In this blog post, I share 5 myths and 5 facts about online passive income streams for your business.

Imagine having multiple passive income streams that inject money into your bank account with little to no work on your part. Sounds great, doesn’t it?

While you can set up easy passive income streams and earn exponentially more, there are a few commonly held myths about passive income to dispel first.

#1 Myth: The harder you work, the more you earn.
Fact: Passive income allows you to create something once and earn from it for years to come.

If you’ve spent your adult life working for others, it naturally seems self-evident that time spent working = money. If you put in X hours, you get Y dollars. This is how an employee thinks, but not an entrepreneur.

To build passive income streams, you have to embrace the fact that this isn’t how it always works. You can create something once that people will buy over and over again.

#2 Myth: It takes money to make money.
Fact: You can set up passive income streams with very little overhead.

If you’ve ever considered starting a business, you’ve probably encountered the problem of start-up costs.

It takes investment to start a new company. But there are many passive income models that require very little upfront investment.

TIP: Online marketing and advertising are very inexpensive compared to offline, and if you sell digital products, there’s no need for warehousing and shipping.

#3 Myth: You can set it and forget it.
Fact: Passive income streams usually require some maintenance.

The basic idea behind passive income is that you set it up once and then the money flies into your bank account. While this is mostly accurate, there is still some maintenance work along the way.

You may need to create content on a regular basis and update your strategy to match changes in the market or your customers’ tastes.

You’ll also need to interact with your audience to build relationships.

#4 Myth: You can start earning today.
Fact: This business model is a long game that takes time before you’re earning a full-time income.

You can’t set up a passive income in one weekend and start earning on Monday.

One downside to this business model is it takes time to build.

You might start with a few hundred dollars of passive income a month, and then gradually build more income streams, earning more month by month until eventually you can quit your day job.

#5 Myth: Just plug and play and start earning!
Fact: It takes work upfront, but this work will pay you back later.

Be wary of anyone who tells you it’s just plug and play.

Setting up passive income steams takes time to get it off the ground. The time you spend at first pays you back eventually when the system can run on its own.

There you have it, 5 myths and 5 facts about online passive income streams for your business.

Setting up a passive income stream and finding success takes some time and hard work.

It’s a long game, but the eventual return on investment is well worth it.

You can eventually quit your full-time job, or build income streams you can use for savings, retirement, investments, or as a buffer against economic uncertainty.

Do you want to learn more about setting up passive income streams?

Join my business membership, the B.O.S.S Society, where I teach all the ways you can start a successful online business, implement effective income strategies and learn how to build profitable funnels.

I also created a 6-Step Framework to help you create a game plan for your business.

See you online!

In this blog post, we look at affiliate marketing – your simple path to building passive income in your business.

Imagine what it would be like to have a system that earns you income even while you sleep.

It sounds like a dream, but you can make it a reality by building passive income streams. With a bit of hard work and time upfront, anybody can do it.

How do people build passive income streams?

Many of them get started with one of the most popular methods, affiliate marketing.

What is Affiliate Marketing?

Affiliate marketing is an online business model where you earn income through a commission by promoting other people’s products or services.

You start by joining an affiliate network and searching there for products or services in your niche. Choose something your audience could use, or you’d love to use yourself.

Through your content, you promote this vendor’s product and receive a commission on sales by telling your audience about it.

How Much Can You Earn with Affiliate Marketing?

There is no upper limit to how much you can earn using this business model.

It depends on how much work you want to put into it.

Affiliate marketing commissions are high and, as many products are digital, there are no overheads such as warehousing and shipping.

For example, you might promote an eBook priced at $37. If you have a 50% commission, just selling 20 will get you $370.

As you can see, there is a great earning potential.

You have to create a great deal of content and build your audience, but much of the process can be outsourced or automated. This allows you to multiply the amount you can earn with little extra effort.

Know Your Audience and Know Your Product

The key to success in affiliate marketing is to choose products and services that are right for your audience.

You really need to know your audience’s

• tastes,
• values, and
• behaviors well so you can choose things they would love and purchase.

Your niche should be something you’re passionate about.

Your passion will be contagious and inspire your audience to check out the offerings you’re promoting. This will also make your marketing authentic, which will build strong relationships with members of your audience.

Leverage Metrics to Streamline Your Strategy

Since affiliate marketing is done online, there are numerous tools you can use to monitor the results of your efforts.

You can track:

• sales data,
• website visitor behavior,
• trends in the market, and
• the activity of your competitors.

Monitoring helps you to understand what’s working and what’s not.

For example, you might find that one particular blog post converts at a higher rate than the others. This post may be longer and more in-depth. This tells you that your audience responds best to long-form content, and then produce more.

Add Your Next Revenue Stream

Once you get your first affiliate marketing campaign up and running, it’s time to launch your next.

You can create multiple streams of income using this business model and earn a passive income.

Do you want to learn more about earning a passive income?

As a creative entrepreneur, coach or tutor, wanting to excel in your online efforts, you are invited to enter to join my business membership, the B.O.S.S Society, where I teach all the ways you can create passive income streams, implement affiliate marketing strategies and learn how to create profits on autopilot.

I also created a 6-Step Framework to help you implement a strategic game plan for your business.

See you online!