I’ve been interested in creating a passive income for a long time. I like working and I am not ready to let that go, but looking into the future I’d like to be more flexible and work in a more project based style. To do this I would need a stable, passive income.
This usually comes from investing money and “living” off of the interest. As interested I am in investing, I am probably more interested in the research and idea behind putting together the “perfect portfolio” than just investing and walking away. I’d like to make a passive income from different sources, projects and businesses.
I’ve read so many books and articles, listened to hours of podcasts around this subject. My learnings are simple. You need to take action. Action is the differentiating factor between actually creating a passive income, no matter how small, and just planning for one and not receiving anything. This has been very obvious for myself as I have planned for many businesses, investing portfolios and projects. But I never really got around to actually doing it.
So I’ve now got it down to 4 steps to create my passive income, which hopefully would turn into my main income in a couple of years. So I can work with the things that really give me energy and learning.
The four steps to create an income from your passion/hobby:
- Define what you really are interested in and apply at least 100 hours of deliberate practice in that area.
- Create value from your knowledge about your interest. Value is not as complicated as one might think. It is all about creating, for example content that is either educational or entertaining.
- Get an audience of die-hard fans. This doesn’t have to be 1.000.000 followers. It needs to be 100 true fans that consume your content and share it with their fans. The trick is here to find the platform that suits your content. Dont over think it, just chose a platform and go with it.
- Monetize you fan base. This is easily, depending on your “business”. I you are creating cool YouTube videos of you skiing, perhaps you should focus on merchandise. Selling trucker caps with the name/logo of your Youtube channel. If you are writing blogs, think about affiliate marketing. Helping companies/brands sell and market their products on your platform. But only do this is you are yourself an avid user of their product. And lastly your could monetize your content. Sell a book, produce a series of lectures in video, create a course on how-to [your subject].
These steps, when I first encountered them, are actually quite simple. On tip is to let it grow with time. Don’t shoot for the stars, don’t think that you will earn a million your first month. Build it slow, fail, learn, excel. And don’t give up.
Remember taking action and starting is the hardest step to over come. There is no simple way, just sit down and start.
Let me know if you think this was easy, hard, gibberish or if you like it.
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