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What's your number 1 tip for building a passive income??

by TheBusinessNomad
13 replies
This is an open question to everyone. What is your number 1 tip or strategy for building a passive income online?

I want to put together a list of the top ten or so answers in a new blog post I'm writing, so I thought it would be good to get a discussion going.

I will credit every answer that I use and link back to your website. So shout up if you're interested. It will be interesting to see how different people achieve their online incomes.
#blogging #building #income #making money online #number #passive #passive income #tip
  • Profile picture of the author ~kev~
    Create useful content - blog post, videos, articles,,,,, then monetize that content.

    Blog post and articles (articles posted on your "own" site) - adsense, amazon or ebay affiliate.

    Videos - become a youtube partner.

    Once you become a youtube partner, your videos could provide you with a residual income for years.
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  • Profile picture of the author FSchmieder
    Keep moving forward. Everyone fails, not everyone keeps on trying

    Kind of an attachment to that is just do it. A lot of people want to keep learning before they do something, just do it and fail or do it and succeed. Both outcomes are better than "learning"
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    • Profile picture of the author Okane
      Start building lists from day 1.


      Marc
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      signature is on holiday

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      • Profile picture of the author magicmarcus
        membership sites are hands down my favorite way to make passive income.

        however i have used little sites, blogs, lists, youtube video, ect.

        i favor membership sites because you can always repurpose the content to use as articles, videos, reports, software, ect...
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    • Profile picture of the author moneyblogger1
      Originally Posted by FSchmieder View Post

      Keep moving forward. Everyone fails, not everyone keeps on trying

      Kind of an attachment to that is just do it. A lot of people want to keep learning before they do something, just do it and fail or do it and succeed. Both outcomes are better than "learning"

      Well said on both counts...
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  • Profile picture of the author spennyc
    I'd say Thinking outside of the box is very helpful when creating successful passive income projects.
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  • Profile picture of the author Bojan_Djordjevic
    Do SEO for certain keywords, that are selling products. Get #1 position in Google, promote some stuff and enjoy...
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  • Profile picture of the author Justin Jordan
    1. Make sure you're considering the other things you can sell when you're selecting niches. Basically, try to know your market - if you're selling acne products, you can probably also sell teeth whiteners and other sort of things to them. Of course that doesn't matter if you don't....

    2. Have a list. It's tempting (and gods knows, I've done it) to go after the quick sales, and the money is the list is certainly a standard line. But, you know, it's true. If you condition your list to buy and you're savvy about what you offer them.

    3. Find recurring billing products. Preferably, something that doesn't cost too much each month. Thre are very few niches where this isn't possible, so if you can't find one, create it. The ideal is to have a system where your traffic generation is passive funnelling people into your list where they sign up for something they are going to pay for each month. This can add up FAST.
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  • Profile picture of the author JMac
    Content is king! If you build a website with good content, the rest will come a lot easier.

    Solve a problem. The internet is like a hospital, most people go there to get something fixed.
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    • Profile picture of the author lawrence58
      Banned
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      • Profile picture of the author funkynassau
        Don't expect to get rich overnight, it takes time to build up a business.
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        ChipFixx custom mixed auto touchup paint kits.
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      • Profile picture of the author JoshuaG
        My #1 is this:

        "Passive Income is a Myth"

        Every business requires work after the "real work" is done.

        -EVEN IF-

        You could hire out a team to take care of every aspect of your business, you would still have to make sure they were doing their job correctly.

        The idea of passive income is nothing more than the idea of leverage taken to it's extreme.

        Stop dreaming of passive income, GET REAL and start thinking in terms of maximizing leverage in your business.
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  • Profile picture of the author Marhelper
    Learn SEO and list building. Now apply it ...
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    • Profile picture of the author TheBusinessNomad
      Cheers guys. Some great input there.

      My own personal favourite is eBay. One way I make money is by running a fairly normal business retailing discounted products. But I have simplified the listing process and outsourced the shipping and handling.

      All in all I only need to spend about 2 or 3 hours a week maintaining it.

      Like JoshuaG said, there's no such thing as totally passive, but with a bit of leverage you can go a long way.

      Anyone else got any ideas not already mentioned here? Or anyone got a new slant on any of these concepts?
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