5 Simple Guidelines about Online Passive Income

What is passive income?
Passive income is money that flows into your bank account while you're sleeping, watching TV, or aimlessly staring into the abyss. ^_^

But what is the truth about how passive income is established?
If you think that passive income means that you don't need to invest then expect money to just flow through your bank account, you my dear are quite mistaken.

Creating a source of passive income is similar to a business investment, if you want to enjoy the benefits of earning passively, you must be on the correct mindset. You need to anticipate and commit to a LOT of initial work to be done, what do I mean?

Here's a great example: (offline passive income)
Real estate / Property for rent: Before becoming a full fledged landlord, you must go through the hoops of establishing your business with government entities which involves, taxes, sanitary permits, insurances, etc. After then can you be able to engage in marketing which will later give you monthly rental fee from your tenants (which is considered one of the oldest source of PASSIVE INCOME).

Similar to the example above, in terms of online passive income, you must go through the hoops of establishing your niche, your product, your blog, etc. and be an expert at it (in both product nurturing and marketing) before you could realize profit.

This post is to simply get you started, sharing some notable milestones to help you obtain that sweet success of earning passively through your online venture.

GUIDELINES:
  1. Get ready to have a Strong Mindset.
    - As I've said earlier, we need to think of this as our business, we should know that there is a possibility for it to take flight and reap all the rewards or to crash and be considered as time & efforts wasted. What happens to your business depends on what you do and how tenacious you really are..
  2. Engage in Critical Thinking, Imaginative Thinking, and Analytics.
    - There are a lot of passive income choices to choose from, some popular examples are Blogging, Affiliate Marketing, Writing Reviews, and Selling Digital Products, Creating an APP, etc.. In this world, if you are imaginative, you can go a long way! Analyze the possible opportunity, study your market, targeted audience, and think with the end in mind. If your analysis leads you towards a dead end, do not get disheartened, restructure your approach, go back to your drawing board and work your way up once more.
  3. Preferably, DO what you LOVE.- In conjunction with my previous post: CAREER: Doing what you LOVE? or Learning to LOVE what you do? if you could think of something you love and use it as a base of your product, you will have a wonderful time and probably consider this venture as a source of rest and relaxation. An example for this is writing, may it be a novel, a review, a list of wonderful things, etc. it would definitely bear fruit if you put your heart and mind into it.
  4. Commitment and Devotion.
    - Treat it like your special someone. Devote a specific time, daily / weekly / monthly for tending to the needs of your online venture. Let's say for a website or a blog, things to consider are updating the contents, socializing / interacting with your audiences, enhancing your product, finding different ways to make your website known to the public..
  5. Do not rush the results / be patient!
    - I have been on this road countless of times. I wanted results immediately, I wanted to monetize my online venture AS SOON AS POSSIBLE! A technique to avoiding this situation is to SEGREGATE your thoughts, think of yourself as two different individuals. I'd like to call this a "PERSONA". For me, I've even named myself differently (Chino & Reynier) - which is both my names of course, I'M NOT CRAZY!!! But yeah, basically Chino is the one with a very wide imagination who is deeply in love with the products created by sheer imagination and Reynier is in charge with analytics and monetization. (Separation Achieved: Emotional & Logical / Passion & Reality / Chaos & Order)

    Persona 1: A part of you needs to be in love with what you are doing, with love for your work, new ideas to nurture it will easily appear. This will also help alleviate all the stressful things you're thinking about.

    Persona 2: A part of you should be able to think of ways to monetize your product. This is the more-serious part of you. More often than not, this may be the main source of your stress (AT FIRST), It's hard to find ways to monetize your work, but if you have your Persona 1 firmly in place. I am sure that a well nurtured product will be able to attract profit.

A lot of opportunities will start by simply thinking that YOU ARE NOT DESTINED TO BE JUST WHAT YOU ARE RIGHT NOW, we evolve, we enhance, we nurture, we pro-create, and sometimes we FAIL, but failure should only FUEL your drive to be stronger! This is the truth for us humans! Apply yourself and achieve wonders!

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Reynier Chua

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1 comments:

  1. I read a article under the same title some time ago, but this articles quality is much, much better. How you do this.. seo expert

    ReplyDelete