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It’s the financial golden ticket. The gift that keeps on giving. Practically free money streaming into your bank account on a monthly, weekly, or daily basis. And all it takes is a little strategically organized work up front. Once the system starts rolling, you “sit back” and collect your passive income.
Think of the royalties musicians get for their songs or actors and directors if they’re participating in box office sales for their movies. For example, Robert Downey Jr. was paid $500,000 for his acting in the first Iron Man film but earned three times that after the movie came out because of the profit-sharing “back-end” he had negotiated. And that’s just a fraction of the estimated $75 million he pocketed for the last two Avengers films.
Of course, you’re not likely to see that much money in passive income, but entrepreneurs like Robert Kiyosaki and Tom Hopkins prove you can still be earning passive income decades after the initial work is done.
Passive income is awesome when you make money off a product or something you developed in the past and continue to make money off it after you’ve stopped doing the work.
Can You Build Passive Income Online?
There’s a whole range of passive income approaches, from absolutely no work to maybe just a few hours a month. The best passive income sources are the ones you can set up and forget about.
But most of these income sources are far from passive.
Yes, building a passive income online is possible. The key is creating multiple streams of revenue. Whether you’re trying to generate a monthly paycheck or create a constant stream of passive income, there are two main paths you can take:
1) Create an online product that people want and then sell it – this is known as a “product-based” business;
2) Offer your skills and services directly to clients for a fee – this is known as a “service-based” business.
3) Invent a new product or service
There is a lot of misinformation and misconceptions about whether or not it is possible to build passive income. The truth, however, is that it is possible to accomplish any goal with the right knowledge, tools, and work ethic. And with the current inflation rate affecting the amount of money each person has at the end of the month, there is no better time to add a second income stream.
Passive income has become a popular topic in recent years. Generating an income without doing much to earn it has attracted many. The internet allows us to earn money online, but it does not happen overnight.
Generating an income online is not easy. It takes time and lots of hard work to get anywhere. The good news is that passive income is possible; you just need the right strategy to get there.
Because of the power of digital marketing, there are so many opportunities to make passive income online. Anyone can do it with some time and resources.
One of these online income sources is almost completely passive. The best part is that it’s an easy income source you can combine with one of the others. We’re talking self-publishing here. Now before you click out, thinking you can’t write a book, anyone can do this, and it will make you money every single month.
Five tips for a self-publishing passive income strategy are below, from developing your idea to launching the book, including how to set up a book to be almost completely passive after the launch.
Thinking about Passive Income Strategically
When planning your book, brainstorm eight to twelve chapters and outline each and plan on writing a chapter a week. This will break the book into manageable chunks and keep you on track.
Amazon Marketing Services
The second tip here is to use Amazon Marketing Services. This is how you advertise your book directly on Amazon, where people are most likely to buy it. For just about $20 per book each month, you can get hundreds of visitors to a book page and dozens of sales.
Amazon shows you exactly how much you’re paying for your ads, what is working, and the return on each, so it’s an easy system.
Building Passive Income Momentum with a Launch
One of the most important things you can do to make self-publishing a passive income source is with a strong book launch strategy.
Months before you launch, you want to reach out to family and friends for a review. Don’t just post on social media that you need help. Instead, email or message everyone individually. You’ll get a lot better response, and people will follow through with their commitment.
Plan on lining up at least 15 to 20 reviews. Let people know that these don’t have to be long, detailed reviews. You just need them to go to the Amazon page in those first couple of days, buy the book for $0.99 and then leave a few sentences for a review.
That launch for $0.99 is important because it gets you immediately on the paid ranking scale. Don’t launch your book for free because it will lose its ranking when you switch to paid. At $0.99, it’s not about the money, so you’ll still get people that will support you, buy the book and leave a review.
Using Social Media to Create Passive Income Sales
This next tip is an easy one. If you’ve got a website, you’ve probably already got some way you share on social media.
Add ten social shares about your book. These are different shares to promote your book continuously on social media. So it can be things like interesting quotes or facts. It can be contributions from other people, be sure to tag them in the share. You want ten different tweets or social updates you can use to share on social. You’ll continuously share these, maybe two a month, to get a few extra sales.
A word of caution, though – be sure to create posts on social media for other things besides promoting your book. Be social – post about life. Be helpful – promote someone else’s work. Be positive – share good things and news, even if it’s unrelated to your book. If all you do on social media is promote your source of passive income. people will tune it out, and so will Facebook, Twitter, etc… The algorithms can detect that you’re just doing promotion and will reduce the reach of your posts.
Diversifying Your Passive Income Streams
Finally, write more than one book. Many authors publish one book and then get discouraged when they only make a hundred dollars a month.
Some books don’t do that well.
Create two or three books a year, the numbers will work out for you, and you will be successful. Averaging around two hundred dollars a month on each book adds up when you’ve got five books published. So that’s an extra $1000 a month you could have coming in.
Self-publishing is not always easy, but it’s one of the best passive income sources you’ll find. You still have to develop, write and launch your book. But if it were easy, everyone would do it, and no one would make any money. Master this process, and you can create a new book every few months for a passive income stream you can count on.