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How to Create Passive Income With Your Expertise Today (5-Easy Steps)

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Do you want to create passive income that will help you create total financial freedom for you and your family?

Creating passive income is key if you want to become financially secured.

With 24hours each day, we only have 24hours to exchanging time for money, active income have a limit on how much we can ear, but passive income offers unlimited earning potential.

Quiz: What is Your Secret Passive Income Identity?

Passive Income Secret Identity

Why Do You Want To Create Passive Income With Your Expertise?

You want to create passive income with your expertise because you are leveraging your current skillsets, experience and connection to create a new stream of income which helps you expedite your income creation process.

  • You leverage your current skills set.
  • You leverage your current experience.
  • You leverage your current connections.

Creating passive income with your expertise increases your success while shortening the time required to create a successful passive income stream.

How to Create Passive Income With Your Expertise

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 on the weekends or in your free time.

Here are some great examples you might want to consider:

Professional Skills

  • 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 organize their homes and offices
  • A professional dancer might want to teach much more students how to appreciate the beauty of a dance

Hobby

  • The neighbor who loves to cycle may want to tell their experience on their last  ‘Tour de France’.
  • The colleague who loves running marathons may want to tell others how he/she trains and prepare for the marathon.
  • You who love 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 audiences 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 skill sets that can be a marketable product for your passive income stream.

Action Steps:

  1. List down all your marketable skill
  2. Choose one which you are passionate

2. Understand What Passive Income You Want

There are different types of passive income, ranging from investing in stocks and collecting dividends to renting out your room and collecting rent every single month. Or simply to create passive income with your expertise, something which you already know and are great at.

The latter is the passive income we will be focusing on and guiding you in this article.

This 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 a 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, and 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.

Action Steps:

  1. 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 write an eBook.
  2. Learn the tips and tricks on how to do well in that particular option. If you choose to create a YouTube channel, learn how to make great videos.
  3. Only after you master that option of making the passive income then you can try to expand to other options.

Tips:

  • 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.

3. Develop The Right Mindset

Creating a passive income isn’t as simple as just creating a product and selling it. 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 come to you.

It may sound 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 products 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 appreciate the product you make and spread the word to their friends and family.

Give Value

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 has 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.

Action Steps:

  1. 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.
  2. Visualize how it can help them in their daily life.

4. Know Your Strength, Know your Audience

What are the 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 strength and most importantly what your audience actually needs.

This is best illustrated with an example:

You might be a photographer that does 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 as a photographer, you may love to let thousands or even millions of people appreciate 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.

In this case, you can simply sell your amazing photos as ‘Stock Photos’ on different platforms for travel bloggers.

  • You can show a travel blogger friend a nice photo of 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 thousands of travel bloggers around the world the nice photo of Mount Everest you take during your last trip and ask them if they want to buy the licensing right of the photo. 

Similar to your main business, it is important to know what is your strength and who is your audience for the particular product that you are creating.

Your audience might overlap 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.

Congratulations!

You have just identified 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.

Action Steps:

  1. Identify your strength, such as; a great personality and not being camera shy
  2. Identify your audience, such as; travel bloggers or selfies lovers
  3. Link your skills together with your strength and convert them into a product that can be of value to your audience/customers.

5. Develop the Passive Income

Developing the passive income stream doesn’t only depend 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 who might be interested in your product know 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; this is to market 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, a great way on collaborating for YouTubers and bloggers
  • A well-crafted landing page; these are great for selling software or a niche product that is truly beneficial for your audience/ customers

Today, almost everyone watches 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 several hundreds of fans and followers who really loved your work. You have a great personality and love talking on camera.

Now after reading this article, you decided to venture into YouTube and create your own YouTube channel with a series of courses 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 content 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 attract me.

After you uploaded that video course to YouTube. You are already dreaming of booking the next flight to Hawaii to enjoy your freedom with the newfound passive income stream.

You waited for 1 week, then 2 weeks, then 1 month…but there are still not many views. You have a great product and you know there is a demand. But instead of dollars, you are making pennies. Why?

The reason is simple… because no ones knows about it at all…

Like every blockbuster movie, you need a strong launch!

  • Do you have a landing page with a strong action-oriented copy?
  • Do your fans on Facebook or Twitter know you have an awesome video tutorial on YouTube or TikTok that they may want to watch?
  • Do your email subscribers know about such an amazing course? 
  • Do you have the 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 a 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, and you may want to explore some other means of spreading the word as well.

These examples of the things you can do for a strong launch are just the tip of the iceberg in building your 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 note that, it has to be of high quality so people will like to share it with their friends and relatives.

Eureka! Once you have achieved this, the product can sell itself over and over again. This basically means, you are no longer trading time for money and have created a bankable passive income stream!

Action Steps:

  1. Identify your means of spreading the word about your product.
  2. Spread the word and let the money rolls in!

Bonus. Automation

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 itself automatically while you are enjoying your champagne. 

The photographer who is building his YouTube Channel is 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 buy what you have pitched.

Not only you can earn Ad revenue from your YouTube Channel, but you will also earn 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 promote your course on Facebook Ads or something similar and just let the money rolls in!

Action Steps:

  1. Create a valuable product
  2. Market your product

Anyone Can Create Passive Income With Their Expertise

Passive income sounds hard to obtain, but in fact, anyone can create passive income for themselves.

Choosing the right topic and form of passive income, you can leverage your unique special set of skills, experience and connections that others don’t have, these are assets which makes others 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 no longer trade time for money and can do anything else other than work, while seeing your bank account grow like a baby. Sounds just amazing right?

But…

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.

Antony C.

Ready?

Here are the 5 steps guide you can take to create a passive income product with your expertise!

Is This Time To Create Your Passive Income Now?

Creating a passive income by turning your expertise into a money-making machine is a great way yo grow your wealth.

What’s 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:

  1. Know what is your Marketable Skills
  2. Know what Types of Passive Income you can do
  3. Know the Right Mindset
  4. Know your Strength, Know your Audience
  5. Develop the Passive Income

All the steps as stated above require some level of work, but these are some of the best things you do today which will eventually make money while you sleep!

“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

Question: “Are you prepared to escape the 9 to 5 and create your own passive income stream?”

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Founder & Financial Writer at Income Buddies | Website | Posts by Author

Antony C. is a dividend investor with over 15+ years of investing experience. He’s also the book author of “Start Small, Dream Big“, certified PMP® holder and founder of IncomeBuddies.com (IB). At IB, he share his personal journey and expertise on growing passive income through dividend investing and building online business. Antony has been featured in global news outlet including Yahoo Finance, Nasdaq and Non Fiction Author Association (NFAA).