Learn how to create passive income and start building an online business. It’s easier now, more than ever to build an online business. Covid has not only been a wake up call for our health and well-being, it has opened the door for opportunity in the online world.
Do you dream of living financially free with the flexibility to work from anywhere you choose but you’re not sure of what direction to take or how to make it happen? Perhaps, fear has you second guessing the possibility?
I know. I’ve been there. It took me some time before deciding to quit my 8-5 corporate job.
While I was working, I was trying all kinds of ways to make money so I can build an online business and be able to leave my job. I was too afraid to take the chance and just quit. I was afraid that if I quit, I wouldn’t be able to pay my bills. It’s a legit feeling that most of us feel when we are on the verge of quitting.
So what keeps us on board? The steady, consistent income.
The “one” income stream that allows us to live paycheck to paycheck knowing that we’ll be able to pay the bills.
Here’s the thing though…
I didn’t want to keep living “paycheck to paycheck” while being controlled on when I can take off and when I couldn’t. My daughter and my family needed me and I couldn’t be there.
I also didn’t want to continue trading hours for dollars and getting chum change raises a year only to keep funding someone else’s dream. Because that’s exactly what you’re doing.
You are funding someone else’s dream while you slave behind a desk or work your butt off to bring in a measly paycheck when you can be doing so much more.
I say a “measly paycheck” because despite the level of position you are in, the hours you put in to do a job that isn’t of your own, does not coincide with the salary because most of the time, you are taking work home with you.
Trust me, I’ve been there.
When I finally quit my job, it was like a heavy weight had been lifted off my shoulders. It may not have been at the “right” time but nonetheless, I did it. I took a leap of faith and I made it happen.
At that point, I knew that I had to make it work one way or another.
I’m not saying it was easy because God knows it has been more than challenging, but I can tell you right now, knowing where I’m headed and being able to see what others don’t, makes it all worth it.
I’ve been through many emotional breakdowns to nearly being homeless to making my way back again.
And now, I’m stronger than ever.
So what makes it easier to push through?
It’s knowing that you have the freedom and flexibility to be where you want to be, when you want to be there for as long as you want to be there. Most importantly, it’s being able to be there for your family when they need you.
It’s visualizing a clear vision of what you want your life to look like that you can’t get it out of your head.
It’s also knowing that the multiple, passive streams of income you are creating are leading you to becoming financially independent.
And THAT is what we all want, isn’t it?
So, lets start here…
There are different types of income
Earned income – This is what you earn through a job and the labor you put in for a paycheck.
Portfolio income – This type of income comes from selling an asset for a higher price than what you paid for resulting in a profitable gain. Interests and dividends also fall under this income category.
Passive income – This is the one you want to focus on. It’s the type of income you earn without having to work for it so that you are making money while you sleep, while sipping cocktails on the beach, while spending time with family, and continues to generate revenue beyond your death bed. This is the type of income that allows you the freedom to truly live and scale up.
Passive income includes affiliate marketing, ecommerce, digital products, online courses, ebooks, books and rental properties. These types of income streams earn you royalties and income that is non-taxable.
However, if you continuously ‘materially participate’ in the business operations of a rental property or products you create, it results in taxable income.
So, passive, non-taxable income is that which comes from products you create and are left to continue generating income without any more activity involved. But that’s a different topic which you can read more about here.
The idea is to create multiple, passive income streams to generate the amount of income you desire while allowing you the freedom to enjoy your life.
The sky’s the limit to create and grow. It’s up to you to decide how far you want to go.
How to get started
Before you get started, you must first eliminate the thoughts that are blocking your ability to move forward and the fear that has paralyzed you for years.
What helped me was learning about the law of attraction and then implementing what I learned into daily practice to clear the negative blockers and limiting beliefs. Another way to enhance the process is through EFT tapping.
These are things I wish someone had shown me or taught me before I spent so much time exploring and figuring out. Now, I’m just happy to share these tools with you so you can save yourself years of time.
Do know though, that there will never be the “perfect” starting point or time. So if you are looking for the “right” time, that time will never come.
First you have to clear your mind from all negative and fear blocking thoughts so you can make room for creativity and allow your dreams to make their way to the forefront of your mind. The practice of visualization will help you with this.
As you begin to visualize what you want your life to look like, you may come across some negative people, specifically the voice of fear in your head that may try talking you out of it.
DON’T LET IT.
Remove the negative Nelly’s from your life. You don’t need them. Surround yourself with positive, uplifting people that will help fuel and support your dreams, not destroy them.
Overpower it with affirmative thought. Train your mind to focus on empowering and positive thinking that leads to the active feeling of doing what feels good to you – For the sake of your dreams, life and future.
Mindset is everything
I can’t stress this enough. If you don’t get your mind right, you won’t get the ‘feeling’ right and when neither are in sync, you revert back to the negative barriers that keep you from moving forward.
One of the best ways to do this so that you are not conscious of messing things up, is through the power of subliminal messages. These are messages that speak to your subconscious which only your subconscious can hear. This way you don’t stand a chance of screwing it up or interfering with the progressive process.
Your subconscious is the most powerful part of your brain and makes up about 95% of it including habits and patterns, automatic processes and body function, creativity, emotions, personality, beliefs, cognitive biases, and long-term memory.
Can see how omnipotent it is? It’s the most powerful part of the mind that will either make you or break you.
How to create passive income
Next, you’ll want to learn how to make money online.
While there are many ways to start earning and create passive income streams, affiliate marketing and selling products online are by far among the most lucrative ways to get things moving and build an online business around.
With affiliate marketing, you are using other people’s products to generate income and for each sale referral you send their way, you earn a small commission. The percentage you earn is based on the percentage the retailer or brand pays out. This can range anywhere from 1% to 75% or more, depending on who you choose to work with.
There are also different payout options depending on the way the program is designed.
There are a ton of retailers online with affiliate programs to choose from. You just have to choose those that fall within the scope of your niche and not just randomly seek out programs. One, you may not get approved and two, it confuses and deters people from trusting you.
One thing to keep in mind is that you must have a website for this one.
With ecommerce, you find products to sell online through Alibaba or Aliexpress and instead of creating your own website and putting in the work to build your own audience, you would use Amazon as your source for traffic and sales.
Even going to garage sales can help you pick up some valuable products for resale. The only thing with this is that you would have to keep inventory versus having the products shipped directly to Amazon from Alibaba or Aliexpress so that you never have to even see the product.
You can even get the seller to re-label the products you buy before shipping with your own logo design. Amazon then takes care of the rest.
The only thing with this one is that you will need to have money to purchase products upfront.
All sounds simple right?
It can be, if you know what you’re doing but there is a lot more that goes into the process to get started.
If you want to take the time to learn how to build an online business around either one of these on your own, you can do that but it will take you much longer to get it going than you would by learning from those already doing it successfully and who have all the tools and resources to help get you moving faster.
Trust me, trying to figure things out on your own leads to A LOT of loose ends and time wasted. So if getting things moving as soon as possible is something you are more apt to do, I highly suggest learning from the pros and saving yourself the time, stress and headaches.
Something I wish I would have done a longggg time ago!
My friends over at Legendary Marketing do a great job sharing free tools and resources beginning with their 15-Day Business Challenge which I highly recommend if you want to learn all about starting an online business with affiliate marketing.
If you want to learn more about ecommerce and start an online business reselling products, you can find everything you need to get started HERE.
So excited to see you get where you want to go.
I know the feeling of wanting something so bad for your life but not knowing where to start or what to do. It’s frustrating, discouraging and not a good feeling at all so I’m happy to help and share everything I’ve learned so far as well as that which I continue to learn.
Join my online community
*This post contains some affiliate links. I earn a small commission if you shop through my links. This is at no cost to you but it does help to support my blog and mission to inspire others to a healthy, happy and compassionate lifestyle.