It’s a dream, isn’t it?! If you are reading this article, it is not by chance. You know that there is an alternative to employment and that it is possible to set up a passive income . For most people, this is totally inconsistent in principle. For others, it’s just a scam.
This is understandable as a reflection, because their only income is their salary. A salary, which causes feelings of frustration, insecurity and dependence on the job. They accept all the conditions, make concessions to keep their jobs.
On the contrary, a passive income allows you to be free and to have time for your hobbies and for your family. That’s all well and good, but how do you set up a source of passive income? There are several online businesses and it is possible to set up passive income by following these 10 steps.
Here are ten steps to follow, step by step, to set up your first passive income. You should know that a business takes time to start running and generating income.
Hence the importance of working on your state of mind to persevere and not give up in difficult times.
What is your why?
Before you jump headlong into battle, you need to define your goal . It may seem trivial, but one of the reasons for failure is doing things for no reason.
If you want to lose weight because it’s almost summer, the beach is fashionable and it’s your friends who motivate you. Then you risk failing and giving up at some point. You must have a strong enough why , a reason or a deep desire that drives you to want to change and embark on such a project.
Crossing the desert , you know? This is the period during which you work a lot, without having results. Passive income is the same thing. It’s a business that will bear fruit after putting several things in place.
All the while, you have to hang in there, keep working, and persevere. Think about all the obstacles you had as a slave to the system and all the difficulties with your financial situation.
Write down your why(s) and hang it in an accessible place. Every day, take a good look at what you’ve put in to keep yourself motivated. Think about your future life if you set up a passive income that will replace your current salary. The road is long, but the results are worth the effort.
You’re fired up, great! Which business to choose now?
Find a profitable niche
Calm down, we don’t care about business, amazon or dropshipping. No matter ! You don’t have to choose a business model, but a problem to solve , a niche in which you will help other people.
For that, it’s easy, just see what you can do, what you like. Your niche must be in one of the 3 themes: money, health and leisure.
The more you specialize, the more your community will be targeted and you will sell more easily.
Create an offer
There are two opposing schools. One recommends creating an offer before building an audience. And the other expect to have a lot of subscribers, for example 1000 subscribers on your email list and you offer them a survey on their needs.
In any case, you must create an offer therefore an information product to sell to quickly make your blog profitable. If you blog for several months without earning anything. You will get discouraged, that’s what happened with my first blog.
Obviously, before creating your offer, which will require you to have extensive knowledge in marketing, whether in strategy or in technique. You can offer affiliate offers and generate your first earnings with your blog.
It doesn’t matter if you create an offer before or after. The important thing is to create several offers to diversify your income .
Create a machine to sell
Creating a sales tunnel is the basis of your business. For this you need several tools. First of all, you must create a capture page that allows you to collect your visitors’ emails. If you have a blog, you put a pop-up to increase the conversion rate.
To have your first prospects, you must offer a lead magnet, a gift that corresponds to the subject of your niche. Then you need an autoresponder to send emails to your prospects. You can automate this by creating automatic email sequences.
Buider all is a tool that allows you to do all this and more. You will therefore send messages to your prospects providing them with value and suggesting that they go further. The last step is to create a sales page where you will explain why your offer is useful to your audience.
All you have to do is settle a few technical details by setting up a member’s area .
Create High Quality content
This is the work you need to put in place at the start. Once everything is in place, your business will run on its own. Whether it’s YouTube videos or blog posts.
Creating content is good, but creating content with value is much better. You have to give it your all and try your best to help your audience. Your content serves to bring the most asked questions. How to know that?
It’s very simple, the keywords give you an indication of the number of people who search for an expression. Several tools can help you get ideas for the most searched keywords and phrases. You have insight ubersuggest, answer the public and many more.
Traffic is the big problem when you start an online business. It’s frustrating to work in a vacuum. There are two strategies to keep in mind, one short-term and one long-term.
In the long term, you must work on your SEO and index your content to benefit from organic traffic. This is the best solution that I recommend to you for having a passive business.
You will not have to promote your content to have visitors.
The other short-to-medium term strategy is to harness the power of social networks like facebook, instagram or pinterest.
On facebook , you can join groups, answer questions and share your articles or videos. You can also create your own group and create a community around your values.
Instagram , it is possible to automate your business with this tool. Visitors can then click on your link and access your content.
On pinterest , you can create boards and pin images. What attracts many visitors who will discover you
Social networks are excellent to start, but the ideal is to be well referenced to have more qualified free traffic.
Boost your conversion
Having visitors is good, but visitors who become prospects is even better. Now that you have mastered the traffic acquisition levers, you must learn how to improve your conversion. Imagine if your conversion rate goes from 1% to 2%, you double your turnover.
This is a criterion that should not be overlooked, because it allows you to focus on current visitors or prospects instead of always looking for more traffic.
What can you optimize to improve your conversion rate?
- Improve the conversion rate of your capture page or pop-up
- Increase the open and click rate of your emails.
- Optimize your sales page.
Diversify your offers
It’s easier to sell to a customer than to get a new customer. If you have a training to sell, create another one, why?
With a single offer, your income is limited.
In this way, you will increase your average basket per customer. A satisfied customer who bought a program from you for €47 may be tempted to buy another one for €197, for example.
By having multiple offers in place, you have the ability to offer subscription programs. Where every member can access new content every month. The big advantage of this strategy is the recurring gains.
If your subscription costs €39 per month, you need 50 people to make €2000 per month automatically. And this is where we see that it is possible to create passive income.
Your business is running well, bringing you regular income. You’ve spent months writing and publishing content. After 50 articles, you are a little tired of writing and I understand you.
You must delegate certain tasks that take up a lot of your time and that have no added value to your business, such as answering emails. I still recommend that you respond to your customers and delegate that of prospects.
For YouTube videos, it’s the same, you’ve shot a hundred videos. Well, okay, you can’t delegate unless you have a clone, a twin. But you can delegate the editing part for example.
Delegating will allow you to free up a lot of time to bring more value to your audience, whether for free or paid content.
It took you a long time to have a business running, you made a lot of mistakes and tests. Today, you have a well-referenced site that brings you a lot of visits. Products that sell. What’s stopping you from duplicating your business? You don’t have the skills? You do not have the time ?
Time is not an issue, because you have delegated the time-consuming tasks. For skills no problem. Start a blog and create blog posts that you delegate. Hence the importance of managing your budget well and investing in your business.
On this blog, sell affiliate programs. Of course, you cannot create your own offers, but affiliation can bring you considerable income.
The last bonus point that I did not mention, because it seems logical to me, is to train you. You must continually train in your field to continue to bring value to your audience and increase your expertise.
You will be an authority in your field as the best if you persevere. If you do not train, your business will not evolve and you risk being overtaken by your competitors. The world is changing, marketing techniques too.
Imagine what your situation will be in a year, two years if you have set up several sources of passive income. You will finally be able to do everything you have dreamed of doing. You don’t have to wait for your holidays to travel.
You don’t have to wait for the holidays to spoil your family. You finally discover a new flavor, that of freedom and independence.