#4. Offer free download: Before you even sell, ask yourself, “What is the purpose of my book?”. If you are using your book as a way to establish authority in your niche then giving away your book as a free download. If you don’t want to give away your whole eBook for free, then give a few chapters to them Again, make sure you are collecting those email addresses in exchange, so that you can follow up with a friendly email to close the sale.
It’s not about not working. It’s all about automation. I’m still working. I’m just spending the majority of my time on the things I do best and I enjoy most. I’m out there blogging and networking and bringing people to my site and getting them into my subscriber base where I can encourage them little by little to buy through my affiliate links and purchase the products I have to sell. I’m scaling my business by creating more products and more authoritative posts that contain affiliate links to great resources. My income isn’t limited by time.
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Here, you set up an online store, but instead of selling your own products, you sell products from other companies, you submit the order to them, and then they deliver the product to the customer. It’s called “drop shipping,” and it’s more common than most people realize. You’ve probably purchased items delivered via drop shipping and didn’t even know it.
4. We do our own IT, website design and implementation, write all our own materials, do ongoing research to keep it fresh and develop new products and technologies, market, mail like madmen (our emailing subscriptions alone cost us $1,100 per month, but we’ve got a list of 15,000 after four years in the biz), and somehow manage to keep the dishes clean, food in the fridge, and love our 4 kids as much as we can.
I know subscriptions are a litttttlleeee controversial but hear me out: bloggers like ElephantJournal have been super successful using Wall Street Journals approach of providing 3-5 posts a month for free and then asking for a small subscription fee. This one is worth thoroughly A/B testing though, because if it impacts your session depth and overall pageviews, your display ad revenue will take a hit.
Blogging has a very steep learning curve, but if you jump in head first and take it one step at a time (I recommend tackling only one confusing thing per day) and do one new thing each day to work on your blog, you will eventually get to a place where none of it seems confusing! (If you try to tackle too many new things at once, you WILL get discouraged! I urge you not to do this.)
Just because the whole notion of passive income isn’t all that passive, doesn’t mean you can’t build monetization into your WordPress site with minimal effort. You’ll still need to participate in all of the general site upkeep tasks like writing new posts, marketing, and site maintenance, but the money-making approach you take can be quite simple and require little work on your part once set up.
This is another way to earn passive money from a website: sell affiliate products. Affiliate marketing is convenient and effective, because you don’t have to create or retail any products; you just need to get people to buy a product through your link, and you automatically earn a (small) share of the revenue. The most popular affiliate programs are Amazon Associates and Clickbank.
The ABCs of Real Estate Investing – It’s a great overview of real estate investing particularly in multifamily properties. It covers topics on how to perform due diligence, negotiate a deal, and manage properties. It really focuses on the fundamentals – the basic calculations needed to be a successful investor. It’s quite direct and easy to understand.
"The majority of people I see who are interested in passive income and pursuing it, haven't learned how to create value in the first place. They're just trying to do gimmicks and tricks and formulas. They're trying to do the automation part, but they've missed the point that the automation only spits off cash if it's based first on automating something that actually creates value. If you automate something that is worthless---or worse than worthless, a scam -- it's not going to work in the long run."
The right niche -- If no one is searching for information in a niche, you won't get traffic, and you won't be able to convert that traffic into blogging income. That said, you could take a traditionally low-income or low-interest niche and twist it into something more attractive to readers, such as by combining two niches, broadening it, or even narrowing it.
PS Joel also throws up the whole coaching idea in this book, and whilst it’s not at all passive I just wanted to mention it, because this is one of the ways to create a six-figure business for yourself if you are a true expert in an arena. ie you can use passive income info products (that generate say $30,000 a year) to pull in the customers for your 1-1 or mastermind style coaching service (that brings in say $100,000+ a year).