3 Steps To Making Passive Income Online
Passive Income is the reason I started investing in Real Estate back in 2001.
However, years later I turned to digital marketing and discovered that you can make passive income online a whole lot easier with a lot less risk.
In this tutorial, I'll show you the 3 steps to making passive income online even if you're just starting out and have no idea where to begin.
After years of trying to sell my own products and services, I started implementing something similar to what my goals where with real estate except I was doing this all digitally.
What is Passive Income?
I define Passive Income as doing something once and getting paid over and over again.
That was the appeal for me in the very begging because that represented freedom.
I started treating my digital marketing business just like an apartment building.
I would start a blog around a market I knew something about.
Then for each page I make is like a separate income stream.
The great part about this concept is there's no limitations to how high I build it and now restrictions, blocks, or covenants on how wide I build it.
I start with just one page at a time.
Now after all these years, I've had some pages making passive income for over 5 years.
I've got some pages making a few hundred dollars per month and others making several thousand dollars per month.
I'm not chasing clients.
I'm not a service based business.
I'm not doing any kind of lead gen.
All of these are fine business models and I've worked in all of these, however I would much rather pursue the affiliate marketing model for building a passive income stream.
Why Affiliate Marketing for Passive Income Online?
In my opinion it's the simplest and easiest way to start making a substantial amount of money online while also scaling your efforts.
For myself and all too many people that go the service based or client model, your time is devoted to building someone else's assets.
In addition to being on call every time there's an issue.
If you choose the wrong type of client, it can be a nightmare.
Which makes this less passive.
I've never experienced that with affiliate marketing.
To me, it's the true meaning of creating passive income online.
Here's the 3 steps to starting an affiliate marketing business from scratch to generate passive income
#1: Find a Niche You Enjoy
All too often we see people looking to find a niche or market they "think" is money but they know nothing about it.
This makes your business harder because you're relying on other people to do the work for you.
If you're not familiar with a market and need content, you've got to find someone to write and create content for you.
For those starting out, I'd rather see you start a site around a passion, hobby, or a problem you may have experienced looking for ways to monetize.
You'll have more energy and will be more inclined to see it all the way through instead of quitting at the first road block.
You can always venture into new markets once you have your systems in place.
It also goes without saying that you should feel good about the products you put your name behind.
Everything I promote here at ThinkTankLab.com I get access to or I'm a customer and tested it out for myself.
#2: Find Multiple Products to Promote
Sure you can setup a site around a single product, however it's not advised.
For years, Google has been giving placement to sites that have "Authority" and trust.
What does that mean exactly?
Typically, authority is represented by sites that have more and better content while also gaining backlinks.
Backlinks are the key ingredient to getting your sites to rank.
Therefore promoting multiple products is in your best interest.
For example, I promote multiple items on this blog alone.
Both are exceptional products that have their purpose depending on what you're looking for.
Does Amazon just list one product?
Of course not and you shouldn't either.
Therefore, it's in your best interest to find markets that have multiple products instead of just one item to promote.
You'll always have one product that's better than all the others, while another product may have certain elements you like better.
Explain that in your reviews.
#3: Promote High Ticket Or Recurring
When I began promoting affiliate products, I was starting at over $100,000 in credit card debt plus the cars, and house payment.
I had no idea what I was doing but I was fortunate to begin promoting higher ticket products as well as products that had recurring revenue built in.
What is classified as a high ticket product?
I like to think of anything where I can earn a minimum of $200 in commissions, although some of these were larger.
Some of the products I promoted had $500-$1000 commissions.
It doesn't take many sales at this rate to make a substantial amount of money.
Take a look at this screenshot for the month of August 2019
(Now, I've blacked out the customer name and the campaign because this is a real campaign I'm running)
That's 5 sales in a single month for a total of $3,107.04 in commissions, all done from 1 single page from a site that promotes multiple products.
This is a page that I haven't touched or done any SEO for in 3 months.
Affiliate Products That Have Recurring Revenue
If you promote products that are evergreen, you'll have recurring revenue as long as your in the top spots of Google (you need to be at least in the top 5) because new people will be conducting searches every month.
Just like the screenshot above, those were all new people that found my review this month. That one campaign I started in March of 2019 has paid me $13,327 at the time of this writing. (August 2019)
That's good, however it's even better when the affiliate promotions has some level of recurring built into it.
You see this often with software.
For example, every time someone orders Kartra or Thrive Themes, I not only make money on the order, but I also get paid every time they are billed.
Thrive is yearly while Kartra is monthly.
See how this can compound your affiliate marketing efforts?
Remember the idea of Passive Income is to do something once and get paid over and over again.
Which brings me to the question-
How many of these do you need to build up a substantial passive income online?
If you'd like to learn how to do this, I recently completed a training course called the Affiliate Marketing Mentorship and for a short period of time you can jump in a steep discount.
Simply, head on over to our order page and for a limited time save $100 by clicking here. It's not a fancy, high pressured sales pitch, it's just an order form and you'll get instant access to the training.
If you see a Closed Page then that means we've already closed the offer. Click here to see if there's still some spots available with the discount.