Thursday, July 2, 2015

Building a Passive Income Takes Work

You will see many advertisements for information products that make building a passive income look easy. The fact is, there is work involved, at least in the beginning, when creating a passive income. It does not happen overnight and you should be prepared to spend at least a year working on building multiple streams of passive income.

Blogging


Blogging is a common method for creating a passive income. The dream is that if you build the blog, people will come and buy. When you decide to pursue this type of passive income, you need to understand that it may take you a year, sometimes even two years, to create a good passive income from a blog. The first year is filled with creating quality posts for your blog, including writing review posts for products and creating popular how to posts. You can hire someone else to create your content for you, but you will save more money in the long run by creating the content by yourself.

You may also want to do what some other successful bloggers do and start 3 blogs on 3 different niches at once. Create daily content for each blog and see which niches monetize best after 6 month's time.

If you are already working a full time job, you will want to set a goal to create one new post for each blog you run on a daily basis. That means you will give one hour of your time for each blog every day so that you can create 365 posts in one year.

The ultimate goal should be creating 1,000 blog posts in one year. If you are like me, one blog post can take up to one hour to write and post, unless it is a short 500 word post. To write 1,000 blog posts in the first year, you will need to create a schedule that gives you 1,000 hours to work on each blog.

Book Publishing


My favorite form of passive income comes from writing and publishing books on Amazon's Kindle, and this is why I created a blog on Kindle book publishing. This brings in the most money for me, but, like blogging, it takes work.

To build a good passive income from books, you will first need to devote the time necessary to write the books. You will also need to publish more than one book each year. If you can devote the time to writing, such as giving yourself 40 hours a week to devote to writing, you can write and  publish, at the very least, 1 book a month. In one year, you can be pulling a good income from at least 12 books.

Online Courses


The desire to take online courses remains strong among adults, and with the popularity of online publish schools for school age kids, the online adult education market is going to continue to grow. Now is the time to break into developing web courses.

Creating an online course takes planning and time to create content. You may also need equipment and software to create the videos for your course. However, like books, once you have created the course, there is very little work left to day aside from maintenance.

YouTube Video Channel


Creating a residual income from videos takes a lot of time, just as blogging does. You may need equipment and software to start up. You will also need to create more than one and more than just a few videos. You will need to start a channel on YouTube and build up a following by creating good, original content that viewers find useful or entertaining. You will then go on to make money by joining the Adsense program or by becoming joining YouTube's affiliate program.

After the Work is Done


It is after you have done the work that you can begin to collect a passive or residual income. After the books are written and you are bringing in a good amount of money from book sales, you can slow down or stop writing books for awhile until you see a dip in income. With blogging, after you start to bring in a good income, you can slow your posts down to once a week or have guest bloggers or buy articles for your blog. Online courses will need occasional maintenance and updates. YouTube video series, after they are completed, will still need a bit of marketing to bring in new viewers.

When the work is done, the best thing you can do is go back to work and build up another passive income empire. Use multiple programs to earn money. If you already have a blog set up with Adsense and Amazon, set up another blog that is monetized with ClickBank. Create an income stream publishing Kindle books. Create a series of Udemy courses to create yet another stream of income. The trick is to work hard, build up multiple streams of income, and then kick back until you want to do more work again.

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