The first thing you must realize before you even start thinking about pursuing an internet based business opportunity that will create a passive income stream is to start thinking about what you are doing as a business. What is your identity going to be? How are you providing value and solutions to your audience? You should not be thinking of getting rich overnight or becoming an instant millionaire. If that’s what you’re after, then you should go play the lottery, you will probably have a better chance of getting rich that way than having your business making you rich instantly.
That doesn’t mean your dream of creating a viable online income isn’t possible, it just means, you’re going to have to work for it. There are plenty of successful online entrepreneurs that are making a very comfortable living with the laptop lifestyle. The one thing they all share, the common denominator that binds every successful entrepreneur is the willingness to sacrifice and put in the work. There are no shortcuts to success, no matter what any online guru might tell you. These gurus will have you believe that all you have to do is buy their course and “winner, winner, chicken dinner” you will be rich in no time. Any course whose main sales pitch is selling you on the idea of making 20K a month with little or no effort is SCAMMING you.
We all know there is no free ride in life. Building an online business is no different than building a traditional brick and mortar business. You have to have a plan that spells success, you have to have the right resources to implement the plan, and you have to execute the plan to the letter.
Let’s talk about your plan. What is your plan to be successful online? There are many different ways to do this. There is retail, where you’re going to sell a physical product online. This can be accomplished in a few different ways. There is eBay, Amazon FBA, Shopify, or setting up your own website where you will sell your own product.
You can also choose to sell a service via a digital product (teaching) or through a physical skill (photography). There are many ways you can monetize both of these things. You can create a course (digital product) and sell it on Udemy, or create a website where you can sell your course. You can offer photography services (physical skill) via, Fiverr, or your own website.
Here are 10 ways you can get started earning a passive income online.
- Affiliate Marketing
- Selling a course
- Publish Ebooks
There is no wrong or right platform to choose in order to accomplish your goal of having a viable online business. There are success stories across every one of the aforementioned platforms. There are also failures. There is no guarantee of either, but I can guarantee that if hard work, effort, and patience isn’t the foundation of your business, you are bound to end up in the latter category.
The choice of which online platform to enter is a personal choice. There must be careful consideration given to the type of business that you will be dedicating a substantial amount of your time for the foreseeable future. You must consider, do you have the time needed to do undertake this responsibility. Remember this isn’t a sprint, but a marathon. Your success will depend on this. Choosing the correct vehicle to create your business is vital. There are many things to consider when making this choice.
- Is the barrier of entry too high?
- Is this something I am comfortable doing long term?
- Do I have the economic resources to get started?
- Do I have the correct mindset to make this successful?
- Do I have the family support (Believe me, you will need it)
When I made the choice to enter the world of internet marketing for online business, I understood that it would take hard work, perseverance and the willingness to learn. All these things take time. I scoured the web for every bit of information I could find so I could make the right choice as to the direction I wanted to take. I came to the conclusion, the platform with the lowest barrier of entry, and didn’t cost a fortune to start, and is something that I enjoy (writing) was affiliate marketing. The basic premise of affiliate marketing is monetizing a captured audience via engaging, valuable, and helpful content that you provide on the internet. (50-foot view).
You start by choosing a subject matter (niche) in which you can provide value, and or help with your expertise, to the end user (anyone seeking that information), it should be something you have a passion for, and or have a working knowledge of. If you don’t have a passion for the subject that you are writing about, it will be a futile effort, because eventually you are going to run out of steam, and become bored with what you are doing. Your content will suffer and your audience will notice and react accordingly (by leaving your site). Eventually, you will begin to gain a following (traffic) to your website that trusts and values your content. That relationship is then monetized via an affiliate relationship with a merchant. That merchant will pay you a commision to for sending a paying customer their way. You have to make sure the trust you have with your audience is never compromised, or taken for granted by offering them something that you yourself wouldn’t use, or buy. So choose your affiliate relationship very carefully.
That may sound like an easy task and undertaking, but believe me, there is a science to get that to work for you. There are many free resources on the internet that can teach you how to do this. That would literally take you months upon months of researching to get the value and the knowledge of a good affiliate course.