I’m all for passive income.
Who isn’t, right?
It’s a smart way to create income streams for yourself that you don’t have to actively manage in order to continue earning in the future.
These Are My 5 Favorite Passive Income Makers
How you can generate money with minimal time commitment.
When this year started, my goal was to create an actionable plan for making more passive income. I decided on an income stream and then, put my plan into action to make it passive-income producing.
Since then, it has turned into a $1,800+ per month income stream for me with a lofty goal to hit $5,000/month in passive earnings by the end of the year.
Here’s everything you want to know about how I did it and the plan you can clone to do it for yourself.
How I built an $1,800+ per month passive income stream
Before getting into the 4-step plan that took income from zero to $1,800+ per month for this income stream, I started by picking an income vehicle.
There are many paths you can take with passive income:
Short-term rental of your home or car
I decided to go with ebooks.
Ebooks are incredibly easy to create. They don’t have to be expansive 20,000+ word books (unless you want them to be) but instead, short, digestible e-books or e-guides that can be consumed in a day.
I wrote a book about starting a faceless Tik Tok business
I’ve been on faceless Tik Tok since 2020. My first account grew to around 100K, then I have accounts at 89K, 23K, 4K…
I had experience with ebooks many years ago but, I didn’t see the growth and income that I envisioned at the time so I gave up on it for a while, until this year.
With ebooks chosen as my target passive income stream, I put my 4-step plan into action.
Here’s what I did…
4 Steps for Building Your Passive Income Stream
Choose a topic
Outline the book
Rough draft + Proofreading and editing
Step 1. Choosing a topic
I picked topics I was knowledgeable about. The goal is to solve a problem for your audience. Your ebook will be the solution.
Problem: Paying off student loans
Solution: Actionable plan for paying off up to $100K in student loan debt in 3 years
Problem: No growth in online business
Solution: Business coaching/mentoring to identify and overcome obstacles that are stifling business growth
Problem: Lack of growth on Twitter
Solution: Guide for when, where, and how to post on Twitter to encourage growth
Think about pain points your audience has and create a solution for it with your book.
How to Build a Faceless Business on Tik Tok
⭐ ⭐ ⭐ ⭐ ⭐Discover How to Build a Faceless Business using Tik TokLearn how to create a business on Tik Tok without…
Step 2. Book outlining
This is about creating a rough draft of your book.
What topics and sub-topics do you want to cover?
Are activity worksheets/templates/quizzes included?
Is there an online community available for students to connect?
How will the book be arranged?
Once you outline your book, it will become much easier to start writing. You can group your thoughts into chapters or sections, based on your outline.
Step 3. Writing the book, followed by proofreading and editing
You’ll write your book. Read it and then re-read it. Then, proofread it for errors or hire a proofreader and do your editing.
In this step, consider giving the book to someone else to read.
It’s a good idea to get a second opinion on your content so you can get unbiased feedback and ideas for improving it before going live in your launch.
Don’t be afraid to spend money here.
You can hire a proofreader and editor, saving you time and getting quality work in the process, so you can get that much closer to your launch date.
It’s tough when you do it all yourself so investing, is a smart way to outsource some of the steps so you don’t spread yourself too thin.
Flipping It | How to Flip No-Income Websites for Profit
⭐ ⭐ ⭐ ⭐ ⭐ Discover Website Flipping and Learn How to Flip No-Income Websites for ProfitLearn how to create a business…
Step 4. Launch
There are many ways you can create an ebook launch…
Start creating buzz before your launch and build an email list
Focus on organic marketing
Invest in paid ads
Go with influencer marketing
Share with your personal network
Pick a strategy, put it into play, and take action.
I went with content marketing and email marketing.
These are the steps I followed to launch my books.
I chose website flipping and faceless Tik Tok business as my topics to tackle. I have experience with both and I knew I could teach both topics to my audience, helping them build businesses and grow their income through both channels.
What do you think?
Have you created a passive income stream for yourself? What did you do to build it up?
Start a Business with Website Flipping
Side hustle ideas
Want to read more stories like this? Check out my Substack where I talk about side hustles, social media, content creation and business.
Thanks toThe Startup