When the internet was created, it opened a new avenue of earning for people. The growth was revolutionary – in just over 2 decades, the “e-conomy” has overtaken most of the third world economies. With over a trillion spent online every year, millions of people have turned to the internet as their means of livelihood. The lure of online work is that most of the traditional paradigms of earning money has been thrown out the window. Online workers do not have to be chained to the desk or work continuously (like a slave) in order to earn. While there are many ways to make money, earning passive income should be the main goal.
Unfortunately, passive income has a very misleading name. Contrary to its name, you need to take active steps to earn passive income. In fact, many people have been disheartened because of the steep learning curve. And once you get the hang of it, you still need to put in time and effort in managing your sites to continue earning. The good news is that millions have taken action, learned how, and have shared the knowledge. According to them, the best way to earn a passive income is actually simple.
3 “Must Follow Rules” to Earn Passive Income
Step 1: Niche Selection
The first step is to carve out your niche, a portion or a segment of a market. Know your interests, and then look for a corresponding niche. The beautiful thing about the internet is the fact that there is no shortage in niches to select, so choose one you are interested in.
Avoid fads because they are passing and are only good for short term income…we are only interested in long term income. Research gaps in the market that you could fill. Then, pick one that you are passionate about – it’s always easier to write, market, promote, and sell a product or service which you believe in.
Step 2: Marketing
Once you find your niche (a product or a service that is interesting to you and to your market), you will need to think of ways to reach your buyers. There are many to choose from. In terms of platforms, be it Facebook, Youtube, or blogging, there is no “best platform” to market to your audience.
Your success depends more on how you leverage these platforms to reach your target audience. This is why you need to understand your product because you need to tailor your approach to your market. Don’t aim to reach everyone. That will never happen. Instead, focus your efforts on your niche and watch the dollars come in.
Step 3: Ensure Value
Remember, the product that you offer should provide value to your audience. While its important to love your product, your first and foremost consideration should be helping others. If earning money is more important to you than the needs of your audience, you will fail.
Income should just be a byproduct of this endeavor, not your main focus. Sometimes, you even have to give first before you receive. Give out free samples to gain their trust, this is known as the tripwire method.
If you did your homework, you should have zeroed in on what the market wants, so they will willingly follow your lead. Always offer value to your customer and you will find long term success