Imagine waking up to emails pinging your phone saying you just made a sale.
A whopping $500!
Starting a passive income stream can transform this into your own personal reality.
You just have to put in the work or the money upfront to ensure your investment generates the amount of money you want to receive each day, week, month, or year.
It all depends on you.
If you really want to leave behind your 9 to 5 and start making your money work for you so that you don’t have to anymore, a passive income stream (or seven) can help you get there.
You just have to get started.
As the saying goes, today is the first day of the rest of your life.
So make it a good one. Make it the day that you start on your path to financial freedom by doing what most millionaires do.
Setting yourself up to get paid without lifting a finger. Getting paid while you sleep. Literally.
It might sound like a pipe dream, but it’s a reality for millions of people around the world.
And if you work hard or invest a little bit of money here and there, it could be your reality too.
Let’s discuss exactly how.
1. Research Passive Income Streams
If you’re not sure what kind of passive income exists out there, look into your options because there are tons of ways to create passive income. Just some of them include:
- Affiliate marketing
- Starting a YouTube channel
- Selling your photos to stock photo sites
- Buying vending machines
- Dividend stocks
- Creating an online course
- Selling lesson plans on Teachers Pay Teachers
- Selling eBooks
- Selling digital files on Etsy
- Invest in real estate remotely
Find a passive income stream that you’re passionate about, or at least somewhat interested in. Because if you’re not at least somewhat interested in it, you’ll quit. Simple as that. No one wants to waste time doing something they don’t like doing.
2. Choose a Passive Income Stream
Now that you’ve done the research, you should have a good idea about what passive income stream you want to focus on.
Think about what skills you already possess and align them with a passive income stream you think you could be good at.
For example, if you’re good at design, you could design downloadable templates and sell them on Etsy.
Or if you know a little something about photography, you could take professional grade pictures and sell them to stock photography sites or directly to bloggers.
Find out what kind of passive income stream would work best based on the skills you already possess.
You could eventually learn more about another passive income stream you’re interested in, but it’s probably best to start with what you know and build on your skills later (especially if your goal is to make money as soon as possible).
A lot of people try to start more than one passive income stream at a time, which is completely doable, but I don’t recommend it.
It’s better to put your blood, sweat, and tears into one thing first rather than spread yourself too thin trying to do multiple things at a time and risk slowing down your progress on each stream of income.
It’s easier to get sidetracked or not put in as much effort for one thing over another. So focus on one passive income stream first and once you’ve got that up and running and you’re starting to generate a little bit of money, you can start focusing on a second one.
3. Start Saving & Educating Yourself for Passive Income Stream
Now that you’ve chosen your passive income stream, it’s time to start learning how to make money doing it.
If your passive income stream requires money to start up-front, it helps to start saving for it now — before you begin.
That way when you’re ready to hit the ground running, you’ll have the funds you need to invest in your passive income stream.
So start learning all you can about it your chosen passive income stream.
For example, if your passive income stream idea is to buy vending machines, start learning about the costs, what vending machine snacks are the most popular, and where are the best locations for vending machines. You also might want to research how to talk business owners into letting you put a vending machine in their business.
To help you stay organized, you can keep all of the information you’ve collected about your income stream in a binder.
Buy books, read articles, listen to podcasts, watch videos, join master classes or webinars. Whatever method works for you, do that. Don’t ever stop learning.
Even when you start making money. There’s always room for improvement and ways to make even more money.
4. Take the First Step to Start Your Income Stream
Taking the first step toward starting your income stream is probably going to seem like the biggest one — and it is.
And you might feel a little overwhelmed at first, but that’s normal. Don’t let it stop you from moving forward.
Since you’ve already done your research, you should have an idea of where to start.
If you’ve decided to create online courses, your first step might be to choose a course topic. So, come up with a list of course topics you think you’d want to create a course about.
If you’d rather start creating digital files to sell on Etsy, your first step might be market research. Figure out who your target audience is and find out what kind of digital files are selling the most on Etsy before you create any of your own.
Whatever you’ve decided on, start taking steps to get your income stream set up.
5. Continuously Learn About How to Improve Your Income Stream
Once you’re into the swing of things and you’ve started working on your income stream, find time to learn more about how to make your income stream work for you even more.
That might mean taking a course, downloading an eBook, or watching a few videos to ensure you’re on the right path and you’re making the most of your income stream.
For example, if your income stream is affiliate marketing, you might research better ways to promote your affiliate products or how to draw in more traffic to get more affiliate sales.
Research what your competition is doing and find out what’s working for them so you’ll have an idea of what might work for you.
Whatever you do, don’t stop learning.
Some of the most successful entrepreneurs know that to be prepared for the future, they have to continuously learn and grow in their craft.
And so do you if you want to be successful.
Passive income is how so many entrepreneurs keep the money rolling in day after day, year after year.
Getting Started with Your Passive Income Stream
By following the above advice for starting your own passive income stream, you can be well on your way to doing the same.
With a bit of hard work and perseverance in the beginning stages, you can start earning money passively in just a few months (maybe even a few weeks).
The first thing you should do is create a business plan so that you have a guide to help keep you on track. My business plan template can help you get started and understand exactly what writing a business plan entails.
Go check it out. It’s only $14.99 on Etsy right now and if you like what you see, feel free to leave a review.
“You don’t have to be great to get started, but you do have to get started to be great.” — Les Brown