If You Think You Can … You’re Right!
I’d like to think I’m a bit smarter now than I was 10 years ago. And truth be told, if I’d harnessed the power of the internet and started my online business back then, I’d be way ahead of where I am now. So here’s what I’ve learned.
The best time to start an online business was 20 years ago. The second best time to start is NOW!
OK. So you want to start an online business and create passive income streams with your blog. But how do you know what works and what doesn’t?
Sadly, many of the ways to monetize a blog that you read about on the internet are a waste of time.
I mean, let’s be realistic here.
Becoming a freelance blogger is not really a way to generate passive income streams from your blog.
It’s pretty much the same as doing contract work. And you have to get out there and find the opportunities.
And granted, if you need immediate income you may need to start off with an online business that enables you to produce an active income stream before you move over to generating passive income streams.
Now I’m not saying you can’t earn money from freelance blogging … I’m saying that it’s not really going to give you a passive income stream.
It’s an active income model.
In other words, if you stop freelancing, your income ceases. Right?
What’s this thing called passive income and how do you go about achieving multiple passive income streams?
Well, here’s something I learned from my wife that goes straight to the very crux of my definition of passive income.
You’ve got to do what you have to do, so you can be free to do what you want to do.
In essence, generating passive income streams from your online business requires an enormous amount of upfront effort so that your website or blog can pretty much generate income on autopilot thereafter.
You don’t have to be physically present in your business to generate passive income streams.
Once you get that right … the world is your oyster my friend!
How Long Will It Take Me To Start Making Money?
Well that’s a million dollar question!
And before I answer it, I’m going to ask you something.
Are you looking for instant gratification?
Because instant gratification invariably comes with a high degree of risk.
For example, you could invest $1m into Bitcoin because someone told you the price of the cryptocurrency is going to double over the next month … but the level of risk you’d be carrying, would be huge, right?
If you came here with hopes of making money online fast – I’m sorry to burst your bubble.
Nothing in life, that’s worthwhile, is easy.
And building an online business is no different to any other business.
But it can be far more rewarding if you’re prepared to take a longer term view.
Now it’s time for me to leave you with some very true wisdom from Bill Gates …
Most people overestimate what they can do in one year and underestimate what they can do in ten years.
Hmm! But Other Bloggers Make It Sound So Easy … Is This Online Business Thing Just A Pipe Dream?
I can assure you that starting and becoming successful in an online business is well within anyone’s reach.
And that applies to any business, not just an online business.
“Hard work” and “impossible” have two completely different meanings.
YES … starting an online business and generating passive income streams is hard work.
NO … it’s certainly not a pipe dream.
But a lot depends on your own belief system.
If you think you can do it, you will.
If you think you can’t, you won’t.
Now you may think I’m being philosophical, but every single self help book will tell you the same thing. A positive outlook and positive “self-talk” are essential business ingredients!
As Napoloen Hill said …
Whatever the mind of man can conceive and believe, it can achieve.
I’ve always lived by that. And it works!
But How Do I Learn About The Different Ways To Generate Passive Income Streams?
When I first started my online business, I learned from other online entrepreneurs that were a few steps ahead of me.
The truth is, there are always going to be people who are ahead of you.
That’s how we learn.
So whether you’re just starting out or need to learn more about driving traffic to your website or blog, building an audience and becoming successful online, I’m here to teach you all of that.
I’m going to help you by showing you some workable and realistic ways to generate passive income streams.
And I’ll also be pointing out what types of monetization models to steer clear of.
Generating Passive Income Streams From Creating And Selling Online Courses
Online courses has to be one of the most profitable ways to build passive income streams.
Not only is the online course industry huge – so there’s plenty of potential – but you can also charge enough to be able to earn some financially rewarding passive income streams from them.
You can run your courses regularly and all you need to do is market them properly to your audience.
And hey, let’s clear something up straight away – it really doesn’t matter which niche you’re in.
There’s plenty of potential to earn passive income streams from any niche.
I mean, let’s be honest here. You’re obviously producing epic content for your website or blog. Yes?
You wouldn’t be involved in blogging otherwise!
So all you need to do is use your existing content as as basis to start teaching.
The secret to creating courses that are really useful for your users, is to find out what they’re really interested in.
I mean, why put in all the effort in creating courses that nobody will buy?
A great way to achieve this is simply to ask your audience. A great way to do this is to include questions on your subscription forms.
It also shows your users that you care about them.
The truth is that people will buy your courses if they feel that they’ll benefit from them.
Have you ever been given an incentive to refer a great product or service?
Well I received a text message out of the blue one day offering me a commission to refer clients for some cryptocurrency operation.
You can read about it in this affiliate marketing post.
Well that text message was really a pathetic attempt to muster up some business. And let me tell you something … if you try with your blog you’ll get a big fat “hole in the donut” for a paycheck!
What’s more is that you’ll kill every chance of earning passive income streams from affiliate marketing.
Very simply, affiliate marketing involves referring people to a great product that you’ve used and loved. The product provider pays you a referral fee for any sales that result from your marketing efforts.
I’m not going into an in depth discussion of the workings of affiliate marketing, but here’s just a quick tip.
First concentrate on producing great content and building an audience that trusts you.
Once you’ve got that down pat, then consider adding some affiliate links to your posts and market to your audience.
Remember … no audience = no passive income streams!
If you put the cart before the horse, you’ll most certainly fail at affiliate marketing.
OK. Now that you understand that, let’s continue.
The way to earn multiple passive income streams from affiliate marketing is to become an affiliate for multiple products.
Don’t try to spread yourself too thin. Choose your affiliate products selectively.
Naturally, certain affiliate programs are better than others, mainly because certain products are easier to “sell” than others.
For example, website hosting is a great way to earn affiliate commissions simply because everyone who runs a website or blog needs hosting.
It’s basically recession proof.
The same applies to themes. No theme, no website.
In your own niche, concentrate mainly on the “must have” products as opposed to the “like to have” products.
These will generate your greatest passive income streams.
Here’s some additional reading about affiliate marketing that you may find interesting:
- 19 Proven Affiliate Programs For WordPress Bloggers To Make Money
- Affiliate Link Cloaking- Should You Cloak Yours’? The Pros And Cons
E-Mail Marketing – The Precursor To Generating All Passive Income Streams
Would you agree that, at the end of the day, virtually everything you do to generate passive income streams from your online business comes down to marketing in one way or another?
And most people just don’t get it!
So I’m going to tell you a little secret really early on.
E-mail marketing is more powerful than social media marketing.
Want to know why?
Because the subscribers to your list – your audience – are all warm leads.
You know … when a good friend makes a suggestion, you’re likely to follow it, right?
Because it came from a trusted source. A warm lead so to speak.
Would you do the same if the suggestion came from a stranger?
Well the same applies to your audience.
And that’s why it’s so crucial to nurture your audience and keep yourself in front of them all the time.
You need to keep yourself top of mind.
The more you communicate with them, the more receptive they become to your suggestions.
They become warm.
They start seeing you as a friend. The more you talk to them, the more they feel they know you.
When I had a real estate business, one of the ways I used to prospect for sellers was to put business cards into letter boxes.
I had a rubber stamp made using my own handwriting that said “Hi, I called in while you were out. I’d like to chat with you about your property. Please can you call me on 555-5555”.
Did it work the first time round?
Not on your life!
It took at least 3 business card drops before people start thinking that they knew me … that I was THE area expert.
Get my drift?
It’s the same with your audience and your email list.
Your subscribers are like gold …and all you need to do to get business from them, is to keep in touch and provide them with heaps of useful information.
You have to give unselfishly … and often!
Once you’ve done that, you can ask them for business.
And do yourself one favor … don’t forget to ask!!
But you also need to learn how to influence people properly.
Now I don’t mean this in a clandestine way. But because you have the knowledge they’re after, you have the ability to really help people in a positive way.
But you also need to use your power of persuasion to close the deal … so to speak.
From all my years in selling financial products and real estate, I can tell you, without a shadow of a doubt, that people like to feel they’ve bought something, not that they’ve been sold something!
Here’s a little take away …
There are 2 main reasons why email marketing is way more effective than social media marketing:
- You own your email list but you don’t own your likes, shares or comments on social media.
- Do you have any idea how much money Facebook and Twitter make from advertising? Well they use algorithms to prevent your followers from seeing most of your business related promotions. They want you to pay for advertising.
Think Carefully Before Using …
Advertising (Google Adsense) To Monetize Your Website Or Blog
So here’s why I don’t use Adsense.
- Adverts makes websites look cluttered
- They divert your user’s attention from the content – they’re distracting.
- The prospect of generating a reasonable passive income stream is minimal, even if your site attracts large volumes of page views.
- The choice and placement of ads is out of your control. If Google stops placing ads on your site, you lose the prospect of earning any income.
Where To From Here?
Before I started my online business, I spent some time researching the subject.
Each website I visited said something different.
After a couple of weeks I was thoroughly exhausted.
And guess what?
I was still no closer to starting my business.
As a matter of fact I was so overwhelmed by the sheer amount of information out there, it was paralysing.
And it’s easy to get caught up in that kind of spiral.
So at this stage, you’ve got some choices …
You could do nothing – but remember that if you keep doing what you’re doing, you’re going to keep getting what you’re getting!
You could continue to search for more information just like I did – and because I’ve already been through that, I’ve got everything you need to start your online business, right here on this website.
You can actively decide to stop procrastinating and take steps to get going with your online business.
And if you’ve already started your business, you can either continue to waste your time with the same old things that aren’t working or you can borrow my strategies and accelerate your path to success.