Or at least where to begin. Earlier this year I hit a brick wall in regards to my fatigue; I was taking baths in the morning and listening to TED Talks in order to try and motivate myself to leave the house. There was a trend however in the podcasts that I chose to listen to; they were all entrepreneurial in nature. I had never heard of the term 'passive income' let alone the use of the word 'hustle' in such an un-ironic sense, but it was as if all of a sudden wool had been lifted from my eyes. There are a ton of ways that we could all be making passive income every day it's just that we choose not to put the effort in to do it.
Passive income for those unaware is essentially a term coined for money that you can make through doing nothing - once the work to set up your venture is done of course. Have you ever heard of companies claiming 'you can make money whilst you sleep!' Well you can, but all of the resources are free and do not require you to purchase someones £300 crash course on how to become a travel blogger or to spend £40 on some random website's E-book. I am quickly going to outline some of the things you will need to do this, though please keep in mind I am on the same journey as you, just one month ahead.
There are many different forms of passive income including;
affiliate marketing, publishing your own books, ad revenue, shares and investments, flipping items on Facebook marketplace, online surveys, selling your photography to stock websites; the list could go on. I have tried nearly all of these but have chosen to go down the blogging/social media/web-based route. Here are the bones of how I begun without going into anything technical:
Bricks and mortar - You are going to need some basic tools, but luckily these are things that you should already have at your disposal. Your phone will be your main tool. You will use this for all forms of social media, networking, keeping on top of emails and using the camera to document your every day life. People will buy into your journey more than your end product because at the end of the day, people buy from people. You will also need a laptop, a journal to document ideas (though the notes feature on your phone may be fine for some people) and resilience. Which brings me on to...
Get tough - There will undoubtedly be people that you come across that disagree with or want to criticise whatever it is that you are doing. Let them. Heck even listen to what they have to say and use it as market research. Never fear being mocked or you are not going to be brave enough to get anywhere in life. If you are someone that struggles with this then I would implore you to please listen to or watch one of Gary Vaynerchuk's videos. He puts out content every day and is blunt enough to give anyone dithering over what to do a push in the right direction.
Get inspired - I am just going to leave a list of a few different big players who have worked hard to establish themselves over time. Look learn and listen from these people:
- GaryVee I'm a big fan if you couldn't already tell.
- Pat Flynn He provides a ton of free advice and tools for anyone looking to create multiple streams of revenue. He even publishes his income reports on the main page so you can track his progress.
- Simon Sinek If you are struggling to find your 'why,' then take a look at Simon. You may have seen one of his videos about millennials in the workplace floating around on Facebook last year after it went viral.
-Tony Robbins This guy is one of the major pro's if not THE major pro motivational speaker, business adviser and philanthropist. He has a brilliant feel good factor and you can catch a documentary about him now on Netflix.
- Elon Musk You know, that guy who sent a car to Mars the other week, founder of SpaceX and co-founder of Tesla? Yeah that guy. He released flame throwers the other day for shits and gigs, give him a follow.
Keep learning - Make sure that you are absorbing as much content as humanly possible. If you're in the car or doing the housework listen to a podcast. Go to bed half an hour early and read a chapter of a book. Read as much literature about your chosen topic as humanly possible so that when it comes to you having to prove your worth, you don't get found out for being just hot air. Download 3 new apps every week to stay on top of what is relevant and see what other people in your field are releasing out into the stratosphere. It sounds as if these things will take up a lot of your time but they really won't. I work a full time jobs and with a little adjustment of my routine this is more than doable.
Stay healthy - That thing I mentioned earlier; resilience, well you won't have any if you forget to take care of yourself and burn the candle at both ends. Do what you can handle, break your day down into set goals. I do mine as two-hourly so as not to get overwhelmed but also to give me enough time to accomplish something. Sleep for at least 7 hours a night, I need longer, some people need less but either way buy blackout curtains and switch working on your phone to reading at least half an hour before you want to drift off to the land of nod.
Lastly, PUT IN THE WORK - All of the research and time you've put in won't count for anything unless you actually consistently and routinely create content and distribute it over multiple streams of media. Post on Instagram daily using hashtags, use the story feature as a Vlog, write regular blog posts and if you are so inclined make a podcast. Once you've created your content then spend the other 2 thirds of your day sharing it across different platforms and engaging with other users.
There is so much more I could go into but that's best saved for another post (plus I need my 8 hours of beauty rest). It seems like a lot to take in to begin with but if you set this solid foundation and work work work then you should be on your way to making a passive income online. Feel free to email me at: firstname.lastname@example.org to let me know how you get on.