Are you trading time for money?
Do you want to escape the 9 to 5 routine?
Do you want to be rich?
If you are finding yourself saying ‘Yes!’ to these 3 questions, this post is for you!
Many people are start their own business thinking they can be rich from doing so. Many start their own business thinking of escaping the traditional 9-5 jobs, visualizing themselves laying on the beach with a glass of champagne on hand enjoying the a sunbath on the weekdays, while money keep flowing in.
But instead, these business owners are trading their time for money. After all, most business are depending on how much you have done and generally requires you to be actively managing them or they will fail.
More Work = More Money
These businessman instead of escaping 9 to 5, made themselves into a slave of their own business, where they work 9am to 9pm or even 9am to 12 midnight. There is a limit on how much we can work, as we only have 24 hours a day. A struggle to grow revenue beyond covering day-to-day expenses. The feeling of not being able to step away from their desk without losing money soon creeps to their mind.
There is a better way of doing business right?
A way where you can turn your expertise into passive income, a way where you don’t need to trade time for money, where you can relax on the beach during the weekdays and think about the question about life right?
Soon, you will ask:
Is it possible that I can have income without spending every moment in front of my computer working?
Yes, it is absolutely possible! And it is called passive income!
Passive income sounds scary, but it is not. In fact, anyone can create their own passive income, ‘Yes’ that includes your neighbour or that sales girl that sells you the 1 foot subway for lunch yesterday. Everyone have a special set of skills that they are great at, skills that others don’t have and may want to learn from you.
To put it in simple terms, everyone is an expert in something, and expertise-driven passive income is about building products once to sell to multiple customers. If done correctly, you will not longer trade time for money and can do anything else other than work, while seeing your bank account grow like a baby. Sounds just too amazing right?
Since it sounds so easy, why isn’t everyone doing it? Is there a catch?
Great question! And you are right! There is one important condition, you must fulfill before you can truly enjoy life and start seeing your money grow.
Be prepared to put in lots of hard-work to create an asset that creates ongoing demand. Only those who are willing to put in the hours can reap the reward of enjoying the fruits of their hard-work. This is exactly what separates the successful ones from those who never taste success.
Money can grow on trees, but only if you water the plants.
Here’s the 5 steps guide you can take create a passive income product with your expertise!
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1. What Is Your Marketable Skills
More often than not, the best passive income idea comes from your existing set of skills. It can be from your professional life in your 9-5 job or even your hobby which you love doing in the weekends or at your free-time.
Here’s some great examples you might want to consider:
- A professional photographer might want to serve people around the globe with some of their best taken photos.
- A professional home organizer might want to help many others outside of their business district to organise their homes and offices
- A professional dancer might want to teach much more students on how to appreciate the beauty of a dance
- The neighbour who loves to cycle may want to tell their experience on their last ‘Tour de France’.
- The colleague who loves running marathon may want to tell others how he/she train and prepare for the marathon.
- You who loves gardening may want to teach others how to properly take care of the plants.
The list just goes on and on…
Do you see something that is common in all these examples?
These people are taking a skill that they love or are great at to connect to a larger audience! And these audience are generally not part of their core customers or consumers.
You don’t want to compete with yourself right?
So, probably you may want to take some time and list down some of the skills set that can be a a marketable product for your passive income stream.
- List down all your marketable skill
- Choose one which you are passionate
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2. What Are The Types of Passive Income?
There are different types of passive income, ranging from investing in stocks collecting dividend to renting out your room and collecting rents every single months. Or simply to create passive income with your expertise, something which you already know and are great at. The later is the passive income we will be focusing and guiding you in this article.
These passive income created from your expertise can actually indirectly or directly increase your authority and influence in your industry. These are the things that can directly impact your business.
You can create passive income with your expertise by:
- Create an Online Course
- Create an Podcast
- Create a YouTube Channel
- Host Online Workshops/ Seminars
- License a Music/ Song
- License a Graphic
- Write an eBook
- Sell Stock Photos
- Promoting Affiliated Products
- And many more…
Each option when done correctly can bring you hundreds or even thousands of dollars monthly or even daily. Yes, you read that right, thousands of dollars daily!
Each of these income streams can build your brand and help you expand your business day in, day out 24/7 with no MC or leave. Unlike a normal employee, who may talk about how his/her dog ate the project report yesterday night for the 3rd time this month.
- Choose One to Two of the many options in the list. This is the option you may want to use to make your Passive Income. Example. You can choose to create a YouTube channel or simply writing an eBook.
- Learn the tips and tricks on how to do well in that particular option. If you choose creating a YouTube channel, learn how to make great videos.
- Only after you master that option of making the passive income then you can try expand to other options.
- Don’t try too many options at once, or you will not succeed in any.
- Choose the option which you are passionate about. If you are camera shy and don’t like to talk, creating a YouTube channel might not be the best option for you.
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Step 3: Right Mindset
Creating a passive income isn’t as simple as just creating a product and sell. Your mindset when you are creating the product is just as important. Your audience/ customer must love your product. If your objective is just to chase money, money will never comes to you. It may sounds weird to tell you not to chase after money. But with the wrong mindset in mind, the product you create will never be good or great. At best, it will simply be normal, a product that is similar to the thousands of similar product around you. Your customer will always know, and they will tell others about it.
On contradictory, if you give value to your audience/ customers. They will appreciates the product you make and spread the words to their friends and family.
You will soon be known, to not just your audience, but to their families and friends as well. With social media nowadays, words spread really fast. Much faster than what you can think of.
Equip with a great product that leads to great word-of-mouth, you are bound to succeed. But perseverance is the key. The road to success is hard, but only those who didn’t give up succeed.
I have a friend who is a travel blogger, working full time as a blogger can be really hard and for the past 7 years working on his site. He have become the No.1 site to go to if you are going to travel to Thailand. The road is a bumpy ride, but it is your passion that keeps you going.
- Think of the one important thing you want to give to your customer, something that helps them, not you. Example: You want to create a YouTube channel; maybe you are aiming to teach your audience something they don’t know, or simply to provide great entertainment for your audience.
- Visualize how it can help them in their daily life.
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4. Know Your STRENGTH, Know your Audience
What are your skills that you can provide to be of value to your audience? What is your strength in making that product in the easiest, fastest way possible? The answer to this is to find the overlapping area, where your your strength and most importantly what your audience actually needs.
This is best illustrated with an example:
You might be a photographer that do not feel very comfortable being on video, broadcasting on YouTube for thousands to see. So, it might not be that great of an idea for you to create a video course on how to take great pictures or selfies. But you may love to let thousands or even millions of people to appreciates the great landscape photos that you have taken throughout the years in your travels. Your photos are well sought after by travel bloggers and they simply loved them. You can simply sell you amazing photos as ‘Stock Photos’ in different platforms for travel bloggers.
- You can show a travel blogger friend a nice photo of the Mount Everest you take during your last trip and ask him/her if he/she wants to buy the licensing right of the photo. Or…
- You can show a thousands of travel bloggers around the world on the nice photo of the Mount Everest you take during your last trip and ask them if they wants to buy the licensing right of the photo.
Similar to your main business, it is important to know what is your strength and who are your audience for the particular product that you are creating.
Your audience might overlapped at some point, but you have just expanded your reach to your audience by hundreds or even thousands of times around the globe.
To put it simply, by licensing your photos to sell as ‘Stock Photos’ as per the example. With the same effort you make in taking the photo, you get many folds returns, 24/7 and passively selling to thousands of travel bloggers.
You have just identify your first marketable skill, that you are passionate about and a product that your audience will love. Now you are ready for the next important step into putting this together into creating passive income.
- Identify your strength, such as; great personality and not camera shy
- Identify your audience, such as; travel bloggers or selfies lovers
- Link your skills together with your strength and convert it into a product that can be of value to your audience / customers.
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5. Develop the Passive Income
Developing the passive income stream don’t only depends on the product items. You can have the best product in the market, but if no one knows about it, no one can buy it from you. The key is to let people whom might be interested in your product knows that you have such a product that always dream of having! This is possible with some help.
Here are a few options:
- Email subscriptions; these are the people who like your content and may want to see more of them
- Paid Marketing; these are marketing your product through channels such as amazon, Facebook marketing, Instagram Marketing, Google Ads etc.
- Social Media; Facebook, Instagram, Google Plus Page, Twitter, LinkedIn etc.
- Partnerships; helping each other towards a common goal, great way on collaborations for YouTubers and bloggers
- A well-crafted landing page; these are great for selling a software or a niche product that is truly beneficial for your audience/ customers
Today, almost everyone watch YouTube, so let us explain this with ‘Become The YouTube Superstar’ as an example:
Let’s say you are a professional photographer.
You have a nice Instagram and Facebook Page with a several hundreds of fans and followers who really loved your work. You have a great personality and loves talking on camera.
Now after reading this article, you decided to venture into YouTube and create your own YouTube channel with a series of course for photo-taking.
So you take out your trusty camera and start videoing your “Learn photography in 30 days or Less” series. Once done, you patiently uploaded the massive video files filled with valuable contents and knowledge into your YouTube channel.
Surely, this video series will be a hit on the internet and you will soon see money rolling into your bank account.
PS. I am learning photography, so that course will surely attracts me.
After you uploaded that video course into YouTube. You are already dreaming of booking the next flight to Hawaii to enjoy your freedom with the new found passive income stream.
You waited for 1 week, then 2 weeks, then 1 month…but there are still not much view. You have a great product and you know there is a demand. But instead of dollars, you are making pennies. Why?
Reason is simple.
Because no ones knows.
Like every blockbuster movies, you need a strong launch!
- Do you have an landing page with strong action-oriented copy?
- Do your fans in Facebook knows you have an awesome video tutorial in YouTube that they may want to watch?
- Do your email subscribers know about such an amazing course?
- Do you have a right way of delivering your product to your customers/ audience?
- Do you have a good promotional image or video that can be shared across social media by your fans who love your work?
- Do you have someone who is in the similar industry where you can form a mutually beneficial partnership to help spread the word?
If you answer ‘No’ to all these questions, you probably need to do something about it.
If you answer ‘Yes’ to some, at least you are on the right track and probably, you may want to explore some other means of spreading the word as well.
These examples on the things you can do for a strong launch are just tip of the iceberg in building you passive income stream.
Passive income doesn’t mean it is easy.
Passive income means to work for something, so you may benefit from it again and again for the years to come without doing substantial amount of work.
For a product that is going to be relevant and of value to others over a long time, it is important to not that, it have to be of high quality so people will like to share it to their friends and relatives.
Eureka! Once you have achieved this, the product can sell itself over and over again. Which basically means, you are no longer trading time for money and have created a bankable passive income stream!
- Identify your means of spreading the word of your product.
- Spread the word and let the money rolls in!
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Congratulations! Reaching here means that you are truly prepared to take control of your future! And as a bonus to aid you in your journey. We will show you how to automate the process. Let the funnel run it self automatically while you are enjoying your champagne.
With the photographer who is building his YouTube Channel as an example.
Here’s what you can do:
- Outline what the course is about and create a product related to the course.
- Use Facebook ads to promote the online course.
- Record your video and include a pitch for your product at the end of the course which can direct leads to a product landing page where people can but what you have pitched.
Not only you can earn the Ad revenue from your YouTube Channel, you will also earn the sales of your product when your audience/ customers made the purchase.
It is like killing two birds with one stone!
What you just need to do is simply promoting your course on Facebook Ads or something similar and just let the money rolls in!
- Create a valuable product
- Market your product
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Key Take Away
Creating a passive income by turning your expertise into a money making machines is not impossible. It is in fact possible for anyone and everyone to create their own passive income streams. Whats important, you must be doing something that you are passionate about, something that gives value to others.
Passive income does not mean laziness or is easy to achieve. It means it is to do something today so you can ripe the benefits in the future.
The 5 Steps to Create Passive Income:
- Know what is your Marketable Skills
- Know what are the Types of Passive Income you can do
- Know the Right Mindset
- Know your Strength, Know your Audience
- Develop the Passive Income
All the steps as stated above requires some level of work, but these are some of the Best thing you do today which will eventually make money while you sleep!
Question: “Are you prepared to escape the 9 to 5?”
“Unfortunately, there seems to be far more opportunity out there than ability…. We should remember that good fortune often happens when opportunity meets with preparation.”
Wisdom from inventor, Thomas A. Edison
Read Also: Easy Ways To Make Passive Income
Remember! If you want it badly enough to be financially freed and have control on your own life, you will do what it takes to achieve it!
Part 1: Active Income vs Passive Income
Part 2: Easy Passive Income Ideas
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Disclaimer: I am not your financial adviser or lawyer, information found in our website are just my opinions. You should always ask your financial adviser or lawyer for any financial or law related advice.