What is passive income?
Passive income is money that flows into your bank account while you’re sleeping, watching TV, or aimlessly staring into the abyss. ^_^
The truth about how passive income is established?
If you think that passive income means that you don’t need to invest then expect money to just flow through your bank account, you are quite mistaken.
Creating a source of passive income is similar to a business investment, if you want to enjoy the benefits of earning passively, you must be on the correct mindset. You need to anticipate and commit to a LOT of initial work to be done.
Here’s a great example: (offline passive income)
Real estate / Property for rent: Before becoming a full fledged landlord, you must go through the hoops of establishing your business with government entities which involves, taxes, sanitary permits, insurances, etc. After then can you be able to engage in marketing which will later give you monthly rental fee from your tenants (which is considered one of the oldest source of PASSIVE INCOME).
Similar to the example above, in terms of online passive income, you must establish your niche, product, blog, etc. and be an expert at it (in both product nurturing and marketing) before you could realize profit.
This post is to simply get you started, sharing some notable milestones to help you obtain that sweet success of earning passively through your online venture.
Get ready to have a Strong Mindset.
As I’ve said earlier, we need to think of this as our business, we should know that there is a possibility for it to take flight and reap all the rewards or to crash and be considered as time & efforts wasted. What happens to your business depends on what you do and how tenacious you really are.
Engage in Critical Thinking, Imaginative Thinking, and Analytics.
There are a lot of passive income choices to choose from. Some popular examples are Blogging with Ads, Affiliate Marketing, and Selling Digital Products, Creating an APP, etc. If you are imaginative, you can go a long way! Analyze the possible opportunity, study your market, targeted audience, and think with the end in mind. If your analysis leads you towards a dead end, do not get disheartened. Go back to the drawing board and work your way up again.
Bonus: Among all the examples listed above, we perceive that being an “Affiliate” is one of the most lucrative ways to earn passive income. Affiliate Marketing is a business model that involves gaining commissions for every successful product you refer to an online vendor. To learn how to make millions of dollars through email affiliate marketing, please visit this site.
Preferably, DO what you LOVE
If you could think of something you love and use it as a base of your product, you will have a wonderful time. Even probably consider this venture as a source of rest and relaxation. An example for this is writing, may it be a novel, a review, a list of wonderful things, etc. it would definitely bear fruit if you put your heart and mind into it.
Commitment and Devotion
Treat it like your special someone. Devote a specific time, daily / weekly / monthly for tending to the needs of your online venture. For a website or a blog, things to consider are updating the contents, interacting with your audiences, enhancing your product, advertisement.
Do not rush the results. Be patient!
I have been on this road countless of times. I wanted results immediately, I wanted to monetize my online venture AS SOON AS POSSIBLE!
A technique to avoiding this situation is to SEGREGATE your thoughts, think of yourself as two different individuals.
I’d like to call this creating your “PERSONA”. Creating two different personalities within yourself but still remember to maintain your sanity.
I actually did this and named myself differently for easier identification. My nickname Chino is the one with a wide imagination and Reynier is in charge with analytics and monetization. (Separation Achieved: Emotional & Logical / Passion & Reality / Chaos & Order)
Persona 1: A part of you needs to be in love with what you are doing. With love for your work, new ideas will easily appear.
Persona 2: A part of you should be able to think of ways to monetize your product. This is the more-serious part of you. It’s hard to find ways to monetize your work. Let’s remember that a well nurtured product will be able to attract profit.
A lot of opportunities will start by simply thinking that you can do better. We evolve, we enhance, we nurture, we pro-create, and sometimes we FAIL, but failure should only FUEL your drive to be stronger! Apply yourself and achieve wonders!