How to stop trading hours for dollars and get on the passive money-making ladder
Trading time for money is the most common way businesses make money. Whether you’re using that time to create products you can sell or selling a service that is billed by the hour, how much you make is limited by the time and staff you have at hand. This is why getting on the passive income money-making ladder can help any business become more resilient and less reliant on staff and time-exchange.
Here are 4 steps any business can follow to create passive money making products that give you passive income:
1. Find the expertise
The first step is to find the expertise your business is known for. You need to think smart though. The goal is to find something monetizable. For example: if you own a restaurant, what do people want to know? Could you create an ebook for restaurateurs who are starting up? Or would you be more apt to sell a cookery eBook? Maybe you specialise in certain diets like vegetarian and vegan, what do people in your audience crave? Find out what your expertise is and then focus on who you want to serve.
2. Go niche
The best online businesses are niche businesses. In order to get picked online, you need to clearly serve a section of the market. Which one will it be for you? Pick a section that has an urgent need and/or more cash flow. This will make your product more sellable.
3. Go Digital
Think digital. Your passive income money making marvel is going to be something that takes no logistics to deliver and no expenses to ship. Pick the type you want. Will it be an ebook, a course, an audio book?
Pick the best medium your audience loves to consume.
4. Invest in visibility
The next step is to invest in visibility. Once you have decided what you want to sell you need to focus on how you will reach them. You will need a website, an email marketing system, sales pages, a website and an online marketing plan. It needs to be treated like a start-up but will take a lot less time than a startup to make it profitable.
Would you like to know how we did it?
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