Passive Income Challenge Day 8.
Your list is a great source.

Hopefully, as your business has grown, so has your email list. Today, building an email list is an essential part of owning a business, no matter what industry you are in. Everyone is always claiming that the next new thing will replace email marketing, but it never does. No social platform has ever been able to provide the type of return on investment that an email list can if you plan it right. Which is what you are about to learn how to do.

Tell Your List What to Expect

When people sign up for your email list, you need to tell them what to expect. Set up an autoresponder series that welcomes them to the list, teaches them about your business, gives them an overview of what to expect from being on your list, and invites them to your social media platforms. You want to build a relationship with them, let them know that.

Make it Easy

Whenever you create a new product or want to promote a new product, create an email series for your autoresponder and schedule it right away. You can create schedules as short as 7 days, and as long as an entire year’s worth of emails. Don’t wait to do it, just do it.

Create Calls to Action

Every email should have a CTA. Your email messages should lead to something your audience can purchase, download that encourages them to purchase, or moves them to a new segment that also encourages them to purchase. Each and every time.

Build Your List

Always keep building your list. You can build your list by adding content upgrades to your content on your blog. For example, if you have a blog post about 3 Ways to Make Extra Money, you can link to a content upgrade about 101 Ways to Make Extra Money. This will move them to your list about making money which you can promote to them paid ways to make money.

Use Evergreen Content

One way to give your list members information that can also translate to added income is to put a lot of evergreen content into your schedule. The reason is that keeping your audience informed will train them to open emails from you, as well as trust your calls to action. Evergreen content is content that stays fresh for a long time, and in some niches that can be almost forever.

Add content to your autoresponder for every blog post you publish, every product you sell, every event you want to attend, and more. The more you add content into your autoresponder that is useful to your audience and promotes what you want to tell them about, the better. You will train them to get used to getting quality content from you, and that you only promote quality, useful products and services.

When you have enough content scheduled into your autoresponder, you can then fill it in with last-minute trending items, specials that your affiliate partners are promoting, and other content. But, if you choose to leave it for a few weeks, it’ll still be productive and producing passive income for you – even when you’re not actively working on it.

Passive Income Challenge Day 2

What exactly is Passive income? The term itself is probably a horrible term to use. Passive income isn’t really all that passive. What really defines it is that you do the work once, and you keep earning from that work repeatedly. Whereas with non-passive income, you are trading hours for dollars and do the work once and get paid once. Let’s look at some examples of passive income ideas.

What Exactly is Passive Income?

Investing in Stocks – This is one that everyone is familiar with. When you take a certain amount of money and invest it each month, the interest you earn on that money is a form of passive income. You simply invest the money, and if all goes well, you will get a return on your investment in the form of interest payments.

Buy & Invest in Rental Property – This is another form of passive income. You buy the property, hire a property manager, and collect rent. The real estate agent finds the property, the property manager does all the labour, and you just invest and collect your rent every single month while also building equity in the property. That’s income today and income tomorrow. passive income challenge day 2

Publishing Books – This is a great form of passive income. You write a book, publish it, and then collect residuals from sales for as long as the book makes sales. You really don’t even have to write the book. You can pay people to do that. A classic example is the Chicken Soup for The Soul franchise. They have sold more than 500 million copies worldwide, earning over $100 million per year.

Affiliate Marketing – This involves promoting someone else’s products or services and when someone buys, you get a percentage of the sale. You can find opportunities within your community, on affiliate platforms like Clickbank.com, Amazon, or if you like a certain product, go to their website to find out if they have a program.

Develop a Digital Product – Any digital product that you sell over and over again, such as an app, or courses, you can earn passive income doing that. You create a digital product, then your job is to promote it and sell it. You can even get affiliate marketers to help you.

YouTube Star – This type of income doesn’t seem very passive at first. You must produce a lot of content on a regular basis that your audience likes and will watch. You make money via advertisements, sponsorships, and affiliate marketing options as a YouTube Star. You don’t even really have to be a star to get started. What makes it passive is that you will earn money on the videos year after year, not just once.

Blogger – Most bloggers would not say their job is passive, but since you do the work once and can get paid repeatedly, it’s still considered passive income. Usually, you pick a niche in which to blog. You can do product reviews, how-to posts, and more. You earn money by placing ads and affiliate product links in the posts.

As you see, there are many ways to add to your income streams. The best course of action is to start with one thing, and then build onto it as you go. Work on it, promote and wait until you’re earning something on one idea before moving on to the next.

Passive Income Challenge

Whether you have your own business, perform contract-based services, or work for someone else full time, the fact is having multiple streams of income is the best way to build some financial security into your life. Think about it, when one income source dries up, you have the others. Not only that, if your work depends on you performing a task, what if you get sick? What if there is another lockdown? Then what? That is why I am hosting this Passive Income Challenge.

Thankfully, when you are working online, there are ample opportunities to build multiple streams of income to build your net worth, provide income security, and create a safety net you can fall back on during difficult times. In fact, one could argue that as of 2020 there really is no job security – no matter what you do. So, my advice, regardless of what you do, you should seek to find ways to create more than one stream of income.

Everyone has a lot at stake. There is rent to pay, school fees for your kids, insurance, simple living costs, and I am sure I don’t need to mention that others are relying on you for their basic needs. Make no mistake: it’s not having a business that is risky, it’s having only one source of income.

Most jobs don’t last for 30 plus years anymore, and if they do, the pay doesn’t rise to match the cost of living. That is why creating multiple sources of income will alleviate a lot of stress you don’t’ even realize you can alleviate. The stress and fear of another pandemic lockdown, of being laid off, the fear of losing that one big client, without these hanging over your head, you are able to relax a little with your working life.

If you look at the “rich and famous”, they do not rely on one source of income either. Even if they inherit money from a parent, they usually take that money and invest in several business opportunities so that they can earn a little money from each venture and not worry.

For example, Kylie Jenner – she was born into money, a LOT of money. Yet, she started her own company, she models, she has tv shows and I am sure there are a lot more streams of income than what the public is aware of.

By diversifying her investments, and income generation, and by spreading the risk out so that she won’t suffer if something goes wrong. Now, I am no Kylie Jenner and I am sure you are not either – so if something goes wrong for us, we will be put in a more difficult situation.

That is why I am doing the Passive Income Challenge!

As you are going through this challenge with me, remember the Dragons on Dragon’s Den, who are already rich and are investing money in small business owners, entrepreneurs, and inventors. It’s not because they don’t already have enough money. It’s because they’re hedging against something happening to their original source of income with the other streams so that they’ll never be without. Because when you have many streams of income, you have options.

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You have the option not to take just any client on to feed your family. You have the option not to work at that 8 to 6 job (face it, there are no 9 to 5 jobs), and if you’ve kept your expenses low, you may even have the option to just ride out another global lockdown, depending on the other sources of income without too much sacrifice. Creating passive income can change your life completely.

In this challenge, that’s what we’ll explore because there is no security in one income stream. You need many different streams to create an environment where you will not be ruined if just one of those streams should end for whatever reason.

P.S. Sharing is caring! So be sure to share this with your network and help fellow female entrepreneurs kick 2021 in the arse!

30-Day Passive Income Challenge