How to earn Passive Income?
What I am about to tell you is not new, so clearly there is no need to reinvent the wheel. However, when it comes to earning passive income no one tells you the amount of effort that you have to put in to get to the end result of passive income. Earning a passive income is a journey it is not a destination, you have to work. You may not have to work as hard as others but you must put in some effort to achieve your reward.
Looking for the Opportunity
One of the first things to do when you are looking to earn a passive income stream is to look for a good opportunity. Now there are many opportunities out there but all are not good and you don't want to waste your time energising something that is unrealistic or outside your scope of achievement. Also when you are looking for that opportunity ask yourself a few questions first:
Do I feel passionate about this business, product or service?
Do I have the time and finance budget to pursue this business
How many people are already involved in this business online or in my locale.
Is this business transparent, well documented and reviewed. You want to avoid scams
Know your Product or Service Well
Once you have chosen your area of business that you want to get into whether online or offline, one of the most important things you want to do is to know all about your product or service. You will need to be able to tell potential customers about how your product or service can satisfy their needs. Remember, at the end of the day you are not just selling a product or service, you are selling satisfaction. Knowing your product or service well places you in a position of power with the customer, where you can explain what the product does and how it can satisfy the needs of that customer. This also helps in reducing the amount of unplanned questions that could pop up from your potential customer.
Always be able to show an example or refer to a well known one. A friend once said to me, a HABIT you can never get rid of; If you remove the H you stil have ABIT, remove the A you still have BIT, remove the B and you still have IT. That has always stuck with me in one form or the other and the way I see it is that what you hear you may forget, what you see you may also forget, but what you do usually remains with you. This is where you want your potential customer to have an experience. It may seem a little over the top possibly if you are selling knives, but bring some vegetables or piece of board to be chopped with those knives and all of a sudden if becomes epic.
If your business has an online presence this may make it easier to explain in some circumstances once the content on the website is easily understood and to do this most people make a video to aid with that. For example, Youtube videos are a popular method for providing reviews of products and services because you can see and hear and share in someone else's experience.
Create A Website
Creating a reference point for your business is a key to your success, in this digital age a website is almost a requirement for you to take your business to the market. To not have a website makes it more challenging to get your product or service infront of potential customers. In fact the world is a global village and the website is your access to almost 7 billion people. If you were offline you certainly would not have that sort of potential reach. As you look around even Fortune 500 companies have websites because it reduces the effort in transmitting information to the customer. Of course you must also ensure that the quality of your website is professional and your content is also valuable as this could also impact your business' reputation. Your website does not have to break the bank but it must be presentable and easy to use.
If your business is online, all activity should be as simple as possible, especially when it comes to payment. Customers are especially concerned when they have to jump through hoops of fire to purchase a product or service, it should always be a pleasant experience. As we say in marketing a repeat customer is your daily bread and butter.
Types of Passive Income Opportunities
As stated earlier, there are many types of opportunities out there but you need to choose the one that is right for you. From my own experience one of the most popular ways to earn a passive income is through online affiliate marketing. My own experience with affiliate marketing is through my use of the product or service i am promoting. I would hardly place anything on my website that I am sketchy about or have not invested in myself personally. Remember even though you may have a link to promote, you still need to know about the product or service attached. My affiliate links are mainly technology based and are usually in the form of a written review on my website. The review gives people the necessary information to help them to make an informed decision about whether this product, service or investment is right for them. Do not be fooled affiliate marketing although popular can be very rewarding if you have the right strategy and are consistent in your effort. However, some people think that the link will sell itself and sometimes that can happen but it means you usually have to be first to market and the product or service has to be novel or innovative.
Choose a business product, service, or affiliate link that you feel passionate about, carry out your research of the intended business, ensure that you have the financing to support your strategy Put a marketing plan in place and monitor, update and revise as necessary depending on your perfomance. If you need to obtain professional help, do that as well. As my old school teacher use to say, " you only get out as much as you put in." All the best and thanks for taking the time to read this blog.