyone to purchase a proven course/program on the chosen business model and start following it. There are courses on almost everything right now. All you need is the willingness to research and to start implementing what you learn 먹튀검증커뮤니티.
It’s also vital to clearly write down your goals because setting goals on pen and paper are much more powerful than setting them in your mind. Setting goals arbitrarily in your mind will often lead to failure. Keep in mind though, failing is ok and a normal part of the process. It serves as a learning experience for you to get better and push you towards success. So set your goals, take action, and keep failing forward towards your goal.
Step 3- Planning your Steps to get there
Once you’ve decided on your passive income business as well as set some hard goals, it’s now time to plan effective steps on reaching these goals. How will you achieve goal one? How will you get from point A to point B? What can you do to get there? What are the actions you need to take?
Again, you’ve articulated all these steps onto paper, so it’ll help you bring the gap between dream and reality a little closer. Keep in mind that nothing materializes quickly - if it does, then it’ll burn out just as quickly. Don’t chase get rich quick schemes, as the business also disappears quickly. Make sure you’re selecting a business that is proven to last for the long-term, like the ones I list in this book. The step by step plan you put into place must be consistent and persistent and as long as you know what’s going to take you to get there, you’re setting yourself up for success!
Step 4 - Have Income Backup Plans
Creating and beginning your journey towards financial freedom can be daunting, and it can be easy to give up after not seeing the results you want initially and instead focus on work that gives you consistent pay (like a job). It might take a while to build, but once you’ve successfully established your passive income stream, the rewards are great. You’ll achieve not only more money, but more time and location freedom as well. On the journey to get there, however, you need backup plans. Getting into your passive income stream without any monetary backup plan is a fool’s game.
In the entrepreneurship space currently, especially online, you’ll commonly hear many so called “guru’s” preaching to people that you need to go ALL IN. That you need to quit your job, invest all your life savings, wake up at 5am, go to bed at 2am, and work on your business 16 hours a day.
Many people who’ve never built a business before overestimate how much it takes to actually do so, thus, believing in BS advice like this. Yes, you have to put in a lot of time, effort, and sometimes money (depending on the business you’ve chose), but doing it like this going “all in” will only lead to a burn out. What’s more important than a short burst of massive work is CONSISTENCY. It’s much better to put in a consistent, focused few hours a day while maintaining your normal life, rather than dropping everything for your business. This is actually most successful people built their businesses, so don’t get tricked by the lies the few “guru’s” that are vocal that you see online.
Ok enough of my rant, let’s get back into the topic. Like I said, you need to keep your active income and just work on your passive income on the side, slowly and steadily building it up till it reaches a point that enables you to quit your active income if you want to, and rely on your passive one. However, completely retiring at that point is still not a wise decision. It’s smart to continue reinvesting your profits and creating other passive incomes sources, so that you don’t rely on just one source of income.
Be sure to always have a fallback plan, even if your passive income pays your bills and feeds you more than what your active income can bring to the table. You always want to be ready for the change in the market, and seeking new opportunities. If you do keep your active income work but work on passive income on the side, you can slowly and steadily build it up. For example, if you’re starting a new blog, don’t quit your day job. You can make a ton of money from blogging, but not many people do, and it takes time to get there. In sum, be sure you have a fallback plan until that passive income source is paying your bills.
Step 5 - Exemplify Successful Online Marketers
Online marketers are good examples of people who build passive income streams. In fact, many successful online marketers usually have multiple different passive income revenues. If you’re trying to succeed in business, you’ll want to be like an investigator. Seek out those who are successful and learn exactly what they are doing. Then all you need to do is to do the same thing, to get the same results. You don’t have to reinvent the wheel here. Ask yourself, what and how are the most successful online marketers doing to generate passive income? How have they managed to build their sales funnels and sell products on autopilot? Do plenty of research prior to starting your own online passive income stream. Some people teach you to just get started and figure it out later. I don’t believe in this approach. I always like to take the time to research and really get a good idea of the business before I dive in and get started. The time you invest to gain the knowledge, understanding, and wisdom will be worth it.
Step 6 - Join mastermind Groups
Apart from learning from the master online marketers, another step I encourage is to join online (or offline) communities with other entrepreneurs and form a mastermind. You can search on places such as on LinkedIn, Reddit, Facebook, as well as networking groups offline, which you can find by using google, meetup.com or attending business seminars.
When I was making around $1000 a month from my online business, I decided to invite 3 other people I knew who were in the same business making around the same income and formed a little mastermind facebook chat group. We talked everyday and shared everything from new strategies we tried, what worked, what didn’t, etc. All four of us were making around $1000 a month when we started, but in about a year, we were all making over $10,000 a month. I believe being in a mastermind was one of the single biggest factor of succeeding in my business. I formed mine with others who were making around the same income, but if you can collaborate with a mastermind with those who are more successful than you, that is better.
As the famous quote by Jim Rohn asserts, “You are the average of the 5 people you spend the most time with.” This premise recommends the more time you spend with those who have already built passive income streams, the faster it’ll accelerate your results as well.
Ask as many questions as you can (without being annoying) and more often than not, someone in the group would be happy to share knowledge and expertise. People often perceive successful people as “greedy,” but in reality you’ll find that they’re normal people just like you and me and are happy to help you whenever they can. You’ll also notice that you don’t have to be a genius to become successful, and will help you feel confident that you can also build a successful business as well. You might even end up buying an online business or even partnering up in a business with someone in your mastermind - Remember, your network is your net worth. Gather tips, tactics, strategies, and advice to help you along your journey.
Step 7 - Find a mentor
On your path to success, you may hit stumbling blocks and get frustrated. It happens. Being in groups and learning second-hand from successful people who’ve built passive income streams is one thing but having a mentor guide you every step of the way is by far the fastest way to creating the same results yourself. Being in your groups and forums helps as you can find a suitable mentor along the way. But keep in mind that many people, especially online marketers, portray success, when in reality only a few actually achieve it. What’s worse is that these same people will sell mentorship/coaching packages for a ton of money. You don’t want to pay these people for mentorship obviously, as they haven’t even achieved success themselves.
When you do find someone whom you can connect with and has a few successful businesses under his or her belt, ask if you can take mentorship with this figure. This person may take you up on your offer. Do not get discouraged if you don’t find one - good things come to those who wait. It’s better to take your time in forming a good partnership with a reliable mentor than to hastily connect with one who’s not a good mentor at all.
Step 8 - Scale like the wind
The last but certainly not least, of things to do in creating your passive income stream is to scale. When you find a business that works and you start making money, you need to start scaling like the wind. Part of ensuring that your revenue stream is sustainable is making it scalable. The good thing about passive income is that it can be scaled whether it’s a blog, online courses, or audiobooks. All you need to do is reinvest back into what’s working and scale. It won’t happen right away but through persistence, you’ll reach the goals you want.