7 Essential Tips for Passive Income

Lay on the Beach and Get Rich

The workplace as we know it is soon to become a thing of the past. The economy has never been so unstable; people were never as brave to embark on a path that hasn’t been stepped on. Career switching is no longer a taboo as it uses to be and in this fast and furious environment, one must adapt to survive. Still, it is like most of us to seek security and stability.

Recently, more and more stories emerge about the individuals who made a fortune with passive income. Being realistic, we prefer to say one can count on the reliable, stable and steadily growing passive income if he plays his cards right and bets on the right horse (or more of them for that matter). Plus, some knowledge, learning and hard work are essential on the path to a carefree future of lying on the beach while the money keeps pouring in.

Creating multiple streams of passive income is the new “job security.” There are many ways to build passive income. You could sell digital products like e-books or courses, take up affiliate marketing, create a community and charge people for being a part of it, or create and sell software. But no matter which way you choose, we have prepared a couple of great pieces of advice that are essential for your success.

1. There is no such thing as instant success

We all love the romantic stories where the knight comes, slays the dragon and lives forever in the glory. But, while climbing to the dragon cave, the knight must have passed by the number of those who stopped half the way.

Choose wisely and stick to it. Do your best and dedicate a lot of time and effort, even if it starts paying off just peanuts in the beginning. If you see a sign of progress, no matter how small, keep trying. It will start bringing more and more money.

2. Don’t let the money be your only motivation

Doing something you don’t enjoy doing isn’t going to get you anywhere, no matter how prospective or promising the opportunity sounds. Being the best in something is only possible if you love the thing you do. If you are the best in something, if you are committed to it, people will recognise it; visits, and thus the money, will come your way.

3. 100% passive income – it is the biggest myth ever

The meaning of easy revenue is “building the empire on automation.” But to keep it automated, one must put in a lot of effort at the beginning and must keep it up now and again. Be that as it may, there is always some time included. Optimising, using additional opportunities, adding new things in, letting those not working out, needs your time. The most converting page ever can suddenly stop converting without an obvious reason, but if you spot it on time, you might reverse the trend.

4. Find an affiliate you can serve/rule

You need to specialise and to find an affiliate program or niche market you can turn around with your knowledge, experience and dedication. Have in mind that this must be something you can keep fresh for years to come. Moreover, if your approach is impacting a lot of lives in a positive way, you are opening the door to have even more impact and to upsell. If you address that paint point the right way, your income is going to reflect it.

5. Choose your channel(s) wisely

Blog, YouTube, podcast – choose the form most natural to you and start building your audience. Think of the habits of your target market. Are they more into two-minute videos or long blog posts? Do your research thoroughly and choose the platform wisely, having in mind as well the potential income or revenue share you can get. Think about the content, landing pages, and marketing tools you are going to use. Be prepared to have a full pack.

6. Free stuff – who can resist?

Give your new audience (cold and warm traffic) something they would appreciate for free and ask only for a micro commitment from their side (such as email or social follow). That way you might have them exposed to what you have to say and later on to what you have to sell.  

Hard selling only works with those who are already in to shopping more with their wallets in their hands (hot traffic). Tailor your landing pages based on your visitor intention. Be smart about using and automating remarketing.

7. Be the white crow

Are others doing it as well? Don’t get scared; it is proof that there is a market for it. Don’t get scared if the market is “too small,” most of the best paying ones usually are. Find your unique selling point, define it, write it and perfect it.