Building Passive Income Online: Getting Started
Over the next couple weeks, I will share specific strategies for building residual income on your own niche sites,
Time is Money -- Use it Wisely.
through programs like Adsense and affiliate marketing, and via community-driven, revenue-sharing content sites. I will go into each site or method in detail and give you the information you need to be successful. As a prelude, I want to encourage you to get started today building your online passive income.
Choose several income streams.
With online income, diversification is key. If one income stream dries up, such as your most lucrative affiliate program or a content site where you’ve published a bunch of articles, your earnings lost won’t be as drastic when you are being paid by multiple places. So diversify as much as possible. If you want to start off writing articles on revenue-sharing content sites, choose several communities and build up article libraries on each one. If you like the idea of authoring niche website content, do a couple sites instead of just one.
With articles and websites, your monetization methods can also be diverse — advertising revenue, affiliate items, and links to your other sites should all be incorporated whenever possible.
Set yearly, monthly and daily goals.
Today, decide where you want to be in a year. Be realistic — if you have a demanding full-time job, your time is likely limited. On the other hand, if you have fewer obligations and can devote more time, you will be able to give more effort to building your residual income each day.
Write it down on paper. If you want to have two income-producing niche sites with 40 pages of content each and 150 content articles online by the end of the year, write it down in your planner, notebook, yearly agenda or wherever you write things. Start a Word document detailing your goals and refer to it often.
After making a yearly goal, break it down by month. Get nerdy and schedule more for October and less for July when you’ll be on vacation, if it helps you plan more accurately. From your monthly goal list, make weekly to-do notes and work these tasks into your planner.
Get to work today.
Take your weekly to-do list and get started on it right away. The first week is good for research, learning how to put your plan into action, finding to the best strategy to make your income streams work. But don’t study it to death — after a few days of preliminary reading, it’s time to jump in and get your typing fingers wet.
Stay motivated.
Once the income is coming in, your motivation will likely take care of itself. But until then, it can sometimes feel like an uphill battle — Will this really pay of? Am I crazy to be spending all this time working on these sites that aren’t earning a penny yet?! — and staying motivated is key to meeting your goals.
Stay connected to those who are working toward the same type of goals, or have succeeded and whose success will inspire you to keep going. Every time I need motivation, I think of a blogger friend who makes $100,000 a year on Adsense on her niche sites, or the guy who makes $10,000+ a month on his ebook products. Their success inspires me to keep at it — my goals aren’t even that lofty (yet)!
Have you started building passive income streams? How do you stay motivated? What are your goals?
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Very good advice – especially the “get started” thing – I found fear of failure was one of the big things that kept me reading and analysing rather than actually DOING! I also think its worth trying a few different options to find one that you are comfortable, just cause something works for someone else doesn’t mean that you will enjoy or feel comfortable using it and therefore you will probably fail
Passive Income Online – Lis’s last blog post..Understanding Buying Keywords with Market Samurai
I have started building a few different residual income streams. I have about three revenue sharing sites that I am building content for. I have my blog that I am working at and I am looking into expanding my affiliate marketing.
Motivation was hard at the beginning when I first started to write for Ehow. Once I saw the money making opportunity through Ehow when my montly income increased it started my passion to branch out.
My short term goal for my residual income is to earn $1000 a month from all of my income streams.
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Ehow was my first taste of the good life that is passive income. I was so impressed and inspired by my earnings there that I am now starting to do some affiliate marketing. It is new for me. But the earning potential makes it worth it to give it a try.
I just started exploring the possibility of generating passive income and recently starting monetizing my blog. Its exciting and scary at the same time, but I am enjoying the process.
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Some really great motivational tips for passive income earners! I have some large goals for this year. I try and write 25 eHow articles per month and I hope to start 10 niche blogs by the end of 2009. That is a little lofty, but one that I can achieve if I put in the time. I am also considering writing 1 or 2 eBooks.
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Just discovered your blog via ehow. I started doing some freelance writing a couple of months ago and would love to eventually work from home full-time. I never even knew these types of opportunities existed! Very excited to get started. Thanks for sharing your knowledge!
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Oh my, reading can very easily get in the way of doing. I’m guilty of reading and trying to study too much. I still struggle with it, but after concentrating on eHow and seeing incredible results after putting in the work, I’ve started to DO more and READ less. My goal is to quit reading and stick with what I know I need to do and do it! It can be really hard to focus because there are so many things that I want to do.
I luv your site .. what an inspiration. I am rather new to this – having just built my income generating blog and have a whole lot to learn.
I have posted my affiliate links and added google adsense to help create a income.
I am still having challenges trying to get the word out.
Could you take a minute to take a peek and share your thoughts — How can I improve??
Mahalo
And keep up the good work
Yet another awesome post! You really have your stuff together here. This is the same sort of thing I tell my subscribers! And more or less the same thing that I do with my internet marketing and passive income career… =)
Staying motivated is crucial. It drives us to “continue” what we have started. It brings us back to the feeling. Personally I do a lot of self motivation to help me stay focused and survive all the challenges.
This is exactly what a lot of people need to start doing! I find if I set goals for the year they completely change over the course of the year as I learn new things but it’s still good to make them since it will keep you on course for your overall goal, like earn enough passive income to not need a job.