This article is written and owned by Anton Pearce
Passive income is one of the most talked about concepts in
wealth-creation. In networking marketing circles it’s known
as ‘residual income’.
Passive income is money generated from passive investments
such as real-estate, or dividends paid out from your share
portfolio. Or, if you are an insurance agent or a mortgage
broker, it is the residual income that you continue to earn
long after the original sale has been made.
As a coach or consultant, you can take advantage of passive
income opportunities as well.
Time and Money
As a practitioner you probably generate most of your income
exchanging time for money. You know a lot about your area
of expertise, you know how to deliver it a valuable
service. But you are still in the grips of ‘time-money’
problem. You can earn more by working longer hours, but you
won’t be tapping into the icing on the cake: passive income.
Have you ever heard this advice; ‘Go to school, get good
grades, get a good job, get a steady salary, be on time,
work hard – and you?ll live happily ever after?’ I don?t
know about you, but I?d sure love to see the written
guarantee on that one. Unfortunately, this advice comes
from Tales from Fairyland, right after the tooth fairy
story.
There’s nothing wrong with getting a steady fee-based
income, unless it interferes with your ability to earn what
you’re worth. Therein lies the catch, it usually does.
This mindset will be looking across the domain of websites
that attracts potential membership income; it will also
look at all the opportunities that you have to package your
content (knowledge; specific subject expertise) into
discrete marketable commodities: for example e-books that
sell off a website.
Generating passive income on the Internet is possible, but
not without some investment in time and money.
It’s easy – deceptively easy – to create a Web site, but
it’s another thing altogether to create an effective
passive income Web site.
The key lies in the value that you can develop in the
information products for your website. In the personal
development field the value of information lies in its
ability to get people to buy the product on line. You can
know for example that an E-book you produce is good but
will somebody actually pay real dollars and buy it?
As noted earlier, sales won’t magically happen: it requires
a marketing effort. In this highly populated world of the
Internet, information products are produced in the millions
- daily.
Add to that all the free information available on the Web
and all the time people spend on social networking sites
and networking sites such as LinkedIn & Facebook, some
savvy marketing is required to create a as successful
passive income stream based on information products. It is
possible.
Passive income strategy
Your website givs you the potential to reach a target
market. What’s required to market such products?
Here are some practical steps that can help you create a
passive (although not so passive in terms of the upfront
marketing that is the investment side of this equation).
* Create your Unique Selling Proposition, then test it in
the marketplace with different keywords to see what sort of
response you get.
* $500 will let you run a solid Google Adwords campaign to
generate market research data.
* Analyse who bought? How many bought? This can then form
the basis of your more automated campaign that operates
while you sleep. Tweak continuously and keep trying new
groups with key words.
On the Internet, the best marketer wins. Not the best
practitioner or therapist. You can win at this because most
therapists and practitioners are not great marketers and
few would invest the sort of time and effort it takes to
succeed in generating a passive income from information
products.
Tip: Get used to testing different group targets with
different key words. Don’t be surprised if you obtain quite
low response rates. It’s not unusual for online response
rates to be as low as 0.5 percent. For a targeted AdWord
campaign, you may get a few hundred responses and only get
two or three books sales. You need to get creative and
experiment.
The results will, if you persevere, offer passive income
possibilities. It may not be in-your-pajamas-type passive
income but it’s income over and above the money-for-time
exchange.
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Anton Pearce is known as ‘The successful coaches secret
weapon’. He can help you grow your business online, turn
your expertise into profitable new income streams and help
more people – without working longer hours. All using
marketing & social media strategies that protect and
enhance your reputation. Visit http://antonpearce.com for
more quality information.
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