There are many ways to generate income online and a passive income is one of those ways. Being able to generate a passive income takes a special skill.
Your audience can be fickle. If they feel you are more concerned about the money than them, you will fail. Your intent needs to be about helping others.
Initially you are going to need to put in a lot of time. It’s hard work to get a passive income flow going and to build that success.
It doesn’t come overnight, although many would like you to believe this. Just because you have your product it doesn’t mean you can sit back and relax. There really isn’t a 100% passive income, because you always have to be managing what you are doing.
You need to build automation, but to do that you first have to create trust with your followers or audience. That’s where initially you have a lot of time invested, which will decrease, but you will always be involved.
You will need to find a market that works for you. You will need to find a niche market that you can help based on your experience and passion. How well you serve your audience will dictate what your earnings are.
Don’t just pick a niche because it’s currently ‘hot.’ You are going to need to continue to build, write articles, and market that product and new products that fit under that initial niche for years to come, so make sure it’s a niche you can handle, otherwise you will not enjoy success.
Instead, try to fill a gap in the market in the niche that interests you.
You will need to build a platform so that you can start to share your product. This could be YouTube, it could be a blog or whatever other market interests you. You don’t have to reach everyone.
That’s a waste of effort. Instead, focus on reaching the audience that would be interested in what you have to offer.
Determine which products are going to serve you best and then offer your audience value. In fact, offering them something of value for free helps to establish trust and interest so that they are far more likely to buy whatever else it is you have to offer.
They now know you have expertise in your niche and something that’s worth listening to so they are ready to pay.
As your passive income builds and you become comfortable in your business, make sure that the profit never becomes your main motivation, because when it does you set yourself up for failure.