10 Reasons Why You Must
Have Online Passive Income!
…and how you can start today!
[Release: VIRAL Blog Article]
1. Online Passive Income can be Global
Making money while you sleep or travel the world might sound like a dream to a lot of people, but this is one of those dreams that can become a reality thanks to the transformative power of the web.
To earn a passive income, all you need to do is set up a system that allows you to sell products without having to put in any work to create and deliver said products. That could mean that you’re selling a digital product such as an eBook for example, or it might mean that you’re selling a product on behalf of another company – acting as an affiliate. It could even mean making money from advertising.
And there are a surprisingly large number of ways you can do this. Read on to discover some of the best methods you can use to make passive income and how they each work…
2. Online Passive Income can be Scalable
The other great thing about passive income models is that they are endlessly scalable. Because you aren’t trading man-hours for money, that means there’s no limit to how many times you can repeat the same business model over and over again.
Making a profit from selling an eBook on Kindle? Then why not make another? And another? And another? This way, you can multiply your sales over and over again.
And eventually, you’re almost sure to land on that ‘big hit’ that will be your real cash cow. It takes time, it takes patience and it takes luck. But it’s worth it!
The Nuts and Bolts of Affiliate Marketing – How it Really Works
Almost every digital entrepreneur is familiar with the concept of affiliate marketing, even if it is not their main business model. It’s one of the most popular ways to make money online, even as a side income and it’s an amazingly simple concept. This is effectively a business model where you act as a salesperson in order to earn commission and by selling digital products, you can often stand to make up to 70% of the profit!
But how does it really work? Is it water-tight? Do you always get the money you’re owed? And how are the creators benefiting from giving away such a big slice of the pie? Let’s take a closer look at affiliate marketing and precisely how it works…
3. Online Passive Income can be Recurring
Why You Need to Capture Leads, Not Sales
If your goal is to generate passive income, then you might well be hoping to accomplish that by selling a product. This could be a product you’ve made, or it might be a product that you are promoting as an affiliate marketer. Either way, you’ll likely have set up a sales page, creating an ad campaign to send visitors there and then hopefully begun to rake in the profits!
The problem is that it can be tough going trying to convince people who visit your page to buy. Your success in this endeavor comes down almost entirely to your conversions – the percentage of visitors that end up buying from you.
And to this end, many marketers will jump straight in with the ‘hard sell’. That means that they’ll heavily push all the positives of their product and try to get the visitor to click ‘buy’ as soon as they get there.
This doesn’t tend to work. Although you probably want to make your sales process as simple and automated as possible, it’s absolutely essential that you don’t try and go straight in for the kill. Far more effective is to try to capture leads first instead. Here’s why…
Why Cold Sales Don’t Work
Just because you’re making money passively, that does not mean that you should be impatient about how you are collecting your sales.
If you try and convert your visitors as soon as they land on your page, then this is the equivalent of walking up to someone you like in a bar and asking them for their number, without saying hello or even introducing themselves first. Or it’s a little like walking up to someone in the street and offering to sell them a watch for $500. Would you be receptive to that sales technique?
Of course not! And the reason is that you know nothing about the person selling, you know nothing about the product, and you have no reason to trust that what they’re offering is as good as they say it is.
If someone lands on your page and you try to sell to them right away, then they’ll think your site is essentially spam and they’ll be frustrated at the lack of value. Chances are they’ll leave.
4. Online Passive Income can be Evergreen
How to Convert
So instead, talk to them about how they can get free information by signing up to your mailing list, or provide them with an article and then offer to share more through your Facebook.
Now you have the opportunity to build that relationship and to build trust and eventually, you’ll find that this puts you in a position where they are more likely to want to buy from you!
You might be wondering how this model is still ‘passive’. In fact, though, it still can be: there’s no reason you can’t use automated emails for example through an autoresponder. Or you can write a ton of blog posts and then schedule them to post over time.
You can still make your model passive – just don’t go straight in for the kill!
5. Online Passive Income can be Automated
What to Expect From Passive Income
Passive income is what a lot of people think of as ‘living the dream’. If you’re earning a passive income, that means that you’re making money from a website, a digital product or an affiliate product that you previously set-up. Now you can sit back and relax while the money comes pouring in! Potentially you can scale this business to become very wealthy but either way, you get to benefit from no longer trading your time for money!
But is it really like that? Are you really heading for a lifetime of making money while you relax on beautiful yachts?
This is Not a Get a Rich Quick Scheme!
Maybe. But the first thing to acknowledge is that this is in no way a ‘get rich quick’ scheme. This is not a method you can use to make money without putting in the equivalent amount of work and time up-front. You are still working for your income; the only difference is that you’ve done this work ‘up-front’ as it were.
The other thing to recognize is that this takes a lot of time and a lot of trial and error. In the vast majority of cases, you should not expect to be making hundreds of dollars a day for a long time to come.
Instead, it will take time, work and a lot of patience to eventually get to that point. If you start your passive income business model thinking that you’ll be able to quit your day job right away, then you should expect to be extremely disappointed.
Instead, the best way to think about passive income, is as a good way to add a little bit of extra revenue to your existing set up. Try to think of eBook sales or clicks on adverts as ‘extra’ income and as a way to improve your overall salary.
This way, you won’t be disappointed even if you’re only making $20 in eBook sales a week. That’s still $80 a month and $960 a year – enough to go on a good holiday!
But more importantly, once you start making this money and you enjoy making that much, you’ll find that it starts to increase. If you don’t get quickly frustrated and give up on your passive businesses, then they will grow over time and start to make more and more money.
That’s how you successfully grow your passive income and it’s what will eventually allow you to give up your day job.
6. Online Passive Income can be Sustainable
Sell an eBook From a Sales Page
Creating an eBook is a simple matter of choosing a subject and then writing about it in a Word document. You can then save that document as a PDF file and start selling it from your website. If you don’t have the necessary writing ability, knowledge, or patience to write an eBook though, then you can simply outsource this process by hiring a writer from a site like UpWork or Elance.
Add an automated sales and delivery system, creating an advertising campaign or evergreen website and you’re good to go!
Run a Website
If you can get enough visitors to a website, then you can use this as a means to turn a profit from advertising. Use AdSense and each time a visitor clicks an ad, you’ll get a tiny payment (usually of a few cents to a dollar). The hard part is getting enough visitors to your site without spending every waking moment running it – but if you hire writers, or if you create an ‘evergreen’ resource, then this can work well.
7. Online Passive Income can be Passive & Repeated
The Value Proposition
What’s also important is to recognize the inherent value that your product has to the buyer. When you sell something, you are always selling more than the sum of the parts. Most things we buy, we view as a means to an end – whether that end is to make our home more attractive and appealing, or whether it is to look sexier, healthier and more confident. And why do we want to look sexier? So that we can have more success with the opposite sex.
That’s why adverts for Lynx deodorant are never about the actual smell but rather about attracting women. That’s why men buy Lynx. Likewise, you need to think about what the value proposition is for your fitness eBook. It just might be the very same thing…
Emotion, Not Logic
Once you’re “presuaded” and explained your value proposition, all that is left to do is strike while the iron is hot and get your audience to part with their cash. People rarely buy based on logical decisions and almost always buy based on emotion. Get them to act fast before that emotion fades!
8. Online Passive Income can be a 24/7 Online Business
How it Works
Affiliate marketing essentially works via cookies. Marketers (that’s you) are given a unique referrer URL that they can use to send potential customers to a seller’s website. When they click that URL, they are briefly redirected to another site, where a cookie will be stored on their computer via their browser. This cookie will then inform the seller that you were the one who sent them and that in turn will ensure that you make a profit and money will be credited to an account you have with that site.
Why are creators willing to give away such a large share of their profit? The answer is simply that they want to attract more marketers. Consider that they don’t lose anything by giving away profit share. They are still making just as much money from their own direct sales and so anything sold by you or another affiliate is all going to be money on top. The more marketers they get promoting their work, the more money they can make!
Can Affiliate Links Go Wrong?
Right away, this means there are some ways that you might refer a seller and not get paid. For example, if you have a visitor whose cookies are turned off, perhaps because they’re browsing in private mode, then there will be no way to track their movements on the web.
Likewise, depending on the nature of the affiliate program, you may lose your commission after a certain amount of time. If a visitor lands on your page, clicks the link, goes away and then comes back then you will only earn money from that referral depending on how long the cookie is set to last (this varies from cookie to cookie).
Likewise, you might lose the commission if the user clicks on the URL of another referrer after you, or if they had clicked on that link before they clicked on yours. Again, this depends on the nature of said cookie, which will be set by the brand owner. They can decide to use a ‘first in’ policy, or have the cookie overwritten by each successive referrer.
These are things to look into before accepting the product as something you want to promote. And finally, you might want to consider ‘link cloaking’ to avoid people from bypassing your link entirely!
9. Online Passive Income can be an Unlimited Digital Product
The best way to make passive income is to sell a digital product. This simply requires that you make or find a digital product to sell, build a ‘sales page’ from which to promote said product and then use advertising or marketing strategies in order to drive more visitors to that sales page.
This is a very ‘hands off’ method of earning an income that will generate money while you’re sleeping – and you don’t even need to worry about delivering a product!
But the problem is that this is limited in scope. Eventually, you are likely to exhaust the market for your product and find that the cost of advertising starts to outweigh the profit from your sales.
You aren’t delivering any value to the end user, you aren’t building a relationship and at the end of the day, this is a technique that won’t last forever.
And that’s why a lot of people are interested in making money from a website. That way, they can build their own brand, build a big audience and then sell products that they’re really interested in and proud of.
But is it possible? Can you really generate the same kind of passive income from a website? How long will it take? Let’s find out…
There are a number of challenges that make it harder to make a passive income from a website right from the offset.
For starters, you will immediately find that the money you make from adverts such as Google Ads is not truly comparable to the money you can make from a digital product. Ads will typically pay out a few cents per click and most of your visitors are not going to click them often. This is especially true these days with so many people running ‘ad blockers’ and the like.
The other problem is that it can take a long time and a lot of work to gain a big audience on a website. You’re going to be competing with the rest of the web and many of the creators you’re going up against will have gigantic advertising budgets.
But as with most things, the secret is to work ‘smart, not hard’.
That means picking the right niche to begin with. By selecting the right niche to enter into, you will be able to avoid going up against huge competition (as you might do if your niche were something broad like ‘fitness’ for example) while at the same time ensuring there is enough of a demand for what you’re selling.
Choose a niche that has clear products to sell to a specific audience and one that will allow you to avoid the hugest competition.
The next strategy is to recognize that you need enough content to climb the ranks of Google and that this content needs to be high quality.
10. Online Passive Income can be Started On A Shoestring Budget
How to Sell Anything to Anyone, Online or Off
Sales experience and talent is something that pretty much every business looks for in its staff. Being able to sell is an incredibly valuable skill and something that will allow you to make money pretty much wherever you are and whatever your product is.
This is true in person but it’s also true online. In fact, most of the highest paid jobs online involve little more than sales. ‘Affiliate marketing’ literally means you are promoting and selling the products of other creators. This is just like being a door-to-door salesman, except you now have a door to the entire world.
If you know how to use the web and you know how to sell… then there is an absolute fortune to be made!
But is this a skill that you can learn? Is sales technique something you just have to be born with innately? Let’s take a closer look and find out…
The Most Powerful Key to Selling – Pre-Suasion
While there are many different nuances and factors involved in selling, perhaps the most important thing to consider of all is the powerful role of ‘presuasion’. Presuasion essentially describes the fact that you don’t tend to sell at the point of the sale. The moment you close the sale is especially important of course but this isn’t the point at which the buyer will make that decision and it’s not the point at which you have the most important influence.
That point is long before they come to your website. Pre-suasion means that you’re priming someone to buy your product even before you show it to them. That can mean building trust and authority, but it can also mean showing them a video of something inspiring. It can also mean getting them at a point when they’re tired and thus more impulsive. Think about your pre-game and just how important this aspect is…
Overview: Dr. Mark Zupo,
The Multiple Streams Mastery System
Private Internet Business coaching