January 30, 2019 at 8:56 pm #1527
In this article, rather “mini tutorial” we will see how to start with your first passive income project on the internet, so let’s recap.
Rapid recapitulation: active income versus liabilities
Before immersing ourselves in how to make a passive income with your first project, let’s analyze what is the passive income, in comparison with the active income, as well as the advantages and challenges of active income.
Active income is the negotiation time for money. If you get paid € 10 per hour for stacking shelves, that’s active income. If you get paid € 5000 a month to design websites, that’s active income too. If you get paid € 100 to write an article for a website, guess what? It is an active income. No matter the exact circumstances, but when you observe, you will find that in all these situations, the person who gets paid is basically selling his time to another person in exchange for cash.
The problem with active income is that it tends not to be flexible. You are obligated to have someone else pay for your time. If circumstances change, they could kick you out of work. You can also be nine or ten hours a day in an office when you only need to be there three to do your work, or to spend fourteen hours a day working when you’re only paid eight.
With passive income, instead of your time, you are marketing a product or service for money. The classic example of passive income is an eBook. You spend a few months or years writing the eBook and then you sell it. Nobody is paying you € 50 an hour to sit there. Once it is written, you put it on Amazon and we wait for you to sell it. If your eBook is successful, you could make thousands or thousands of euros each month in sales.
Actually, passive income is a bit more complicated than that. There is a cost of time (well, more than an investment of time) in the creation of the initial product or service, there is also a time of learning cost for marketing and customer service. In theory, however, with passive income projects, you should be able to make more money and less work. On the other hand, your passive income project could be a total failure and thousands of hours sink to earn only a few eurillos.
However, for me, total failure never exists. If it does not work (as we would like), at least you have the experience for a second project, and there, all are advantages.
How to start making passive income
If you have reached this point, obviously you are at least considering investing some time in generating passive income, so let’s see what you should do to begin with.
Evaluate: Where to start?
Despite what some charlatans will tell you (and sorry for the expression), the creation of passive income products that bring you a steady stream of income is difficult. It’s not about going, paying writers in India to write a generic eBook, putting it on Amazon and waiting to become a millionaire. You can get some sales, but unless the product is good, it is very unlikely that you will be able to build a serious business like that. This means that you need to evaluate where you are starting from.
If you have never built an application or a website before, then launching an alleged Facebook competitor in the hope that it will bring you riches might not be the best direction you. Similarly, if you have never taken a camera, you probably will not make much money selling photos through websites, such as Shuterstock or Photodune.
So let’s look at some of the things you need to ask yourself before diving into passive income:
1. What do you want to earn passive income for?
What is your goal?
“Earn money while you sleep!”
“Travel the world without ever having to work!”
“Retire before age 40!”
These are all the types of claims you’ll see out there: “Earn passive income now” sites that offer “guaranteed return money” products for a few hundred euros … Stop before clicking on these sites, surely, most of them be a scam.
Yes I know. Surely you’ve already found that. Desolador, right ?, We are here to help.
Clarifying what your final goals will be, will determine a lot about how you will generate passive income. If you only want a few hundred euros more per month, you can approach things in a different way, if you want to create a passive empire of € 500,000 per year. You need to have a clear idea of what you want to achieve before you begin.
2. Do you need passive income to achieve your goals?
One of my big goals is to “print” my own house. Have a field and grow tomatoes, while I enjoy life more … with active income. Depending on what your goals are, you could be in the same situation.
If you have demand skills, it might make much more sense for you to start a consulting business and charge a few hundred euros per hour instead of investing months in a passive income project.
If you are looking to retire soon, reducing costs in an aggressive way could be a faster route to financial independence.
If you are reading this article because you are in a job you hate, the best thing you can do is find a job that you enjoy much more. Passive income projects require time; They are definitely not a quick way out of a job with no way out.
If a few hundred more euros a month would make a big difference in your living situation, maybe you could ask your boss for an increase … maybe it will work.
The truth is that passive income is impressive on paper, but it takes a lot of hard work and time to get anywhere, and even then, there is no guaranteed payment. There may be easier ways to achieve your goals.
This is not to tell you that passive income can not or will not work for you, I just want to make sure you know where you’re getting. Passive income is presented as a mystical solution to many of the problems of life, but it is far from the reality of the situation. If you are spending months investing time in a passive income project, make sure that you are going to give what you want.
3. Critically consider your skills
Now that you’ve established what you want to achieve with passive income projects, and you’re sure it’s the right path, it’s time to see what it brings to the table.
To be successful with passive income, you need to take advantage of your time, skills and ideas. If you do not have enough time or the right skills to carry an idea to develop, then the project will fail.
Writing a book correctly, for example, is a very slow task. Most professional authors spend at least one year in a single book; Some spend much more time. It also helps a lot if you have some ability to write, create coherent arguments, and so on. Trying to produce a book in a few weeks, unless you are the reincarnation of Sir Terry Pratchett, it will turn out to be a pretty bad product. And bad products get negative reviews and do not sell.
You need to look at what you can do well with the time you have available to invest.
One thing worth noting is that although outsourcing work is a cornerstone of many passive income projects, working with freelancers can be complicated and managing them is a skill in itself. If you have never held a management position before, do not expect to hire someone who perfectly fulfills your vision from a summary of three sentences. Working with freelancers is something that we will also cover in a later article.
4. Set realistic expectations
When you are starting a new passive project, you need to deepen with realistic expectations. It is almost certain that it will take more time and be more difficult than you think at first. You must also have realistic expectations about how much income you will see, and how soon you will have it.
It is much better to approach your first passive income projects with very cautious expectations and to have things right, to wait for net millions and be discouraged. There is nothing wrong with spending some years working on ten different projects that each one ends up bringing a few hundred euros a month. It is a much more sustainable strategy than betting on a single idea.
As an example, let’s look at one of my passive income projects:
Since I was little I have been a great lover of music. So much that I wanted to study music theory, some instruments, mix, study, etc … For that reason, I dedicate a part of my time to compose music. Through Audiojungle I sell my small creations. Mostly I compose for video game trailers, documentaries and commercial videos. Let’s give a specific example. Through that platform, I have a perfect epic music theme for action trailers. It’s not my best sale, but since I launched it, a total of three copies was sold for $ 15. After the benefit of Audiojungle, my earnings have been for the moment of 24 dollars.
A resounding failure? Well, no. Although the numbers are small, I actually consider it a success. I created the song using skills I already had – I am a lifelong musician and it is also my great passion – on an intensive night.
My main goal in doing this was to see what the opportunities were in AudioJungle and discover how easy it was to put the items on sale.
The answer: opportunities are good if you aim for the right things. Putting on sale of items is super easy. The leading author of music at Audiojungle has sold more than 80,000 licenses with a single theme and has earned more than half a million dollars of profits in 5 years, which gives an indication of how popular sales of these items can be a great success .
Over the next few months, I could put more effort into building songs to sell and try more. For the moment, however, I’m happy to earn a few euros each month doing something that I love and that I do practically for hobby (what I eat is Social Media and the creation of websites, among other projects) 😉
A small objective, sure, but fun and reachable. Also, scalable over time.
How to start your first passive income project on the Internet.
Now that you have established why you want to earn passive income, what is achievable for you, that you have the skills you need for the project you want to do and that you have established realistic expectations, it is time to start. Let’s look at how you can start making passive income with your first project.
1. Look for a market opportunity
Take the advice above, and take advantage of the skills and passions you have and seek to tie them to a market opportunity that already exists.
Avoid jumping into making a passive product that does not have some signs of existing market interest.
Keep in mind that you do not need to spend much time here, in this section. Simply maintain your market research at this early stage. Look to point in a direction in which people are buying that type of product and that your product idea can be profitable too.
2. Set realistic goals
Now set your production goals.
These objectives should not be linked to the income in this point, but to complete the project. Most likely, it will be months before you see any income, so you need to finish the project first.
Start by describing what you need to achieve to get your product produced and then set realistic goals to help you achieve it. Here, in this blog, you have very good points to start 😉
3. Dedicate Time
To make your goals easier to follow, you need to dedicate time to the project. If you only work “a little while” on it, your interest will vanish in a few weeks.
Instead, spend fixed hours every day or week to reach your goals. Many successful authors, such as Steven King, worked full-time while working on their first books. To make sure they had time to write, they would get up a few hours before work or stay awake a few hours later when everyone else had gone to bed.
If you are serious about generating passive income, do the same. Set aside a specific time and have fun working on your passive income projects.
4. Start it quickly
Dont wait. Start now.
There will never be a perfect time to start working on something. You can always do more research, read more how to guide and spend more time planning. If you have a decent idea, start working now.
I, like any other person, have had my ups and downs. Many times I had to “postpone” my objectives for personal reasons or for stages of “stress”, however, I always put a message in some visible place, with the main concept of my project, so that when I had “that moment” I put myself to work.
And to finish …
After starting quickly, keep the first rough draft (or beta version). If you let perfectionism get too close, you’ll end up wasting time adjusting things that do not matter. It is better to get an approximate version of something in the world so you can see what the answer is, than never to launch a perfect version.
In this article, we have seen how to start making passive income.
Developing passive income can be a lot of work. If you are going to wait to create a disruptive product that makes you earn lots of money for almost no work, you will be very disappointed.
Instead, if you approach her with the right mindset, clear goals and an idea that you can execute, you may be able to take it forward.
By the way, if you want to be up to date on how to make money online, learn about Social Media, Online Marketing and know the latest tools that will make it possible, subscribe to my list. I promise not to spam. I only write one mail a week 😉
Source: http://asfonseca.comApril 29, 2021 at 10:35 am #1692
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