Wouldn’t it be wonderful to make money while we sleep, or sip on pina coladas while our PayPal accounts never seem to run dry of an unlimited cash supply?
Or basking in the glory sun while working from our laptops somewhere in the Maldives. Or how about Perth? ->
Oh yes, it’s these images we’ve imagined over and over. You only need to do an image search on Google for “how to make money online” to see never ending images of white sand, crystal clear water and tropical paradises that tease us with the promises of what could be.
Very sorry to burst your bubble here but let’s debunk the notion of online passive income right now
There is a lot of talk on the web about passive income. But the truth is it’s rarely completely passive. Even if you’re a blogger with ads on your site you still have to write blog posts.
Advertising seems to bring about little revenue these days and bloggers seem to be moving away from it. You need a lot of traffic and eyeballs on your site each month to create any sort of demand for advertising.
Information products are a popular way to generate passive income. And while this has proven to be popular, people who create information products are still working hard to write, promote, blog and do other things to sell their products.
They are NOT resting on their laurels and doing nothing.
When you’re starting out, it’s rare to create passive or residual income straight away. Those who are successful at it have usually been around a long time and didn’t just start creating passive income from the outset.
The truth is almost everyone trades time for money
Even the affiliate Internet marketer who now earns over $30k per month. It’s just a question of how they leverage their time.
And he or she didn’t just start earning $30k per month from the outset. There was a lot of trial and error involved, researching niche markets, setting up websites and finding products and services.
Often the best way to start out is by trading time for money
Any business owner will tell you when you start your own business, you’re first priority should be to generate cash flow.
However you create that cash flow doesn’t matter. It’s perfectly okay to trade time for money and offer a 1:1 service. It’s the quickest way to getting cash flow into your business.
Some smart examples of trading time for money is to offer:
- Consulting services
- Group coaching work
- Discovery sessions
- 1:1 training
Even if you have a corporate job, you can easily offer any of these options on the side. Then you can transition to higher income activities.
Your first aim should be to create INCOME.
Semi-passive or passive income can come later :-)