Woo! So last month – May 2016 – was the first month that I officially broke over $1,000 in passive income from my blogs and YouTube Channels. There’s a lot that I’ve learned since I started making money online, and it took me a good couple years to reach the point that I’m at now.
The problem, when doing some research, is that there’s so much BS on the internet about making money online. The tricky thing is that most people who make money online do so by making money online – if that sounds weird, that’s because it is.
There’s a lot of hot air out there, so here are my 11 steps for making $1,000+ a month in passive income – all this is from experience, so feel free to post a comment if you have one!
1. It IS Possible
I know this is a weird place to start, but most people look at making money as a linear equation: Hourly Rate x Hours Worked = Income. When it comes to passive income, it’s a completely different income structure that can throw a lot of people off when they first hear about it. What I want to say, first and foremost, is that generating a lot of income is completely possible (I’m doing it!). It’s going to take a lot of hard work, dedication, and perseverance, but eventually you can reach your financial goals using these techniques.
2. What’s Your USP?
With any business, you have to have a USP – a unique selling proposition. This is your secret sauce – the very thing that makes you stand out compared to anyone else out there. It’s extremely important for you to spend time thinking about what makes you so unique. What are your talents, interests, skills, etc – what about your personality makes you, you?
A huge aspect of making money online is finding a specific “niche” – personally, I couldn’t disagree more. The main key is to let the niche evolve on its own, as the more you create content the better you’ll understand what makes you different compared to everyone else on the internet.
3. Build Your Channels
Now that you have a general idea of what makes you unique, it’s time to start building avenues for you to post content on. First off, I would suggest getting a website. It’s literally $5/month, and you can easily make that back if you work hard at it. This will allow you to start blogging and posting content immediately in text format.
Next, get a YouTube Channel. Not only is YouTube completely free to sign up and host videos, but you can make money off the ad space – can’t be that! Get both (website and YouTube channel) to maximize your revenue stream.
4. ABC Rule
Got your website and youtube channel? It’s time to start posting tons and tons of content. Above anything on this list, the ABC rule is the most important. The ABC rule is: Always Be Creating. One of the quickest ways to boost your traffic and income is pump out massive amounts of content – and make sure it’s good content. The more you pump out, the better, as you can build your following and also hone in on what people respond best to.
5. FREE Value
You have your channels and you’re pumping out content – here’s the key now: Make sure that your content provides value for people. As oppose to most businesses, in the internet marketing world the best customer is a new one – not a returning one (although they’re still important). For example, if you’re reading this right now and this is your first time on my site – that makes sense. This post, and a lot of my other posts, are meant for people who can still receive value without knowing me.
Once you figure out where you can truly provide value, give it away for free. I give away all my best content for free, as that’s the best way to build a strong following.
6. 80/20 Rule
After getting some traffic, you’ll start to notice particular trends. What you’ll notice is that 20% of your videos or posts will generate 80% of your traffic and revenue. This is why I said, in step 2, to not pick a niche early on – by using the 80/20 rule, you can have your niche develop over time as you’ll see what people really respond best to. Be flexible, and let your content and direction guide you as you go.
7. SEO & Keyword Analysis
I’m not going really in-depth about SEO on this post, as it’s a huge topic – but the idea of SEO is figuring out how to rank higher in the search results. A huge aspect of SEO is Keyword Analysis/Testing – it’s figuring out what people are searching and looking for and how you can create content based on what people are looking for. For more information, check out my video on SEO to figure out how exactly to do keyword testing and figure out how to optimize your posts!
8. Affiliate Links
Affiliate Links are one of the best parts about Internet Marketing. Anytime I recommend a product on my YouTube Channel or blog, I have a special link and tracking code. At no extra cost to the buyer, I get a small commission for referring them. Overtime, those commissions add up, and you can literally recommend anything on the internet you can think of. My favorite affiliate is Amazon, simply because everyone uses it and knows it.
9. Interact With People
One of the best ways to build your following is meet other bloggers and YouTubers. It’s an excellent way to cross promote between two different communities, as each following for each channel is completely different from one to the next. If anything, the bigger you become, the more you’ll start to get messages of people wanting to work with you – so don’t worry if reaching out isn’t your thing.
10. Create a Product
For me, this isn’t as applicable as other items on this list, but creating a product is arguably the most lucrative method to making money online. Even though I don’t create products per se, my main forte is being a music producer, and so I make sure to obviously sell and promote my music (aka my product). Most bloggers and YouTubers make a ton of their income from creating products about the specific niches they build.
Especially with blogging, they’ll take a lot of already written posts and condense it into an ebook. Even though there’s not a lot of new information, people will still pay for an ebook because they want to support the blogger and it’s easier for them to have all the information in one source.
11. Be Consistent
After taking the first 10 steps, the main key now is to just stay consistent. Keep pushing out great content, producing products, and building your following daily. Too many people do everything right but give up only after a few months. Keep at it and don’t give up – I’m not saying that to be motivational, but more of practicality. When it comes to search engines, one of the biggest ranking methods is how long someone’s been making content for. If you have a site that’s been around for a couple years, you’re going to get way more traffic than another site that’s only been around for a little bit.