Top Three Actionable Ways to Make Passive Income Online in 2017 and Beyond!01. September 2017
The major problem today is that there are many self-proclaimed gurus out there developing courses or teaching people “how to make money online”, with a goal of just getting your money.
These people are notorious for making many courses without putting in much effort because they know how to market them. So we take their courses not knowing their true intentions, and then we fail because their methods are untested which brings us a destroyed sense of confidence.
We then go on believing “I cannot do this,” which is hard to recover from.
I am here to stop this trend. There is a ton of information out there that is inaccurate or inadequate. However the three businesses I will explain are solid and tested by myself. I am only sharing these three business models because they have made me thousands a month in profit since I was 19 years old.
What Is Passive Income?
Passive income is income resulting from cash flow received on a regular basis, requiring minimal to no effort by the recipient to maintain it. – Wikipedia
Passive income only requires your attention at the beginning. At the start, you need to be working hard for months with the aim of developing a system of automation in your business. After everything is set up and running great with employees taking care of the day to day – you have created a source of passive income.
2017 is possibly the best time to get involved online. With the advent of Internet.org, billions of people will be online within the next five years, giving you the time to experience running your own online businesses before the huge wave hits. So what is the formula that everyone who wants to achieve passive income needs to know?
Creation → Experimentation → Elimination → Delegation → Automation
Creation: The first part of any business is creating it. We need to create a business and develop a model that actually makes an impact, accrues revenue, and has the potential to scale.
Experimentation: You will not find the perfect model or strategy right away. You will need to mix and match different ideas to find the one that fits your business.
Elimination: Once you have the business up and running, you can start to look where you can eliminate costs, products, and anything that is not generating the right results. Get rid of the bad eggs.
Delegation: Once everything has been eliminated, you are left with a model to work with. You understand the different parts of your business and are ready to start hiring virtual assistants or employees. You only give them jobs that are necessary to keep the business afloat and moving forward. You can delegate as much or as little as you want.
Automation: The last step in developing a truly passive income model. You bring in a manager to take over all of the managerial and communication activities in your business. They only report to you when asked or when a problem arises. After a while, they will be able to handle the daily and monthly issues and will report to you once in a great while or contact you on a weekly/monthly basis. Whatever you two discuss.
After you go through all the above steps, you can start creating another business.
But before you start your own business, you first need to train your mind. And the best way to do this is by actively learning from experts every single day. That is why I am recommending Tai Lopez’s 67 Steps.
It will transform your mindset from one of scarcity to one of abundance. After taking his course and watching a video every day, I thought and acted differently. (I took this course while starting my kindle business).
Now that you understand passive income and the importance of having the right mindset, let’s dive into the three businesses.
As I look back on my journey of becoming an entrepreneur, kindle publishing was the first time I made serious money. I would wager almost any bet (if I gambled) that kindle publishing is the absolute easiest way to make money online in 2017. It has a low upfront cost and you can scale it as fast as you please. Here is the best course for publishing.
It is the bible of kindle courses and the only one you should take.
I am sure some of you have heard of kindle publishing before, but not its business model. How can you possibly scale writing books and selling them on Amazon.com? Simple.
You do not need to write the books, descriptions or make the cover. Seems too good to be true? It’s not. This business is perfect if you have never done any sort of Internet marketing before. Why?
- It will teach you the tools of automation.
- It will teach you how to hire, train and manage virtual assistants.
- It will give you the fundamental skills on how to scale a small operation into a big, six-figure-a-year business.
- It costs very little to get started.
So how does this process work? Well, first you will need to make an Amazon Kindle Direct Publishing (KDP) account. From there, you will need to do some niche research and find some topics that are hot on amazon right now. You’ll be looking for trends, untapped markets or evergreen niches.
The next thing you will need to do is go to UpWork.com and find a writer to write your book for you. I know one of the hardest things for a new entrepreneur to do is outsource. We all want to save money or do it ourselves because we believe no other person is competent. But in reality, our time is more valuable in this business if we outsource. By outsourcing the writing, designing and marketing we are free to look at the big picture and scale up.
On UpWork.com, writers are readily available to write any niche’s content for you and will work for as little as $1 per 100 words. After your book is written, it’s time for you to order a cover on either UpWork.com or Fiverr.com. Fiverr is usually cheaper, but it is all about finding the best designer. Lastly, you will have to either have your writer or yourself (I recommend the writer because they wrote it), make the description for you.
Voila! You have a ready-made book; now all you need to do is publish it and start getting some reviews so your book will rank high and become a true passive income stream.
For reviews, you will need to do “book swaps” – you buy other people’s book for 99 cents and they buy yours. Very simple. After you understand the whole process of Kindle Publishing, you can hire VAs to do all of this for you.
This is the best scalable business to get started online in 2017. Kindle Publishing is only growing. Get in the game, even with one book. By the way, I am not calling myself an expert in this business, but I do make six figures with this business alone.
If you want a more in-depth course that explains the exact process and breaks it down step by step, I recommend Kindle Money Mastery. It is the course I studied to get where I am today. Just follow the steps in that course. The course is almost foolproof.
Best Kindle course on the Internet: Kindle Money Mastery
P.S. Stefan (who made the course) just released version 2.0 filled with all of new and enlightening strategies to beat the competition.
Selling Physical Products on Amazon.com
Why another Amazon-based business? Because Amazon is consistently ranked the number one e-commerce platform in the world and it is growing at a crazy pace.
I always say that kindle publishing is the way to go when you are first starting out. But once you are more experienced with Internet marketing and have the cash flow (maybe from publishing), you can enter physical products.
The physical product business may be the most uncomfortable business to start due to the learning curve, but it is the most lucrative. There have been many stories of people going from no income online to six or even seven figures in one year. Amazon has one of the largest customer bases in the world and these customers are buyers.
Again, I recommend publishing first to get yourself acquainted with selling on Amazon and its system, but after that, go for it.
So what is the basic process of selling on Amazon or having your own online store? Well, first you need to pick a niche. You should have 3 – 5 products in mind so that scaling is a faster process than just sitting around after your first product is selling.
Next, you should come up with a brand name that resonates with your audience. After you have picked a brand name, you will start sourcing samples of your first product and pick the suppliers you want to use for your business.
Once you have found a product, it is time to order that product, usually around 500 – 1500 units for your first order. The more units you order, the lower your cost per unit will be. But first you want to test the product and see how it does in the market which is why you will order a low quantity. Now you are probably thinking, once I get the inventory, how am I going to ship, market, and store my inventory?
You do not need to do any of that! Using Fulfillment by Amazon (FBA), you can store all your products in their warehouses across the world and they will handle inventory, shipping, returns, and even basic marketing!
All you need to do is order more inventory, work on brand awareness, drive outside traffic, and build your email list. The only downside is that it is costly to start. You will need about 5k to start and do well. Anything less and it will tough, but not impossible.
Niche Website Creation
This business is more for those who have experience in Internet marketing. So what is niche website creation? Basically, it is creating a website around a particular theme and selling affiliate products. That’s it.
It doesn’t sound like a lot of work, but it truly is. I recommend right at the beginning to tackle publishing to get your feet wet and after a few months or a year of practice, dive into this type of business. Now that I have said what I needed to say, I will give you an almost exact process on how this business works and why it is truly great.
- Find an affiliate product to sell.
- Buy a domain that has to do with your niche.
- Set up a lead page to get their emails (leadpages.com).
- Once you have their email, start sending them good content with good copy to sell your product(s).
- Drive traffic through Google, Facebook, and YouTube ads to your lead page (opt-in page).
- Over time, just keep pushing traffic towards your opt-in page and you are good to go.
Now, this is a great business model and good for all intermediate Internet marketers. How is it scalable? Just make more sites and find different products to promote! Or promote the same product over a few different sites to diversify your traffic.
Can you do even more with this model? Yes! You can create your own product. This is where the big money lies.
You can outsource this part and then sell it for a full 100% commission. Do not get me wrong, It takes work. But since you are reading this, I already know you have what it takes. The lazy sheep of the world would never have read up until this point. That is a fact.
So if you are ready to attack affiliate marketing and make hundreds of thousands of dollars in your sleep, find the right course. Do your research.
Take Action Now!
This isn’t a feel-good article, one where you feel good but take no action. I’ve written this because I get questions daily on how I make money online. So what is your next step?
Your next step is to start with one of these businesses today. Start doing extra research on your own and take control of your life. Another key ingredient to success is that you should not spread your focus thin. Focus on one business until you have reached success.
They all work, so there is no excuse. There must have been one model that intrigued you, so focus only on that business and learn everything you can. Success doesn’t wait for procrastinators. Drop all your time wasting activities and focus.
Whether it’s on kindle publishing, selling physical products on Amazon or developing niche sites, the choice is up to you!
It is YOUR RESPONSIBILITY to be successful.
It will not be comfortable and you will have that innate urge to stop trying and go back to living for temporary pleasure instead of everlasting success. Your circumstances are not you, your excuses are not you – they are all malleable and can change in second if you want them to.
And if you ever feel like you are overwhelmed or that you want to give up, I want to stress to you how powerful Tai Lopez’s 67 Steps are for you to develop a lion mindset! It will transform your mindset like never before and keep you on track with his daily videos.
All you have to do is take action now!
Courses mentioned in this report:
The Best Kindle Publishing: Kindle Money Mastery
The Best Lion Mindset Course: Tai Lopez’s 67 Steps
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