I love passive income… as an online entrepreneur, it is seriously my favorite. Waking up in the morning and going, “Oh, hey! Free money? Yes please!”
Passive income is what allows me to do things like take time off to go on vacation (or, you know, have a baby).
Like everything else in business (and life, I guess), there is an easy way and a hard way to start figuring out passive income streams for yourself. And the problem is that if you start with the hard way, it’s pretty likely your success will be limited (or non-existent) and you’ll give up before you ever got off the ground.
Oopsie, no good.
And let me be perfectly transparent: I have generated close to $100,000 in passive income in my business in the last 5-ish years and I have done it both ways: easy AND hard. Both have had equally good results, it’s just that the hard way took a heck of a lot longer to pay off than the easy way (we’re talking a couple of years vs. a couple of weeks).
So you can guess what my preference is now. Did I mention I have kids??
(Psst! I have a Passive Income 5-Day Challenge that you can sign up for right here.)
Passive Income for Entrepreneurs: The Hard Way
It looks like this: You get an idea to have a program that you sell online where once it’s set up, you don’t have to touch anything… the money just comes in, hooray! The only problem is there are just 1 or 2 things you need to get done in order to make this happen…
I’m talking stuff like:
- Plan the product/program
- Make the worksheets
- Record the videos
- Re-record the videos because you flubbed a word or don’t like your lighting or your hair is flat
- Edit the videos
- Make any bonus handouts, cheat-sheets, checklists, workbooks, etc.
- Figure out where all that stuff is going to live online and how you’re going to deliver it
- Figure out how to promote it
- Start building a social media presence
- Start growing an email list to promote your product
- Create a freebie to entice people to learn about your paid thing
- Decide how you’re going to actually sell your paid thing
- Figure out how to start driving traffic to your offer
Okay, so by “1 or 2 things” I actually meant more like 10 or 20 things. It feels like a lot because, darn it, it’s A LOT!
And it’s definitely the hard way because not only is this a boatload of work but what if you get it all done and then… crickets??!?
Ugh, the worst. If passive income ONLY meant doing all that up there, yuck, I would have given up on it a long time ago.
Passive Income for Entrepreneurs: The Easier Way
The easiest way to get started with passive income is simply this: promote other people’s stuff.
Someone else has already gone to all the trouble of doing that ridiculous pile of work up there… and now they’re looking for people like you and me to help them spread the word.
And once you start doing that, guess what? There’s your first passive income stream.
And OMG, that first commission check… It will seriously feel like the clouds parted and the angels are singing. It’s awesome. So, so awesome.
I have more good news for you:
Last I checked there are about 500 bajillion (give or take a few) passive income programs out there where people are trying to get you to help promote their stuff. I’m talking about services you probably use all the time like Amazon, Groupon, eBay, and more. Many, many more. In virtually every industry from health and wellness to coaching to spiritual to adult stuff (yep) to travel to pets to… just everything.
If you take a look at the services you normally use online (or programs you’ve bought online), chances are you’ll find at least a few with affiliate programs you could benefit from, including:
- Online shopping with services like Amazon & Wayfair
- Meal kit companies like Blue Apron, Home Chef, and SunBasket
- Internet Marketing companies (most of the big guns – myself included – offer commissions to people who promote their products and services)
- Health shops like iHerb.com, Thrive Market, and Vitacost
- Everyday travel services you might use like Uber, Lyft, Expedia, Travelocity, and Orbitz
So, is passive income possible for you? Yes it is. I’ve never met an entrepreneur or business that didn’t have AT LEAST SEVERAL perfect-match passive income opportunities for entrepreneurs.
If you’re wondering how it all works, I have some help for you. Essentially it involves getting special links to promote others’ products and services. The link has some tracking code in it so if someone clicks on one of your links and then winds up buying something (now or often even at some point far in the future), the system knows you referred the sale and then gives you a commission.
I have a lot to say on this topic (you can probably tell!) which is why I put this together for you:
Passive Income for Entrepreneurs: The 5-Day Challenge
Join me on this FREE 5-day challenge… it’s gonna be fun. 🙂
PASSIVE INCOME QUICKSTART: 5 DAYS TO SET-IT-AND-FORGET-IT REVENUE STREAMS FOR YOUR BUSINESS
We’re going to cover:
– The many different types of passive income and how to choose what will actually work for you
– The best products & services you can start promoting in under an hour
– How to bring in passive income from the get-go, even with no website, email list, online course… EVEN before you have clarity on your niche or offerings
– The top passive income mistakes to avoid (these mean more work, not less work, with little to no results – please don’t do!)
– Real-life examples and case studies that you can model in your own business, plus worksheets and fun bonusees… yes, all free!
The Passive Income Quickstart 5-Day Challenge takes place in my free Facebook Group, the Techie Stuff Clubhouse. Nothing you need to do other than join the Facebook Group, which you can do here.
Oh, and don’t forget to register for your challenge freebies right here: http://