Your Guide to Passive Income | Three Essentials
Passive income is one the best income streams there is for the creative entrepreneur. Earning multiple times from a one time creation while making a difference is euphoric. When I started my business, my income goals were to earn 80% passive income through various digital and physical products. Once I learned how to earn on autopilot from one-time creations, I began to teach other creatives and online business owners how to earn online as well.
During my teaching journey, I’ve noticed one common perception among most creatives who aren’t earning passively online. They fear they don’t have anything to teach or sell to receive this stream of income, but this is far from the truth. Anyone can earn passive income online and I will debunk any other belief in this post. If you’re in disbelief about how easy earning money is online, pay close attention. You only need 3 things to start earning online today:
Useful skills, talent, or information
Everyone has useful skills or talents. Everyone holds life changing information from their experiences and acquired knowledge. Most people don’t recognize how valuable their experience is and that they hold money gems (knowledge or talents that can be monetized by teaching) within them. Valuable talents and useful knowledge is the #1 thing needed to start earning passive income today.
You don’t need a degree or to be a guru in your field or niche. You simply need a useful, in demand, product that will allow you to earn on autopilot. If you aren’t sure what useful talents and knowledge you possess, I wrote a blog to help you discover your talents and skills here.
Discovering your talents and skills are super simple. Take time to listen to repetitive requests from your friends and family. Pay attention to your habits and hobbies. You’ll discover many things that others need to know and are willing to pay for. This is the first step to developing your product; knowing what you do or know well.
An easily accessible digital product
There are a ton of products you can create to start selling online such as print sheets, online courses, videos and books. All of these products will cost you little to no money to create. The kind of product you’ll create is part one of the second things you’ll need to start earning today. Once you identify and finalize your products, you have to make sure they’re easily accessible. Creating an easily accessible product of part two.
Create an online space that visitors can find and purchase without headache. Your online space should have a smooth buying process, the final part, as well. If you make it too hard for people to buy from you, you will lose sales. An easily accessible product works best in an automated system in a storefront, website, or opencart. Your storefront can be a single page profile on a platform like Etsy or on your website. If you don’t have a website, there are tools such as PayPal or DPD that will allow you to sell a product in a single checkout process.
You don’t need a full 5 page website to sell products. You simply need a space for people to visit to learn about your business, to learn how your products can help them reach their goal, and a way to contact you.
A plan to bring awareness to the product
People won’t know the value you have to offer unless you tell them. A strategic marketing plan will help you bring awareness to your products. Whether you promote your brand on or offline, your products need the attention it deserves. You must think about where your ideal buyers hang out on and offline. You must also create a strategy to initially attract them then direct them back to your website, storefront, or cart.
If you own an online business, there are several ways to implement a strategic marketing plan to attract your ideal buyers. The key is to get familiar with their needs and wants as well as where they are online. Social media is a great way to research their needs before you craft your marketing plan. Do the proper research by watching what they post, like and comment about. Once you complete research, create a plan to attract, connect, and build loyalists for your brand.
Always remember that you’ll need to be consistently present to build a know-like-trust factor to earn passively. The three key points discussed in this blog are essentials to start earning online today. There are several tools and programs that will help you start your business with no upfront costs. I share these tools and programs as I teach each step to earn online in my passive income course. To learn more, click here.
Before you go, I want to leave you with one important rule:
You have to have an appetite to win! The mindset to earn online has to be a healthy mindset; a willing mindset. Once you master your mind, you can earn at your highest potential.
It's important to secure money paths for your financial health. One stream of income won’t cut it. If you know one subject extremely well, there are high chances that there are people who need or want to learn what you know. Discover your value. Monetize your skills and knowledge. Create an easily accessible product. Promote it consistently and watch the coins roll in!