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Why You Should Create Passive Income Streams

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Working Smart vs. Hard

I’ve always been a person who is interested in passive income. Not because I’m lazy and don’t want to work (ha!), but because I am a very busy mom and freelance writer who needs to maximize my time as I maximize my money!

Honestly, the thought of working 10 hours and making $250/week freelancing versus working those same 10 hours and making $1,000/week intrigues me. And in addition to the work that you put in, you’re utilizing the same skill set, knowledge and education in both scenarios, right? So, why not make as much money as you can with the same set of variables in the same amount of hours. It’s a no-brainer to me.

Now if you were to ask 100 people whether they’re interested in increasing their income, it’s likely that 100 of them will give a resounding YES!! Another no-brainer, because just about everyone wants to increase their income. Yes, even you because you’ve gotten this far with reading this article, right? But let’s stop here and think about asking those same 100 people if they’re serious about income creation enough to:

  • invest in a business idea
  • educate themselves about their market
  • grow or market their business idea, or
  • work hard to build an online business

and probably about half of them will shrug their shoulders and lose enthusiasm. Why is that?

Passive Income Mindset

When you stop to think about it, really think about it, just how many people are there who really want to build wealth and income streams? Sure, a lot of people say they want to be wealthy or comfortable, but there are very few who are willing to put in the time, dedication and hard work that it’s going to take to actually accomplish it.

That’s because we as humans want instant gratification in most everything we do.

But it’s those people who are truly committed to take action who want to make a real difference in their lives, who will experience results. You see, the major difference between the wealthy and the poor is that wealthy people take action (since they are committed to their wealth), whereas poor people tend to only think about change, but rarely take the action(s) necessary to make it. Agree?

If you are still reading this article, then you’re serious about creating wealth and different income streams. Continue to read on because here is the starting point that can catapult you to change.

What is Passive Income?

Many people have heard of passive income, but very few fully understand what it means. Passive income is loosely defined as income that you work for once and benefit from continually.

That can mean if you’re at the beach vacationing with your family, you can still be earning money via different channels of recurring income that you have set up, whether that’s an e-course, a digital ebook, product sales or even e-coaching.

The key to generating ongoing and growing wealth is to work for passive income, instead of working for income. That means you have to stop trading your time for dollars ONLY and begin creating systems, products and services that continue to bring you income, even when you’re not actively working.

For example, if you are a writer, a trainer, a programmer or a consultant, once you stop working, you stop making money because you are trading your time for money. And even in any of these fields, you have the potential to make an incredible amount of money. But remember, once you stop working, once you “clock out” or if you’re sick one day and can’t work, your working income stops coming in. It’s gone. Yes, while you may have plenty of money that you’ve made off of your craft or skill, you won’t make anymore unless you start looking for more freelance clients, fitness clients or people who need consulting advice. Do you see where I’m going here?

Trading time for dollars has never been and never will be the way to attain true wealth. Rich, wealthy individuals focus more on developing methods and systems that earn passive income, so that their wealth grows each day. The method or system you choose is indifferent to whether you’re selling $5,000 custom designed websites or a monthly subscription to jewelry making classes. It’s all about implementing workable, scalable systems that continue to bring you recurring revenue for the work that you put in.

Let me be clear here and say that creating and managing passive income is not an easy “set-it-and-forget-it” task, because it is not.

  • It will take work to establish your business base
  • It will take planning, coordination and commitment to build that base
  • It will require a working knowledge of various systems and methods
  • It will require you moving away from your comfort level and learn new things
  • It will require you to invest time and money in building your business base
  • But, as a generous reward for all of the hard work that you put in, you’ll reap the benefits of recurring income that comes in day after day, month after month and year after year.

It’s quite possible to earn a generous living through passive income channels. Imagine earning $400 before you even get up in the mornings. Or making $50 as you eat breakfast. Or being on vacation for a week and signing into your PayPal account to see a deposit for $2000.

Yes, it is possible.

Make it Happen

So how can you make this happen? Well, first off, DO NOT quit your day job because it will take some time and work before you are able to live off of your passive income. Since building passive income is long term thinking, not short term, in the meantime continue to work your day job until you start making more or about the same with your passive income channels. But remember, the wealthy are those that take action.

Secondly, find what type of passive income system you’re going to utilize and launch that will help you create income. Make sure it’s a viable, solid idea before you start investing your time and money.

Finally, get ready to work and throw yourself 100% completely into your passive income idea. That means working on it and taking it very, very seriously. Treat it like a real business, because that’s what it is. Set aside some time each day or night  (especially if you have a day job) and work on your business. That’s the only way you’re going to see results.

Creating a passive income can be done and thousands of people are doing it each day. Go ahead and get started towards your journey to wealth creation.

What is Lifestyle Blogging?

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When I think and talk about the term, “Lifestyle Blogging,” I am specifically talking about blogging as a part of your daily lifestyle, your daily routine. Now I am aware that other people may call it something different, but for me, I’m referring to blogging about what people do as a natural part of their daily lives. This can include things like:

Research (Googling)

Cooking (developing meal plans, tweaking recipes)

Remodeling (DIY home projects)

Fitness (working out, eating healthy)

Cars (restoration, purchasing, etc.)

 

Just about anything you can think of that you do on a daily basis can be done as a lifestyle blogger. For instance, for me, every day I look forward to two things:

1. Working out, either outside or at the gym, and

2. Working on my passive income business ideas

Now although I’ve freelanced for years as a business writer, I’ve come to completely enjoy writing about my lifestyle and the things that interest me. I’ve been steadily on this journey since 2009, and no matter how many freelance clients I’m managing, I always, ALWAYS come back to my lifestyle interests when I’m in between clients. It was after a few years and a few clients later that I started noticing this trend that was developing. I absolutely love writing, researching, digging, experimenting and figuring out things related to the two things that I love.

I’ve tried to separate my passion from practical application, as in doing something that will bring me a solid income as opposed to writing from my passions. But no matter what, I would always find myself daydreaming about my passions and spending hours and hours Googling and YouTubing stuff related to either health and fitness or passive income. The “do what you love and the money will follow” is a true statement.

As I started noticing that I was spending SO much time on these interests, it only made sense that I should direct my passions towards these things. After all, how could I NOT do that when I could easily spend 4 hours solid on YouTube researching about my 4c natural hair and the science behind it? Yes, that really happened.

So as a lifestyle blogger, talking about the things that interest me are so very easy to do. And, making money by doing it is even easier because I’m doing what I love. It’s like the frustration you feel when you have to do something as opposed to when you want to do something.

Blogging as my lifestyle is not hard at all, and nor should it be for you. You should enjoy what you do and do it with all that you have. Determine that you want to monetize it as a business, and you’re set. If you decide to follow me on this journey, I’ll share with you my tips and knowledge so that we’re all successful. If you’re ready to do this, come on and join me!

6 Tips on Growing Your Freelance Business

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I have been freelance writing for over 18 years, and there have been many times when I wondered how to get my next client. That’s a part of the life struggle of a freelance writer, but here are a few tips you can use that will keep you from (hopefully) getting frustrated and worried about where and when your next client is coming.

1. Love to Write

First off, you have to at least love writing and make it a daily practice if you really want to get something out of it. If writing is going to be your livelihood, then you need to make it a part of your lifestyle, at least. Right? One other thing to do is to start writing a little each day, then build from there. Go slowly from 200 words a day, to 400 words, then 900 and just keep building, depending on your goals. One phenomenal writing tool I’ve used to help me with this is Scrivener. You can also read this Scrivener software review I wrote about it if you’re seriously considering using it.

2. Business Growth

Realize that it takes time to grow a writing business. This is especially true if you want to get good-paying, long-lasting clients. So buckle in and get ready to work hard to grow your business and create endless streams of income.

3. Real Business

No matter what anyone else says about your “freelance lifestyle,” it is imperative that you treat your writing business like the real business that it is. Otherwise, you’re nursing a hobby, and while that’s fine too, it’s not accurate to call it a business if you’re not treating it like one.

4. Grow Slow

It might be smarter to start growing your business on the side (read: after hours) before you decide to go all in full-time. Slow growth ensures that you’re ready when the time comes and that you’ve gotten things to a level that requires your full-time attention.

5. Network, Network, Network

Network with other writers in your area of expertise. I’ve gotten and given a lot of writing gigs this way, especially when we’re all overloaded and need to meet deadlines. I have writer-friends that I’ve met online over 10 years ago and still talk to today. Real, genuine connections never fade away.

6. Writer’s Website or Page

Create a basic writer’s website. This can be something very simple with your Main Page (landing page), the About page and some samples of your work. This gives potential clients a “place” to find you and take a look at your work. It also helps you look very professional, which is what you want. Include links and clips you’ve done, no matter how small or (seemingly) insignificant they may be.

And finally, never stop learning! There’s always something different to learn in web writing. Different clients have different requirements, even the content mills, so it’s best to understand what each one wants so you’ll be successful.

Good Luck!

6 Real Facts About Passive Income Creation

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One of the reasons why I love the concept of passive income is having control of my time. When you trade dollars for time, someone else has control of your time, and that to me is just not ideal. As a super busy mom, I need to be able to have complete control over my schedule and manage things in a way that’s conducive for me. So that’s why I continuously tout the wonders of passive income.

But what I have seen online over the years concerning passive income is that there are a lot of “Get Rich Quick!” and “Make Money While You Sleep!” kind of nonsense rubbish that’s sweeping different work at home circles. There is NO SUCH THING as getting rich quick, or else someone would already be there AND I doubt if they’d share their tricks with us. Don’t believe the hype. Creating passive income is undoubtedly a lucrative business idea, but it does take work. A lot of work. An insane amount of work. But it’s far easier to promote hype and sell some new marketers that proverbial pie-in-the-sky rather than be honest.

I won’t do that to you. I’m going to be blunt and tell you, you’re going to have to work your tushy off to set up your business idea before you can start to reap the rewards from it. That’s just the truth. No matter what your passive income idea is, be prepared to put in work. A lot of work. But fret not. I do have good news.

When you settle on which idea you want to pursue to create a passive income stream, the next thing you must do is adopt a system or method for making that happen. Don’t try to reinvent the wheel. That’s not necessary. Just find reputable, honest and experienced marketers who are doing what you want to do and follow their business setup patterns to the letter. If they’re accessible, ask questions. Subscribe to their blog posts. Follow them on social media. Do everything you can (short of stalking, cause that’s just creepy) to find out how they’re successful with their passive income business and do what they’re doing. The top reason why so many new (and experienced) internet marketers fail at passive income creation is because they go into thinking that things are going to be easy or not too hard to learn, so they bow out at the first sign of resistance. The reason why you want to find a working method is so that you can by-pass some of the learning curve you’ll meet and just get right to the nuts and bolts of getting your business set up and running. I’m going to short-list for you some of the things that I’ve encountered with setting up and running passive income business ideas:

1. Money, Money, Money

You will need to spend money. To make it you’ve got to spend it. No such thing as “free” when you’re an online entrepreneur. So even if you buy a $5 ebook, prepare to spend a few dollars. Or a lot of dollars.

2. Business Education

And speaking of purchasing ebooks, make it a priority to invest in your internet business education. The ‘net is constantly changing and there are always new things that you’ll need to learn. Don’t get distracted with the idea that you’re just going to set up a cash machine using an ebook you bought as a guide and think that’s all there is to it. No, you’re going to need a website, a domain name, hosting services, autoresponder services, web design services, content, etc. While some of these things can be outsourced for a decent fee, there is always learning involved for YOU as the business owner.

3. Adjust Your Schedule and Your Life

Everything that you’ll do with your business will depend solely on you. That’s one of the pros and cons about online marketing. With that said, understand that at 5:00 p.m., your day won’t necessarily be “over,” especially if you’re doing this on the side. Prepare to live, eat, breath your new business at all odd hours. If you don’t build it, they won’t come.

4. Manage Your Time

Again, since we’re talking about business building, you’ll need to adopt and practice essential time-management skills and productivity skills as well. This is critical for you if you have a family and other responsibilities, so be sure that you take care of your physical body through proper rest and exercise. And if you find that you need to wake up at 4:00 a.m. and work on your business a little bit, then do that and manage yourself as you need to so that you can achieve that success.

5. Avoid Information Overload

Don’t be like some people and buy up every ebook, course, tutorial you see or download every video that promises to “cut your time in half” and have “millions in your bank account in 90 days.” It’s a very real wake-up call when you find unopened material on your hard drive that you purchased 3, 5, or maybe even 7 years ago that you forgot you had, all in a quest to race to the top of the money-making pile as fast as you can. Now I can’t say that I know of anyone who has done that, but I’m just saying, don’t.

6. Check Them Out

And finally, vet everything and everybody you come across when you’re business building. There are a lot of sleazy people online who are more than happy to part you with your money in exchange for a great idea. Don’t do it. Research before you buy. Ask questions before you click the PayPal button. Have you read the person’s testimonials or checked to see if there were any negative reviews out on the web? How long have they been online and doing marketing? Do you trust their words, in your gut? Be careful of really well-written sales pages that make those promises that sound too good to be true, because it usually is. It’s up to you to protect yourself, your business AND your money.

8 Online Business Expenses

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What’s It Going to Cost to Do Business Online?

The cost of doing business online is about the same as doing business offline, except you typically don’t have the usual overhead expenses like office rent, insurance, payroll, etc. (I’m referencing businesses where the brunt of your business is done virtually with delivering a service or product without the need for storage or employees). Remember, there are expenses with ANY business, but many online marketers happen to prefer the online method because operating costs are significantly less and you can get started creating an income much quicker than with traditional offline methods.

I’m going to outline a few of the expenses you can expect to incur with most any online business. Everything you do to start your business online is going to cost you, whether it’s in money or with your time, or both. But, you have to decide for yourself what and where you want to spend your time and money, and if your actions get you closer to your overall business goals.

My blog setup posts series gives you a step-by-step guide in setting up your online business blog. The posts take you through the entire process of setting up your blog property yourself instead of paying someone else to do it for you. You’ll learn how to write effective blog posts, draw traffic to your site and make money in the process.

Some of the following expenses are optional but advantageous for any online business. Some of the costs are non-negotiable, meaning that you can’t effectively do business online without this particular tool. So, let’s get started and take a look at some of the things you’ll need when setting up your online business:

1. Purchasing a Domain Name

Your domain name is your online business name. Buying domain names vary in costs from one provider to another, but generally run between $10-12 per year. I’ve used Bluehost (since 2006) and GoDaddy (since 2010) for purchasing my domain names, but any site that you prefer to use is perfectly fine. I also use NameCheap and Bust-a-Name to brainstorm in finding suitable domain names and combinations.

Cost: $10/year

2. Web Hosting

Once you have a business domain name, you’ll need somewhere for that business to operate. It’s kind of like buying a shingle (domain name) and then finding a building (web host) to hang the shingle. The hosting provider keeps your blog up and running on the internet. This cost also varies, but you can expect to spend about $10-15 per month to host your blog, depending on your selection and what features they offer. If you ever decide to cease your hosting service at any point, most providers offer a 90-day money back guarantee. For me, yet again Bluehost is my web host of choice. I’ve been with them since 2006, have experienced very little down time or problems. But, for you to be totally comfortable in what will be a long-term relationship, be sure to shop around, ask questions and get what you’re looking for and what will match your needs.

Cost: ~ $14/month

3. The Content Management System (CMS)

You can use either a free CMS like Blogger where you set up your blog to run on the free site. Or, you can use the WordPress CMS (I’ve always used this). WordPress is free when you download to your site. (See my lengthier post on the free vs. the self-hosted blogs.)

Cost: $0/month

4. Purchasing or Using Free Themes

Many themes are free with WordPress downloads, but can be limiting. However, there are also premium WordPress themes available from an assortment of online vendors for different prices that you can use to enhance your site. A couple of sites to look at for premium themes is Elegant Themes (which have a wide assortment of themes that are compatible with WordPress) and Studiopress Themes, (which is what I use to build my own site and client sites). The right theme can do wonders for your site.

Cost: $0/month  (value: $300)

5. Free or Paid Plugins

There are several free and very few paid plugins that you’ll need. Most everything you need is free, and I’ll show you the most important ones that you’ll need to download to your WordPress site, including the best ones for security, backups and data tracking. There are other fee-based keyword trackers (Long Tail Pro, Market Samurai, etc.) that can significantly enhance your keywords and blog content, but you won’t have to be concerned with that if you’re just getting started and want to just get good content up. This is something to consider in the future, once your blog is more established.

Cost: $0/month

6. Automated Software

Depending on what you’re selling or offering, you’ll want to be sure to automate your process as much as possible. That means Ecommerce functions, email marketing software (Aweber, GetResponse) or having scheduled blog postings that need to be automated in order to keep you productive and things moving along.

Cost: Can vary ~$20/month

7. Payment Gateways

This is how you’ll get paid! There are an assortment of free portals with different user requirements, but most of them are all free of charge to use (PayPal, E-junkie, etc.). They usually charge a small percentage of each transaction or have a limited amount of monthly transactions per user. I’ll share with you each major one, how to set it up and how to automate it so you can focus on just doing business.

Cost: $0/month

8. Blog Coaching

If you’re new to blogging, you absolutely need guidance or at the very least some type of mentoring system in place. Whether you connect with a blogging group, hire a business trainer, ask a friend or other home-based entrepreneur, make sure you bounce your ideas off of a LIVE person so you can make sure you’re not just spinning your wheels. I’m also offering the option of my own blog coaching services as a part of my blog tutorial series and also as a fellow blogger. For the blog tutorial students, I’ll be offering assessment services free of charge for the entire 6 weeks that the course will be given. I’m going to be available to the students to give tips and answer their questions as they set up their blogs. My personal unlimited coaching services will include Skype (I’m on CST), Facebook and email coaching for any new online marketers who take this course. (Outside of the course, my blog coaching fees are competitive in the market at $35/hour).

Cost: $27/month

You are welcome to use this information as a guide as you set up any website or blog that you already have. Since these are general expenses, remember that as you’re shopping around and getting prices.