It’s easy to get caught up in active income methods because they typically pay out faster. The problem is that active income only pays you as long as you are working. Passive income work continues to pay you even long after you have completed the work. If you continue to feed your passive income revenue streams, the growth continues. It compounds like the interest you earn on income you invest.
There are a lot of Passive Income Revenue models that require an upfront investment of money. I don’t believe in selling opportunity that isn’t proven. I would rather you start something with no investment at all other than your time. As you grow, you can find a way to invest in it in other ways.
I have a lot of resources I link to throughout this post so make sure to read it and click on the links that will provide value to you.
I am also going to skip the Passive Income methods that assume you already have a huge following. I will discuss each method and how to grow it into a revenue stream from Day One! Let’s jump into it!
It has never been easier to start a professional looking blog. Back in 2005 when I went full time into designing websites for clients, I felt that within 10 years, website design would be fully automated. That means I believed I would be replaced by software. While that is not completely the case, it is very easy to create a website and start blogging without spending any money at all.
Go to WordPress.Com and set up a free blog. There are free themes to choose from so you can give it a professional style that is appealing to you and premium themes that are pretty cheap as well. You can buy a domain name website address for your blog but I don’t believe you need to start with a domain. You can always purchase that later.
Start blogging on a specific topic. Starting a niche blog is the best way to get going because the search engines have a hard time determining what to rank a lower traffic website for. Until your website is receiving a lot of organic traffic from the search engines, it will be hard for you to be more generalized in your content approach.
You can start blogging about a hobby or an area of expertise you have. Your experience and unique approach will help others learn about the topics you are sharing. I shared a great example of this in my previous article and plan to share more, so make sure you subscribe to my blog for updates.
Don’t get caught up on making your blog fancy. Focus on the content. If you need content ideas, use sites such as Quora to look for questions being asked that are related to your blog’s topics.
My wife wrote a blog in 2012 titled “How To Make A Wood Sign With Stickers” which has received over 1 Million views since she wrote it. It ended up getting Pinned multiple times on Pinterest early on when Pinterest was first gaining popularity. She wasn’t even trying to write a viral piece of content, but it happened. Just focus on creating something useful and the views will come.
#2 Online Courses
We carry a high quality digital video recorder in our pocket. You can use it to film an online course to sell to the world. If you have an area of expertise, you can teach others about it. That doesn’t mean you have to be the world’s leading professional on the topic. You just have to know enough about the subject to teach others.
I am a professional photographer, but I am not the leading professional photographer out there. I created a course because I was continually getting asked how I get such amazing photos out of a camera anyone could buy off of the shelf. What is that one thing people keep asking you about? Have you considered turning that into a course?
You can upload and sell your course on sites like Udemy.Com for free. It’s a great place to start because they already have a large user base that is looking for online courses. Use their platform until you have grown your audience to the point where you can host your course on your own website using a platform like Teachable.
#3 EBooks & Information Products
You can easily create an ebook using something as small as your smartphone. There are so many powerful tools available to us these days. You can design and create a nice looking downloadable book using an app like Pages that comes with your iPhone, iPad, or Mac computer.
Ebooks and downloadable information products such as PDFs can be simple or very graphical. I recommend that you focus more on your informational product containing great information and only add flare where it makes sense. Don’t take away from the content, you simply don’t need to.
There are many tutorials on YouTube that can teach you how to make an Ebook in Pages. If you are not on a Mac or an iOS device, there are alternatives for Windows and Android, just do a Google search for Pages Alternatives for Android or Pages for Mac Alternatives for Windows.
Some of the most subscribed to YouTube channels started out filming videos on a smartphone or a cheap video camera. The popular YouTuber Casey Neistat often refers back to the cameras he was using when he first got started. You don’t need high-end video equipment to make YouTube videos. The quality of your content is more important.
There are YouTube channels focused on just about everything. I really get into watching “build” videos where someone creates something out of wood or metal. I really enjoy wood and metal working but don’t have the time or the space to do it myself, so I enjoy watching others create which keeps me inspired to create something on my own one day.
You can make videos showcasing a hobby such as many people in the craft space do. Rather than focusing on creating craft products to sell you can teach others how to create items of their own. If you are still learning make that part of the process as well. I shared about the YouTube channel “Seth’s Bike Hacks” in my previous article and how he has grown as a mountainbiker since he first launched his channel
#5 Affiliate Marketing
Companies need exposure for their products. One of the methods used to get exposure are affiliate programs. A company starts an affiliate program to incentivize others to promote their products in exchange for a flat fee or a commission on the sale.
Depending on the month, around 40% of my passive income revenue comes from affiliate marketing I have done for various brands. Currently, the most comes from Amazon.Com. In videos I publish to YouTube, I discuss the use of specific products as part of my videos. I link to those products in the description of the video and people click on those links to view the products. When they purchase a product, I get a small commission. One sale won’t result in much, but 100’s of sales do. Look to see what products you use and how you can incorporate them into your content.
Making passive income from affiliate marketing requires building up a lot of content over time. It will start out small but overtime it will grow into something you can count on each month as part of your overall income.
You can look for affiliate marketing opportunities on popular Affiliate Marketing Networks such as ShareaSale, Clickbank, and Rakuten Marketing. Sometimes companies have their own affiliate program and usually provide a link to it in the footer of their website.
#6 Automated Services
Just about everything can be automated in one way or another. I used to manually manage the business listing information of my clients online. That was a tedious process until I found a company that helps automate that process. Now I simply make sure the information is correct and let the tool I pay for continually check to make sure the information stays current. I log in once or twice a month to check on my clients business information and submit an update if needed.
You can easily find a service that most people do manually and automate it. We live in a world where automation has never been easier. Whether it be finding a tool that automates a process like I did or hiring people on a website like Fiverr to do the work for you, the time invested on your behalf will be significantly less which means you can more easily scale it into a passive income revenue stream.
It is often that automation services start out as something you offer manually. In order to invest in a tool that automates the process, you must first have customers willing to pay you for that service.
You can even use Fiverr to get examples of services you want to offer automation for. Chances are if it is being offered there, people are willing to pay to keep from having to do it themselves.
#7 Stock Photography
There are a lot of websites selling stock photography, so how can you create stock photography that will sell? Simple, create a specific type of stock photography and offer it to people in that industry. Let me give you an example:
An auto repair facility might want to use social media to reach new customers. They probably are not social media savvy so they need photography they can use in their posts and will pay for a collection of images they can use. You can package your photos together with a calendar of social media posts they can publish throughout the month. Heck, you could even automate the process for them using a social media scheduling tool and be their social media manager.
Find a niche that seems to be underserved with interesting photos on stock photography websites and create photos for that niche. The photos don’t have to be professional quality, they just have to be interesting and easy to look at. Keep your images simple and clear of distraction.
To get opportunities to shoot photos of these underserved niche markets, go into a local business that specializes in that niche and trade photos for them allowing you to photograph their facility. They need good photos as well. Just make sure you get permission from them to sell the photos online and have anybody that is in the photos to sign a photo release.
Start Making Passive Income
As you can see, it is pretty easy to start making passive income online. It doesn’t mean you get to avoid work as building passive income revenue streams means doing the upfront work. You are simply choosing to do work that continues to pay you rather than trading dollars for time.
If you want more articles from me on passive income and lifestyle design, subscribe to my blog here. Let me know down in the comments section below if you have any questions or if there is any way I can help encourage you to get started today!
If you are trading time for money like most do to earn a living, take a moment and read this. It could change your life, just as it has mine.
I used to trade time for money as my primary source of income. I would do work and I would get paid for the work I did. That was it. Nothing more, usually nothing less. Why is this a bad deal for you? Well, it’s because your time is not scaleable.
You are given a certain amount of hours in the day that you can be productive before you need rest. If you trade time for money, that limits your earning ability. It is limiting for anyone whether they are a doctor or a school teacher. If you really push it, you can work and get paid for about 12 hours a day, but most of us don’t want to work like that. Even if we need to for a period of time, we never see ourselves working that hard our entire lives.
If you want your income to scale beyond the hours you have in the day, you will have to rethink the way you make money. If you want to have more freedom and flexibility in your day, you will have to make changes. That is what this post is all about.
Before you start looking at different options for making passive income you have to be in the right mindset. Passive income doesn’t mean you won’t have to work. You will have to work. At the beginning, you may even have to work harder than you do currently. This is typically the case with anything you start. It takes work until you build up momentum.
I started looking into passive income options about five years ago when I decided I was tired of chasing clients. I love working with clients but I don’t enjoy the chase. If a client wants to work with me, great. If they don’t, bye Felicia! There is plenty of work out there for everybody and plenty of clients in most cases. The perfect fit will find itself organically. What I just said there is going to frustrate a lot of salespeople. I used to enjoy the sales process, but my focus changed. The face to face sales process is not scaleable.
If I was ever going to have the freedom and flexibility I wanted in my life I would need to make changes to the way I earned money. I would have to be able to put that on autopilot to some extent. My first step was attempting to grow my online marketing agency Hill Media Group. I started by hiring a few employees and getting an office. That grew to multiple employees but I quickly realized that my growing agency was consuming more time than it was giving me back. You can’t just hire people and get time back. It takes a lot of time to grow a business like that to the point where your team can handle most of the daily activities around the business. This option was not for me and it was not the first time I had realized that building a business with employees was not the right direction for me. Sometimes I’m a slow learner.
So how do you go from trading hours for money like I was? It’s a lot easier than you think. You already have the expertise, you’re currently getting paid for doing something right? Let’s start by utilizing that. These are the 5 Steps I have identified you can take to start building a passive income revenue stream today. Let’s jump into it!
#1 Identify Your Area of Expertise
This has been a tough one for me. Not because I can’t identify what I am good at, it’s that I want to be good at everything. It is hard for me to focus on one area of expertise. This is my struggle. For you, it may be figuring out what that area of expertise is. We all have some sort of professional skill and usually a hobby or two we have invested time in to. However, don’t limit yourself only to what you currently know. Nobody says you have to start with a skill you already have.
In his book “Choose: The Single Most Important Decision Before Starting Your Business,” Ryan Levesque said: “consider that you can always learn how to do something that others would like to know.” You don’t have to be a professional, you just have to know enough to teach somebody.
I am currently pouring into a couple of different areas of expertise. Early on, I chose Photography, and have since added in mobile technology and teaching others how to create their own lifestyle rather than accept the one that was handed to them. That sounds like a lot, and I should probably pair down a bit, but for now, that is my focus.
Whether you are a lawyer or a manager at a Starbucks, you can turn your area of expertise into passive income by teaching others what you already know and do. You just have to present it in a way that helps others.
For the Starbucks manager it might be helping local coffee shops hire and train baristas. A coffee lover usually opens a small coffee shop out of a love for coffee, not because they have management and employee training experience.
A lawyer could create an online course to help new lawyers start their own private practice right out of law school rather than working for a larger firm which will push them to generate countless billable hours.
You already have an area of expertise. You can utilize that to help others or you can learn something new. You only need to know enough to teach others about it. We’re not talking Ph.D level stuff here.
I created my first online course for photography on the subject of teaching people how to take better photos using manual mode on their camera. I felt the best way to learn was to understand how the settings worked and how they effected each other. I didn’t bother with big terms and rules that would make it hard to understand manual mode. I just taught it as I know it. Over 250,000 students have taken my course and are taking better photos because of it. Some have even gone on to start their own photography business.
Do you have a hobby like Mountain Biking? The YouTuber Seth’s Bike Hacks is making passive income by turning his love of Mountain Biking into informational videos that help anyone improve their off-road biking experience. Beyond making money from ads that run on his YouTube videos he also tests products you can find for sale online and has built up a large enough following to make passive income-producing exclusive content to those who pay a small monthly fee on Patreon for access to his content. I am not sure what he used to do before making Mountain Bike videos, but he can now support himself and his family through his love of Mountainbiking. He has even turned the process of getting better at Mountainbiking into passive income by talking about that in videos. He didn’t start out as a professional Mountainbiker, he simply took something he loved and started making videos about it. How cool is that? I can give you tons of examples of people who have done this with YouTube or a blog.
#2 Decide On your Platform
There are many different methods for earning passive income. I have already talked about blogging and YouTube as two different options. Here is a list of passive income methods I have determined as being something you can do on the side and build up over time.
Blog about a topic
Create YouTube videos on a topic
Create an online course
Create a podcast
Write an ebook
Sell stock photography
Promote affiliate products
Online Workshops or Seminars
License something you created such as art or music
Everything I have listed above is something I have tried. Some require more work and/or expertise than others. In order to sell stock photography, you need to be able to take great photos. To license your music, you have to be a musician. However, where people often get held up is thinking that they are not good enough to do these things. The simple act of doing will make you into what you need to be. I’m going to borrow another quote from Ryan’s book: “If you don’t think you’re ready to teach someone, think again. The simple act of teaching will raise your expertise exponentially, in a way you didn’t even think was possible.”
You should probably just go buy his book. I listened to it on Audible while driving to and from the airport and while on a flight. Get your first month of Audible Premium and this book for free. Click Here!
It was actually that easy for me to monetize this article and make it create passive income for me while at the same time providing value to you. Prefer reading books over listening to them? Buy the book instead, by Clicking Here.
I have found that I learn more about something preparing to teach it to someone else than I would have learned had I just wanted to educate myself about it. It’s pretty amazing actually. This is why I end up producing so much content online. I learn by teaching others, and so can you.
Choose one or two options from the list and get started today. You can make the learning process part of the education you are sharing with others just as Seth does on his Mountain Bike YouTube channel. Not good in front of cameras? Create a blog and a podcast instead. The tools have never been more available than they are now.
My blog is a WordPress website. You can sign up here for WordPress and start a blog for free. I recommend you do this regardless as you can start your process of building passive income revenue streams by writing about it just as I am here. Even if you are not ready to start your blog, I suggest you buy your website address domain name. Do a quick search to see what domain names are available here.
Just make sure that you don’t start too many things at once. I recommend two at most and I will do my best to create resources to help you along the way, so make sure to subscribe to my blog by clicking here or using the form in the sidebar.
#3 Be a Giver!
You are going to have to have the mindset of giving in order to build passive income. If I had decided to write this blog and sell it to people, it probably wouldn’t sell. I have not established myself enough in the area of passive income. Those close to me know that I make a large portion of my income from stuff I do online, but I have not been specific enough about it yet. While I work on changing that, I will continue to give.
In the book, “The Go-Giver: A Little Story About a Powerful Business Idea,” Bob Burg makes this statement: “Your true worth is determined by how much more you give in value than you take in payment.” I read this book back in 2008 when it was originally published and when I was already on my “lead with value” path. It helped enforce and solidify what I was already doing and gave me even more of a desire to give away as much as I can. Click Here to buy it.
What I have come to learn is that you have to earn the ability to ask people for money. People have so many options these days, you have to give them a good reason to trust you over someone else. If I added up everything I have published online I would guess that at least 95% of what I have put out there was put out for free. That means that I charge actual money for less than 5% of the work I put out. Sounds crazy right? It’s not though, because people are watching.
I put out a ton of photography content before I charged for any of it. That content, however, was monetized in a passive way to the viewer. There was a short ad that played before the YouTube video would start. There were links to the products I used in the description that are Amazon Affiliate links. I avoided the traps other creators get into such as partnering with brands where I would end up trading money for time again. I created what I wanted to create as if I was teaching younger me what he needed to know.
The most important takeaway here is that I gave first. Another great book that validates what I have said here is Rich Dad Poor Dad. Robert Kiyosaki shares this thought in his book about those trading time for money: “They get up every day and go work for money, not taking the time to ask the question, ‘Is there another way?”
#4 Make Yourself Unique
It is said that there is nothing new under the sun. However, it is also said that you are unique and there is no one else on earth like you. God and science back up those two statements. Understanding that makes me very optimistic. It means that even though there are likely others out there that have been doing the same thing you are considering for much longer, your approach can be unique because you are unique.
There is no other photographer talking about cameras and camera settings the same way as I am because I am unique. While there may be some similarities with other YouTubers out there, my tone, personality, and every other unique aspect of my person makes my presentation different than every other photography educator out there. There are people who would prefer your presentation over that of someone else’s.
With that said, the internet does not reward people often for copying others. You need to have your own unique take on what you are going to share with others. This will take time and that is ok. It takes time to develop your voice on a topic, this is part of the process. Just go look at any popular YouTuber’s first video uploaded. Finding your voice is part of the process and it’s a process of growth.
With every new blog post, video, podcast episode, or whatever you end up creating think to yourself, “how can I make that better next time.” Don’t feel bad about what you have already created, just look at how you can improve. How can you tighten it up or make your points more clearly? This is something I am constantly doing, especially in videos where I tend to talk more than the average YouTube viewer prefers.
You can not do what I am suggesting without creating and publishing. You have to put something out there and measure it. You can’t do this privately. You will have some flops and that is ok. You will need to learn that every form of feedback or lack thereof is a form of measurement that you can use to make it better next time. In the marketing world, we call these KPIs or “Key Performance Indicators.” When I put something out there, what are measurements of acceptable outcome? Perhaps its email newsletter signups or new YouTube subscribers.
I prefer thinking of feedback as data that I can use to improve my KPIs. That helps me from getting emotional over a negative comment. You are going to get them simply because you are putting yourself out there. Don’t let someone else’s negativity distract you from your goals. Be unique and you will be rewarded for it. Being unique takes work, but just like being a giver first, it pays off tenfold.
#5 Develop Your Passive Income Revenue Streams
Hopefully, by now you have an idea or three of how you plan to generate some passive income. We talked about topics and I gave you some examples. We also talked about platforms, and I gave you some options there as well. Now it is time to start creating and earning your passive income.
As I discussed earlier, you can’t just create something and try to sell it. You need to build an audience in that space first. You do this by creating content such as blogs, podcasts or videos. The only shortcut to success in this area is to pay for ads on platforms such as search engines and social media to reach the right customers. This can be costly and I am going to assume you are not going into this with a large ad budget. This is why Step #3 Be A Giver is very important. You have to build trust with people and you will do that by giving them information, just as I am doing so in this article.
Using your chosen platform, make it a point to create something once each week. When you have more time, create more often. Write a weekly blog and share it on social media. Invite people to signup for your blog so they get your new writings in their email box. People are busy and likely won’t remember to visit your website often so getting them to subscribe to your email list is a great way to remind them of new content. Continue to feed them information for a while before making the ask to buy something. Your product could be an ebook or an online course. You could even start by giving your first ebook or online course away for free. This will help you build your email list even faster and it’s how I have over 45,000 people on my email list.
It is an individual decision as to when you should try to get your audience to buy something. You can’t give everything away for free forever, but as I have, you can monetize what you are giving away for free. Eventually, you will need to offer something more substantial that people can purchase directly from you. This is where your real earning potential is. I struggled in this area for a long time. This is where I plan to help you thrive.
Helping you get started is the easy part. It only took one blog post that I wrote in one day, all before breaking my intermittent fast for the day. Helping you replace the income your daily job provides is a whole other thing and will take more guidance and accountability. I have created something new just for people like us. It’s a free Chat Community on Discord where we can encourage each other and learn from each other as we build and grow our passive income revenue streams.
It sounds like a lot, but the key is to just get started. Even if you only have an extra hour each week, you can get started today. Building passive income takes time and as you start to see the fruit of your labor you will desire to allocate more time to working on your passive income projects.
Let’s recap what I shared with you today:
Identify Your Area of Expertise
Decide on Your Platform
Be a Giver!
Make Yourself Unique
Develop Your Passive Income Revenue Streams
All of what I mention above will take work and dedication, which is why I created the chat group on Discord. Most of the people around you will not understand why you are starting this project so you will want some people you can do Passive Income with which is why I created the Discord group.
Building Passive Income Revenue Streams means you are starting a business and you need to treat it as such. There are no special credentials or licensing you need to get to start (unless you plan to give medical or legal advice, or something like that). You don’t need a business license until you decide to sell something. You can earn passive income from affiliate programs such as Amazon Affiliates without ever having a business license. It’s not required. A business license is required when you charge for a product or service directly to another person or entity, such as when you sell an ebook. This requirement could vary depending on where you live so I would check with your local business governing authority to make sure.
Ditch That 9 to 5
This is the first step towards ditching that 9 to 5 job where you can stop trading your time for money and instead invest your time into work that will continue to pay you even if you take your foot off the throttle pedal for a while. It won’t happen overnight. Treat it like an investment in yourself and your future. It will pay off and when it does, it will feel better than any paycheck you ever received from a job.
I have given you a few action steps to take in this post. I recommend you jump on them now. Don’t wait or procrastinate. Procrastination is a form of stress relief through avoidance. You will feel your body resist this change but you can override that tendency by creating your blog now or making that first video for YouTube.
Join the Discord Chat so we can discuss this together. Even if it’s just you and me in there, it will be worth having someone in your corner to encourage you along the way.
Signup for my email newsletter using this link or the box in the sidebar. I will make sure you get useful information when I have it to provide to help you on your journey of creating passive income.
Follow me on social media so you can see that I am living this lifestyle and not just blowing smoke. My passive income growth allowed me to travel full-time for two months this past summer with my family of six in our travel trailer. If it was not for my passive income revenues I wouldn’t have made it a week.
I hope this article gave you the encouragement and tools to get started today. If you have any questions, please let me know in the comments section below this post. You can also reach out to me on social media or through the Discord chat group I mention above.
I look forward to hearing the story of how you transformed your income by creating passive income revenue of your own.
Want to work from home? In this episode, I give you some work from home ideas that could earn you at least $100/day.
Let’s talk about five work-from-home jobs that pay at least $100 or more. Some of these are things that you’re going to be able to get started on right away and start earning immediately, and other ones you’re going to have to maybe apply or look for the work, but nonetheless, once you start getting the work, it’s very easy to earn that amount of money every single day that you’re willing to put in the work.
Before we jump right in, I want to share the sponsor of this episode, which is WP Engine. If you need a website, WordPress is definitely going to be the option to go. WordPress powers over 30% of the internet and WP Engine is one of the leaders in hosting provider for WordPress websites. They specialize in WordPress, which means you set up an account, you instantly have a WordPress website that has the best in class hosting, the best in class support, lots of available themes so that you can easily customize your website and get it set up.
They’ve got tons of training. They’ve got tons of features and stuff, of course, built on top of it that make it one of the best solutions in hosting, so make sure to check out the link in the show notes or the description below, or you can just go to jerad.link/wpengine and check out what they have to offer.
Let’s jump into it. Five work-from-home jobs that pay at least $100 a day.
1. Transcribe Video/Audio on Rev.Com
The first one is going to be transcribing videos on Rev.com. Now, for me, I tend to produce a lot of video content, and it can be very time-consuming for me to do a video, and then do a blog, and use content in different ways. It’s much easier for me to take my video and have it transcribed by somebody, and so I pay Rev.com to transcribe the videos for me.
You can actually take that job on and transcribe the video. Essentially, you’re just watching a video and transcribing what’s said into their system, and then that is provided to the purchaser, and then of course, that purchaser can use that content for a blog or for close captioning for their video. There’s a lot of different things that they can use that content for. In fact, the text you are reading right now was transcribed by some fine person who freelances for Rev.Com.
For me, I use Rev for my blog a lot of times. Sometimes, I go in the reverse order where I actually write a blog and then do a video using the content from that blog, but most of the time, especially in some of my longer form content, those like tutorial videos that I do over on State of Tech and Ditch Auto. Those are longer form like 20, 30-minute long videos with a lot of steps, and it’s so much easier for me to have it transcribed, and then I go in, and add images, and make it look like a blog using the transcription from the video that I had already produced.
You can sign up and be working in the next hour easily. You’re just waiting for jobs to come in. You’re taking that job. Their whole system in the backend makes it very easy for you to see what jobs are available. You can transcribe them. You have a certain amount of time you need to finish it in, and then of course, that’s it, and then they pay you right there on the spot.
The rate of pay is pretty decent. You can easily make $100 a day. I think you could probably make a little bit more than that and not even have to work a full work day because they charge about a dollar a minute is what they charge those of us that are having videos transcribed, and then of course, you get a good chunk of that, so if you think about that… I don’t know what the exact dollar amount is, and I know it varies depending on how frequently you work with them. I mean, there’s tiers and all that stuff, so the more you work with them, the better your rate of pay is going to be, and of course, the better you do, the better quality of your transcriptions, there are perks and all that stuff, so you’ll definitely want to go over their website and check it out.
All websites these days are integrating live chat. It is a great way for a business to capture a viewer’s attention and be able to answer those questions. A lot of times, people just don’t have the attention span to click around a website, and look, and try to find the correct information. It’s easier just to go to a live chat rep and just start chatting right there.
There’s a couple of different ways that you could find live chat representative jobs. Of course, there are companies out there that just hire people to work from home and handle all the live chat for different customers, and you may be a live chat rep for a variety of different small businesses, or you might end up being a live chat rep just for one larger business, but there’s also the option of finding local businesses in your area.
For example, if maybe there was an insurance agent company in your town and they want to have live chat on their website, you could be their chat representative and work from home essentially. You would probably be… being hired by them, but you would work from home. You can do that from the comfort of your own home using your laptop, or iPad, or whatnot, but I think probably the easiest route would be just to simply go online and find a live chat rep job. I’ve got a couple of links down below to companies that hire live chat reps that can work from home. Very easy.
On Fiverr.com, people post jobs that they need done for cheap. It used to be everything was $5. That’s where they got their name, Fiverr. For $5, somebody will transcribe a video for you. Somebody will write a blog for you. Somebody will write a review for your product online for you, will comment on your social media accounts or whatever. Like there’s lots of different things that people would do, but it’s expanded not only to be like little $5 jobs. It’s everything from a dollar to jobs that are over $100, and you can use your expertise.
If you have an area of expertise, for example, maybe you studied some graphic design in college or something like that, you can post jobs that you’re comfortable doing, and people can pay you to do those jobs, and so depending on your range of work, for example, maybe you have a good voice and you can do voiceover. You have a computer. You have a microphone. You can do voiceover, and so you offer your voiceover services.
There are so many things that you could do on Fiverr.com to earn money. You can just go to Fiverr.com, and start searching, and see what other people are offering, and of course, you can offer the same or similar services, or even add your own twist to it. There is no limit. There are no limits really on Fiverr.com. There are so many different things that you can go there and check out. Just check out all the categories that they have available, and look and see what some of the featured users on Fiverr are doing, and build your profile, and start doing some jobs, and see what happens.
The best people to reach out, so after you set up a Fiverr account, and you’re ready to go, and you have a couple of jobs, the best thing that you can do is actually reach out to people that you already know and say, “Hey, I’m trying to build a little bit of a following on Fiverr. If anybody needs… like if anybody needs a little bit of graphic design work or if anybody needs some photography done or a voiceover, or whatever it is that you think that you can offer on the website, reach out to your network of people that you already have. You’d be surprised how many people might need that service.
If you do voiceovers, you could do a cool voiceover for somebody for their birthday. I mean, there are so many things that you can do that are just interesting. I mean, I saw a guy who… You pay him on Fiverr, and he’ll go and make a video like a happy birthday video like shooting off guns. I mean, it’s just totally weird. There are so many interesting things that people do on Fiverr, and they make a small living at it, which is pretty awesome.
Depending on what it is that you offer and how much of a need there is for it, Fiverr might be the one that varies a little bit to where it’s going to take a little bit of time for you to build up to that $100, but depending on the job, I mean, if you provide a service that is a little bit more or if you can provide a service that is a little bit more pricier, you’re going to get to that $100 mark much easier than somebody who might be providing a smaller service for around $5.
Of course, the smaller priced services, you’re going to have to do more of those jobs to reach that $100 mark, whereas if you could position yourself on the higher end, producing a higher end service on Fiverr.com, it’s going to be a lot less work for you to find more customers because one customer might actually reach that $100 a day mark for you.
A lot of times, there are business owners, entrepreneurs that need an assistant to handle some tasks for them, but they can’t really afford to hire a full-time assistant nor do they really want to. They don’t have enough stuff to keep a full-time assistant busy.
I know for myself, I wouldn’t have enough things for an assistant to do full-time. We don’t have phones ringing all the time. I don’t have tons of emails and stuff coming in with questions to where maybe the assistant can handle them. I don’t have people scheduling with me all the time. It’s like a little bit here and there, and so a virtual assistant can handle that because I could pay a virtual assistant just for the time that I need them, and then of course, they can be a virtual assistant for other people as well.
Here, there’s a couple different ways that this works. There are websites that hire virtual assistants and get the jobs of them, so that’s definitely a way you can go, and I’ve linked to one of those down below for you. You can sign up. Put in all the things that you’re good at. Maybe you’re a good writer. You know Excel. You know how to do a PowerPoint. There’s like different things that you know how to do. You fill all those out so that they know what kind of jobs to send your way, and then you’re getting… You’re being a micro virtual assistant for a lot of different people on a per-need basis.
Moving down a little bit more, you may be an actual virtual assistant for a specific person where you’re handling some of their scheduling. You’re doing maybe a little bit of research for them. I know that I have used virtual assistants to research for a blog for me. I knew what I wanted to write the blog topic on, but I wanted some compelling research to include in the blog, so I had a virtual assistant do that legwork for me, and they got it done in a day’s time, got it over to me, and I finished off my blog with much more information than I would have been able to get if I had to use my own time.
A virtual assistant can really end up earning a pretty decent wage because one person might not be able to hire you full-time as an assistant, but if you could virtual assist for like maybe five to eight people, that could easily become a $100-a-day job right there. As you start to build that up and you get a couple of people that you’re working for, of course, you can keep building on that until you don’t have any time left available, but I think it wouldn’t be too hard to get to that $100 mark.
Now, a social media manager can mean a lot of different things. It’s very easy for people to think, “Well, I have an Instagram or a Facebook account so I know how to use social media,” but to use social media on behalf of a business, or an entrepreneur, or something like that, you need to be able to produce content that speaks to their audience, and they may actually even produce that content for you. They’re just looking for you to communicate and maintain those comments, and responding, and stuff like that on their different social media platforms. That can become a very busy job for a person if they have a decent size following.
I know that for me on YouTube, it’s challenging for me to keep up with all of the comments that come in on State of Tech and Ditch Auto because some videos will end up having hundreds of comments coming in, and that becomes a little bit of a challenge to keep up on all those and maintain all of those conversations, which of course I want to do, but it definitely gets a little hard, so you as a social media manager can step in and keep those conversations going.
Of course, that may almost look like a virtual assistant position because you may have to go to the person that you’re working for and ask questions to be able to properly respond to some of the questions that are being asked or some of the comments that are being left on social media, but nonetheless, you become that person that gathers the information needed and produces the response on social media or even helps with producing the content that goes on their social media.
Some of these jobs you probably already have the skills for. For example, if you know how to type, you can do transcription on Rev, and you can also be a live chat representative. Those are pretty simple there. Where on Fiverr, you may have to have a little bit of a certain skill so that you can provide a service. Being a virtual assistant means that you have to utilize some sort of skills.
Of course, maybe as a virtual assistant, you’re only writing or maybe just utilizing simple software that most of us grew up using on our computers. But then, there are more advanced aspects of being a virtual assistant where you may have to use or understand how to use specific tools, but going online and figuring out how to use those are pretty simple. There’s so much information available online right now.
I’ve linked down below to a couple of the courses that I’ve done. A virtual assistant or a social media manager may include setting up a Facebook profile or setting up a Facebook page for a business. I have a course on how to do that, and it’s a free course. You can watch it, and then you’ll instantly know how to set this up and even manage a Facebook page for a business.
I’m working on more content for you so that you can understand some of these other platforms better like YouTube, like Instagram, and LinkedIn, and all that stuff, so you want to make sure to check out the links down below and put in your email address or at least sign up for one so that you can be notified when I produce new ones because I want to make sure that I am giving as much information as I can to help people on this process.
That’s going to do it. I hope that maybe one of these will change your life. I know for me that an extra $100 a day would be life-changing, and I think that that’s the case for pretty much everybody. If you agree with me, just say yes or no down in the comments section below. Of course, if you have any questions or want a little bit further explanation, or maybe you are confused about anything I said, please ask down in the comments section below. I will do my best to respond and of course, provide as much information as I can based on the knowledge that I have.
The number one reason why people never start a business is fear but close behind that is cost. A common misconception is that starting a business is expensive, but that just isn’t true. In this episode, I talk about how easy it is to start a business online and share the tools you can get for free to get started today.
I have a lot of conversations with people who are interested in starting a business. Pretty much everybody in my circle of people that I talk to that are not currently self employed have expressed some sort of an interest in maybe starting up their own thing. I think it’s something that most of us kind of fantasize about, the idea of starting a business or like this idea that’s been kind of bumping around in our head and we’re thinking like, “What if I put that out there and decided to make it available to the world?” But the number one thing that people bring up to me as a barrier to entry in starting a business is the costs of starting up a business.
Everybody has this misconception that starting a business is expensive. And depending on what you’re trying to do, maybe it could be, but for most of the business ideas that I hear from friends of mine and people that I come in contact with, these are all things that you can start relatively for basically free, if not for a small amount. Because really all you’re doing is getting your idea out there and kind of getting it in front of people and seeing if there’s any interest. And that really is something that you should do first before you dive in and start investing a bunch of money. A lot of us think that we have to have everything ready to go, we have to have a perfectly polished product ready, designed, tested and ready to deliver before we can open our doors for business. And that, that usually requires a lot of expensive startup expenses, a lot of capital that you have to have, you know, and it really does vary depending on what you are wanting to do as far as your line of business.
But most businesses can be started for basically nothing. You could at least get your idea out there and start, you could at least get your idea out there and start to kind of put it in front of people and see if there’s an interest for your product or service. So I have some ideas I wanted to talk to you about today on how you can start your business for free using basically just some of your time, of course. A lot of times we will trade our time for something that we could pay somebody else to do instead and that, of course, takes money, having startup capital. But for those of you that have some extra time in your day, maybe you’re willing to spend a little bit of your weekend kind of plugging away and working on this project, I think it’s something that you can get out there and get done for free, and then even make your first few dollars without having spent any money out of pocket, just your time.
So before I get started, I wanted to mention the sponsor of this episode, which is WP Engine. WP Engine is a WordPress hosting platform that provides websites that are basically turnkey. Now WordPress powers over 30% of the Internet and there are lots of different ways that you can access WordPress. One of the things I’m going to talk about later in this video is how to get a free WordPress website. But if you’re wanting something a little bit more robust that comes with more theme options, so that you can really customize and kind of design your website to be unique. And also, an easy process, I say design a website, that sounds like it was going to require a lot of knowledge, but it really isn’t. And then maybe you want support. You want to be able to email or contact support so that you can have some help and assistance throughout the process. You want a robust system and make sure that your website is going to be up all the time. You want to have storage space so that you can upload photos, or small video clips of your products or your services, so that you could show that to other people. WP Engine is proven to be one of the best out there as far as it goes to WordPress hosting. You’re definitely going to have a great experience with them. The link is down in the description below, or the show notes. Check out their plans and pricing today. So the first thing that you really need to figure out before you go down this path of starting your business is whether, or not you are selling a product or a service. A product, of course, is something that you’re going to have, to have ready. It’s maybe something that you have put together and you’re going to be shipping to people, or perhaps it’s a product that you do on site. Maybe if you’re thinking about starting a local business, but most of the time a product is something that is going to be delivered to a person.
A service is something that is performed such as, if you are a local business, maybe a plumber going in unclogging a drain, or a training session, maybe you’re taking an area of expertise that you have and you’re teaching other people about that, consulting, these are all services that people provide. Products are something that is more of a deliverable. So for example, with my line of work, if I am going to produce a video for a customer or a client, I will go and film. It’s actually half and half. I will go and provide a service, I’ll go and film, I’ll help with, you know, the planning and everything of getting this video put together. But then I also have the deliverable, which is the finished video, that is the product that I deliver. And so you kind of have to look at how your product or service is going to be delivered, how you’re going to work that out.
A lot of online only businesses are usually product or service based, because you can maybe put together an ebook or some sort of a course or a product that you can sell, that’s something that you do maybe provide a little bit of service, because you want to keep your students or your users engaged and keep them around and make sure that they aren’t just jumping from one thing to the next. That you’re providing valuable information for them and continuing to give them useful content so that they can continue to be engaged with you. Or services. Maybe you are a graphic designer or you have some sort of a service that you’re going to provide to people. If you’re like me, you have a lot of experience in website design, so I may actually use my knowledge to build a website and deliver that to a person. I can do that all online without actually having to meet with a person. I do of course, like to meet with people, but I can do that all online.
So you really have to have a clearly defined idea of what you are going to be offering. Is it a product, is it a service, is it some sort of a hybrid? And that’s going to drive your decision making and how you market this product. You have to be thinking about how you’re going to communicate what you’re offering to the person on the other end who is looking for that service. So, the first thing that you need to do is determine that and then you can start moving on through the process of starting to put together your business identity. Now, I have a lot to say too much for this video on how to put together a business identity. Do you use yourself, your name, your face, and make the product and service about you? Or do you come up with a business name and put that out there so the business is more standalone?
I am going to put a video together later on this, because I have several businesses including a business that I branded with my own name. And that has caused it to be a little bit more challenging for me to create content and put content out there under my own name, because the search engines tend to associate you with a particular category or industry. So for example, I marketed myself as a photographer for a lot of years. And so the internet knows me as a photographer under my own name. If you search for me by name, Jerad Hill, you’re going to find a lot of photography related stuff because my name is associated with that. And so Google, thinks when somebody’s searching for me by name that they’re looking for a photographer, unless you put some sort of a word after that to help Google further understand what you’re looking for. Google’s going to bring back all of my photography related content and you won’t see my digital marketing agency, Hill Media Group. You won’t see some of my other YouTube channels unless you start scrolling for a little while. You’ll come across that stuff.
So you want to be careful not to kind of box yourself in. But then again at the same time, a personal brand is a very strong thing and if you are okay with that, if you are okay with associating your name with that particular industry, product or service that you’re going to be producing, then I think that there is a good argument for using your name and building a personal brand, because there’s a lot of trust built in that too. It’s easier for people to trust a person than it is for them to trust a business and so if you decided to go down that route because you’re producing content, like I’m doing here, you’re producing some sort of information. Maybe you’re going to be getting into consulting or something like that, using your name might be better because there’s a better chance for you to build trust with a person. It’s a lot easier for you to build trust by putting information out there and sharing it with others if you’re using your own name.
It’s why I’m using my own name and putting out this content, because I feel like I’m pulling from all of my years of experience of being in business and running different businesses and building businesses and deciding to fold certain businesses and all of this stuff that I’ve done over the years, I want to put out there under my own name. I don’t think that it would be valuable to put it out there under some new business name that nobody knows. So I’m using my own name. So think about that when you are deciding on your identity, and then when you have decided on your identity, you’re going to want to create social media accounts for it and a website of course for that. And so I recommend of course, setting up a Facebook page, not a Facebook profile like you probably already have, but setting up a Facebook business page. I have a link down in the description below to a free course where I teach you how to do that.
So you want to check that out, go through the entire process of setting up a Facebook page. It’s not too challenging, but there’s a lot of options and I want to make sure you choose the right one based on the type of business and whether, or not you’re a local business only or you’re servicing anybody with an internet connection who can connect to your content. There are some variations there, so you want to make sure you choose the right account. And then of course, Instagram. Instagram is very visual, it’s photos and video clips. But you are going to want to create an account there, because you will be able to utilize hashtags and communicating with others who are in similar industries or even the type of audience that you’re looking for. You’ll be able to communicate really easily with people there on Instagram. If you are more, if you’re okay with getting behind the camera like I am, or getting in front of the camera, I guess you should say, or I should say, YouTube would be a great platform as well.
I think YouTube is just continuing to grow. It’s exploding. There are people that are looking for good content, they’re looking for information, they’re looking to grow and expand themselves and they’re using YouTube content for that. And so YouTube creating is definitely an avenue that you should go down if you are interested in creating a YouTube account and getting that set up. I am working on a short course for that on how to go through the process of setting that up and making sure that you have, you know, everything that you can for that YouTube channel when you’re ready to launch it. And then of course, depending on the nature of your business there’s other social networks like Linkedin. If you are offering something that would be marketed to professionals or other people in business, like a business to business type of product, I think it’s important to have a Linkedin. You may already have a personal Linkedin, which is great. You’ll want to customize your Linkedin to reflect the nature of your new business. And then of course, you can start a company page for your Linkedin as well and you could produce content underneath that company page.
It’s been shown that longer form content really works well on Linkedin. And video also works well on Linkedin because there are not a lot of people producing video content on Linkedin. So, when you put up a video it tends to stand out from everybody else. Of course given time, this will change because people are becoming more and more comfortable in front of the camera, which I’ve been doing for a lot of years. I’ve been getting more and more comfortable or trying to get more and more comfortable in front of the camera, so other people are going to be doing that as well. And then last of course, set up a email address that is specific for your business. You can do this for free by setting up a Gmail account. If you want something a little bit more professional, you can set up an email account using the domain name that you purchased and we’ll talk about that here in a second.
So rather than your email address being like jeradhill [at] gmail.com, it would be [email protected] instead, which is a little bit more, a little bit more professional looking and it gives you a little bit more control. And I’ll talk briefly about that here in the video as well. So once you have those things set up, and the reason that I’m, I put social media before your website is when you’re thinking about setting up your social media, you want to use your business name or the name that you’re going to go buy if you’re building your personal brand. So for example, I used to have a personal Facebook profile and it was facebook.com/jeradhill. Well, I decided after a while that I wanted to merge that over to a Facebook page and actually convert it over to a Facebook business page, because I was going to be producing more content related to the different businesses that I have, videos and content, like what I’m producing now. And I wanted that to be a page, so that I had all the marketing tools that they give page owners, Facebook page owners.
I didn’t want to have that for my personal Facebook account and I don’t even really have a personal Facebook account. I have one that I use just so that I can, you know, keep in touch with family and join Facebook groups and stuff like that. But my Facebook page is my primary home on Facebook. And so you want that username, so slash whatever it’s going to be. Or if you’re on Instagram, your Instagram username, you want those to be consistent if possible. It just makes it easier and cleaner if they can be consistent and be the same. So be thinking about that and you may actually have to search a little bit to find a username that’s going to work on all of these platforms. I didn’t mention Twitter, I don’t think so. Twitter’s another one that you should join. I feel like you should join all the social networks, whether, or not you’re going to use all of them is another thing.
But it is important to kind of lock down your business name on all of them, because if later on down the road you decide you want to start using one of those social networks and now your username is taken, you’re going to have to go with a different username, which is kind of a bummer. So I just recommend locking all of those down, it definitely is an easy process and it’s free to register all of those. So why not?
So next we’re going to be setting up a website and you can do this for free. You can go to wordpress.com and when you go to set up a page they have on their pricing page, of course, they have some plans that start at $3 a month. And for blogs and personal sites, you really can just start with a blog or a personal site. They have a tab for business and online stores that gets a little bit more expensive, but you can start with a blog or personal site, which starts at $3 a month.
Of course, if you scroll down below that, there is a free plan. You can start with a free plan, you’re just going to be getting a sub-domain website. And what that means is that it would be like jeradhill.wordpress.com instead of jeradhill.com, and then of course you have to pay a few more dollars in order to get your own domain name. With their $3 plan, you actually get a free .blog domain. I did that early on when .blog was a new domain. So jerad.blog is my actual blog website address and it is a WordPress address. For the $5 a month plan, they give you a free domain for one year and so you get your domain name, you can register it right from within here and you can get your own .com, .net and there’s a whole slew of dot extensions, whatever you wanted. You can also opt to just buy it out, so you don’t have to buy it through WordPress, you could just flat out buy it. I’ve been using Namecheap lately.
I always used to shy away from those cheap kind of low price domain name registers, but Namecheap actually has been like really awesome and I’ve been kind of slowly moving away from GoDaddy whenever I need to renew a domain name, I’d been moving it over to Namecheap. Namecheap has just been super easy to use and their customer support is actually really good as well. So, but WordPress as far as your website goes, you can get one for free. You can use one of their WordPress plans or of course you can use the sponsor of this video, which is WP Engine. If you wanted something that’s a little bit more like professional and turnkey and ready to go, but is still WordPress. I think WP Engine is definitely the best option, but you have to be ready to commit to like $35 a month or something right around there. Of course, the title of this video was how to start a business for free.
So wordpress.com definitely is one that you are going to want to go with, especially if you’re trying to get it done for free or as close to free as possible. Know also that you’re not stuck with one of these, if you want to move your website from wordpress.com to WP Engine or to any other hosting platform that’s out there, it’s really easy to do that. And it’s probably a video that I should put out, maybe not on this YouTube channel, but it’s definitely a video that I should put out on how to move a WordPress website from one site to another, because it is an easy process so long as you just have it set up correctly. So you’re never locked in forever on any of these. You know, I recommend maybe taking advantage, if you’re going to pay for a plan, some of them offer a better price if you pay for six months or a year at a time. So if you know that you’re really going to go after this, you might want to look at getting the better pricing.
But that’s really the only way that you would ever get locked into anything is if you paid for pricing out into the future. And then you kind of have to use the services, because you paid for them already. So, there’s a list of business ideas that I wanted to put together because a lot of times, you know, we’re thinking, “Well, I want to start something, I just don’t really know what it is.” And a lot of times a list of ideas is a thing that can help get you started. You may read an idea, read a suggestion from a list and say like, “Oh, okay, like I didn’t even think about that. I’m not going to do exactly that, but I have this, that just triggered this other idea in my head and I want to do that.” And I am always starting little things and so I want you to know that you do not have to have this all perfected and planned out.
I am always starting little ideas and kind of putting it out there and seeing what happens, and just kind of watching. One of the new things about WP Engine is that they give you fantastic analytics on the traffic that comes to your website. So as you start to share the link and put it out there, as you start to put maybe a blog or two up on your website and a little bit of content, and Google starts to send traffic to your website, you’re going to be able to kind of see what people gravitate towards on your website and whether, or not they’re finding it informational or not. Analytics is a really tricky subject when it comes to websites. All of the numbers and data can help you understand things, but you have to understand what those numbers and all of that data means, so there’s a bit there. But having those analytics helps you also understand whether, or not your idea maybe is going to be able to take off.
A lot of times, and I’m sure you’ve been on a website where you come into the front end of the website, you kind of go through this process of like clicking and looking at things, and then if you leave the website without taking some form of an action, that helps the person who runs the website know where the drop off point was. Maybe you, if you didn’t complete the purchase and go all the way through, then they know what page was the breakdown point. And that’s really cool information for those of us that are, you know, running online businesses because that helps us better craft our message through the process. If there’s a spot in your website that is constantly, like people are jumping off and leaving from that point, there’s probably an issue with the content there. And it doesn’t necessarily mean that it’s bad content, it might mean that you just solved their problem and then they left. I have a tendency to do that. I give away a lot of the information, it solves the person’s problem and then they leave. And I didn’t do a good job at giving them a next step.
And so that’s the process of making your website kind of flow and giving them the right information, so that it takes them through the process of signing up for your product or service or making a purchase or putting in their email address to learn more or whatever that process is. So I mentioned that list of business ideas, and this is where I will ask for your email address. I have a list of businesses that I think are things that you can start for free. These are businesses that all you have to do is, it may be educate yourself a little bit on before you start them. Maybe take advantage of the education that you got, you know, going to college or something that you’ve studied over the last several years as a hobby, or something that’s been fun or informational to you. These business ideas are things that are not going to require putting out any money to get started. It’s just going to be your time, investing your time to better understand, maybe what some of these are.
And I hope that if, maybe they’re not ideas that you can jump on right away, but maybe it triggers something in you and you say, “Oh yeah, you know what? That’s not it, but this is,” and that’s really what I’m after, is helping you just jog your memory or your mind a little bit to help you come up with something. Because when you can come up with something and get excited about it, that’s going to show through the way that you project yourself and your content and everything online and it’s going to draw other people in. And that’s obviously the kind of person that we all want to do business with. So I hope that that helps, that this helps you on the process of getting started. I think that the biggest barrier to entry is fear, really, fear of just starting. And then of course, money. Sometimes there are other things that block us from getting started on, you know, maybe being an entrepreneur or being self employed. So I hope that this kind of knocks a few of those things down and helps you on the process of getting started on starting your own business.
Hey, what’s up. It’s Jerad with Practically Passive, and I wanted to talk today about my number one source of passive income, which is YouTube. Really, that income actually comes from Google AdSense, because Google AdSense is Google’s ad platform for creators. For example, if you’re a company and you have something that you want to market, and you want that to show up in the form of video before a YouTube video plays, then that’s the process you would go through, you would use Google AdSense for that, you would create an ad and it would show during content that was kind of related.
If you came to one of my videos, which was about an iPhone, and you had an iPhone case to sell, you might want your video to play as an ad before, during or after my video is done. So that’s where that revenue comes from with YouTube. I built the State of Tech channel, and also Ditch Auto, which is another YouTube channel up to the point where I’m getting on average around $1,600 to $2,200 a month just from YouTube ads basically.
I started State of Tech a while back. Actually, State of Tech was the second phase from another YouTube channel that I had called Daily App Show. I had really gotten into reviewing apps for smartphones back when the smartphones first came out. I had a lot of traction there, things were going really well for me at that time. It wasn’t so much traffic, or income that was coming from Google AdSense, and from ads, it was active revenue that was coming from other sources such as companies paying me to review their apps.
But when I transitioned towards wanting to come at things from a more educational standpoint, and actually teach people how to use their devices, inform them on how to do specific things on their smartphones, or their tablets, or whatnot, that’s where I really started looking at, “Okay, how do I add the most value? Because this has to be informative. I have to come at this as a good teacher helping people, otherwise, my information isn’t going to be consumed, and it’s not going to become passive income.” As my ad revenue has grown over the months and the years, I’ve really realized there’s a lot of potential in producing content for YouTube.
As long as I’m producing enough content, it’s relevant, it’s value-added, then I’m going to end up getting paid over time in a passive way from that content that I’m putting out. I started building on State of Tech because I wanted to be more of an informational source, an educational source in mobile technology. I was trying to differentiate myself from the people who were just doing reviews, who were just doing what I had been doing previously, because the competition had gotten really steep. State of Tech came about and I’ve been kind of slowly building that over time.
Now, I haven’t really focused that well on State of Tech as far as finding a specific topic. I think that if I had gone more niched, and made it just about iPhones, and getting the most out of your iPhone, and being more productive with it, and taking better photos with it, and everything iPhone related, it might’ve been a little easier because that’s a big audience. There’s a lot of people with iPhones, and there’s a lot of people who want to learn how to use their iPhone better.
But I also mixed in iPad stuff, Android phones, Android tablets, Mac computers, Windows computers, drones and all that other stuff into this one channel, which I think created a little bit of a challenge for some people, because maybe they’re not as interested in that wide of a gamut of technology.
I know there are people like me who are interested in all of that, and even though some people may not own all of those things, they’re interested in it, they want to know what technology is, and that’s kind of where State of Tech is, it’s like the state of technology, where is that at, and let’s talk about it. That’s where that whole channel and the name even came from. But I’ve started to realize through watching the behavior of people on the website, or on the YouTube channel, when I get a video that has 100+ thousand views and very few of those turned into actual subscribers. I’m realizing that video performed well, and a lot of people gave it a thumbs up, and there’s great comments, so I know that people are finding that video useful, it’s getting a lot of views, but it’s not resulting in subscribers. So I’ve realized that I think I have gone in too many different directions with that channel, and maybe if I was more specific, I would see better growth there.
I don’t necessarily know if the answer is splitting it off into a whole bunch of different channels or not, that’s something that I definitely need to look at. But I do know typically what is going to produce some views for that channel, and because I’ve been able to create content that’s useful, and it helps answer questions, and it solves problems, I’ve been rewarded in the form of passive income from YouTube add revenue. I’ve tried to do the same thing with Ditch Auto, which is the other YouTube channel that I spend most of my time on, which is in the area of photography.
With Ditch Auto, I do a lot of camera reviews and set up videos, and here’s tips and techniques, and camera hacks and some different stuff that people can use to become better photographers. So the idea there is that if I’m providing information then I will be rewarded with views and subscribers. That channel’s been a little tricky to grow as well, because I used to shoot with Canon cameras, so a lot of my content was Canon, and then I switched to Sony, so a lot of my content is Sony. Switching to Sony is kind of the popular thing to do right now as a photographer so it’s worked out somewhat.
I just haven’t really found a niche there either to where people could really find a use for every single piece of content that I put out. It’s not relevant to every person every piece of content that I put out, that’s been kind of a challenge for me. But, with all that said, and understanding that there’s a lot of things that I could fine tune and actually make work better, I’m still earning on average $1,800 to $2,200 a month of passive income from those channels alone without even included revenue from links to Amazon products. That’s something that I’ve been able to build up by being persistent, by putting content up as often as I can, even though I’ve had to take some good breaks from that. Especially the last two months, in July and August of 2018, I’ve had to take a lot of breaks from putting up content just because life’s gotten busy, and my actual company has gotten busy, and I lost an employee, so I had a lot of stuff enter my plate. With that, it’s taken away from producing more content for my YouTube channels.
But, with that said also, I am now looking back at that and saying to myself, “Okay, these are great passive income revenue sources that I cannot afford to ignore for too long, how do I make the most of them, how do I produce the content that people want to see and that people will actually subscribe to so that they’ll watch more than one video or they’ll come back as often as I’m putting out new content?” Because that’s where that passive revenue that comes from the YouTube ads is going to grow much faster is if people are coming back. Not every person is new, but I have new people coming in, but I also have people that have been around for a while that are watching content and consuming new content.
With that said, those are the things that I’ve done and kind of the mindset that I have around those YouTube channels, and why they’re working as well as they are. I’ve been feeding into them for quite some time. Now, not only am I being paid with those videos from YouTube, but a lot of them, when they are about a product or something like that, there is an affiliate link down in the description of the video. If I’m talking about, if I did a video on the top five cases for the new iPhone 10, there are five cases and their affiliate links down below.
If I do a product review on something, if I do something educational that requires something that people would have to buy, then there’s a link down in the description. Those videos I’m getting paid for for people watching them, but also if somebody decides to go and buy the thing that I recommended, I’ll also get paid there. That’s all passive income.
I wanted to talk about the fact that I have made over $60,000 on YouTube because I wanted to make sure that people understand that it’s not the only source. If I put all of my efforts into just getting paid from YouTube only, and then YouTube decided to change the game with the way that they pay out. So I wanted to talk about this so that I could explain that yes there is one passive income revenue source that does produce a decent amount of revenue for me, it’s not the only place that I’m receiving passive income. Because if YouTube decided to make some major changes to their monetization, or if for some reason something happened to my YouTube channel, or whatever, there’s always things that can happen when you’re playing in the space of other companies such as YouTube.
If something was to happen and I lost that, I wouldn’t lose all of my passive income. Yes, that would be a big chunk of income, and it sure would hurt to lose it, but it wouldn’t be the end of the game. I would just have to look at how I have all these other passive revenue streams, how do I make them the primary or how do I build upon them as well? Having multiple things going on definitely takes the stress out of it all being in one basket.
The same way that I typically was stressed out because all of my income was reliant upon clients, getting new clients and stuff like that. If I didn’t get a new client, then I wasn’t getting paid. If I wasn’t able to get the work done in the time promised, then I wasn’t getting paid either. Now, with passive income, I’m getting paid for work that I’ve already done, and all I need to do is continue to pour into that so that those can continue to grow.
If you have any questions about that, especially with YouTube, I know YouTube monetization is a huge one, especially with earlier this year YouTube deciding to set higher guidelines, or higher limitations that people would have to reach. That’s going to do it for this video, if you have any questions especially around the topic of YouTube monetization, let me know. I have several channels that I monetize with YouTube as well as one that I’ve brought to monetization this year in 2018 after YouTube raised the level of requirements for a channel to be monetizable.
Just to recap that, in order for you to monetize your YouTube channel and get paid by the ads that show up in YouTube videos, you have to have reached 1,000 subscribers on your channel, and you also have to have 4,000 hours of viewed content within a rolling year’s period of time. In that year’s period of time, you have to have 4,000 hours of watched time. I don’t know what happens if you fall below that in the future, if they take away the monetization or what, but I know that you have to at least reach those things in order to monetize. I’ve done that with one channel this year, and my goal is to do that with this channel as well, but it’s going to require you subscribing.
Please, subscribe to the Practically Passive YouTube Channel. Check out some of the other videos that I have here on the channel that you find useful. The more that you watch them, the more that it counts towards that limit that I’m trying to reach. That is definitely a goal of mine that I have that I would love to achieve within the next 30 days. I would appreciate the subscribe, and definitely appreciate you watching some of the other videos all the way through. Until next time, my name is Jerad with Practically Passive, and I hope to see you back here soon.
Hey what’s up, it’s Jerad, with Practically Passive, and in this post I have seven ways to help you find time to build your passive income revenue stream. This is super timely for me because I forgot to put a blog up yesterday. I had announced, not even a full week ago, that I was going to be putting out a blog every day for 30 days and yesterday I straight up forgot to edit a video and get a blog posted.
Now, I started the day early and had meetings in the morning, and then had a couple hours back at the office, tried to knock out editing a video for State of Tech and then had to drive to another town to pick up some stuff for a photo shoot, and then make it back in time to take my kids to Jujitsu practice. Then I had to figure out dinner, I mean, it was just a crazy day, it totally slipped my mind. In looking back, I had forgot to add it to my task list for the day, so it just wasn’t a thing that was on the top of my mind. I had too much going on to really think about it. Then of course there’s today, which at the time that I’m recording this, Apple announced their new iPhones and Apple Watch, so I watched that keynote. I got a new drone in, so I was messing around with that. So there are things for my passive income that I’ve been working on.
Yesterday, I was editing a video on the comparison between the Galaxy S9 Plus and the Note 9 cameras, and so I was editing that video and then I also got my Galaxy Note 9 review video out. So I was working on my passive income revenue streams but I failed at getting a video up for this channel. So here’s seven things that I have identified as things that I need to continuously remind myself of and work at, in order to grow my passive income. I think that they’re things that are going to help you out. So let’s dive right in.
1. Cut Back on Other Activities
The first thing is to cut back on other activities. Now, there are a lot of things that I know that I could cut back on, like TV watching, scrolling Instagram, news and stuff like that. I read … I have to stay up on the industries that I’m in with my passive income, I need to stay up on technology. I need to stay up on what’s coming out with cameras and all of that stuff because I have to constantly be generating ideas for content, and thinking about what’s next and what’s new.
For example, like with the time that I took today, two hours, to watch the Apple keynote, that was two hours that I could’ve been working and doing other things. I tried to multitask but it’s a little hard to take notes and prepare for producing a video while doing other things. So, there’s some times I have to pay attention to that, but when it comes to watching TV shows and scrolling Instagram or Twitter or Facebook, or whatever, those are all things that you can cut back on. I know at times I need to remind myself to cut back on those.
I mean, would you rather be editing content or writing content to put out there that’s going to help you build passive income or would you rather make sure that you are up-to-date with whatever TV show episode that’s out, that you’re interested in. The TV show adds value in an entertainment aspect, but it’s not going to add passive income value to you. So you need to look at those ares and how you can cut back. When you go to reach for that remote, to open up Netflix, or whatever it is, you need to just put that remote down and go jump into whatever it is that you’re doing to start building your passive income revenue stream.
2. Wake up Early or Go to Bed Late
Number two is to wake up early or go to bed late. Now, I am not going to trade out time with my family for my passive income. For example, I’m not going to go home after being gone all day working and then ignore my family so that I can work on my projects. My passive income is not more important than my family. My family comes first because if I sacrifice my family in order to build passive income, what good is having the passive income? I just don’t believe in trading extra dollars for time that you could be spending with your family. Especially in the stage that I’m in now, with kids that are elementary school aged. I want to make sure that I’m spending as much time as I can with them and I don’t want to trade to much of it out for work if I don’t have to.
I already feel like I do that. Going to work from 8:00 to 5:00. I’m already gone throughout the day, and even though they’re at school during the day, there’s still a few hours in the afternoon that if I was able to leave a little earlier I could spend time with them. That means, if I want to work on my passive income, I either need to wake up earlier then everybody else. Everybody in my house wakes up around 6:30. So that means I need to wake up maybe an hour earlier then normal to spend some time in the morning on it before everybody wakes up or wait until everybody goes to bed and then spend a little bit of time.
My kids go to bed around 7:30, 8:00. My wife goes to bed usually around 10:00, so maybe that means I stay up until 11:00 or 11:30 working on it. So that’s a way to kind of get some additional work done on your passive income revenue streams without trading out time that you could be spending with a significant other or your kids, or something else important to you. I also wouldn’t trade out time that you spend on yourself, like going to the gym, remaining fit or taking care of yourself, don’t trade that out either. I would rather it take longer to build my passive income revenue streams then sacrifice taking care of my body. Because these are all things that catch up with you, you can’t get time back in those areas and the more that you put those things off the more that you sacrifice the things that’s are important, the more challenging it is to actually make them important again. So, wake up early, go to bed late. That’s number two.
3. Automate Simple Processes
Number three is to automate as much of it as possible. One of the lovely things about the Internet, if you’re going to be doing content on the Internet, like I do, and a lot of what I’m talking about, whether that be blogs or stuff on social media or a course or an eBook or videos like this for YouTube, is that you can sit down and do a whole bunch of them at once. You may have noticed the videos that played before this one, the majority of them I’m wearing the same shirt. I didn’t even bother trying to pretend like I am recording new videos every day. I sat down and recorded three or four videos at a time. A few days later, I sat down and recorded three or four more videos at a time. Now, this one I’m recording today because I wanted to talk about how I forgot yesterdays video but tomorrows video would have been a video that I recorded a couple days ago.
So, you can actually sit down and knock out a bunch of work, and stagger that work to be published because all of these platforms allow you to schedule your content, so you can make a promise like I did, of releasing something every day for 30 days, and get all that work done and then schedule it out and then it doesn’t become something that you have to do every single day. It becomes something that maybe you have to spend a bunch of time on one day. Maybe you spend a couple of hours on a weekend getting that content done, so that you can schedule it out. That’s automating because it’s automatically going to be posted at the time and date that you give it.
If you’re going to be putting out content, depending on the type of content, it’s best to release it in the morning, especially if it’s content that’s more informational, like what I’m putting out. If it’s entertainment content, you may want to schedule that out later in the day because most people are consuming informational content earlier in the day and entertainment content later in the day. But every audience, in every industry, and whatever type of content it is, it’s going to vary. It’s not a solid rule, it’s just my experiences in having produced both types of content.
So, automate as much stuff as possible so that you’re not doing work that could be easily setup and ran automatically. A lot of that comes down to you being able to just sit down and produce a bulk amount of content and scheduling it so that it looks like you have stuff going out every single day. You want to have that activity, it’s extremely important to have that consistent activity happening constantly so that people are exposed to what you’re doing.
4. Hire a Virtual Assistant
Number four is to hire a virtual assistant. If you don’t have that extra time then you can hire a virtual assistant to do the simpler work. This is one of the things that was talked about a lot in, The 4-Hour Workweek. One of these books that is touting the lifestyle of being able to go and do whatever it is that you want and only work for a few hours, automation is discussed a lot in that book and hiring out and allowing other people to do your easier work. Giving the assistant the authority to do certain things so that you can go and explore the world.
For me, it’s looking at the different things that I don’t necessarily need to do, that somebody else could do for me. What are the things that I know somebody could do faster? Now it’s tricky with video, editing video, I would love to outsource that but the files are so large that transferring them would be tough. It’s much easier for me just to shoot a video, do minimal edits to it and upload it myself. When I had an employee I could have the employee handle that stuff and I could get a lot more content out because I could be shooting videos, he could be editing, I could work on other things, he could still be editing, and so I was able to get much more stuff done and get more content out when I had an employee working full-time. But now that it’s just me, it’s a little bit more challenging and if there was a simple way to outsource my video editing I probably would do it, but when it comes to logo design or some other graphical stuff, I will hire out for that, I’ll use Fiverr.com.
When it comes to converting these videos into articles, I don’t do that because it’s going to take me a lot of time. I use Rev.com, get 10% off your order by clicking here. In a video in the near future I’m going to talk about Rev.com because it saves me a ton of time to have these videos transcribed, for a couple of different reasons, I don’t want to get into it too deep, but I have these videos transcribed so that I can convert them to a blog really easily. I can add closed captioning to my videos, which is extremely important to help with these videos being discovered on YouTube.
5. Find a Partner
Number five is to partner with someone. Is there someone that could add value to what it is that you’re doing and with the two of you together you’re actually able to cover twice the amount of ground, in half the amount of time. Maybe you’re married to that person. You have a spouse that’s interested in a similar thing and you both can share the different responsibilities. Partnering with someone can definitely help get you more ground covered. If there’s something that you can offer and there’s something that that other person can offer, you bring both of those parties together and you have a nice team and you’re able to get these passive income revenue streams built faster.
The only problem with this, is that passive income comes from a lot of different sources. So it’s going to be tricky to look at all of that and make sure that each person is getting what it is that they deserve based on their efforts. 50/50 split is probably going to be the easiest, but one person may be contributing more to a certain income stream and another persons work contributing to a different income stream, so that might actually become a little bit challenging to maintain. Its definitely something that you can do. Especially if you enjoy more working together with someone then you do by yourself.
For me, and I think a lot of people reading this, you’re wanting to build passive income revenue streams for yourself, to separate yourself from being reliant upon anybody else or a job. So partnerships aren’t going to be for everyone. I know that they aren’t for me, but I wanted to include it because a lot of people like that aspect of working together, and with the right partnerships you can definitely achieve a lot more then you can on your own.
6. Cut Back On Work Hours
Number six is to cut back on your work hours. This is something I have done, and it made it easy for me to do that because when I had my last employee quit, I was used to paying that persons wage, 40 hours a week. So that was an expense that all of a sudden wasn’t there. There was a certain amount of revenue that I was able to keep and that allowed me to scale back on a little bit of work. Because not having to pay several thousand dollars a month definitely cuts back on the overhead. That means there’s less work that I have to agree to take on and then that gives me a little bit more time and flexibility.
Now I’m still playing catch up with all of the work that we had signed on before he left. There’s a lot that I still have to get done but in things going forward I’ve definitely been much more picky in taking on new work, so I’m definitely taking advantage of this one by cutting back on the amount of work that I’m taking on so that I don’t have to be as tied to active income and I can work more on my passive income streams. It’s just tricky because I don’t have a typical 8:00 to 5:00 job where I clock in, clock out or I’m not getting all of my instruction from the company that I work for. I have multiple clients with different needs and every day I have different requests coming in through email and phone calls. So it can be little tricky to actually find that time.
So a lot of times I have stuff in my task list, for my passive income, that I have to keep moving to the next day, and to the next day, but I leave it in there because if I do have extra time come up I want to make sure it’s top of mind, that it’s on my task list and that I’m able to achieve it.
The last thing is just to go all in and quit. Now, that’s not likely something that most people can do. You can’t just up and quit your job, you need that income, until you build your passive income revenue stream big enough that you can replace your regular income with that. Now if you are a duel income household, you’re married, you have a husband or a wife that’s also working, you might be able to work something out there where you say, “I’m going to quit my job and I’m going to go full throttle into this passive income for six months. We’re going to have to sacrifice a little bit, maybe not take any vacations or whatever … ” You might have an option there.
If you’re a single income household, like me, then it’s a little bit tricky because you have everything on your plate, as far as the expenses go and you can’t just necessarily say no to everything. There is no guarantee that your passive income is going to continue to grow and that it will get to a point where you can replace your income with it. That could take a lot of time. So it’s very tricky, and kind of scary, to do that. The more responsibilities you have, the more caution I suggest, in making decisions like this, because the job that you currently have is guaranteed, so long as you’re able to keep the job and they’re able to keep paying you.
Passive income is going to vary, it’s going to be different for every single person as to how long it’s going to take to build that up. Your idea may be really good but it may take a lot of execution to pull that off before you’re actually able to start selling it and start making money. If you’re building passive income like me, you’re getting paid small amounts from different things that you’re doing, and it’s going to take even longer because initially you’re not going to get paid much. YouTube has limitations and things that you have to meet before you’re actually even able to get paid by them. So there’s lots of things that you have to start working at before you’re even going to have much of a passive income at all.
So, the whole passive income thing is most likely going to be a side project for you for a while, until you’re able to get it to a point where you have enough income coming in that you can replace at least some of your current income. That’s my goal for this year. It’s what I’ve been talking about, is trying to make sure that I can invest enough time, into my passive income revenue streams, to build them up to the point where they are meeting my needs of my household. If I can get to that point, I’m able to cut back on that active income that requires me to do client work and doesn’t allow me any flexibility and of course that’s the goal for this year for me and I hope a goal that I can help the majority of you reach as well.
Put in your email address to the form here on PracticallyPassive.com so that you could receive updates, whenever I put stuff out. I have some cool stuff that I’m working on in the background here that I haven’t talked about yet. A giveaway that’s going to be really cool and interesting. So definitely make sure you subscribe so that I get notified when all of that stuff comes out. I don’t want you to miss it.
That’s going to do it for now. I hope to see you in the next one.
Hey, what’s up? It’s Jerad with Practically Passive, and today we’re going to talk about three questions to ask yourself before you pursue passive income revenue growth. I think the mindset that you need to be in is a mindset of giving. I’ve always been in a mindset of wanting to share and give and put information out there, and it’s always done me well. Because if I’m not in that mindset of sharing and putting information out there, I’m in a me-mindset, where I want to take. And passive income just doesn’t grow too well in that space. Of course, you can get maybe some quick growths or some quick payments or whatnot that happen, but if you’re not continually adding value, if you’re not putting useful things out there into the world, that tends to dry up pretty quickly.
1. What are your goals and objectives?
The first thing to ask yourself is what your goal and your objective is. Your goal of course, I think, is probably to build a passive income that you can use to replace your existing income. That’s been my goal in this year of 2018, is to replace my income that I make from my businesses with passive income. Not so that I can shut them down, but so that I can have more choice, so I can have more options. There’s a lot of good things that come from a traditional job if you have a decent job, and one of those things is healthcare and another thing is retirement. Those are two things that a lot of jobs provide that passive income isn’t going to naturally provide, you’ll have to set those up for yourself.
Now I’ve been self-employed since I was 20, so I haven’t paid into 401ks or I don’t have any of those things provided by a job. I have to actually do my own investing and saving for retirement. I have to provide myself with healthcare and all of that stuff, so it’s a little bit different. So there may be good reasons to hang onto a job, but in building passive income revenue streams the goal there is to alleviate that a little bit. If you’re constantly stressed out or in fear over your job, over changes in your industry and stuff like that, maybe you’re going to be laid off, or you have that fear, those aren’t going to be as big a fears if you have some more income coming in.
Like at the end of this year, my goal is to replace my income, that means that I don’t have to be so scared when it comes to the end of the month and I don’t have any new clients that I got during that month, or business has been a bit slow. I’ve definitely had months like that, and it is stressful, and it is a bit scary at times because I’ve got a family. I have a wife and kids and there’s lots of expenses and different things there. Though I know we can exist on a lot less than we do, it’s just still a stress and something that causes anxiety and I want to avoid that as much as I can.
I’ve taken the time to look at my life and say, okay, where are the different things in my life that cause the most stress and anxiety. And because I’m a sole provider to my household, to my family, a lot of it is wrapped up in that because it’s the most responsibility I’ve ever had in my life. As an adult, it can be a lot at times. So that is definitely one of my goals.
Now, your objective needs to be what you’re actually going to do, what you’re going to attempt to do, to get a passive income. Now, I’ve said in other videos and I’ll say it in this one, it’s best to have passive income revenue streams from different locations. If all of your money was coming from one location, if that location … if something dries up there, if they go out of business, if they sell to another company, or decide not to have an affiliate program anymore, then you’re all out of passive income. All of a sudden that’s shut off, and you don’t want that to happen.
So you need to look at how you can spread that out, and those are things that I’m going to be teaching in future videos. How did I build a YouTube channel up to the point where I was earning $1200 to $1500 a month just from that one YouTube channel? How, at the same time, did I build up another YouTube channel that’s making $500 to $600 per month? All the while getting $500 to $1,000 from Amazon Affiliates every month, and all of these other little passive income revenue streams that I have coming in. How did all of those come to be and how did I build those? I want to show you all of that stuff, and I will do that in future videos, so make sure to put in your email address on the website, practicallypassive.com. And of course, subscribe to the YouTube channel because those are going to be the two places I’m delivering the most content and the most value for you.
Think about what your objective is, what are you going to be building, and why.
2. What Value Can I Provide?
Now, like I said in one of the first videos, the revenue is in the value. When you’re building passive income revenue streams, you’re putting information out there, you’re sharing things with people, you’re creating things to be sold or whatnot, there has to be value in those, there has to be something that the other person is getting. If you’re coming at it thinking me, me, me, I’m going to build this, I’m going to get paid, that’s the wrong mindset to have. You need to be thinking about the problems and the challenges that the other person has on the other end of this.
If you’re creating video content like I am, you have to be thinking about what is going on in their head, what’s the problem, what’s the thing that they need to overcome or achieve and how can you produce content around that. If you’re thinking about a product that you could put out, like an informational product, that has to have enough value to solve the problem so that the other person would decide to actually purchase that. In thinking about what you’re going to do, make sure that you are leading with value, that you’re thinking about what is the value that I can provide.
3. Be In It For The Long Haul
And then the third thing, which I think is just as important, if not more important, is to be in it for the long haul. If you’re not in this for the long haul you’re never going to see enough growth to have it really blip the needle, when it comes to your income. Now, everything that I build didn’t happen overnight, it took a lot of time. Some of these channels, these YouTube channels that I have are several years old. I’ve been putting content in them for a long time. It’s just that in the last year here have I really been focusing on it and thinking about it as a thing that drives revenue towards me.
In the past, I’ve always just put up videos when I found them useful and just to share information, to put it out there because I found it fun and interesting. I was adding value but I wasn’t looking at it as a way that I can actually earn income. Then when I did, it was cool if I got $100 here, $100 there, that was great, but now that I’m really wanting to take it serious and make it replace my existing income I have to be in it for the long haul.
I can’t be wishy-washy, I can’t jump in from time to time, I can’t not reply to people’s comments and stuff like that. I have to be active. I have to not only show up and be there, but I have to play in that space as well. I have to be involved in that community, and if I’m not, people are going to go elsewhere and they’re going to find somebody that is. You have to be in it for the long haul, there is no quick rich scheme here. There’s no way to build this overnight, it takes time and it takes effort. And it’s not something that’s going to happen immediately, so you need to have persistence also.
So those are three things that I think are extremely important when considering to get into passive income. Just like you show up for work every single day and do well and are consistent so that you can get a promotion within a year or so, you definitely need to have that same approach when it comes to building passive income revenue streams. You need to show up as often as possible, you need to provide value, you need to do a good job. You can’t give it 50%, you have to give it 100 or 100 plus percent so that it actually starts to build something for you that can turn into something that replaces your existing income.
Like I said before, subscribe to the YouTube channel so that you get updates when new videos come out. It’s the best place to consume the video content. And, of course, head on over to practicallypassive.com and put in your email address so that I can send you news, information and updates whenever I find it extremely useful and relevant. So make sure to do that. Thanks so much and I hope to see you in the next one.
Hey. It’s Jerad with practically passive, and I wanted to talk about how to find your first passive income revenue stream. Now the reason I titled this video this way is because people are going to be searching for this, but in reality, you’re going to need multiple passive revenue streams because you’re going to want to make sure that you’re diversified and that you don’t have all of your income coming from one source.
Now, right now, you probably have all of your income coming from one source, which is your job. You’ve got to work. You earn an agreed upon wage and you get paid at some agreed upon time, so you know what to expect and you know that you’re going to receive that wage because that’s what you signed on for. It’s what was agreed upon. But with passive income, it’s something that you’re going to be doing a lot of work initially and kind of growing, and you want that income to come from multiple places.
My favorite thing is to have it actually come at different times as well. So, for example, when I get paid from Google Adsense for the views on my YouTube videos, that ads were displayed before and stuff like that, that comes sort of towards the middle, end of the month. My Amazon affiliate payments come at the very end of the month, which is great because a lot of bills are due at the beginning of the month and some of my other affiliate programs, I can actually choose to pay out when they either reach a certain threshold or I can set a custom date, and then they pay out to my PayPal account.
It’s nice because I’m getting paid at different times throughout the month and it’s all different amounts, but it’s something that I’ve grown to be able to rely upon because it’s been consistent enough now. When I wasn’t really putting a lot of focus on my passive income, I was just kind of creating content, and if I got some passive income out of it, that’s great, I couldn’t really rely upon that because may one month I would have a video that did really well. So the next month I’d get paid pretty good on it, and then maybe that video was like super time specific topic, and with it being a time-specific topic, that content just wasn’t very relevant the month after. It kind of died off, and so I didn’t really know kind of what to expect there.
But as I started to build content that was more evergreen, stuff that I knew people would find useful for at least a couple of years, even in and around the subject of technology, I started to see growth in my passive income. So, don’t necessarily be thinking about how to get your first passive income revenue stream. Be thinking about the topics and the content that you’re going to be creating.
Now, in and around that, you want to decide on something that you can add value to. In yesterday’s blog and video, one of the things that I talked about that I learned building passive income revenue streams for myself is that value, the passive income follows the value. If you’re putting value out there, then you’re going to be able to earn passive income from it. If you’re not adding value, then you’re just adding to the noise and it’s not really going to ever result in anything. It’s not going to be very fulfilling for you either.
When you’re thinking about what you should choose as your topic, start by thinking about something that you have an interest in. For example, when I first started my website, it wasn’t necessarily passive income, but it was definitely a side income business, it was when the first iPhone came out. Now I already had some knowledge in that space because I was playing with Palm Pilots and pocket PCs and things like that. I was super into pocketable technology.
Then when the iPhone came out and they talked about allowing third-party apps to be installed on that phone, and that those were going to be available through the iTunes store, I thought to myself, wow. I can’t find good music in the iTunes store. I can’t discover anything there. How do I know what’s good? How am I going to know what’s good in the world of apps when you can’t download a demo or you can’t install a demo and try it first? You either have to buy it or that’s it.
So I started writing reviews. I started producing content around apps. Later on, that turned into creating content around mobile technology. How do you use those new features in the iPhone or the new Samsung phone or whatever it is that you got? How do you make the most out of your iPad. It’s those things that are really interesting to me, and when I was teaching people how to do those things, that’s where the real value was being provided and I was actually getting passive income coming from that.
So when I put out content on YouTube, those videos, if you go and look at the top videos for State of Tech, it’s all basically tutorial videos. There’s a few product reviews in there, but they’re all video tutorials on how to do stuff, and those videos have resulted in decent passive income over the years. It’s been growing and growing. The more that I focus on them, the more that those incomes grow, because I’m adding value.
If I don’t add value, and I’ve definitely put up some videos where the value is questionable, those videos don’t do well. They don’t end up getting shared. They don’t end up getting liked or commented on or whatever. So the search engines and YouTube’s search engine doesn’t recommend it to other people and so the video doesn’t get a lot of traction. When you’re thinking about what topic you should start tackling, think about something a little more niche that you find interesting, that you have maybe some more information on because maybe you’ve been involved in this space.
For example, if you’re a photographer and you’re thinking about how to grow a passive income revenue stream, be thinking about what you unique aspect of photography you could bring to the table and how you can teach other people about it. If you’re a hairstylist or a makeup artist, there are so many different things that you can do there, especially around the topic of products, because there are so many products out there. Really, what it’s going to come down to is you showing your techniques, teaching people how to use these products and then giving them affiliate links so that they can buy those products because they’re the ones that you’ve recommended. I will have more content on specific ideas for passive income in future blogs and videos.
Just think about what topic it is. Maybe you are more kind of a handy person, handyman around the house, and you just know how to work on things because you’ve always done it or you grew up knowing how to do those things. Maybe that’s an idea for a YouTube channel or for a blog, teaching people how to do stuff that a lot of people just aren’t being taught these days. I know for me, I like getting out and using tools and getting out from behind the computer and the camera and just reconnecting with the earth. So any chance that I get, I want to do that. I tend to consume content from people who are doing that because it’s inspiring to me. If you’re one of those people, you can create content around that.
If you look at what you can provide value by doing, that’s where you’re going to be able to grow your passive revenue stream. It doesn’t matter whether you’re blogging, YouTubing, creating an eBook, doing a course, whatever it is, all the different mechanisms for generating the passive income. Just be thinking about where you can add value. That’s where you’re going to find actual true growth and the ability to earn passive income from whatever different methods there are that are out there, which of course I’m going to talk about all of them and I have talked about some of them in the first video on this YouTube channel and on the blog.
I showed you my main passive income sources for the last year, and you can see all the numbers there. I posted screenshots so you’ll want to make sure to check those out as well. With that said, I think that as long as you go about it, trying to figure out where you can add value, and typically that’s going to come from somewhere that you have some additional knowledge, maybe a little bit more than the average person would have. All of us have that. All of us have something that we have been kind of a nerd in that area around, even if it’s not a nerdy thing. I like the phrase nerding out because there are a lot of things that I’ll nerd out on, even if they’re not typically like technology nerdy type of things.
If there’s something that you nerd out on, something that just really gets you excited and you have some additional knowledge in that area, that is a perfect example of something that would make for a good, passive revenue stream, if you can start creating content in that area. Make sure to subscribe to the YouTube channel because I’m talking about how to do this, how to do that, how to grow these things and how to come up with ideas, but I’m also going to be teaching how to create this content. How do you start blogging? How do you start creating videos? How do you do these things? That’s all part of the process and it’s all part of learning how to create passive income revenue streams.
Put in your email address so you can be notified when I put out new content. Because all of this stuff is going to help you get to the point where you are growing passive income revenue streams, having more control over your income and having to be less reliant, or maybe even completely free of the income that you’ve been just traditionally accustomed to, which is probably your job. With that said, thanks so much for checking out this video. Let me know what you think down in the comments section below and I’ll see you in the next one.
Hey, it’s Jerad with Practically Passive, and here are five things that I learned building a passive income revenue stream. Now, over the last couple of years I’ve been working at building passive income revenue streams for myself, because having that extra income just was really nice. I had things that I already enjoy doing, and I took that and went online with it. Whether it be mobile technology or photography, there are things that I liked to mess with, or learn about or teach. I took that and put it online, and I’ve been growing passive income revenue streams ever since with those. And of course, I’ve been trying really hard this year, as my goal in 2018, is to completely replace my income with passive income revenue streams.
Now I am more than halfway through the year and though I am not necessarily on track right now to completely replace my income, I am on track to exceed the median household income in the United States. The median household income in the United States is $62,000. That’s the average household income if you average out everybody in the United States. Of course, there’s a lot that are lower and there’s a lot that are higher, but that’s the median or the medium amount of income that a household will receive.
For the first six months of this year from January to the end of June, my passive income was just over $32,000. With that milestone having been made, I want to just hit the ground running even harder for the second half of this year, to try and make sure that I achieved my goal. Of course, what I’m doing here with Practically Passive, is sharing all of that process with you. Now, originally I was going to wait until this year was over before I shared anything, but as I’ve said with many things, there’s no better time to start than now.
Five things that I’ve learned while building passive income revenue streams
1. Passive isn’t really Passive:
I’ve known this because I’ve been doing it for a while. But there are a lot of people out there saying, build a passive revenue stream, so that you can go and lounge all the time and not have to do any work, or whatever. Maybe you read the Four Hour Work Week, and though there is definitely work talked about in that book, you focused more on the idea of traveling the world and doing all the fun things. So passive income definitely takes work.
The reason that it’s called passive income isn’t that it’s completely passive. There’s really no such thing in the world that’s completely passive. Everything takes some sort of action. And I’ve definitely learned that through this process of building passive income revenue streams, it takes time and it takes work, there’s effort involved and it takes dedication. And without those things, you’re unable to build a passive revenue stream. And, of course, you want to get to the point where you can step away from time to time and utilize that income, it takes time to build it to that. I, at times, have thought that it should be easier than it is, but it’s really not. It is challenging.
It takes time and effort, and there are way more people making next to nothing off of passive income. Or maybe they had a successful week or two, or something like that. But to say that they’re still making income off of something that they did a year ago, a year later, there aren’t a whole lot of people that can say that. To have a consistent passive income that is on par with the median household income of the United States, is definitely something that not many people achieve. I’ve learned that passive income revenue streams are not truly passive, because nothing in this world is truly passive. Even the decision to be passive is a decision that takes action. So with that said, passive isn’t passive.
2. Persistence Wins
Whenever I have been persistent and consistent, I am winning. I am producing content, I’m staying on top of things. I’m staying plugged into the industries that I’ve chosen to play in, and produce content for. When I am being persistent and staying on top of all of that stuff, my income increases. Sometimes when I step away or I’m not so persistent, it kind of decreases a little bit, but there’s still passive income that keeps me going all the way through. There might be that month where I don’t have any time to work on anything. For example, in July of this year, I lost an employee that really handled editing most of my videos and a lot of my stuff that went out, that had to do with my passive income revenue streams.
And so, in July and pretty much all of August, I really haven’t had a whole lot of time to work on that stuff, because I’ve had to pick up the slack with other work for my business. When I get those deposits throughout the month for the different passive income revenue streams that I have, it’s like, okay, I didn’t really do anything this month. I’m getting paid for work that I did a while ago. Why am I not putting all of my effort into that, so that those numbers can continue to increase? Because doing the work that I had to do during July and August to pick up the extra slack, was work that was active income. Where I get paid only for the work that’s being done, and then the job’s done and I have to move onto the next one. So persistence definitely wins, and it’s easy to get sidetracked. Because life happens, and everything else around us definitely is pulling at us at all times.
3. Choose Niche Topics
I have had a struggle trying to keep things niche for a while. I end up going down the path of talking about a large variety of things. There are all kind topics within the same industry. Maybe they’re all photography related things, but they’re not niche within photography. For example, with different brands of cameras. I use mostly Sony cameras right now, and so I ended up talking a lot more about Sony cameras than I used to with Canon cameras back in the day when I was shooting Canon. So that changes my audience. My audience consists of people that are mostly interested in Sony cameras now. So I have to really decide if I should niche down and focus only on Sony cameras, which is going to alienate all the other people out there that might want photography related news and information and education, that are not Sony shooters.
State of Tech is mostly about mobile technology. And I’ve talked a lot about iPhones, Android, Tablets, Windows computers, and Apple Computers, so I’ve kind of bounced all around in there. There’s been a little bit of something for everybody, but there hasn’t been a lot of something for a niche audience. So I need to figure that out. What I’ve found out is that, when I do focus more on a specific niche in that industry, I tend to get better traction. Because people sign on to stick around for more information as long as it remains relevant to them.
Otherwise, I’m just creating information that is informative and it’s consumed, but then they don’t subscribe, or they don’t sign up for more. They don’t stick around to watch more. Because they came for a video on some android phone topic, and then the next video after that was an iPhone, and they don’t have an iPhone. So they leave, they go somewhere else. You have to keep that path of their interest, and it has to be niche topics. Because most people are not carrying around an android phone, and an iPhone, and a windows pc and a Mac laptop. I mean, it’s just too disjointed there. So, whenever I niched down and focus on more of a specific topic, I’ve seen a lot more action there and growth in my passive income.
4. The Revenue is in the Value
You could put out content until you’re blue in the face. If there’s no value, you’re not going to have any passive revenue growth from it. The reason that my videos do as well, considering I don’t have a huge subscriber base on my youtube channels … so for example on my youtube channels, I make a pretty decent amount on State of Tech and Ditch Auto, considering the fact that both channels barely have more than 30,000 subscribers. Most channels that have 30,000 subscribers are making maybe a couple hundred dollars a month if they’re lucky. But I’m making thousands of dollars a month, because my video views are high. And the links that are in the description of those videos, for things that add value to whatever it is that’s being talked about in that video get clicked.
So, there’s a lot of value that I’m adding in my videos there, and that’s why I’m able to earn as much as I am based on having smaller followings. So the revenue is in the value. If you’re not providing any value, nobody is going to stick around for more content. Nobody is going to click on any links. Without that kind of action happening on your content, Google, YouTube, whatever platform it is, is not going to recommend it. And people aren’t going to recommend it to each other either. So make sure that you’re adding value. If you’re not adding value, you’re wasting your own time. You’re also wasting other people’s time. But you’re really wasting your time as well, because we should only be putting out what we find we can add value to. That’s why I’ve waited as long as I have, to start this blog and this youtube channel around passive income.
I didn’t want to start it until I knew that I could really add value. Over the years I’ve felt that I’ve kind of tuned in my added value BS sensor, I guess you could call it. Like, if I’m not adding value, I can sniff that out pretty quick. It’s why I’ve had such a struggle with doing podcasting and stuff like that is that, unless I’m adding value with that podcast or that blog, I’m not going to do it. I might be able to get away with it for like a week or two, but just that filter kicks in and it says, don’t. There’s no value there, or there isn’t enough value there, so don’t do it. You’re just going to be more noise, and I don’t want to be noise. I want to be value.
5. Income from Passive Income Revenue Streams Feels Better
I mean it does feel good when I get a check from a client after completing work. It’s like, “Ah, okay, I got that work done, I got the check.” But it’s a means to an end. And that means that that job ended, and I have to find another one. I have to find another client to do work for, and it’s a constant chase. But when I get those deposits throughout the month, every month from YouTube/AdSense, from Amazon, from the different affiliate programs that I have going, that just feels good. Because that was work that I did a while back, and I’m still paid for it, so it feels good. It feels like I’m getting appreciated for my work, because there’s ongoing pay there. It’s lasting longer, its legacy money. I really like that, and it feels better.
So if I just can continue to remind myself of that, because it’s easier to do a job for a client and get paid, because you get probably a bigger payment. Or when you go to work at the end of the two weeks or whatever, you get that paycheck. You know that, that’s coming. You know what to expect, because what you signed on for when you started the work, is what you get paid for at the end of the work. But with passive income, it’s building something and it’s a little more volatile at first. You’re not 100% sure how long it’s going to take in order for you to reach some sort of level of passive income, that can change your life. And for me, it has taken a little bit of time. I haven’t focused on it really that hard, compared to how hard I could focus on it. But it’s taken a few years to get it to that point.
Now if I really put my head down and focused, I feel that I could build something that would replace my income in six months. But I have to run a business at the same time. Most of us are going to have to work. We have responsibilities, we have families, bills and all of that stuff that we have to take care of. We can’t just shut everything down and go work on our passive income revenue streams, we have responsibilities. So, when I get those deposits throughout the month from my different passive income revenue streams, it just feels good to receive those. It feels good, because that’s income from work that I did that’s continuing to pay me. It’s not one time and done. It’s continued passive income. It’s not active, it’s passive, and I like that and it feels good.
It’s Time For You To Get Started!
So those are the five things that I’ve learned over the years of building passive income revenue streams. If I could just commit to remembering those things daily, it definitely will alter my priorities for the day, and put them more towards working on my passive revenue streams. So let me know what you think down in the comment section below. If you’re watching this on YouTube, click that subscribe button so that you can be notified when I put out new videos. Make sure to put your email address in the subscribe box here so you can be notified when new content goes up, whether it’d be blogs or videos. I want to make sure that you’re getting notified. Because I’m putting out stuff every day during this month, and I want to make sure that you’re notified so that you can chime in, and share your thoughts. Be a part of this movement along with me, to gain more freedom in our income.
Thanks so much and I hope to see you back in the next one.