Alright, folks, grab your popcorn because we’re about to dive headfirst into the wild world of passive income – or as I like to call it, “the unicorn of online business.” You’ve probably come across countless gurus and experts promising that passive income is just a few clicks away and, by golly, even if you are broke and lazy, you can acheive real passive income today! But hold on to your wallets, because we’re about to burst that bubble and set the record straight on what it really takes to make moolah online.
The Allure of Real Passive Income Streams
So, what’s the deal with this “passive income” every other TikToker is talking about? Well, it’s like the fairy godmother of income streams. The idea is that you can sit back, relax, and watch the cash roll in while you sip a piña colada on a beach. Who wouldn’t want that, right? But like most fairytales, it’s too good to be true. The allure of passive income is more like a siren’s call, luring you into a sea of dreams and half-truths. And it ticks me off that so many people are out there selling you false hope. Because it sets you up for failure. It also leads people to buy program after program and lose both time and money.
I honestly have been wondering if people simply don’t know the defintion or “passive” anymore. Like how are you sitting here telling me that you started your online business because you needed a way to make real passive income so that you could spend more time with your family and at the same time you are telling me about the endless work you do every day and how exhausted you are???? And where are your kids, by the way?
These “real passive income” gurus love to tell you how they woke up to find that they made $1000 while they were sleeping. But they don’t mention that they slept after working a 12 hour day.
I WANT you to have an online business, but I want you to go into it with proper expectaions.
The Upfront Work: Nothing is Passive in This Stage
Everry business model will look different in the beginning, but the common theme will be work. A lot of work. Even online businesses that do eventually become semi-passive like a digital product business will require many hours or active, upfront work. Here is a general breakdown of setting up your business.
If you are in these beginning stages, I 100% recommend that you invest in The Roadmap Course to walk you through every step and cut waaaaay back on the overwhelm. Bonus that it also teaches automation.
Identifying a Niche
First things first, you need to find a niche, a specific target market. That means hours of market research and analysis that could put a mathematician to sleep. Maybe you get lit up about research like this and bless you if you do. I find it tedious at best. But it is 100% necessary.
Creating Valuable Content
Brace yourself for a content creation marathon. You’ll be blogging, vlogging, and podcasting your heart out. Even if you narrow down social media to one or two outlets, creating quality daily content is a lot of work. “Valuable” content is the name of the game, and let’s not even talk about writer’s block.
Building a website sounds like a one-time gig, but it’s more like adopting a pet. You’ve got to feed it, groom it, and make sure it doesn’t run away to the dark corners of the web. Granted, there are now good options to skirt around creating a full-fledged website, but even those will need your attention and time to set up.
Product or Service Development
If you’re selling something, be prepared to channel your inner Steve Jobs. Product development, pricing, and convincing marketing materials are your new best friends. Yes, there are amazing AI tools to help, but if you want a real business, keeping everything in your brand voice is vital and that takes your personal touch- and time.
You’ll be a social butterfly on steroids, as you attract and nurture an audience. Again, AI can help you here and there are ways to automate to a degree. But you need to be showing up authentically and engaging with your audience. And that takes time.
The Ongoing Work That “Passive Income” Requires
Especially in the beginng “not yet a millionaire” stage of your online business journey, you are going to be a one-person-show. These are the days when you will question your sanity and curse the person who convinced you that passive income was a reality.
So. Much. To. Do. But as you keep your focus and keep putting in the work, you will gradually be able to add in more automations, more paid tools, and some paid assistents. Until then, it’s time to get to work.
You thought creating content was a one-time deal? Think again. Trends change faster than you can say “SEO,” and you’ll be adapting your strategy more often than your hairstyle. The good news is that if you have chosen a business that truly lights you up, content creation will come more naturally and most days you’ll have plenty of ideas and for the most part enjoy the process. (Pssst- that’s why it’s so important to chose a niche that you align with.)
Speaking of automation: Check out my ebook, ChatGPT Magic, that will take hours of content creation off your plate and turn out amazing conent in your brand voice.
It’s when you chase the quick money and the “passive income” that you find yourself trying to create endless content about something that you have no connection to and thus quickly get hit with burnout.
Marketing and Promotion
You won’t need a megaphone, but you will need a strategy that’s dynamic. Social media, ads, email campaigns, – it’s a never-ending game of promotion.
Customer inquiries, complaints, and the occasional fan mail need your attention.
Adaptation to Market Changes
The online landscape is like a rollercoaster on steroids. You’ll need to keep your seatbelt on, your hands inside the car, and your wits about you to stay in the game.
Forget about counting sheep; you’ll be counting your revenue, expenses, and investments every night. Money management becomes your bedtime story.
Finding True Passive Income: Hunting the Unicorn
The truth is, “true” passive income is like trying to catch a unicorn – it’s legendary but nearly impossible. Even with automation in place, you’re not sipping that piña colada on a beach without a care in the world. Someone, somewhere is working behind the scenes, trust me.
Achieving Semi-Passive Income: The Real Passive Income Dream
Instead of chasing a rainbow’s end, aim for semi-passive income. It’s like the grown-up version of passive income. Here’s how you can almost, sort of, kind of, make it work:
- Outsourcing: Delegate tasks to freelancers or virtual assistants and get your life back.
- Automate Repetitive Tasks: Automation tools are your knight in shining armor. They can handle those pesky tasks like email marketing and posting to social media.
- Leverage Technology: Use tools and apps to streamline your processes. You’re not Tony Stark, but technology can still be your sidekick.
- Scale the Business: As your empire grows, you can hire an army to manage different parts of it. That means more time for leisure and less for stress.
The Importance of Realistic Expectations When Aiming for Real Passive Income
In conclusion, it’s time to wake up from the dream of 100% passive income. Understanding the myth of it all will save you from heartache and empty wallets. Online success doesn’t come from waving a magic wand; it comes from hard work, adaptability, and maybe a dash of sarcasm.
So, if you’re thinking about starting an online business, remember this: there’s no such thing as free money. Nowhere is it truer that “If it seems to good to be true, it probaly is.” But with dedication, creativity, and a hint of humor, you absolutely can make your online venture a success. After all, who needs passive income when you can have an adventure-packed, semi-passive income journey?
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Psssst again! The one and only business course that I recommend is The Roadmap. It will teach you every step of correctly creating your business (online or offline) from conception, foundation, branding, marketing to automation for that semi-passive income dream. It is a solid education and will save you from getting lost in overwhelm.