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 dollar every year?
The answer: Because they do not know the secrets behind the passive income opportunities.
Secret #1 Passive income is not get-rich-quick scheme.
Many people thought 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 You need to work on your passive income alongside your permanent job.
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.
How to Make Your First Buck Online-
The advent of Internet has made money making easier than ever. Instead of being physically present at a certain location to promote and sell your products or services, you now have the whole world as your potential clients! It is no wonder that more and more people are turning to internet to make their passive income. How to start making your first buck online? One of the simplest way is to develop and market information products or in other words, an eBook.
Pick a topic.
Find an area of your interest or something you are familiar with. For example, if you are working in a publishing company as an editor, you can share tips on publishing magazines or self-publishing.
Survey the market-
Use “Google External Keyword” tool to find out the search volume for your market. Search volume reflects the interest of the online population on your topic. As long as the “keyword” of your topic has a decent search volume, you can assume that your informational product would have some demand when it is put up on sale.
Brainstorming for ideas-
Keep a list of ideas for your topic, either on your note book or on your computer. The single major benefit of writing down all your ideas as they come in is that you can avoid forgetting about them. This strategy would save you much time if you use it regularly.
Get a website up-
You need a platform to promote and sell your informational product. Start with using free blogsite such as Blogspot or WordPress. As your traffic builds up and you are really making an income, consider to upgrade to web hosting site where you have more freedom in customising the website for the content.
Draw traffic to your website-
A common strategy is by creating interesting content on your blogsite. This free information serves two purposes: first, to educate the public about the topic and secondly, prime them to purchase your ebook! You can also go to a similar blog, post relevant comments and share the link to your articles.
From Passive Income to Financial Independence-
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!
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. Generally 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.
Use social networks-
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.
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.
Focus on 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.
Now you are set to generate passive income online with your informational product!!
To your great success on your passive income journey, Bob Edwards