The Dream of a lot of people is to be rich. That is not the Greed to have a lot of money, but the Simple Desire to be able to Do and/or Buy whatever they want, whenever they want without the need to worry about the Cost. That’s Simply called Financial Independency. What if It told You that the solution for that is in the answer to the Question: “What is Passive Income”?
Passive income is the earnings You can get on Autopilot. After identifying the Streams or Methods to obtain that Passive Income, You will need to put some initial effort to start earning some money, that effort will bring you consistent earnings for Years to come. The best advantage of this approach is that, Your limited effort to evolve each of your several streams of income will stack your Passive Income on top of previous efforts and that means, You will grow Your Monthly Intake Constantly. This approach does not have a maximum limit of earnings you can generate, making this the Best Way to get Your, so desired, Financial Independency. Sky’s the Limit.
How to start Building Your Passive Income
There are several Streams of Passive Income, several ways of Building a steady intake of money each Month. This are the 5 first steps that you can Action TODAY to start building Your Passive Income:
Step #1. Start Your Own Niche blog
A Niche Blog is one of the best Methods to start Building Your Online Passive income. A Blog will allow you to share your Knowledge and add Value to the reader, that will grow Your regular audience Organically. That traffic can be Monetized by different Methods. Let’s explain what you need to start Your Niche Blog:
- Find a Niche: Select a Niche that You are comfortable with because that will help you to create the content you need.
- Choose a Web Host: This Web host is where Your Blog will be stored and Maintained. Here you have two Hosting services that We recommend:
- Register the Domain: The Domain is the Name of You Blog [ex. niche_blog.com]
- Setup a WordPress Blog
- Start Blog Posting frequently [ex. 5 Posts a Week] always adding value to the reader.
- Make Sure You have around 25 Posts before moving to the next steps
Step #2. Start Using Affiliate Marketing
A really good method to monetize Your blog and, therefore, build your passive income, is to use affiliate marketing, which involves earning a commission to sell 3rd party’s products or services. You will reference in Your blog the products and services relevant to Your niche and You will use the affiliate link, provided by the 3rd party to get people to their site and then you just collect the commissions on the sales the 3rd party company will get. Note that +, in some cases, those commissions can go up to 60% or 70%. These Affiliate sales don’t involve a lot of work. You just have to share a product and you earn when people buy them.
We can divide the Affiliate Market in 2 big Groups:
- Affiliate Networks: These Networks will give you access to thousands of Products and/or Services You can Promote and get commissions on. Here You have some of the recommended Affiliate Networks:
- Single Brand Affiliate Programs: Almost every site or brand out there has his proper Affiliate Program (Just search on google the name of the brand space Affiliate Program). One of the biggest brands with affiliate program is Amazon Associates.
Step #3. Create Your YouTube Channel
You can Start Your YouTube channel to support Your Blog, and it is also a reliable source of passive income by itself. You can earn money through collaborations with affiliate marketers, get paid for advertisements, get paid by sponsorships, and get monetized by views. This has a great income potential, especially if you love creating videos. Your topics can just be something you love to do or talk about.
Step #4. Create Your Own digital Product
A digital product is any product that can be purchased and consumed online. This can be in the form of simple content, this includes some form of content, such as a newsletter, podcast, video, ebook, or course.
Although a Digital Product can be either entertainment (such as music or a storybook) or educational (such as a course or instructional ebook), the last option is what is most appealing to this type of Passive income. You can create one or several Digital Courses and/or eBooks relevant in Your Niche that you can sell to Your audience over and over again.
Conclusion
In Summary, to start Building Your Passive Income You can take several approaches, but the one I believe is the Best one is what I just explained:
Create Your Blog in a niche that You have interest in and Post periodically to engage with Your audience, always adding Value, then You should enroll in some affiliate platforms or some brands affiliate Programs to start using the Links in You Blog and collect Your percentage. After that You should start Your YouTube channel to start enriching Your Blog with Videos and linking them together (Note that You can also monetize Your YouTube Channel with affiliate links. When You have been posting for a while and You are already being perceived as an authority You can create your own online course or eBook that You can sell in your Blog.
All of these Steps will help you gradually increase You Passive Income every month. In other Words, it will take some of Your time but every single time you spend on Your Process it will Potentially increase your Passive Income a little bit more for Years to come.