I am glad I went. I learned so much and it reaffirmed what I already knew. One of the best ways to have a financially secure future is by setting up passive income streams. Think about it, there are only so many hours in a day – how many websites, brochures or logos can I make? I am only one-person however, if I were to take my skills and build on them, I am way ahead of the game.
Everyone of you are in the same position as I am, you have a skill set that people want to know more about – or you have a product or service that can be put up on the internet where the world is your oyster, and you are open 24/7.
What is a passive income, what does it mean?
There are three main categories of income: active income, passive income and portfolio income. Active income is what you do on a day to day basis to pull earn money, you have to be physically there, for instance, I develop websites, that is what I do – I have to be at my computer working to bring in money.
Passive income is a business that brings in money when you are on vacation, sleeping or in the hospital with your sick loved one. There are all kinds of passive income streams – but for this article I am going to be talking about how you can harness the power of the internet and use it to make a good living or a great living depending on how much time you want to spend setting up your businesses.
There are many definitions for the term Passive Income, but here it is, in a nutshell:
Building online businesses that take advantage of systems of automation that allow transactions, cash flow and growth to happen without requiring a real time presence.
A lot of people have the pre-conceived notion that with passive income, there is no work. Nothing can be farther from the truth – but – all the work is on the front end. Once you get your business off the ground you can then sit back and enjoy the fruits of your labor.
17 Passive Revenue Streams to Think About
- Affiliate Marketing
- Writing e-books
- Online Courses (these can be automated)
- Blog – Yes you can make money with a popular blog
- Selling templates or WordPress themes
- Donations Link – good for niche blog’s
- Offering bundles of articles, artwork or anything that a niche market may find valuable
- Text Link Ads
- Writing reviews
- Niche Web Sites
- JV Partnerships
- Selling Art on websites like Zazzle
- Building lenses through websites like Squidoo.
- Becoming an associate earning referral fees
One thing is for sure you need to have a venue where people can find you through a web-page or blog that is keyword ready.
Building a list of prospects is one of the most important things you can do for your business. Now you know why I always say you need a sign-up (auto-responder) with a freebie to capture contacts. That way, you can keep people informed when you have something that will interest them and let them know when you have sales or something new on the horizon. Free 3 Part Video Series
Being active in social media is also an important way to market your business and the possibilities are endless.
There is no reason you should not be bringing multiple revenue streams to fill your pockets and give you financial security.
With a little imagination, education and elbow grease, you will be on your way.
To Exciting Opportunities & Endless Possibilities!