Do you know who is Pat Flynn? About 10 years ago, he was working at an architecture firm when he decided to pass an extremely difficult exam in order to increase his salary. He got an idea how to make the process more interesting and also increase his chances of passing the exam. Pat created a blog about preparing for the exam, participated in many forums, and eventually succeeded! He passed the exam and got a bigger salary! Still, he lost his job because of the firm’s financial crisis.
In the meantime, his blog became extremely popular and even generated thousands of visits a day, so Pat decided to capitalize on that. He placed ads on his site with Google Adsense and earned just $5 on the first day. After a month, his earnings, just from AdSense, were 15$-30$ a day. Then he decided to create an ebook from his knowledge about the exam he passed and the new earnings were unbelievable – $7,906.55 at the end of that month.
Today, Pat Flynn has 12 websites, more than 100,000 email subscribers, and about 10 million podcast downloads. Do you want to be like Pat Flynn?
These are his tips on how to create your first passive income business.
Are you doing it just for the money?
The audience is everything! If they realize that you are not writing for their benefit but just looking into earning more and more money, they will stop following you no matter what you are writing about. Your passive income depends on their visits, so play smart here.
“Whenever I’ve seen people do something just for the money, they’ve failed because their intentions aren’t driving them in the right direction. It should always be about helping people and about the passion of making others feel better. The byproduct of doing that is generating money.” —Pat Flynn.
You have to work hard
There is nothing like the overnight success. There is only a lot of hard work and the time invested in something will eventually pay off. After all the hard work, you could start generating money. In the beginning, you might work even 80-100 hours a week, but later on, when your passive income starts to come, you could be working just a few hours a week. It all depends on the material you’ve given to your audience.
Don’t become lazy
When people start getting some passive income, they usually think it can get them money for the rest of their lives, but no. If something is popular now, it doesn’t mean it will be read in a few years. This is why you have to follow new trends, improve your previous texts, revise your e-books, etc. As a matter of fact, there is no such business which has 100% passive income. Sooner or later you have to do something to trigger that income.
Focus on a specific type (group) of people
New business people get things wrong when they try to build a business or create a product that serves everybody. The thing that is meant to serve everybody serves nobody! The real advice here is that you have to specialize in one niche and identify the precise market for it, a precise group of people, i.e. your target audience. All of that has to be based on your experience, education, or on your passion. Forget about money, but concentrate on the content and be sincere!
Remember, your monthly earnings will directly reflect from how well you serve your target audience.
Is this job going to make you happy?
You should be well aware of the fact that money doesn’t make anyone happy. Therefore, if you earn some from a job you don’t like, you won’t be happy. Being unhappy is bad for any business, especially for an online business where people want to see the sincerity and emotions. If you are unhappy with your blog/product, your audience/buyers will also be. No happy thoughts, no more audience, and no more passive income.
So, let’s get real – you should not pick a topic just because it’s currently popular. If you imagine that the topic you are writing about will not be interesting in 5 or 10 years from now, don’t use it. Find some other topic which will always be popular and most of all, which you are happy writing about.
You should build your platform
Today, you have many options here and the most popular ones are blogs, podcasts, and Youtube channels. A platform should be chosen according to the target audience. Your platform is a place where you’ll start building your fan base and get subscribers. You don’t need a million subscribers, 100 honest subscribers will be enough at the beginning and later on, if you reach 1 000 honest subscribers it will be an awesome income generated from their actions.