After scouring the internet for passive income streams I decided to take it up a notch with some more high reward methods, but still with little risk and cost and in this day and age there is no shortage of opportunities to create streams of income with minor start-up costs, so one of the most popular ways to create an e-commerce business is through Amazon and their fulfillment service mostly due to the simplicity of it and what’s most appealing to me is that it’s location independent, and you can operate it from almost anywhere in the world, if you access to a computer with a decent internet connection, now talked before about truly diversifying your investments in order to avoid getting over, if the market crashes, and you have all your investments as paper assets write paper assets are great investing, but should not be the only asset class to generate an income for you, but you’d rather be one out of at least four the three other, if you follow Robert Kiyosaki’s advice or commodities real estate and owning a business and the beautiful thing with being alive in this age is that it’s never been more accessible to become an investor in all these asset classes even, if you don’t have a lot of money and right, now the biggest opportunity to build a legitimate long term passive income business is through FBA fulfillment by Amazon and the Amazon brand is on track to become the world’s first trillion-dollar brand and they were responsible for a staggering 44% of all e-commerce sales last year just think about that for a second almost half of the products purchased online last year in the u.s. bar both on amazon.com and what most people don’t know is that Amazon don’t sell their own products in fact they sell your products for you and just take a small fee in return and basically this means Amazon are pretty much inviting you to open a store in their mall that gets over 180 million shoppers every single month, so this is not a way of making a quick buck the next 30 days, but an opportunity to build a business for the long term that can generate a six to seven figure income, if you follow the right steps and, I’m going to give you those exact steps, in this video, so what Amazon has created is simply put convenience for anyone who want to sell basically anything and, if you’re going to sell a product you won’t have the packet send it or even handle customer complaints and potential returns this will all be managed by Amazon and their fulfillment service 24 hours a day seven days a week and you’re able to take advantage of this service from almost anywhere in the world as it is location independent which means I can chill in Sweden and write my supplier in China or for that matter have my virtual assistant write to them and tell them to send my products to an Amazon warehouse in the US and most of the suppliers will be able to provide private labeling, and you can put your own brand on there without any hassle for you, so before choosing what product you want to start selling you need to know your market or more specifically you need to know how big of a demand there is and how much competition there is and a common misconception here is that you need to have a unique product that no one else is selling in order to succeed this might work one time out of a hundred, but in reality it’s pretty much the opposite you want to focus on selling something that has already been proven to sell well in a market that is not too saturated and there are tools you can use which will help you find that perfect product and one of the best tools I’ve found this jungle Scout is an extension to your browser and you’re able to use it on the Amazon site and it will compile all the stats, so you can actually see the sales revenue rating amount of reviews and this information is golden when deciding what product to launch and another tool is unicorn Smasher which is completely free at the moment, so I suggest you install that one to play around with, but it’s not as comprehensive as the jungle Scout tool and the element of risk will be cut dramatically and instead of hoping that your products will sell a lot you can use these tools to make sure it’s a good marketer selling and the uncertainty and fear of losing the money you’re investing getting the product will go away and instead you’re able to know what’s certain to make you a lot of money and what’s not, so let’s say you want to start selling wine glasses just Google wine glass manufacturer and one of the sites that will constantly pop up on the first page is this one Alibaba this is the biggest and most trusted site that can manufacture and private label your products and also the one I use and the cost of products will most of the time be significantly lower compared to manufacturers close to you and you will be surprised of how good the quality is and you want to make sure that the supplier is trustworthy and have this gold medal there are gold supplier which means Alibaba trust them and they have been on the side for a long time with successful transactions and the second thing is this crown here which is trade assurance it means that, if the supplier for some reason don’t produce the products you have purchased Alibaba will make that up to you and pay the full price of the product back to you, so release that entrepreneur inside you and reach out to a few of the suppliers that has the product you want to sell and ask them to send a sample to you, so you can get a feel for the product yourself, and you can even ask them to put your logo on it, but they might charge your extra for that however in order to really increase your sales and stand out from the crowd you want to differentiate your product from the rest in some way you want to grab the attention of potential buyers when they scroll through the Amazon website, so let’s take a quick look at wine glasses on Amazon and there are loads of nice glasses, but it would be hard to compete with the regular looking ones and this is an old one, I’m not sure what that is and this one stands out from the rest right a steel glass, so let’s use the jungle Scout tool and see how it’s doing and it looks like they are killing it making over ten grand a month in revenue with great reviews, so let’s head on over to Alibaba and we’re going to search for this steel wine glass and it’s this actual one that pops off on a very top, and you can get this set of wine glasses for between one point eight to two point two dollars depending on the quantity of your order and they are trader short and goal supplier which is great and they are selling a set of two for 1895 on Amazon which means the margins are phenomenal, but what is going to make you a whole lot of money is not only selling one product, but having a brand a line of products that are all related to one another, so to expand is wine glass brand you could see, if there are any similar products to sell this is great, because Amazon shows you what other people have bought along with this steel wine glass and it is this beauty a steel martini glass, so there is your first ID on a second product for your brand and have your own logo and name that people will recognize, so that you can instantly build brand recognition and it’s super simple Hughes fiber for this and you will save a lot of money just look for graphics and the sign, and then choose logo design and choose what kind of logo you want along with your price range and delivery time and, if you see anything you like go ahead and click it and make an order, and you can tell them exactly what you want your logo to look like and in a few hours you could have a high quality logo to put on your product and, if you don’t like it you can ask for a refund no questions asked and along with your new high quality logo you should also invest in getting high quality pictures of your products this is of huge importance when people decide, if they want to buy from you or not and the good thing is that it’s a one-time cost, and you can find great deals on that as well and you do need to spend some money to buy and ship the inventory and get everything rolling, but once the sale starts to roll in the income will exceed those costs, and you can, now reinvest money back to your business as well as taken out for yourself and I suggest you get a virtual assistant that can do most of the time consuming, but the important tasks such as ordering new products to make sure you never run out of stock and that can be brutal in terms of rankings on Amazon and this will free up your time to focus on other aspects of your business or take an extra walk on the beach and there are many sites where you can find virtual assistants and I recommend up work is one of the best and most trusted sites when it comes to hiring competent people online, so head on over to browse and find a virtual assistants and let’s and these ones are the highest rated ones and already has a good reputation and high success rate let’s have a look at Sheen here she looks like she would be a good fit she’s a product Lister expert she can handle emails create your logo as well as handle a Shopify store and Amazon Fulfillment Center and she could definitely be worth contacting, but instead of chasing them to work for you you can post a job and tell them about your project and you’ll get contacted from the people who are interested a quick tip when creating that job description is that you want to finish it or possibly include somewhere in the middle that you will not consider applicants that doesn’t start off their first line of response with attention to details and fluent in English or something like that and this will let you know who actually took their time to read the description and it’s a serious candidate and who did not, so you can eliminate bad ones from the start, so this should give you a pretty good idea on what tools you need to find a good market how to look for suppliers and create a product with private labeling differentiate it from the rest and eventually create a brand from your products you want to take all the guesswork out of it and be confident you’ll make a lot of money in the long term the goal should be to set everything up to a system that will generate sales and money with little upkeep from your part, and you can instead focus on expanding your line of products creating new brands or practice your diving skills in Thailand and there’s, so much information about this to cover and it’s impossible for me to include it all in a youtube video, but you can google try to find other YouTube videos that might explain this further in detail, but it’s difficult to get a lot of reliable information from different sources, so what I did before I got involved in FBA was enrolling courses just to be confident in minimizing mistakes and really eliminate the factor of risk as much as possible, so, if you’re serious about starting a business and creating a legitimate passive income stream that pays you money every two weeks I really recommend you to enroll in at least one course before starting and when I enrolled I saw it as an investment that would save me money in the future and instead pay me back many times and the best course I came across was this one called FBA freedom formula and there are loads of courses out there that are okay, but this one covers everything you need to know from validating your product idea finding trusted suppliers and how to communicate with them how to increase in rankings using SEO having an explosive launch as well as they often overlooked aspects such as sales tax and how to cut your income tax and, so on and the things I talked about in this little video are all taught in this course along with much more and it’s a big course of almost 12 hours of material and could be life-changing, if you take action and follow the advice and, I would advise you to do it sooner rather than later, because it is getting more crowded, but you will without a doubt stand out from the rest and outsmart a competition with the marketing strategies and methods to launch it at all in this course and it’s definitely not too late to get into it and I actually reached out to the creators of this course Evan and Benji who’s just piled in and crushed it on Amazon and they’ve made over a hundred and fifty thousand dollars in just a month and, now each own seven figure businesses and I told them that I wanted to share this on my channel and believe me there are some courses out there priced twelve hundred two thousand dollars that doesn’t contain this amount of valuable information and this course was 597 when I got it I mean the marketing and launch strategies alone are worth more than that and I wanted you guys to take advantage of this opportunity and, if you’re interested in starting your business a massive work out a deal with them, so that you can learn the exact same strategies that built them million dollar businesses for only 397 and the first 15 students that enrolls through my link will get a bonus one-on-one private coaching session with Benji for 15 minutes to make sure you’re on the right track just to put that into perspective their coaching program costs almost six thousand dollars, so this is an incredible opportunity to get a head start to build your passive income business, so I will leave a link in the description below for that and they also have a youtube channel with a lot of great advice you can check out, so that is it for this video guys, if you have any questions let me know in the comments slap a like, if you enjoyed it, and I’ll see you in the next one [Music] [Applause], that’s how you know you up, that’s how you know you up.
Hey guys, welcome back to income school, I’m Ricky and this is Jim today we’re going to talk to you about how to speed up the process of getting traffic to your niche website, so we talked about all the time about you need to build a good niche website you need to write awesome content really helpful content, but then you got to be patient it takes some time for Google to start to really see and trust that content and start sending your traffic your way, so we’re going to give you a few tips today about how to speed up that process a little bit okay we’re playing the long game in our business we’re building a website planting a seed and we can be patient, because we’re working on five other site well, that’s happening, but for a lot of people you’re starting your online business and you don’t want to wait 10 to 12 months to see any significant traffic, so this video is for you, if I had to get traffic to a website quick and I really wanted to see some fast results, I would start with Pinterest Reddit and YouTube though those to me are the best ways to get traffic noticeably absent his Facebook we’re going to do another video about that later, but, I would not I in fact I do not start Facebook pages period in fact about six months ago we deleted the income school Facebook page just completely deleted it it was a waste of our time Facebook does not play nicely with bloggers alright, so how to get that traffic fast first of all is Pinterest Pinterest is an unbelievable source of traffic I mean it’s incredible, if your website falls into the type of content that gets shared on Pinterest, if this is anything you know home DIY this is anything fashion or weight loss or health or anything like that Pinterest is ninety percent women women are interested in many more topics than that, but when you go to Pinterest its recipes and food and DIY and, that’s just kind of the stuff that gets shared there gardening and, so, if you have the type of content that you think is going to do well on Pinterest then use it it can be fantastic there was a time when Pinterest sent more traffic to my websites than Google did and that has reduced somewhat Pinterest has made some changes kind of being a little bit more jealous with that traffic, but still it’s a great way, so how do you get traffic from Pinterest well the first thing you do you’re going to write the post it’s going to be the same type of post we’re always talking about it’s going to be same kind of comments super helpful really cool really good, but it needs to be the type of content, that’s really shareable then you know we’re just going to pin it on Pinterest and there’s a couple important things you need to consider when putting on Pinterest one is an image okay, so you’re going to upload a nice tall image having white images doesn’t do any get on Pinterest they’re just going to shrink it down to the tiny column, but, if you have one, that’s tall a lot taller than it is wide then it’s going to take up more space and be more visible I usually do like 300 pixels wide by 650 pixels tall, and I’ll see the ones that like take up the whole is, because people notice that yeah and, so I’ll usually put a couple really good eye-catching visual pictures on there, and then it’ll kind of nicely design up the text just go on Pinterest see what’s getting shared and make them, and then I’ll just put that image somewhere on my page, and then after I publish the post pin it on Pinterest, and then it’s just you’ve got to find a way to get some traction and it unless you happen to have an awesome social media following on Pinterest you got to go beg and plead everyone you’ve ever met to go put this pin on your Pinterest you can also go join group boards where a bunch of people can pin on their and don’t be too spammy cuz you’ll get kicked off, but slip some of your pins in there and when you get one that goes viral come boom that traffic takes off and the thing about Pinterest traffic is it usually lasts pretty long not forever, but it usually lasts a long time the heyday of Pinterest is gone what was maybe three years ago there was this awesome trick where Pinterest was just a very rudimentary search engine, so I could just right I could go on there and say RV tips RV tips RV tips are three tips RV tips is my caption, but just sure to number one it was awesome, if interest is a little bit smarter, now it’s harder to get the crazy traffic from very still a very solid source of content of traffic one of the cool things you’ve seen too with some of our posts that have done really well on Pinterest is they start out by sending we start out by getting a lot of traffic from Pinterest, but Google sees that traffic and over time there’s good content yeah they recognize that it’s good content and those end up being the posts that end up sending us more Google traffic than a lot of other posts yep again, because of the behavior of the people that go to that article next is the youtubes YouTube can be really good exceptional for a niche site the best example that we’ve seen of using YouTube is camper report comm which is one of our niche sites and, so we built that how we always build them we’ve built our you know in 60 days wrote our content left it out there, but we change something up I made some YouTube videos just sitting out in my RV my camper and just, I would give half of a blog post you know like it’s like you know the blog post is twenty one differences between Class A and Class C RVs, so I’d make a youtube video, that’s 11 differences between them, and then at the end of the video I say hey this is just 11 of the differences they’re actually a lot more information I have on this post, so go to camper report comm slash differences, and I’ll use the pretty link WordPress plug-in to make a nice short link, so they can remember that, and then and instead of linking them from YouTube I just say what it is I just say it’s you know whatever it is, because I just feel like people typing that in is a good signal to get a to a youtube or to Google and what we saw with that is the site ranked way faster way faster than anything we’ve seen, because it had people coming from other sources right away to that website it was a good signal to Google, so YouTube can be great, but, if you just sit there and you like share my life like these vloggers that we see it’s not really going to work for this purpose you know share awesome tips and get followers, and then what did that do for you, you know how do you cash a check for followers nothing you have got to find a way to get them to your website, so give half of the post and kick him over to the website to see the rest yep cool next is reddit okay, so reddit um you probably know what this NSA do the Internet yeah it’s just I mean it’s basically just a whole bunch of forums okay people go on there and they talk about everything all right you can find a subreddit for yeah I mean you’ll find a sub reddit reddit you’ll find probably just a bunch of boards that are going to be around your niche okay just go spend some time in there you know you can link to your content, if somebody asks a question that in one of those sub reddits that is something you answer on your website give a brief answer you know I answered part of the question or answer their question they say hey there’s a whole bunch more here’s a link to my article yeah don’t spam reddit again your people aren’t people are going to people are going to they know what’s going on when you’re spamming them right, but a tremendous source icon of traffic usually when I see works best on reddit when I’ve really got the spikes is where I have something very unusual on the website to share you know I whatever I my RV blew up you know I had on my GoPro and I the propane just blew II they are the RV just exploded awesome put that on your website and share the link, that’s going to do it right, if it’s just some kind of generic bland post it’s not really shareable, so reddit is great as long as you have just unusual very shareable content there’s a tremendous traffic source out there, but it just doesn’t work for everything you got to have the right type of content, so, I would say that a lot of your blog posts a lot of the articles on your niche website are not getting the Articles that you’re going share on interest on YouTube or on reddit a lot of them are just going to be helpful informational content yeah how much does an RV way not the chair bowl you know buddy goes to that he’s like that was awesome man I want to tell all my friends how much RVs way it’s just not distracting it’s a Google all the time and, so you get a lot of traffic to that article okay nobody’s looking for that on YouTube yeah and, that’s why, I’m in niche site school we teach a third a third and a third for your post one third of your posts should just be simple answers to questions things like how expensive is a samurai sword you know for somebody, that’s into Knight knives it’s just answer a question another third of the content should be super shareable kind of content it’s like twenty one of the most iconic knives ever made, and then the last third should be moneymaker posts like the one best pocket knife I’ve ever used and it’s just the intent to that post is to send you to Amazon, so I can get a commission, so a third a third and a third these are going to be mostly your shareable content, that’s why we create them is, because we want to be able to tap into these traffic sources as well the shorter the answers to questions, that’s mostly targeted at the search, and then within both of those posts from two-thirds of the posts on your website we just mention the moneymaker posts we just link to them and say you know this is my favorite one is just in passing and, that’s how you get that traffic over the moneymakers, and then you make it money, that’s kind of our whole system it’s pretty simple yep there’s no more to it, so go to income school calm and check it out you just go to income school calm, and then click on niche site school it’s a 60 day program we’re going to walk you step by step by step through the process I mean almost every day for 60 days you get an email and it’s like hey just sit down for one hour and do this one action and it’s exactly the process that we follow – that has made successful niche site after successful niche site after successful website it’s proven it’s a proven recipe, that’s not guaranteed and it does take time, but, if you want to replace your income you want to add some additional income it works and, so check it out I hope you’ll enjoy it and thanks for subscribing to our YouTube I guess.
What is going on Affiliate World? You guys excited or what? Whoo! Man you guys are tired, like you guys are like, trying to like nap or something right now? So listen man, I’m here to talk to you guys about dropshipping and the unique element about what I’m going to actually cover is, without using AliExpress or Facebook ads, that’s usually a shock without the Facebook ads right? So let’s get into a little bit of my background, okay, so you know, what I’m going to cover is what I like to call my ability to sell system, it’s pretty much a ecommerce academy that I launched about two months ago and literally it’s the system that allowed me to walk away from my full-time job and retire me and my fiancé within a 90-day period, after I’ve made the decision to be committed on creating success in the e-commerce arena so that’s actually the month that I decided to actually walk away from my full-time job, I made forty one thousand dollars in revenue with seventeen thousand dollars of net profit like that was absolutely amazing, and now I have consistent days like this, so the unique element about what I’m going to be covering with you guys, it’s a is how to be able to sell products that are a higher ticket like products, they have a higher price point tool, literally, I have consistent orders that come in like that day by day so the next question I always get from people is like man, that’s really awesome Earnest but what is the advertising costs, look like, like how much money are you spending in any given week in order to create success, and so I did the liberty, they’ve actually taken some screenshots of this particular store from my AdWords account, so you guys can actually see how that looks right, so this week right here, is November 12 to the 19th now, mind you, this is actually before Black Friday right, well because everybody knows everybody makes money on Black Friday, so let’s look at how much advertising, so that’s my Google AdWords account that’s the screenshot from the mobile app, that’s about two hundred and seventy dollars from Google and then we spent about thirty two dollars for me, so let’s see roughly about three hundred dollars brought in about twenty one thousand dollars in revenue but you guys say that’s a pretty cool thing, say yes, all right, so take out the pen and paper because you guys are going to be super duper excited to take notes, going to show you guys literally the entire process and how am I able to put this stuff together, but before I do that I need you guys to make a commitment to something right, like why are you guys even here like what brought you to Affiliate World. I know some of you got to flying from all over the globe to get here and I know you came to learn how to make money or increase your revenue but like why is that, like what brought you here, I just want you guys to think about that and pause for a second and the reason why I want you to think about that is because if money is the only thing that brought you out here, you know, to this event for this entire week and I promise you that’s not going to be the thing that’s going to help you accelerate your success and hit your income goals that you have in mind, because as soon as you make the decision to really scale out everything, something’s going to come along the way and life is going to punch you and unless you know what that “why” is, unless you know what it is that’s deep inside, that’s going to help you get to that next level, like that’s what’s going to really help you right, so for me personally, like it’s my family now, I don’t have 12 kids, I know some of you guys, like man Ernest is busy with this dropshipping stuff right, no, I actually got four they’re just kind of scattered all over the place right, but guys that’s what fires me up, that’s what keeps me passionate you know that’s what makes me up every single day, because when I was young and I was going through high school my dad actually walked away from me and my family, when I was in my sophomore year right, and so I put a lot of stress in my mom and I said that I never wanted to put my kids in that type of situation, so for me like that’s what fires me up every single day and along with that is being able to help people, like you guys people that were in my old shoes and help you guys create success, so my commitment is I’m going to be pouring into you guys for the next 20 minutes, and I’m asking you guys to do right now, it’s like, I want you to commit to what brought you out here this evening, not just money but what really brought you out and this is one of my personal missions like, I want to be able to create twelve ecommerce entrepreneurs and help them create and get a seven-figure check over the next 12 months, so if you’re wondering like, hey what the heck is Ernest up to over this next year, this is my personal mission that I’m focused on for the next 12 months and my promise to you that today, I’m going to show you guys how simple it is to sell products that people want to buy, that create sales for me that are over a thousand dollars a day, literally without me having to log into my computer, I mean as crazy as this sounds, I literally managed 90% of my business for my dropship and stores for my cell phone, like it’s really crazy and I’m going to be able to help you guys do it faster today right, I always tell everybody, I’m not the sharpest tool in the shed okay, literally like, I might say some stuff that sounds really cool but I know if you guys came out here, you guys flew from all over the globe that they got we got a lot of sharp people that’s out there, so I know you guys are large sharper than me and wiser, so you’re going to be able to rock this thing out, but here’s the process that I use, so the first thing you’ll see is find a product selling right, I want to cover exactly what that means, next we’re going to make sure that we’re targeting the right market and right customers that can actually forward our products and can actually purchase those next, we want to make sure that we can find dropship friendly suppliers, because obviously we’re drop shipping and the last thing we need to do is obviously sell those products and get paid right, so let’s hop into that and you know like I said once everything set up with the system, like literally you’re able to profit and not have to have an immense amount of marketing expenses so, who out there is going to be the next dropship success story? Say yes! Whoo! That’s what I’m talking about, so let’s talk about a little disclaimer real quick, cause everything I’m about to share with you guys is not typical okay, most people that are watching this will not literally come as anything that I’m about to cover like, you just won’t put in the effort and obviously if you don’t put in the effort with the information I’m going to cover with you, you can’t get any results right, so here’s what’s on our agenda, I want to show you guys how to identify the hottest high ticket products to sell online discover, how to market those products to customers that are already looking for them, and the secret is setting up your all 24/7 ATM and at the end, I’ve actually got a little special surprise for you so if I get forget, definitely make sure you remind me about that, so what if some of you guys might be like, you know where did artists actually begin his journey? So personally for me my freshman year, I went to Liberty University and I went there for one reason and one reason only to play football, okay and in the process of playing football, I actually had to get my appendix removed, so that actually kind of messed me up with football right, so I had to figure out what the heck do, I do next so I decided to move out and move back home to help out my mom, because again like I said my dad walked away, my sophomore year, mom needs help I have a older sister, younger sister, she needs some support, so I decided to go into the job market place, forget about school started working my way up, I became a marketing director for a remodeling company and that led me to what I like to call my dream job, I mean guys I thought I had the best job in the world, I thought I was going to work them for the next 40 years, I thought it was going to be amazing, they were paying for my car, they were paying for my cell phone, literally they were paying for everything guys, and then I got fired all right, I was hoping that company creating immense amount of success, I was literally managing at the age 23, 24 some contracts for some multi-billion dollar companies and I wound up getting let go, I don’t want to get into the whole story about that because it’s pretty crazy but ultimately, I had to figure out what the heck to do next right, so you know pretty much I was sitting that break-even at this point in my life, I wasn’t succeeding I wasn’t really poor, but I just wasn’t really doing anything for myself and then I read across ecommerce right and I was like man, the growth of this thing is pretty awesome, like six hundred billion dollars, they’re projected to do by 2020 now I know about you guys, I said looking at this, I don’t got to get all the pot right I just got to get a little bit of it, like I don’t need 600 billion but I’ll take 10 million, 20 million is anybody out there out there like me? Anybody okay with 10 million? I’d like 600 billion all right, so if you guys are unfamiliar with the dropship model because I know we got a lot of affiliate people here, but pretty much, this is the process right, you set up a site people find it someone purchases the product you forward, that over to the supplier, boom you get paid in the process, but here’s what it meant for me, no inventory loads, no overhead and I could trade money for money, like that’s what got me excited, and then afterwards after creating some success, I joined the Paycation, now some of you guys are like what the heck is a Paycation right, so literally what that means is that because of drop shipping, I’m able to go places all over the globe you know, I was able to go up to and run a workshop in Hawaii last year, I just recently went to Paris, London, Spain, Rome was a dream for me, like that was actually on my dream list for years guys, and I never thought that would have been possible prior to being able to actually do dropship and create a lot of success with that, and this was the event that we recently did in Georgia with my bill to self and yes that is a real tank and yes that is a car and yes we crushed the car that really happened okay, we also shot machine guns that day, it was pretty cool so I’m excited to share with you guys now, let’s roll up our sleeves and let’s dive into the content okay, so we need to find a product that’s selling, so artists, what do you mean by that we’re going to cover the process on how to be able to pick phenomenal products that profit, so here’s the criteria that I like to cover right, I like to sell products again that have a minimum average price point of $200 and that’s going to be something that you’re really going to want, to position yourself, to do next is you want to make sure that you’re targeting the right market of people that are in the demographic of upper-middle-class, so I’ll cover that for you guys you want to make sure that you identify at least 15 suppliers that a dropship friendly, then lastly, we need to obviously sell their product and get paid right, so you might be asking yourself, Earnest why is pricing so important, why do you focus on products to have a higher price point right, here’s how simple it is, I know a lot of people out there familiar with people selling stuff that is $10, $20, $40, whatever right, but let’s just use the example of an iPhone charger cord that typically has an average price point of like 10 bucks, right now let’s look at something that has a little bit higher value like an electric fireplace, about $600, now let’s say we drive the same a lot of traffic to that iPhone charger core website as we do to the fireplace website right, and we have a 1 percent conversion rate, anybody that’s familiar with anything, double an e-commerce the one percent conversion rate is actually pretty standard, it’s pretty common right and here’s how my brain works, I did the math and I said well 10 sales an iPhone charger cord at a 1% conversion rate is 100 bucks versus 10 sales, my on the fireplace website $6,000 like I’m not a complicated guy right like I’m pretty decent, like with numbers and I can do the math, so I said man, I need to focus on like finding products that have a higher price point to them, so I could make more money with less effort, so here’s what we’re going to do as we start to develop a list of products that we want to do, research on how we can figure out what the price point of those items are going to be, all we need to do is go to Google and are in the product idea click on the shopping section and then, what’s really awesome is Google on the left-hand column, they give us some information that gives us, tells us about the price point we’re just going to review what’s called the PLA, so I’m a cover exactly what that and then lastly, we’re going to write down what the average market value is, for the product okay, so let’s take a look at that live let’s go to Google, we’re going to put in electric fireplace next, what we’re going to do is we’re going to click on the shopping section, and lastly boom, guess what Google does, they literally break down the price point of what people are spending in the marketplace for the products that you potentially want to sell, you see how cool that is, right now if you want to get further verification of what the average price point is, you can obviously go through the products that are listed there in the shopping section, and literally like you know very simply just write down with it what the actual price of the products are and that’ll tell you what people are actively spending in the marketplace for which you want to actually sell alright, so again why does the average price matter, personally for me because of the bullet point that you see there, number two, like I said earlier, I’m a simple dude, here’s what I always tell people 20% of a lot of it there’s a lot of it 20% of a little bit a little bit, you guys agree with that say, yes say yes, okay cool and then last thing you’re able to attract better customers because let’s face, it like if you’re selling something that has a higher price point and your advertising to those right to that right audience you’re going to be able to create success for yourself, so the next thing is people’s like, man Earnest, how do you come up with these product ideas, how do you figure out what the research is without research literally like guys, it’s just as simple as just listing everything like what’s in your home, what’s in your bedroom, your bathroom and your office, like you know in your car, or in your car like, you know, what’s such a friend’s house, your family sounds like everywhere, our products like in this room, there’s amazing products that you could be researching right now, and drop shipping and creating success with and then here’s a couple other ideas you know go to big-box retail stores go to mom-and-pop shops, literally look everywhere the store that I built that allowed me to walk away from my full-time job came as a result of an online magazine, I knew nothing about the products, all I did, I did the research, looked like it fit the right audience, they had a good price point to him, I put up a website drove traffic, got paid alright it’s as simple as that so, how do we make sure that we target the right market? So I’m not going to be able to break down everything that you see here but specifically now, in the US because you know that’s why I like the dropship, we like to break things down from a demographic standpoint by income all right now, getting it to like my corporate background, a little bit each income bracket, you know, with the different classes of lower, middle, upper middle class and wealthy, different people have different buying behaviors, you know, we talk, you had Alexander, came up here earlier the cycled data analysis gentleman, you know, he talked about the psychology of people right, so you know the different classes of people have different buy behaviours, somewhat from a mindset aspect, so we’re going to jump into the exact in current bracket that we want to target right, upper-middle class so this is the beat buying behaviour of what people look like, that make this type of money, in these different income brackets right, so people that in the upper-middle, class are classified as people, that have an average income household of fifty five thousand to two hundred fifty thousand dollars annually, they’re our best prospect because they’ll pay in cash and the next thing is one of my favorite, if they see something, they like it, they buy it right, there are emotional shoppers okay, they also have a low risk of return and this last thing too guys is super duper important is that they have an average monthly disposable income of $700 a month right, not in the midst amount of money but again if we’re selling products, they have a higher price point wouldn’t you rather sell to somebody that actually has some money at the end of the month, and if you’re unfamiliar with disposable income means that means how much money is left over at the end of the month after you spend your money on everything right, like as far as like monthly expenses like what you’re spending on like your car, know your mortgage, you know food, all that good stuff how much money is left over, people that are in the upper-middle class actually have money left over at the end of the month, so they’re able to actually, for whatever it is that you’re trying to put in front of me, so again we want to target these people because when they see something, they like it, they buy it, so the next question you might be is like, well Earnest how do I know that the products that I want to sell is actually you know, position to be for the right market, alright, this is as simple as it gets, we’re going to use Facebook audience insights, which is a free tool and all you’re going to do when you go to Facebook is, you’re going to select the country that you want to target because again, this works like you know, pretty much, I won’t say every country because there are obviously like, you know some countries that it won’t work in, but you know countries like Australia, Canada you know, I got people that saying what’s you know South America, you know whatever country it is that you want to target, you just put that country in, right next what you’re going to do is you’re going to put your product idea in the intersection, and then lastly you’re going to click on household income, so let’s take a look at what that looks like, so on the left hand side or my left your right, you’re going to see where I put in the United States, obviously that’s the country next, you’re going to put in the product interest right, that’s where you’re going to put the product idea, that you want to actually sell, because essentially, what you’re doing right now, if you don’t know and you’re saying, hey Facebook, you have two billion active users every single month that are interested in all different types of topics, tell me people that are interested in this topic and tell me how much money they make, literally as simple as that next, we’re going to click on household and Facebook is going to say, hey people that are interested in this product make this type of money. Wow, all right, none of this crazy stuff, literally let these other tools do all the heavy lifting for you, so pretty much what Facebook told us is that hey, people that are interested in fireplaces, make on average if you can’t really see the graph, they say 22% of people make between fifty thousand and seventy five thousand dollars a month and then 23 percent of people make between 75 thousand a hundred thousand, so 55 percent of the people that say they like fireplaces aren’t interested in fireplaces, make between fifty and a hundred thousand dollars in their household income, that is amazing right, so again, why do we want to target a very market because we want to target people that have the power to actually buy something, without having to think about their bank account right, also these people have low customer service and they have a low risk of returners, so next, we need to make sure that we have supplies to support our product ideas, so how do we do that guys this right here, if you haven’t taken a screenshot is worth is waiting, go literally okay, this is all you have to do in order to find suppliers that it drops it friendly, you just need to go out find competitor websites, so putting your product idea and start researching two different websites that sell what you want to sell right, next you’re going to go through that website and just see like you know are there online retailer or do they have a physical location, so what I mean by physical location, do they have a showroom a warehouse or storefront, if they do not have any of those three elements, that means that they only sell online, they don’t have an offline presence, meaning that all the suppliers and brands that they work with in order to fulfill those orders dropship them for the actual website that sells all right, so let’s take a look at what that looks like, so in the process of research in electric fireplaces, I came across this website here called home squares IMAX and literally they say home square side max is one of the online furniture retailers and they have sales that’s exceeding 100 million blah blah, all right ok, so the only thing that matters here is the fact that they say they’re an online retailer, meaning again all the purchase orders that happen on their website go through brands that say hey, we’re okay with dropshipping the products, so you don’t have any inventory or overhead and we’ll fulfill those for you right, so that’s huge now all we got to do is extract those suppliers off the website, so let’s take a look at another example, if we go to this website here, electric fireplaces direct, calm these guys, literally list out all the brands for us, all we got to do is know take those brands and contact those suppliers, and the conversation is really simple guys, it’s just hey, you know my name is Ernest and I’m looking to getting ready to launch electricfireplacesusa.com, we’re looking to expand our product catalog and we’d like to know how we set up a dropship account, like literally it’s that simple, you might, Earnest it’s really that simple yes, you already know they dropship, they’re already dropship for someone else right, he won’t be able to make money just like, you want to make money right, so lastly we got to sell and collect the cash, okay so how do you sell the product or not, you fulfill the orders, there’s this really, really awesome section on Google called the shopping section right, the traditional term is actually called PLA product listing ads, so why is that section so important if you guys are familiar with the sales funnel, I’m not going to get into all the ins and outs of it but pretty much you got people that are in different stages of buying right and what the shopping section is on Google is what I equivalent to like an online mall now, again my background was in marketing and sales and stuff like that but here’s what happens like those kiosks that are set up in the mall, they generally charge anywhere from like three thousand to ten thousand dollars a month, you might be like man why would they charge a kiosk that much money, well the thing is that they charge those kiosks city mall so much money, because the people that come to a mall are in the state of actually buying, like they actually want to spend money, so they know if you can get in front of people that already want to buy something, you have a high likelihood to convert those people, that’s how the shopping section is on Google you got people that are at the desire level and action level right, then last thing once you get the order you know, what’s really awesome we had Shopify coming for earlier, they’ll send you a notification and the email you just forward that over to your supplier, they process it for you ship it directly to the customer all right, so literally guys that’s it, that’s this process so you know by following those four simple steps I’m able to build stores like this like clockwork right, so do you guys see the power drop shipping, say yes, say yes all right! So I got a special surprise for you, woo! All right so my BTS family says hello, so that’s number one and you know I’ve never done this before but since you guys are such an amazing audience, I’ve actually prepared something for you that’s really cool, how would you guys like to receive a list of high ticket products that you can be able to drop shipping niches right would that be pretty cool today? Say yes! Alright, so all you have to do is three things, follow me on instagram at Earneststeps, join my Facebook group, which is EECOM Dropshipping for entrepreneurs, then lastly complete this form on earnsteps.com/awecom Alright, thank you guys!
Creating passive income streams has never been easier than it is today and practically anyone can do it, you don’t even need to invest your money in order to get started, because the methods I’m about to share is free and anyone can sign up for it, however I want you to know that although the income will be passive with little upkeep, you will still have to do work in order to set everything up, but the beautiful thing with passive income is that you only have to do the work once and then, you can collect the profits for a long time ahead, so in this video, I will show you ten ways to create passive income streams without investing your money, so the first few ways to generate passive income streams is to sell someone else’s product and one way to do just that is through Amazon affiliate marketing, this is one of the most popular ways to generate passive income, because it’s so damn easy, a few ideas I got for this video what’s the practical psychologist book on the subject it’s called passive income tutorial and, I will leave a link to it in the description it’s a great read and, you can get it for only 374 on Amazon now that right there is me marketing someone else’s product, and, if you decide to click that link in buy his book, I will get a 5 to 10 percent commission of that sell from Amazon and the great thing with Amazon is that, if someone clicks your link and decides to buy 5 other things, you’ll get commission for that as well and this will work to your advantage for the next 24 hours and it’s completely free to sign up and a payment from Amazon will normally be paid out 60 days after the purchase, you can choose to be paid through Amazon directly to your Amazon account and, you can buy Amazon products from your earnings, you can also be paid our regular bank account, however this option is only viable, if you’re a US citizen as for now and the third option is through shakes which is the only option, if you live outside the US and don’t want all your earnings to go to your Amazon account now the next method is through Clickbank and Clickbank is similar to Amazon affiliate, however the commission rate is way higher and goes up to 75%, sometimes Clickbank doesn’t focus on physical products, but digital ones such as course and tutorials the profit per sale is outstanding and, you can earn hundreds of dollars yes you’re a single sale through your affiliate link and they offer a wide range of products from mastering your boat building to mastering relationships, because we all want to know why your spouse is lying to you about the reasons they want a divorce they also do have more traditional courses such as business and fitness and self-help that will most likely suit your niche and is completely free to sign up now selling someone else’s product is a simple way to create a solid passive income stream, but you do have to put some work down you have to link the products and courses you haven’t done any work creating a product you’re just simply a middleman who markets that product and, this is a win-win-win situation, because the creator of the product will make a profit the medium whether it be Amazon or Clickbank or any other platform for that matter will also make a profit and, you will also make a profit now, you can also sell or monetize your own creations and creating your own products will not necessarily cost you any money, however, you will have to spend time and energy creating something worth selling or monetizing and the beautiful thing here is that you put the initial work in once and then, you can generate a passive income stream when you’re done now one thing, you can create and sell is photos get that camera out and start snapping some pictures, because there is loads of money to be made, if you get a good shot or two there are many sites that accepts good quality images and every time someone downloads your image, you will earn money the most popular sites are shutterstock iStockphoto and ala me and shutterstock currently serves customers from more than 150 countries and has paid over 500 million to the people who have contributed with their images and one single photo could be sold over and over creating a comfortable passive income and customers are constantly searching for authentic images in high-definition cityscapes families and landmarks tends to get most traction teespring is another way you could create passive income streams teespring allows you to sell physical products and create your own brand or logo to put on them the most popular items are t-shirts and hoodies, but, you can also put your logo on other things such as mugs and phone cases they empower people to design and sell custom products with no cost risk or hassle it’s free to use and you earn money through selling the products you have designed and teespring will take a cut of that, so when you create a TSP campaign you’re asked to choose a selling price for your products the selling price is a combination of the based cost and the profit you want to earn per item when an item is sold you get to keep profit, so for example the base cost of a t-shirt is 10 bucks and your selling price is 24 and when a t-shirt from your campaign is sold, you will earn 14 dollars and once a campaign ends, you can request payment through your teespring account another method to generate passive income streams is through ebooks, you can now become an author even without any hefty education or having your previous work published in some fancy magazine, if you have the ability to jot down some engaging sentences and turn them into a few pages you could publish that as an e-book the most popular way to publish in eBook it’s your Amazon Kindle direct publishing it only takes five minutes to publish the book and it will be available all around the world within 24 to 48 hours maybe you have some old school project that you’re proud of there might be a value to a lot of people slap the dust of that sharpen it up and you could be on your way to become a published author the publishing a book through KDP is completely free and, you will earn royalties on your sales Amazon will typically take 70% of the profit, if you decide to price your book between $2.99 and 999 dollars, however, if you price it below or above that they will only take 35% this means, you will learn more by pricing your book at $1.99 then a $2.99 and you’re also likely to sell more copies, because P we’ll see it as a bargain you could also enroll in a Kindle unlimited program then subscribers who pay a monthly fee can read as many books as they’d like and, you will earn for every page they swipe through the royalties are paid out once a month and can be direct deposit into your bank account why not start a blog starting a blog will actually cost you some money, but I don’t count these costs as big investments you need to pay to get a domain name which will cost you around ten dollars a year to own and, you will also need a host that stores all the information which is roughly ten dollars a month depending on which web hosts you decide to go it having your own blog creates a whole bunch of opportunities to create streams of passive income, you will be much more likely to have a successful blog, if you write about something you really enjoy and that isn’t already too saturated posting regularly and over time is what will create a following and it will not happen overnight and when you’ve created a blog the next step is to monetize it ads are one of the easiest ways to do, so and virtually anyone can sign up for Google’s Adsense program when someone visits your blog and decides to click on an ad or, sometimes only see the ad, you will make a profit, however, you will only make a few cents per click or views, but with a lot of traffic it will add up and even better form of ads is to approach potential partners and have them buy ad space on your site, if you’ve got your niche right and have enough traffic, you will be able to offer companies valuable space on your site which they will have a hard time turning down a blog is also a great space to recommend products and services through your affiliate links the next method is online courses and now you’re on the other end of the Clickbank affiliate and you are creating the courses creating a course takes a lot of time, but, if you manage to get through it there is a high chance of gold being on the end of it you put your price on the course, so the potential earnings are limitless and as you know by now people will market your products for you and, you can sit back and watch the profit stream in there are many sites that allows you to create courses such as teachable Skillshare and udemy courses usually include videos ebooks or other platforms that lets you explain solutions to their problems or fielder needs customers sign up to purchase the course and your system automatically emails them everything they need to access the materials another method to create passive income streams Israa and Votto market you might want to check out on Votto, if you’re a creative person and skilled with different software’s making music or videos, you can create templates for wordpress sites through an vat of steam forest and every time someone decides to go with your creations, you will get paid, if you’re skilled with creating music upload some sick tunes to audiojungle and, you will create a passive income stream, if people buy your tunes and even if, you don’t have skills right now it’s always possible to develop them and Votto has loads of great courses that teach you how to make WordPress themes Photoshop actions and, so on, you can access that tutorial sites and they will tell you everything you need to know about it YouTube videos is also a great way to create passive income, but it requires a lot of time and commitment every time someone watches one of your videos ads can appear on the side of the videos before the video starts or, sometimes even in the middle of a video these ads is what will make you earn money and, sometimes people don’t even need to click them and, you will still make a profit from it, you will also have to be aware of the policies and terms and conditions so, you don’t violate anything to get your channel banned it’s also easy to have your videos D monetized, if you put someone else’s content in your videos and they make a copyright claim on it this means, you will no longer get paid now, if you’re serious about starting a YouTube channel and you want to really get a head start I suggest you get Clark eggless course on how to do just that he’s an experienced youtuber who has had great success lately of the much trial and error he talks about the mistakes you need to avoid and what to focus on, so that, you can generate a great source of income, I will leave a link for it in the description a quick tip is to aim for evergreen content to secure a long-term passive income evergreen content is something that will be as relevant today as it is ten years from now such as how to lose weight while skyscraper content might give you a lot of views in the short term, but will die out pretty quickly such as Tiger Woods 2007 best shots and the last source of passive income, I will talk about is patreon, so assuming you have some kind of following and people appreciate what you do, you can set up a patreon account and let your followers donate to you on a subscription basis your followers can decide how much they want to donate to you and over 150 million dollars have been sent to creators to this day which shows you the potential there is to make a great source of passive income, however to show your appreciation for your patrons, you will have to give them something back such as exclusive content or behind-the-scenes stuff, so there you have it 10 ways to create passive income streams online, if you thought these tips were shit go ahead and leave a dislike, but I do hope it brought value to some of you guys, if you did like the video destroy that subscription button ping that bell and I’ll see you in the next one you know you fucked up now you know you.
And in this video I’m going to tell you the truth about passive income. Passive income is a really interesting thing and, if you are studying material or products on how to start your own business maybe you want to start an online business maybe you want to start an offline business you know whatever you want to do one of the things you hear talked about a lot when you’re doing that just getting started is the whole passive income thing and there’s this ideal kind of this holy grail that everybody talks about which is passive income and now that I’ve been in business for about five years for myself. I live primarily off passive income. I used to live a lot more off passive income that I do now a little more active income now that I do one-on-one coaching but the passive income thing, so I’ve learned quite a bit of money with passive income and I have a couple of ideas just some thoughts that you should understand about passive income because. I think that some of the stuff out there that you can watch on youtube or anywhere else can be a little bit misleading there’s really three main points here that I want to make it past them number one is that it’s awesome it is awesome number two is that it’s not really as passive as you’re told and number three is that it’s dangerous and I really want to cover why it’s dangerous and some of the traps and pitfalls of passive income because when we start off, if you’re working a salary job here with a nine to five job the way that I was before. I started my business then you’re probably thinking like well passive income that means what that I get to sit at home in my underwear and do nothing and I’m still getting income and that’s basically what it means it means that, if you’re on vacation you’re still getting income it means that, if it’s Christmas or, if it’s a labor day you’re still getting income it means that, if you go on vacation somewhere far away you’re still getting income and, so this is a cool thing it might seem like well what could be the downside of something like this, so let me go into that in some detail, so first of all yes it is awesome and I love that feeling that you get when you first get even a little bit of passive income. I remember when. I was getting just five dollars a day for ten or twenty dollars a day that already feels like a lot to you especially, if it’s in addition to the salary income that you’ve got ten dollars a day twenty dollars today you’re thinking in your mind stuff like well that’s like a free meal like, if I get 20 bucks a day extra that means. I can go for some nice sushi every single day. I don’t have to work for it is just coming in like that’s awesome now what, if we can ratchet that up to a hundred dollars a day well damn for a hundred dollars a day you know. I could. I could be buying cool stuff every day or. I could be using it to pay my bills or whatever and, if then you increase that to two or three hundred dollars a day then at that point for most people that’s kind of the area where they start to feel like oh damn, if I had that much. I would quit my job and I go travel the world. I wouldn’t have a single worry in the world anymore because that is that magic number where basically your expenses are all covered and you even got a little bit extra for the luxuries of life and, so. I mean that feels sweet that’s awesome the other really cool thing about it is the freedom of the schedule that you get, so the whole key to passive income is that you get it without having to sit there and punch on the keyboard or whatever other type of work you’re doing it just comes into you right it’s just like a guaranteed stream of income every single day for me it was only websites on websites that get traffic when the website to get traffic that traffic is usually fairly consistent throughout the day and throughout the week throughout the month throughout the year, so that’s a pretty reliable source of income and you can have statistics that track all that stuff, so you can be know exactly how much you’re earning per you know a thousand viewers or 10,000 viewers or whatever your traffic levels are and when. I started basically within a year. I was able to build up the business to the point where we were making six figures passive income and ultimately generated probably over a million dollars and passive income over the last three or four or five years or, so kind of don’t really keep track of that stuff anymore but it’s just like it just comes in, so this is a really awesome thing the freedom to schedule this allowed for me it’ll add for some really awesome stuff actually this is kind of what allowed me to do a lot of person development work that other people are able to do because they’re, so busy with their nine to five job right the nine-to-five job really drains you not only does it drain you but it’s also like a very fixed schedule, so can’t really work around it like for example when. I wanted to go date and I want to get better with dating and relationships. I would literally take months off of my work or you know I’d be working but my work was flexible enough that I can do is just like a little a little bit here a little bit there and basically. I was able to spend like almost pretty much a whole year just really pursuing a master of relationships to the point where. I wasn’t working that much just focusing on that and that that had that really build me up really fast and got me to the point where. I was really satisfied and then. I could go back to work and, so it kind of allows you to swing your pendulum from one thing to the next thing without having to simultaneously beats feels doing ten different things and stretching yourself too thin that’s a really cool thing with the this freedom of the schedule and the other really cool thing about passive income is that is very scalable, so unlike doing something made like manual labor you can’t scale that much you can only do nine hours of that per day or however many hours you do but with passive income there’s really no limit at all so, if you’re getting a hundred dollars a day there’s no reason you can’t be getting 200 500 thousand or even more and they’re your mind just kind of runs while it’s like oh man look at the possibilities, if I’m already earning a hundred hours a day. I can already picture how. I could turn that into 200 or 300 and then it’s like damn that’s you know that really opens up the doors for anything, so that’s why it’s awesome the other point that I wanted to make is that it’s not really as passive as you’re told, so passive we kind of assume like oh well you know. I can go do anything. I want and the income keeps coming in well the reality of is it is of it is a little bit different the fact is that the way this passive income is generated is that usually you spend a lot of time initially without any income at all building it up, so basically you’re kind of paying it forward you might sit there for a year or two years working on your business building it up and not be seeing anything then the passive income starts rolling in, so first we got to take into account that the passive income is paying for all the work you did you know the hard work you did months earlier, so you got to get paid for that but then in addition to that once you have the passive income there’s always maintenance work required this is an interesting phenomenon because you this means that really it’s not a whole holy grail that’s made out to be because the Holy Grail is that you just have some sort of product or business or service that you’re selling or whatever it is and that customers just keep coming to you well in reality this work that way because markets are evolving pretty quickly and especially, if you’re running an online business man online stuff evolves very fast in six months time the whole landscape can change of your industry even, if you’re doing an offline business the landscape the landscape can change quickly too, so this is actually what a lot of businesses go out of business this is actually why a lot of really big corporations fail and go into bankruptcy is because they’re actually not proactive enough at looking at the horizon of where the landscape is going, so it’s kind of like you’re going to her miles an hour the car and you’re not looking too far ahead you get lost you make that turn to make bad decisions and, so that’s the thing that I found with passive income is that yes once. I was even getting six figures of passive income the travelodge was that I always have to be on my feet and I was actually working. I wasn’t doing the 4-hour workweek. I was doing the 60-hour work why because I’m always looking at the horizon see how to adjust my business, so that the passive income can stay preserved you might say well maybe that was just your business. I don’t know about that see. I think that this is going to be the case in any business where you’re earning decent money because, if you’re earning decent money fairly easily that means that you can have more and more competition creeping in there just by the way that the market system works that’s how the free market system works really business is about finding areas and imbalances in the market and then exploiting those imbalances and those imbalances usually they’re kind of like a gold rush you know you first spot a bunch of golden hills then you go there you dig it out the first version of spots that he becomes a billionaire the next person might become a millionaire the next person might just get a hundred thousand dollars and the more people come and come and come like that that resource of gold just gets exhausted until afterwards maybe five years later that there’s nothing left of this mountain of gold is just a plain old mountain it’s been sucked dry now of course there are evergreen businesses that will never be sucked dry but. I find that you still have to engage with the with like development you have to be bettering your product bettering your service better in your business I’m not even talking about the very basic maintenance work that’s required, so for example, if you’re running an online business at the very minimum you’re going to have to have some sort of customer support, if people are buying stuff from you so, if you sell a hundred products is guaranteed at least perhaps two to five percent of the people who buy that product will come back and ask for a problem a technical issue you know whatever, so just for that you’re going to have to have some sort of manual labor and you could say sure why don’t we just outsource that and you can you can outsource some of that stuff and hire somebody to do it for you but then you still have to oversee that person you can’t outsource literally your entire business, if you try to do that what’s going to happen is that your bed is going to collapse it’s just a matter of time it might take two years five years ten years but it’s going to collapse I’ve seen this in my business the more time. I put into it the more I’m looking at the future the more on spotting cool trends and I’m working towards that I’m improving my products and services and then stuff is growing as soon as. I stop doing that it’s not this thing stay the same they start to die and sometimes that can be really quick or to be more drawn out but. I find that for example online businesses just one or two years is enough to kill your whole business, if you’re not on top of the ball, so that’s the maintenance work stuff but also because there’s this kind of pressure to always be looking at the future it’s also stressful and one of the things with passive income is that it’s kind of addictive it’s like a drug you start getting it then usually what people do is they ratchet up their life style to match the passive income, so now you’re feeling nice but what now happens, if your passive income is threatened and your lifestyle has been improved you might say well just go back to my old life style but see you say that now because you haven’t ratcheted up yet once you do Ratchet it up then you’re going to have a different opinion about that you’re going to be very worried and afraid and, so what’s going to do is kind of put you and like fear mode and you’re always going to be in this mode where you’re trying to protect yourself against other people taking your income away from you because you’re kind of dependent on it’s your lifeline and, so this creates a constant source of stress this is the kind of stress that entrepreneurs and business people always have to deal with but. I think it’s even worse when you’re dealing with passive income streams and kind of basing your lifestyle on the passive income that you’re getting which is a really popular kind of idea nowadays especially online, so it’s not all peaches and cream you do have you have this problem and the stress you know gets to you especially, if what. I found you know, if you just want to put your business in maintenance mode and you don’t want to keep growing it then what you’re going to do is you’re going to always you’re basically going to kind of do it yourself to the death of your business and you’re just going to kind of waiting and just seeing and drawing out drawing out you’re going to see that the end is coming for you the way to deal with that is to put all your attention and resources and time and energy into growing the business but then that takes a lot of time growing the business is like a full-time job plus it could be a 60 hour a week job, so in reality most online entrepreneurs it’s not like they’re sitting on the beach sipping pina coladas most of them what they’re doing is they’re looking for the next thing they’re doing research and development they’re testing stuff out there are building new products creating new services polishing everything up improving the cult the quality of everything they’re doing because they do have competition and they’re very mindful of that and also because, if they didn’t do that you start to feel really bad just psychologically because you would admit to yourself that well this is the best that I could do I’ve already reached my peak this is the best business. I could do this is the most income going to have now I’m just going to maintain it see when you go into maintenance mode it’s really hard to motivate yourself to get up in the bed out of your bed in the morning because you wake up and you’re like oh man. I have to go do more maintenance for maintenance work nobody likes to do maintenance work that’s not work that you can get passionate about, so just keep that in mind and the last point to make is the dangers of passive income here’s where. I can really see people screwing up their lives the problem with passive income is that it makes you lazy and it makes you complacent you don’t have that thirst that fight anymore to go out there and grow the business look for new opportunities and really work hard I’ve really noticed in myself you even lose the drive to do proper good quality maintenance work even maintenance work will start to do is you start to just kind of like shrug it off not want to do it procrastinate on it and this really even, if your business is going to perform decently the problem is that like your mind your head space is going to become, so screwed up and, so like toxic that is just going to put you like into this rut and I can definitely see this rut growing larger and larger and really robbing you of that extraordinary life that you want the reason you went and you want to get that passive income is probably because you’re in a type person you want to go out there accomplish big stuff with your life and in the world input impact people well what. I see is that when you get up oh six figures passive income every single year that like totally robs you of all your motivation even, if you didn’t go in to the business for money this funny thing happens when you just like someone throws a lot of money at you and all the sudden it’s like well you know that big ambitious goal that I had to help people and it’s not important and you know this impact that I wanted to have in my community that’s not important and this product that I wanted to create it’s going to be all super special and really make it you know cool impact in mine it industry or my niche you know I’ll do that next year, so you just kind of procrastinate and procrastinate and procrastinate the other problem that I see is passive income keeps you in the wrong niches within your business it keeps you in the wrong wishes and also encourage it encourages you to pursue the wrong wishes what. I mean by this is that your business should be also kind of self actualizing with you this means that, if you start a business which is all about profit maybe you have to do that just to you know get some cash in the coffers ok cool but then what happens is that, if you get the cash what you should do is you should evolve your goals, so that your business is not about just earning cash but your business about helping people or living out your passion doing something really meaningful for the world for society your life purpose right this is getting into the topic of life purpose and what. I really find is that the stuff that is your life purpose many times that’s not the most lucrative and profitable thing and it’s also not necessarily a guarantee passive income source, so just to give you an example let’s say that I have my online business and then when. I discovered that oh I’m really passionate about art and I want to become a painter well it’s going to be very difficult for me to make that transition even, if I’m really dead set on becoming up danger and I know that that’s what. I want to really passionate about it it’s going to be very difficult because. I got this source of income coming in and it’s incentivizing me to stay in my online business and there’s probably going to be new opportunities within this online business where. I can grow even more. I can increase the income even more, so what you’ll find in practice that you’re going to have this kind of a really difficult choice one you can stay doing the thing that you know isn’t necessarily your passion but you can grow and earn even more money or you can go to become a painter becoming a painter is going to seem like well that’s kind of risky you know painters they don’t make that much money not most of them there’s a high failure rate there’s a there’s all sorts of risks involved and this opportunity with the income like why would I give that up. I might never get this opportunity again a couple years ago by this opportunity might go away, if I don’t capitalize on it now that’s how your mind tends to think and then what happens is that you’re like this page or think it can wait. I can wait I’ll just put it off till you know two years down the road five years down the road and that inevitably leads to put it off forever, so you’re wasting a lot of your time and energy into this passive income thing and what. I found very interesting about that is that it’s not even the best thing, if you want actually lots of money and I find that the passive income thing it will make you think, so small that you’re not ultimately to put yourself in the position to earn the most money that you can because here’s what’s going to happen, if you were really passionate becoming a painter and you were really sure that was your life purpose then you should go and do that that’s the proper strategy and, if you go and do that then perhaps you could make millions of dollars selling your paintings now, if you go to the passive income thing you might be earning six figures or something like that but the problem there is that like it’s just that’s going to be kind of yours your max even, if you grow that business more and more and more because you’re not passionate about it because you know that the passion is over the air but you’re looking over here that’s going to suddenly undermine every action that you take its going to rob you of your motivation and you’re just not going to be as engaged with this business anymore as you used to be all the stuff I’m talking about from personal experience and I think that I was better equipped than most people to have this infusion of cash and this passive income coming in. I was stuck really kind of you know in a world full of chasing money even though. I was not materialistic and I never really was and I knew the dangers of that but still it trapped me for a couple of years and it was very difficult to say no, so. I really feel like passive income is one thing that’s, so dangerous because it could keep you from pursuing your life purpose it can keep you from even looking for it, if you don’t know what your life purposes and you’re getting passive income ninety-five percent chance that that person will never even bothered to go looking for the passive for the for the life purpose because they they’re just not you know they’re not feeling the pain of it they feel too comfortable they are getting more comfortable there and the other problem that I find is that passive income robs you of the willingness to do real work it really kills your work ethic this again connect with life purpose because for example, if you’re getting this passive income you’re probably not working too hard for it after you’ve established your business, so maybe you’re putting in a five hours of maintenance work a week but you’re getting back six figures that seems like a really amazing ratio of effort versus reward that seems, so sweet it’s like you can’t you can’t beat that now, if you try to go becoming an artist well, if you want to be an artist you got to go taking some classes you got to go put on galleries and exhibits you’ve got to go to maybe travel the country you’ve got to practice your technique you got to set up for hours practicing your technique drawing painting you know getting us to do going to all that stuff that would be, so much work and that would feel like real work to you because this little maintenance work that you’re doing on your passive income business is just like you know your kind of your you’re basically phoning it in you’re doing very dumb stuff that you’ve already done many times before it’s not very challenging work but now when you’re going to do the artist thing that all the sudden becomes really challenging work it really starts to push your comfort zone makes you uncomfortable and because you haven’t been doing that kind of work for years because you’ve just been coasting here with the passive income what it does is that it means that you’re never going to go and consciously want to do that work anymore and, so you’re going to quit you’re going to come back, so what this creates this kind of Whirlpool effect where you leave but then you come back you leave and you come back it’s almost like getting addicted to drugs – drugs or like being in the Mafia like that kind of thing right just when. I thought. I was out they pull me back in that’s what it tends to become because the rewards are too high and that’s why criminals get sucked back into criminal activities is because again the criminal activities the rewards they are really very high you don’t have to actually go in and do a lot of labor to get a lot of reward of course there’s a risk there, so it’s not smart, so in the end. I think that the way that you deal with this you know what’s the takeaway here the takeaway is that passive income it’s a great thing. I think that, if you want to become a self-actualized person you actually have to develop passive income sources. I think that’s a really important thing for people, if you value independence, if you value freedom, if you want to be in control of your life then go for passive income just be aware of all these pitfalls and I think the most important thing here the takeaway is that the more passive income you get the more you should balance it out with personal development work, so one of the reasons that I was able to handle. I passive income and I can still handle it today is because I’ve been doing a lot of personal network that gave me the wisdom that I need to see these pitfalls and to not fall into them. I actually did fall into them but to pull myself out it gave me the tools, if you go to an ordinary person on the street random person and they don’t have any personal development training they haven’t learned these kind of things they don’t know the right mindset they don’t know the dangers of this passive income stuff that they’re just going to fall into it and they’re probably never going to recover, so watch out for that I think that you need to really balance it out, so maybe make some goals for yourself say something like well, if I’m going to be earning a hundred dollars a day of passive income then that means. I have to read at least one – development book week and, if I increase that to two hundred dollars a day then that means. I have to take one paid seminar live in person seminar for personal development somewhere around the country and then, if any increases beyond that then maybe I’ll go do you know some sort of training program here something else they’re just, so they like your you’re getting that higher value wisdom rather than the lower value of just pursuing money and just running a successful business because in the end having lots of money in pursuing a successful business that’s very low value you want the high-value the self-actualization is found in doing high value stuff like pursuing beauty excellence truth justice contribution to others helping others in some way making a meaningful impact that’s high value stuff that’s the stuff you want to be aiming towards right that’s why passive income is, so powerful that it can actually enable you to do this high value stuff but most people cannot be trusted to use the money for that most people use that money for stupid low value stuff, so just be careful about that all right this is Leo. I’m signing off go ahead post your comments down below click the like button like this video share as well throw it on facebook share with friend and finally come sign up to my newsletter right here actualize that work newsletter it’s free. I release new videos about self actualization topics every single week. I cover a lot of deep mindset stuff got a lot more stuff coming about business and about money but. I also talked about relationships health and fitness had a work with – that’s how to be more positive how to stop depression anger these kinds of stuff, so emotional issues, so there’s, so much information to cover to give you the wisdom that you need to know how to master your life, so you can avoid all these little pitfalls that will never live to be inevitably be on your journey, if you really want to do something extraordinary your life, so sign up right now.
Translator: Queenie Lee Reviewer: Denise RQ The average person in the UK has only an 11-week income saved in the bank. How much do you have saved? How long could you live for if your paycheck stopped coming in? Maybe you’ve never thought of that, and it might be a little bit scary to think about. Today, I’m going to share with you about passive income, and how to design your dream life through building up your passive income’s dreams. Designing your dream life through passive income – that’s a big claim. Wish me luck! Why is passive income important to us? And what is it? In October 2012, I knew absolutely nothing about passive income. I was here, it’s like you’ve said, I was at B Block, Derwent university, and I knew nothing about passive income. I knew how to make income. I knew that you go and swap your time for money, that’s called active income or earned income. It’s what you do when you get a job, and that’s what 99% of us in the world do. The opposite of that is passive income, or recurring income. It’s where you do the work once, and you continue to get paid recurrently for very little or no actual work. When your passive income, the recurring income, exceeds your cost of living – what you spend on food, utilities, petrol, all that kind of stuff – when your passive income exceeds your cost of living, then you were financially free. If you happen to lose a job or not get a paycheck, you can live infinitely forever. Now, why is that important? So this is a question, get ready for it. Let’s have some audience participation. Can you think of reasons why your paycheck would stop coming in? You break a leg. Perfect! So you’re sick, or you’re incapacitated, you can’t swap your time for money. Thank you. Anybody else? You get fired? Fantastic, perfect! Has anyone been fired in the room? (Laughter) Perfect! Anybody else got any other ones? Yeah. Awesome, that’s a really good point. So your industry changes; that could be a global financial crisis, or it could be modernization. Things like that Lehman Brothers collapse, or the mining industry, or steel; structural changes that can affect us. That might have nothing to do with your competency at your job. You might also be taken over by a new firm. There’s a merger, and there are two of you at the same job. And you’re made redundant. Or maybe you just fall out of your boss, and he asked you to trot along your way. It may not actually be due to your competency whatsoever. That’s not a great position to be in, is it? If your financial security is effectively based on circumstance, or things that might be out of your control. So when I was at university, I just finished my second year, I got a first, which was great, in PPE. And I tried… I took a few years to get to uni. I tried banking – I tried Citigroup in Canary Wharf; I tried accountancy, I tried law, I tried sales, IT sales, PR; then I’ve tried Proctor & Gamble. I had this long list of proper jobs of what I thought respectable people go and do these things. I tried working with children. And I enjoyed it, I didn’t dislike the jobs. I liked the people I was working with, so if you’re watching, please, don’t think I didn’t. But it didn’t light me up. I couldn’t see myself spending the next 45 to 50 years; so what is the retirement age now? Is it 65 or 67? What happens when we get to that age now? 75, 80, 100? Who knows! I couldn’t spend the next 50 years of my life doing this thing. I remember Procter & Gamble; they said to me on my final day, in Hornbeam Park, Harrogate. They said, “We want to offer you a job when you finish university, but we’re not quite sure if it’s right for you.” And I thought, “Well …,” you know, I didn’t know how to take that. They said, “Just pop out the room. We’ll bring in the other boss, and we’ll have a chat.” When I came back in there I was smiling. They were like, “What are you doing smiling? You know, we sort of saying we don’t really want to offer you the job.” I said, “No one has ever said that to me.” I thought it in my head. I thought I can’t do this, but I didn’t know there was an alternative. It took someone else to say it to me, to say, “Do you know what? They’re right. I can’t do this.” So, as scary as that was, it’s like I’d shut that door, and now it was like, “Well, let’s start something from fresh; what can I do?” So I went home that night and started googling, as any self-respecting person does when they’re faced with a life crisis: they jump on Google. I started discovering terms like, ‘how can you be your own boss, ‘ ‘passive income’, ‘wealth creation, ‘ and words I’ve never come across before. I started to read, and I’ve read about real life case studies, not billionaires or these incredibly talented people but normal people who had picked a strategy, there are lots of ways of bringing in passive income. I chose property, but there are a lot. They said about taking work, that’s taking action. Is it get-rich-quick overnight? No. If anybody tells you it is, the only way of doing that is the lottery, right? But it can’t be get rich fast whatever that is for you: months, years, it doesn’t take long. Continual sustained action can get you the results you want. So I read loads of books; I thought, “Great.” They asked me, “A master like in uni?” I was like, “I’m reading other stuff.” I went along to these… I chose property, it resonates with me, but as I said, you don’t have to pick property. I went along to these events where I met normal people. I remember a guy called Trevor – a normal guy came across property, boom! He had 30 or 60 other houses, whatever it was, and I was like, “Well, if he can do it, I can do it, too.” So I spent my student loan, and I took out a credit card. I invested in myself to learn what to do; I invested myself. To cut a long story short, I started with no money. I had no knowledge or education in this kind of stuff. Two years later, I had paid off every investor I borrowed from, own 24 houses, with the portfolio worth 3.5 million quid, and I won a few national awards. That doesn’t mean I’m special at all. I think the biggest thing I want to get across is anyone can do it; it’s a strategy. If someone happens to get a degree, it doesn’t mean they’re an absolute legend. They’ve just done what they’ve been told. They’ve rocked up to the classes, done the homework and got the result, whether it happens to be the first or 21 or 22, you get a degree. And it’s the same with wealth creation stuff. Some people are blessed with natural ability, and that might get them there a little bit quicker. But anyone can achieve the same results. The reason I wanted to get into this stuff was because I didn’t like through I was heading down. Unfortunately, for people in the UK, 60 to 70% of people don’t like their job; 60 to 70% of people don’t like their job. And of that, a third of them hate their job. So out of 100 people, whatever it is in this room, 25 people hate their job; but you don’t have a choice. If you don’t know anything different, you have to go and swap your time for money. You’ve got bills, you’ve got a mortgage, you’ve got to look after the children, you don’t have an option. Often, we work so hard in the day, that we’re knocked at the end of the day, or we don’t have the headspace to start thinking about other things. I didn’t want to be in that position. The further you are down the line… For you, students out there: this is the perfect time to take action – now. You’ve got the time to really check this stuff out because I found that the older people get, they tend to maybe have a few more limiting beliefs or barriers. Everyone has the same ability. In fact, older people have more ability, because they have more life experience, but there might be other commitments there that block them in their brain from doing it. That’s the hardest thing need to overcome, is your limiting beliefs in your head. Passive income from property is one way, but you can choose network marketing, like Forever Living or Utility Warehouse – that kind of stuff. You start to sell, you then build up a team of people selling for you, and eventually, they’re all making money for you; you’re not doing any work, You’ve got affiliate marketing where you drive traffic to websites and you make commission off all the purchases. What else have we got? Owning a business: if you’re not working in a business, you’re not self-employed. If you are, you’re not really a business owner, because you’re still swapping your time for money like a plumber unless they’ve got a firm, where they oversee it, and people are running out doing the work for them. You’re still swapping your time for money. You’ve got Amazon where you can set up a business where you buy products in China and sell them over here. Obviously, make commission on that; property is another one there. There are loads of different ways of you generating passive income. The other thing I want to say is those of you who’ve got money in the bank, or those of you not in the room who are watching further down the journey, often, we’re so busy focused on earning the money, we’re not focused on what to do with it. Albert Einstein calls the compounding effect the eighth wonder of the world. A little bit of action, if you’re young, a little bit of sensible investment or making that money work a lot, had a few adds up to something really special over time. That doesn’t need to be risky, or it’s going to end in tears. If you’re smart, you can make that money work really, really hard for you. That’s not just coming and investing with me, or… No, there are loads of ways of doing that. In terms of the how-tos, I’m not going to talk today massively about all the ways you can do it. I’ll put my blog up, sign up to that, and I can send you more about the how-tos and what’s right for you based on your income, or where you’re at, or the time you have. But the main thing I want to get across to you is what happens if you don’t focus on building up passive income. Your predictable future is where you are right now. If you’re a student then you’re probably eying up a job in the future, or if you got a job at the moment – that’s not going to change. That’s not a problem at all, not a problem at all. But you may want something different. Do you want to be working for …? If you love your job, that’s awesome. Keep doing what you do. That’s fantastic! You love it. And you’re very much in the minority of doing it. But have the security, the peace of mind, and the freedom that if your desires change, or if your circumstances change, then you don’t have to do that job anymore. If it is not there, you don’t have to worry. So if you are sick, ill, if you get fired, if your job changes, or your industry collapses; there’s not a problem. Or if you want to look after a sick relative. What happens if you do get your passive income? Now, probably some of you in the room are thinking a fancy car, a big house, all the material… A fancy logo on your shirt. And that stuff is cool, right? It’s fun, and it’s great. For some people, that means more than others. I think the biggest thing for me is to ask what would you do with your life if money was no object? If you didn’t have to swap your time for money, what would you do? Would you travel? Would you go and learn to surf in Hawaii or do yoga in India? Or go and help an orphanage in Cambodia? What would you do? What are you passionate about? That’s maybe not something we ask ourselves a lot because we don’t see a way to achieve that. For me, my passion is all those things: traveling, helping others, doing stuff like this. My dream is that all people will be able to follow their heart; whether that’s a musician, or an author, or an artist, you can follow what you love irrespective of the paycheck. You’ve got the financial stuff sorted by picking one of these strategies, and doing a few hours a week, compound effect of that. You don’t have to worry if you’re financially successful. You can follow your heart. For me, that’s really, really exciting. Stephen Covey has got a great quote, which is, “Before you climb the ladder make sure it’s leaning up against the right building.” It’s really interesting. When I was in university and at school, I had the proper London jobs lined up, or heading down that route. But, and like I said before, the further up the ladder you get, maybe the more reluctant you are to step off that. So if you haven’t started it, if you are a student, now it’s the perfect time for you to think what it is you want to do. If you are further down the journey, now is the best time to think about that; it’s not going to be in five or ten years, you’ve got to think about that stuff now. To summarize today’s talk, we’ve discussed what passive income is. So, it’s not swapping your time for money, is doing the work and getting paid forever from it. We discussed why we need it: to safeguard you in terms of safeguarding you from the negative stuff, but also giving you the ability to design a life that you dream of and to choose what you want to do with your life. For a lot of us, that’s not something we’ve ever really thought about. It may seem risky, you may have limiting beliefs. I certainly did. I was 23, I had no money, I had no experience, I was at university, I didn’t want a job, I didn’t know what on earth to do. But with a little bit of education and action, you can do whatever you want to do, whatever your limiting belief is – maybe you are too old, or too young, whatever – but that’s one side, and just seeing the possibility. What could be possible for you if you actually took consistent action and built up this passive income? Don’t worry about the how, just think about the what, on what would your life be like if you had 5, 10, 20, 50 grand a month coming in for very little work. In terms of risk, what’s the risk of you not doing this? What’s the risk of you living your life doing something that you settled for? Or, if you are doing what you love – you’re very lucky for that – but what happens if that changes? So, what’s the risk if you are not taking action? The final thing I want to leave you with is literally anyone can do this. I’m not special. I know a lot of other people who’ve achieved the same thing in their different fields; it’s nothing special. They’ve been lucky enough to come across this stuff. They read a book called, “Rich Dad Poor Dad” – which I’d really recommend all of you guys to do – and they took some action. If you want to learn more about the ways, the how-to, please check out my blog, which is just and sign up for that. And I’d love you guys to think about designing a life that you dream of. Thank you very much for having me.
You’re listening to the Femtrepreneur Show and this is episode 46. In this episode, we’re talking about favorite passive income streams for 2017 and beyond, specifically ideas that are not online courses. (upbeat music) Hey guys, it’s Mariah. – And I’m Megan, and I’m excited that we’re talking about this, and we are kind of flipping it a little bit since we’re not talking about online courses. In this episode, we’re talking about other options for passive income. If you missed last week’s episode, where we talked all about what passive income is, if it’s an online course or not, definitely go back and listen to that in case you want to find out if we consider online courses passive income. But for now we have, how many Mariah? Five different examples. that you can create, passive income streams that aren’t online courses, and not the traditional online course format, which I think we should all be thinking about having multiple income streams. And if you do sell online courses or you want that to be your business model, I also want you to be thinking long term, thinking about the sort of big picture of your business will be that you do have online courses that you maybe open a couple times per year. But you also have smaller, what we call passive income products that you sell as well that maybe are evergreen, they’re available on your website all the time for a smaller price point. And these to me are super, super passive because someone can purchase it, download it, and use it right away. There’s no live calls involved, it’s not like a group program. So we’re really diving into five examples of that, and then we have a couple of different actual examples of people who are selling these types of products for each kind. So let’s dive in. I said last week’s episode is where we explained that. It was actually episode 44, so it was two weeks ago. So, sorry about that, but yeah, let’s dig in. So the first example we have is a downloadable workbook or planning workbook. like printable workbooks or printable planners that you can download, print out yourself, put them in a binder or some people even just get them, what do you call it, like spiral bound themselves. – And it’s something that you can download and use on your own time, so it’s not actually getting the physical thing shipped to you. It’s just downloading the PDF and then printing it and using it however you want to, right? So whether that’s a binder or spiral bound or just one page at a time. So I’ve seen some that are like, how to outline your book or how to plan your budget or your home renovation. Obviously there’s a lot of printable day planners and things like that. But we have a couple specific examples from some people that we love, some of our favorite online entrepreneurs. (laughs) So Abby Lawson is super cool, we’ve actually had her and her husband here on the podcast before, and we’ll link to that in the show notes. But they sell these printable sheets, one is called the intentional life planner and one is called the simplified printables. And I think you can buy them together in a bundle. But basically the way they’re kind of presented is all these different printable, organizational sheets you can use for your life, right? So like keeping track of your calendar, keeping track of your finances, keeping track of your budget, all these different printables that you can use to really manage your home and your life and your business. And you can put them in a binder, however you like, and sort of design it however you like. And they’re super cool, definitely check them out. And I think before we even dig any further in this topic, this is such a great example of just, you do a little work up front and you create this downloadable PDF, most likely, and then people can just download it endlessly. for your business that is completely passive once you’ve uploaded it to however they’re going to buy it. And another example is Kelsey Baldwin of Paper and Oats has an amazing Etsy shop full of inspiration and different options, she does business and personal. One of my favorites is the baby keepsake journal. So it looked so cool, I’m not a mother, at least not yet, but when I have a baby, I know this kind of stuff would be super interesting to me, and I thought it was a great example of how this can be, no matter what niche or industry you’re in, you can do these downloadable workbooks or little PDF kits for whoever your ideal customer is. if you’re listening is that most of these start out as something that the person created for themselves to use themselves, right. You might actually have something that you made for yourself, like a laundry tracker, like you were talking about. Or any sort of organizational piece of paper that you’ve made for yourself for your personal use, you might already have this that you can be selling. And I think for many, many people that we talk to, they’re like, oh I just created this for my own personal use, I didn’t expect it to become a whole business. And that’s really what can happen. So take some inventory of what you’re currently using, whether you’ve created, we’re going to talk in a little bit about spreadsheets and calculators and things like that, but if you’ve created something for your own personal use, how could you make that available for sale and turn it into a passive income stream for something that you already made. – Yeah, it’s awesome, so number one is the downloadable workbook, planning workbook, basically like a big pack of PDFs. So number two is design templates, like Photoshop templates, graphic templates, et cetera. – Yeah, if you’re a designer and you’re listening, I really want you to think about how you can take things that you’ve already designed or how you could create a sort of DIY version of your graphic design services and create a passive income stream by offering templates. Of course it’s not going to be a custom design by you or a custom logo or a custom WordPress theme that you’ve designed, but it can be something that’s a template version that someone on a budget can still have that experience of having something that’s your style or your brand. So definitely think about Photoshop, website templates or themes like WordPress themes, any sort of graphics, basically any sort of design template. And we have a couple of examples for you. The first one is White Oak Creative. She sells blog post graphics that you can actually use for your blog, and it comes with like a Pinterest graphic and an Instagram graphic and a Twitter graphic. And I think it even comes with like mock ups or some kind of like … Yeah she has a lot of stuff, and just in case you’re listening to this, we will have all the links to all of the examples we’re mentioning in the blog posts that accompanies this at the FemShow.com/46. So if you want like links to all of these examples, we will have that in the blog post. But yeah this blog post graphics kit, she has several different styles as well, but they include a ton of stuff. So I definitely think if you’re a designer out there, she would be a great example of how you can take your custom design services and make them a little bit more accessible and bring in some passive income besides these one on one clients you may be relying on right now. like graphic templates that are Photoshop templates, and some people sell them as Canva templates, which is also super easy and accessible. – Yeah, so smart, and then there’s also Creative Market, which, if you haven’t heard of Creative Market, I’m sorry because you’re going to be obsessed. (laughs) – Basically it’s a really big marketplace, kind of similar to the concept of Etsy, but it’s all for creative products. Where you can find fonts to download, graphic bundles, stock photos, WordPress themes, and so many other things, and they do big sales or you can follow certain artists on there, it’s amazing. – Yeah again, design wise, if you’re a photographer, definitely you could be selling stock photos, definitely something you could sell again and again without any more work. Themes for WordPress or yeah like some people design fonts from scratch which sounds very difficult, but I know … – I’ve actually done it before. – Not like for sale, but there was an iPad, there is an iPad app that you can like download, create your own font with your handwriting. – Oh my gosh! – So I did it once, and I have it on my computer, but it’s not that great. The fonts out there that they like connect and there’s like different options. And I do see a lot of people using Etsy and Creative Market, like if you’re an artist and you want to sell these templates. I see people kind of do, they almost have three little shops. They have like their website, then they have Etsy, and then they have Creative Market, and they sell on all of them. – It’s a great idea. to buy those if you’re looking to buy some templates, but also if you want to sell them, a great place as well. – This is a tiny tangent, but a lot of the things we’re talking about right now is we’re focusing a lot on something that is very passive to deliver, right, passive to have it fulfilled. And have it be delivered to your customer and the process of buying it is very passive. Something we can talk about in another episode is like, well there’s all these different … Like when you do have your stuff on Etsy or on a marketplace like Creative Market, the traffic and the search is also very passive. So getting traffic and stuff like that, that’s another component of it. But we can talk about that whole like system in another thing. But these are all such good examples of things that are just like click, download, and your fulfillment is done. And you didn’t have to do anything. Okay so, our next example of passive income product that is not an online course is a copy template or what I call like a content template. Could be like copy scripts, could be email scripts. Could be pitch scripts, right, some people sell like here’s a bunch of pitches that you can use to either pitch the media or pitch your book or pitch another blogger, pitch a sponsor, things like that. Could be a template of like how to write your blogs about page or a template for book proposals or a sales page template. One of our friends Courtney Johnston, who we’ve done webinars with and she has an amazing like sales page framework that she’s come up with that we use ourselves. She has a product called the sales page kit, and it’s basically like a template that helps you write your sales page, it’s so, so awesome. – She’s the best. also has her content creation toolkit, which is just like this amazing resource of … This could also maybe some of it could go into the spreadsheet section, which we’ll talk about later. But it’s just a combination of like Google Docs and spreadsheets that you can use and reference when you’re creating your content. – Yes, it’s awesome, she has like templates for filling in your blog posts and how to write things for all your content, how to write your Youtube video scripts, like all that kind of stuff. We always include a lot of like copy and scripts in our courses but I love the idea of, if you’re struggling to figure out something to sell, like to me it’s just such a simple thing, and this is another example of you already have this probably. Like if this is part of what your job is or what your work already is and you’re writing things all the time, you probably already have a template that you go from in your own processes or in your own business. How could you give that, as a copywriter, how could you give a template to someone who can’t afford to work with you one on one but still wants your style or wants your sort of framework that they can use. – I also think that our … We have a product called webinar in a box. Because it takes people … – It’s a content template. of creating their webinar and like every slide. So you can definitely think outside the box for this one, it doesn’t have to just be like copy script, but I definitely think what you said like a content template is a great way to frame this one. Okay cool, so our fourth example is spreadsheets, calculators, and trackers. Okay so this is really, really cool. We’ve seen more people … I feel like I’ve seen more people thinking to sell these, Megan, specifically since you came out with yours. People are like oh my gosh, you can sell an Excel spreadsheet? And it’s like yeah, you can! I think, so you work with some amazing guys at Evolved Finance, who are amazing, and they have a thing, it is like a course on Teachable, but the main product is a spreadsheet, and it’s called the 20 minute budget. They just have videos that kind of walk you through using the spreadsheets, but it’s all based on their budget spreadsheet. So I think that’s a great example. Again, kind of outside of just your typical business niche. – And some people create these for Facebook ad management, like I’ve seen people sell their own Facebook ad spreadsheets because it is something that’s pretty complicated to set up yourself the first time. And if you’re managing your Facebook ads yourself, it can be like a dashboard that’s automatically inputting like your conversion rates and things like that, so you can keep track of everything. Basically anything that has the calculations already applied in the spreadsheet is what makes it super valuable, right? You’re not just creating a spreadsheet template that people have to input their own information and then they have to figure it out themselves. The ones that Megan makes, they automatically are doing the math, like the calculations are already applied, the functions are already applied, so if you tweak one number, everything else automatically changes and updates based on that one change. And that’s why it’s so valuable to purchase these and why people are happy to buy these. – Yeah, so I have some spreadsheets I sell right now, at the time we’re recording this, I have two that I sell. One of them is the most popular one is the annual quarterly and weekly planning spreadsheet. In hindsight, I should’ve come up with like a cool name for it, but that’s what it’s always been. – Yeah there’s time, but for now, that summarizes. It’s something I made for myself to track and plan everything, cause I felt like I had too many places where I was logging my goals and in the actual reality of everything. So kind of combined everything in one place, and I started selling it, and it like blew my mind. It’s an affordable product, and it blew my mind that the power of passive income, and it’s still nice to just like, I get little check from Gumroad every month and it’s like hey, I didn’t really do anything for this. – Yeah! And if you want to know more about those, you can go to MeganMinns.com/spreadsheets, where I kind of walk you through them, and if you want to buy them yourself, you can. But, it’s just a good example if you’re thinking about doing spreadsheets of how you could do that as well. But so both of those are really more spreadsheet oriented, but you can definitely do calculators, like you talked about, where the calculations automatically adjust. And then trackers, just building out these things for people so they don’t have to worry about how to build it out themselves, and trial and error can really save people so much time. – Like tracking, we have internally at Femtrepreneur, we have like blog growth trackers, and we don’t even sell these, we could. But things that are like to track our stats every month. We have different spreadsheets available to track our email list, our social media followers, and everything is being calculated, and then we can look at it on graphs and things like that. I also think your example of your spreadsheets is so cool because if anyone hasn’t seen the video, you should definitely go to MeganMinns.com/spreadsheets and watch it because Megan specifically says, here’s what the spreadsheets look like, here’s a video of literally how they work, you are welcome to go and make your own, but if you just want to save the time, you can just buy them, you know what I mean? So, I love how you’re so open about like, here, here’s everything, here’s an entire video of every single thing that you would see when you buy this product. Of course you could go make it yourself. If you just want to save an hour and just like you’d rather spend $12, just do it, you know. I think I love that way that you’ve promoted those. I know that’s a little tangent, but I just really like how you’ve … It just goes to show … for the value of having it done. – Yeah and that was a big learning lesson for me, cause when I was recording the video, I was like, I’m showing too much, no one’s going to buy these, but like I might as well just be okay. It was kind of an experiment. And I did have a few people comment and be like, thank you so much for showing and saying that, because I do like to make my own templates, so I went ahead and made my own, but like thank you so much. And then 99% of the other people were like, oh my gosh, it was $9, so it’s like I’m totally going to buy this because it would take an hour or more to like recreate this instead of doing it. If you’re ever wondering like why would someone buy this? It’s not only, you know in our design example, it’s more accessible than maybe one on one work with you. But also with all of these, they save time. People want the shortcut, people want someone to guide them. And if they can really affordably buy that from you and have your guidance instantly, and feel confident that they’re doing it the right way, I think that’s why these products are so successful because they’re not usually too expensive, people can kind of test it out. But they’re still getting that guidance that they’re looking for and answers those questions that they have. Well, we have our fifth passive income product is a technical tutorial. So this is basically where you show screen share videos. You create screen share videos of you step by step, like literally what your mouse is doing, setting up something technical, just some easy to follow, what we call over the shoulder type videos, where it’s as if someone is there with you watching you fill things out on your computer screen. And these are really easy to deliver. Again, this is something either people can download them and just have the video files or you could host this in a course site. But it’s not the same as like a big program where there’s a lot of like follow-up and usually there’s not like a community or something like that, this is just really simple. We have a convert kit training that’s like a little mini class. That we don’t actually sell publicly right now, but we do have that and that’s just a good example of like Megan made screen share videos of how to set up convert kit. Another really good example is Learn Scrivener Fast, which I know we’ve talked about before in other podcasts, and I’ve talked about a lot cause it’s just such a successful example of someone who took a software product and just made screen share videos. And they’re like, this is kind of complicated, there’s a bit of a learning curve to learning Scrivener, which is a software for writers to write their books. And he just made screen share videos and sold them and has made hundreds of thousands of dollars if not more doing that, which is awesome. (laughs) – So impressive, I feel like it was one of … I don’t remember when that course … – It blew my mind! Yeah, it’s totally like one of the first examples of someone being like, did you know you could make money? There’s another one, there was another one that’s like how to use Evernote. And there was this course that made millions of dollars or something about how to just use Evernote to its fullest potential. And it’s like one of those examples that when you first hear about it you’re like no way, and then that really opens your mind to what’s possible. – Yeah, and we have a product called website in a box, which to me is completely under this category of a tech tutorial. It is hosted on a course site since it is video dense. But it really is tech tutorials where I guide you through step by step creating a website that will convert in Squarespace, and we do this with webinar pages, and sales pages, and we’re going to have more different pages coming soon as well. But this is just a great example where I’m sharing my screen and I am just guiding you step by step through creating this template in Squarespace. So, you can check that out at websiteinabox.co if you want to learn more, little plug. – It gets the best reviews, website in a box is always, people are like oh my god this is so dead simple, cause it is, you’ve made it so easy, because it literally is like Megan is walking you through step by step how to do everything. – Yeah, but I think when we first created it, we kind of kept calling it a course. And we were looking at it afterwards, and we’re like, it’s not a course. This is a product, this is a tech training that we’re guiding you through creating something. It’s not like eight modules where I teach you. – It’s like you just do it in an hour and then it’s done. – Yeah, so I love this, and I definitely think any industry and niche, you could be one of the first to do a tech tutorial product in your industry, I mean pretty much any industry could use this type of training. Alright well, we have, if you’re interested in sort of the nitty gritty of how all this stuff works, we talked a little bit about the delivery of these being very passive, but if you want to know what tech systems we actually use to deliver these, we’ve hinted at some of them. But if you want to know what technical systems, like what payment process or what delivery software you need to actually make these processes automated and passive so that it truly is passive income, check out our passive income systems and tools guide that goes along with this episode so that you can see exactly how it’ll connect everything up so that everything is seamless and you don’t have to do anything once you get this set up on your website. to download the passive income systems and tools guide and to also see examples, get links to everything we mentioned today, and read the blog post that accompanies this episode. So again, that is the FemShow.com/46. And if you want to discuss this episode with us and our amazing community of online entrepreneurs, make sure you join our free Facebook Group at the FemShow.com/community. – And if you liked this episode, please subscribe to the Femtrepreneur Show on iTunes, and leave us a rating and a review, cause we’ll love you forever. If you’re watching this on Youtube, please leave a comment below with your thoughts, we love hearing from you and talking to you in the comments. And remember to hit the like button and subscribe to our channel so you don’t miss any more awesome episodes. If you have a question that you want us to answer live on the show and you want us to give you a shout out, then go to the FemShow.com and submit your questions. And we will see you next week. This morning, Matt was like, oh, is it the season for your summer moo moo. (laughs) – I love this shirt, it’s just like a really cool shirt. And Matt was like I see, it’s the season of the … It’s not even a dress, it’s just a T-shirt. – Yeah, I don’t think so.
When people see the word, passive income, for the first time and understand its meaning, they may be very excited, as if they have found a path that others have never known, bright, as if financial freedom is at your fingertips. However, they found that they could not even start it. Buying a house to rent it, you need tens of thousands of dollars to pay for the house price. You don’t have that much money, you buy a fund, the annual profits are too low, you can’t even win the inflation rate, and trading stocks are too troublesome.
However, everything has its intrinsic logic. Since there is a concept of passive income, there must be a reason behind it. There are too many people who talk about passive incomes. What they are talking about is nothing more than paying attention to savings, paying attention to investment, and saving some time to do a part-time job.
But these are all of no use. People who can make big money are never like this. Maybe you now have 5 figure income. You do the same thing every day. Maybe you will be able to do it more proficiently sooner or later, but is it possible to make 6 figures? Impossible. You have to make a difference and think differently. Only in this way you can embrace the 6 figures income, not with the static one. The point of passive income is to change the way you think about things. When you think of something and you need to think differently from ordinary people, maybe you have an illusion of dominance and then maybe you got a way out.
I remember when I graduated from college, I never had the idea of making money or doing my own business, let alone the passive income. For me, a job in state-owned enterprises is the right track. Like many of my classmates in the same age, I began to look for a job after graduation. I later try hard to find a position in a designing institute of a state-owned enterprise. I was doing architectural design. I looked around at my colleagues, engineers and Chief engineers who were middle-aged and had grey hair. I have a spontaneous illusion, that maybe I will end my life here. I started from the bottom position as a technical staff. At that time, I worked overtime every day until very late. I often worked until one or two o’clock and others were all gone. The lights over my desk were always on and I was a little bit lonely. I was just thinking about designing and becoming a master of it and taking the lead. It was a pity that, at the end of the year, I discovered that my bonus was actually only 4 figures, a few thousand dollars. I never thought about buying a house and buying a car and running my own business before, but when my family called me to ask about the New Year’s affairs. By that time, I suddenly had a terrible fear. They thought that I was working in a very high-end company and industry and my income should be quite decent. I remember that I didn’t go home for the New Year that year. It may be self-respect. I told them that there is a big project that I need to do overtime during the New Year. In short, during that time, I began to think about the reality, whether it was important to become a master of architecture, or it was more important to become a rich man.
One day, I casually surfed the Internet and saw the book the poor dad and rich dad. I realized that there were such group of people in the world who actually make money without having to work. At that time, I was brewing, can I do something similar? Of course, afterwards, I did a lot of things. I read a lot of books. There are thousands of books I read. There were as many as ten kinds of business I did, and there were losses and gains, such as dining restaurant and washing machines, online sales of various documents, slowly got to know my own way. Later I began to write something. The process was smooth and magnificent. I remember when I received a profit of more than 8,000 dollars a day, I began to think that money making just should be like that. OK, no bull shit. Here we go some real stuff.
First, what is passive income?
The passive income I wrote is only for the poor people who used to be like me. Those who have the money to buy a house or invest in stocks can bypass. For ordinary people, I think a reliable passive income is a reliable automatic business. And a reliable automatic business is built on a reliable trouble. The key to passive income lies in the word, passive, which means that you don’t have to spend much time and energy on it. Even if you don’t have too much income, while the effort is extremely low. That is also a qualified passive business.
For example, to open a convenience store, ordinary people’s first reaction is to find a community, do a good signboards, and then try to find ways to increase the products catalogue, and increase its feature products and highlights, such as selling imported products; price-reduced eggs? Or something new to attract more people? Or a more conspicuous store door. Don’t laugh, it’s you! Does this idea feel familiar? Actually, 99% of people in the world had such first response to how to do business. There were too many people who asked for knowledge of entrepreneurship on social medias. Their first choice and entrepreneurial thinking was like this, I was not kidding. Peoples’ most common ideas is simply thinking about which community to choose and what products to sell. It’s like turning around in a pit, but you can never climb out of such pit, because this kind of way of thinking has limited people in the pit. Ok, how can we get out of it? First of all, there must be a clear logical thinking, such as convenience stores (can be split into)=products being demanded + stable visitor traffics. These two points may be the basic components of a convenience store.
Then you need consider the key points of these two components. For example, products being demanded includes how to choose the products, why people buying these products, and what products different people may buy. Stable visitor traffics means thinking about the commonness of customers. For example, if they live in a community, they have common characters, white-collar workers, and white-collar workers who work together. These are commonness.
Well, after analyzing the two basic points, what we need to think about next is how to reach these two basic points. What is the most direct and quick way to solve it? For example, I place a vending machine at the entrance of the community or office building. This is also a convenience store. In fact, several years ago, I thought about putting a vending machine on the corridor of our office building or on the first floor. This is a natural closed environment. There is no convenience store around the office building. Even if there is, everyone will not bother to go out of the building. If you put some cigarettes and drinks in vending machines, there will be a steady cash flow. At that time, I even also calculated the quantity of cigarettes everyone demand, the frequency of drinking water and drinking beverages. Basically, it would be possible to get all your investment back within one or two months.
Actually, doing business equals using the simplest way to solve the most fundamental problems. To solve the same problem, the simpler the method used, the lower the cost, and the lower the time consumption, the higher the revenue will be, and more likely the reproducible, so it will be expanded. For example, to sell convenience products to people, you may choose opening a convenience store, or you may choose doing a vending machine. For example, to sell information to others, you can choose to sell physic books, you can also choose to sell eBooks. The difference between the ways you choose determines your future way. The process of entrepreneurship is the process of constantly updating to achieve the same result. The simpler, cheaper, and the more attractive your approach is, the greater chance of your success.
Second, the business foundation of passive income.
What is the foundation of a business, in short, traffic. In the final analysis, all business is based on traffic. Whether it is offline or online, for example, a vending machine is placed downstairs or in an office building, which is a business, and the number of residents in the community and office workers in the office building, is the traffic of business. You need to find the commonness of the customers, in turn, the commonness determines the type of products and the business model. In the end, what to do, it is better to start from the areas you are familiar with, or you just develop a kind of feeling slowly. I remember half a year ago I once wrote about how to do a low-cost waste paper recycling business, the results shows soon after the waste paper recycling business works because of the increasing need for express delivery. However, many things have such unclear intuition. If someone had done so, they might have earned it.
In short, a good passive income business=simple, low cost, less time consuming business model + stable targeted traffics.