Establishing functioning passive income funnels is a practical (and viable) way for businesses and freelancers to earn more income. Doing so, is one way where you don’t have to be hands-on, 24/7, working every minute for the money you earn. In general, you place your efforts into setting up, then afterwards, your income funnels run, earning your revenue. It’s a great system to put in place, because you’re not stuck only earning the money equivalent to the time you put into your work. Rather your revenue funnels are doing the work (even when you’re sleeping).
Consider this scenario… Someone who works as a copywriter, providing content for clients. Most copywriters are paid by the word. Or a web designer, again, receiving a set amount of payment per project. For the copywriter, he or she only earns a specific amount for the specific number of words they write. Or the web designer who will only earn a specific amount for each project they are able to do. While both these examples can certainly earn a high rate of income, there’s still a limit. Why? Because there is only so much you can do, and won’t be able to earn more income (you can only spread yourself and your time so much, before you’re no longer productive). Put another way… You only have so much time and really, there’s only so much work you can do during that time.
What if you zipped up your knowledge, experiences, etc. and wrote an ebook. What then? Common sense… You’ll complete the preparation for the book (creating it, publishing it, and advertising it). You’ll also have a website, or landing page, where visitors can purchase (as well as download) your ebook. There are also the initiatives in place to attract traffic to your website (or page). Now stand back and think of what’s been accomplished – Visitors come to your website then buy the ebook, and revenue starts being deposited into your bank account, without you doing anything further. – That’s a very big benefit of Passive Income!
What a Passive Income Isn’t
There are some widely circulated myths about passive income – It helps to realize what a passive income isn’t.
- Passive income is not a 100% hands-off, lazy way to make money.
- You are absolutely not going to be sitting on a beach, with your mobile device, being hand served cool drinks, while the money rolls in. (Ever actually tried sitting in the hot sand, working with a laptop, for example? Don’t try it).
- There’s work to do to set up a passive stream of income. (In the beginning, it’s actually a lot of work).
- From time to time, there is light maintenance.
- Be prepared to put in some extra work for each new stream you add.
Passive income streams are more that just focused on making money. Your passive income can helps you ride through economic insecurity. It can give you the money that liberates you from working extra hard for every single penny, as we do with “traditional” jobs. Passive revenues provide you with an income buffer, affording you time to focus on other aspects of your business (and more freedom in your life).
Some Common Ideas for Passive Income Streams
How do you create passive income streams? Below are some of the more common venues people use.
Affiliate Marketing. Sell similar (related to your audience niche) products and services offered by other vendors for a commission.
eBooks. I alluded to this earlier in my post… You can create eBooks and publish them on platforms like Amazon Kindle (as of this post, they still have among the best pay-out rate). Your books can be selling on those platforms (as well as your website) while you grow other facets of your business (or initiate new passive streams).
Evergreen Online Courses. These are popular! Provide online automated courses and webinars. These aren’t live courses (but you could provide scheduled live-streaming courses), but pre-recorded and automated, and on “evergreen” topics that are always relevant. By evergreen, I’m referring to courses that will always be in demand, and can be easily updated to stay current.
Digital Products. Providing other types of digital products such as video tutorials, podcasts that teach your audience how to do something. These can be available for purchase and download. Pictures, artworks, music, and so on.
Ad Revenue. Ads for your high-traffic website or blog (don’t engage this until you do have a sizable flow of traffic). There are many different ways to create a passive income depending on your niche audience, your specific expertise, and your tuned sales funnel.
Membership Sites. Creating membership websites that charge a fee for membership or operate on a subscription basis.
These above post, along with your detailed Successful Passive Income plan, are what you need to achieve your goals. Wondering how to go about the planning you need to get started? I’m offering a full course on “Successful Passive Income”, for growing your passive revenue stream, strategically step-by-step.
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