Creating Passive Income Streams Can Be A Lot Of Hard Work, But Can Be Very Lucrative If Done Right
If earning passive income is that easy, why is not everyone getting rich? Why are there still people struggling with their passive income stream? Why are there people who think passive income is a scam while others are making hundreds of thousands of dollars every year?
The answer: because they do not know the secrets behind the passive income opportunities.
Secret #1 Passive income is not a get-rich-quick scheme.
Many people think that earning passive income is easy and never expect to put any hard work into it. The truth is, just like any business venture, a passive income opportunity will cost you time and effort before it brings you any decent income. For instance, to sell an eBook on Asian food recipes, you need to spend time planning its content, compiling information, writing it, editing it, formatting it and marketing it. The whole process could easily take months before you earn your first buck of passive income. Unfortunately many passive income seekers enter the business with the wrong mindset and give up when things do not meet their expectations.
Secret #2 Persistence is the key.
To be a successful passive income earner, one not only needs to be innovative but also be persistent. Receiving monthly rent of your property might be easy, but you still have the responsibilities as the landlord and you will be the person the tenants call when something in the property goes wrong. The same applies on selling eBooks online where you need to update your websites with new information and features to keep the clients coming back. Expect to do follow-up on the source of your passive income so that it keeps generating money for you in the long run.
Secret #3 Don’t give up your day job just yet.
Many people misunderstood that active income and passive income are mutually exclusive. They are not, at least at the beginning! It is not practical to quit your day time job just to build your passive income streams. If you do, you are only creating more tension to your financial situation because you would have to rush and squeeze money out of your passive income. Instead, focus on developing your passive income while still receiving your steady monthly pay from your employer.
Active Actions For Passive Income
Passive income is a source of income which generates money without you being present or working hard. You might ask, is that even possible? Yes, thousands of people have done it!! A popular example lately is the sales of products and services online. Exactly how to actively start your own passive income? This article outlines the steps.
First, generate ideas. You need to set your mind to actively churn out ideas while you are doing other things. Always carry a notepad and pen with you so that you can keep a log of all your inspirations and ideas. Commit yourself to come out with at least one idea per day. You may start by thinking around your areas of interest.
Second, try it. Once you have generated several ideas, start trying them out in order to see whether they are workable, including those that might sound absurd. For example, if you can draw well and want to earn money by selling your cartoons online, start drawing it to see how it works!! If you don’t try them on, your ideas will gather dust and you will forget and lose your initial passion about it.
Third, shortlist ideas. Select few that you think are the most workable and you are more likely to be able to commit. Do take your financial status into consideration as some passive incomes require a capital to start and maintain (e.g. sale of products online, property investment) while others require low or no start-up capital (e.g. sale of services and e-books online).
Fourth, plan it. With a shortlisted idea, plan how you want to develop your income stream. Find out other people doing the similar thing and how they are doing it. Give it a go, even if it does not work well from the beginning. If it does not work out, at least you have tried and now you can move on to your other ideas.
Fifth, save money. While your passive income might not necessarily need a large capital it is best that you save some money from the beginning. This allows you to see the outcome of your active actions on your passive income and allows more flexibility in growing your income stream later on. Once your first passive income has become steady, use this fund to work on the second one, and then third one!
Before long, you will have multiple passive income streams which are flowing steadily and making you financially independent!
Financial Independence Through Passive Income
Growing your passive income online to eventually achieve financial independence requires some extra work. Here are some tips to do exactly that – fire up your passive income!
1. Sharing is caring
First rule in growing your passive income is you must demonstrate genuine interest and be genuine in sharing. Your potential clients can feel it from the content of your website. Be honest about your products. People will not mind if you are recommending something useful however, you can turn people off easily if people realize what you recommend is actually of less value than you claim.
2. Use social network
As the popularity of the social media skyrockets, it would make no sense if you take advantage of them to promote your products. Use social media such as Facebook and Twitter to get in touch with your fans and potential clients. Reply to every comment and reply every email. Engage the readers in all conversations. Slowly, you will build a marketing army which will market your products for you in their network.
3. Build a subscriber list.
A list of subscribers to your blog is essentially a list of potential customers who are really interested at what you can offer them. It is much easier to promote your products to these subscribers and get them to buy your products rather than doing a general promotion online.
4.Always deliver value
This is one of the most powerful strategies. If you can deliver valuable products consistently, who would not want to own them? Put your passion into growing your passive income and aim to educate your clients with your products. It will keep them coming back for more.
Well I hope this gives a better understanding on how anyone can really create Financial Independence through multiple passive income streams for themselves.
To your great success on your online business journey, Bob@Lurnprofit
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