Before I even started my business, I was relatively obsessed with the idea of Passive Income Strategies. I read up on all kinds of models like real estate investments, stock portfolios, sustainability, up-lines, down-lines, and cost-valuation systems. However, the brick-and-mortar business models don’t actually stand up to the online marketplace, and once again…the rules have changed. Find out How to Build Passive Income Online!
About a month ago, I had a thought…
What if instead of thinking of what project I needed to work on next
What if I focused instead on…
What Income Stream I Would Create Next
What if I could diversify my income enough to come up with Ten Income Streams? It seems that the businesses that are doing the best seem to be diversified—and in fact, they seem to be doing ALL of these items simultaneously. I’ve done my best to put together this list in terms of ten items you can focus on accomplishing that will result in increased income.
How to Build Passive Income Online
Have a look at the list below:
1. Find Your Base– Know what your base income structure is going to be for your business and work to streamline these processes as much as possible. Only when you’ve streamlined your business processes will you have enough time and energy to focus on adding the following:
2. Become a Consultant – Once you’ve run your business in a particular field and learned how to streamline your practices, why not help others to do the same? Most professionals can make more money per hour by consulting on their topic. For example, an accountant can make far more doing financial consulting than bookkeeping. Once the bookkeeping is streamlined and delegated, more time is freed up to create and market a consulting program.
3. Build a Blog – Going global with your audience is necessary in today’s economy. Having a global presence lets you share your knowledge to the world. It also helps with positioning yourself as an expert, and honing in on your niche. The best advantage of a blog is that Your Audience Comes to You. I no longer need to attend annoying networking events where the Mary Kay lady is hounding me to buy the latest lip gloss!!
4. Sell What You Know– But, you can also Give Lots of it Away! Most of the best bloggers out there are doing a really amazing job at giving away information. Almost everyone who is making money online has spent a significant amount of time giving things away. This is a great way to get people in the door and have them get to know you and try out your product. But, the ones that are really making money are selling what they know.
5. Sell Who You Know – Once you have established yourself as a blogger in your niche, you will naturally find other people that are rock stars online. These people are probably a few steps ahead of you and have products or programs developed that your audience would love. By being a connector, you can get great content in front of your audience.
6. Teach What You Know—There are a lot of opportunities to increase your income by teaching in person or online classes. If the topic draws people in that would want your services, you are basically getting paid to network and get clients! This is also a great way to stay involved in your community. Being an online professional can sometimes be boring without real human interaction. Teaching, for me helps me to balance out my lifestyle. This is why I consult my clients, and why I have an Online Business Course on every important topic online professionals need to know.
7. Build a Membership Program—After interviewing Mark from Eaten By Tigers, I realized there was a new type of format that would be great for my clients. Membership sites let you increase your reach by offering a low entry rate for your customers while providing valuable information to a vast audience. (Be on the lookout for more in this area soon!!)
8. Recommend Products—I read a lot. Clients and friends are often asking me what my favorite books are, so I recently added my recommended picks to my sidebar. When I come across a real gem, I add it so you all can continue to grow and prosper along with me. I recommend books, movies, and also products.
9. Build Your Own Products—Pat Flynn gives a great example of how he’s used collaboration to build applications for iPhones. Are there some projects that you could work on with someone else? Get to it. Downloadable products are a super easy way to create something once and get paid for it forever.
10. Give Money to Your Biggest Fans—Once you’ve got products, programs, and information to sell, have your biggest fans help you sell it. Affiliate programs are designed to help you track and split profits. For this reason, most successful bloggers are involving their audience in the profit shares. Everybody wins!
How to Get Started Building Your Own Passive Income Online
The research that I’ve done on best business practices, and the interviews I’ve done from online professionals highlight all (or most of) these aspects. I have also had the experience of coaching my clients along the way. Oftentimes, if someone is new to creating a Lifestyle brand, or expanding into a product, the process can seem daunting.
I recently told someone he should have a blog and his response was:
Do you really think people would want to know what I have to say?!?
And, My Response was:
YES!!!
Putting your ideas together in a logical format and producing products that save people time is invaluable. We are all looking to SAVE TIME. We want to learn things quickly, and get information in a straightforward way. Ideally, from the same source. This is why I put together my Online Courses, because I am an online learner. I have already sorted through and tried a bunch of things that half-worked. And, my job is to give you the solutions that DO work.
Get Started and Make Consistent Movement
The best advice that I can give you is to get started. You won’t ever FEEL ready. Business is not much of a “Feely” game, which is why I love it. You just DO. You Plan and Act and DO and repeat. If you are feeling stuck, work with someone to help move you along. If you can do it all by yourself — GET GOING!! What are you waiting for!?!
