What’s better than earning income where you don’t have to trade your time for it? This is called ‘passive income’. Income that is generated without you having to lift a finger. It accumulates even when you are sleeping. The 2 ways to achieve passive income is firstly by investing money to make money, which requires money in the first place. Secondly, you can be investing your time to build passive income streams through business and until such time the desired income is reached.
Being In Control
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There are obviously great reasons why people aim to create passive income streams, including being in control of how their PERSONAL TIME is spent and to have FINANCIAL FREEDOM. Achieving financial freedom is not rocket science, but few people actually achieve it. However, more and more opportunities are opening up online and you should take heed of them.
Traditional Passive Income
Investment opportunity includes PROPERTY INVESTING. It’s one of the most common opportunities but can be expensive. Passive income is achieved when an investor has acquired rental properties and built-up a PROPERTY portfolio over several years usually. The RENTAL PROPERTIES are the CASH-COW. The income from rents is coming in regularly and steadily each week and month. It doesn’t require the investor’s full-time attention once set up, especially if you have property managers on board.
Getting It Online
BUT more and more people are turning to the INTERNET since it has opened up AFFORDABLE opportunities to anyone who has an internet connection. Amazon, Youtube, Facebook, and Affiliate platforms are more popular than ever to build and generate online passive income. So popular, that online affiliate businesses are the fastest growing of it’s kind in the online industry. Platforms to build online business make it affordable to the average persons in most cases, costing as little as $500 US to fo host manage and operate an online affiliate business for 1 full year, with a profit margin of 300% in the same year in most cases.
Step #1. Do Research And Then Some – Watch Out For Scammers
Take at least a couple of months, nothing less, to thoroughly research the opportunities that interest you. Nothing at this stage is more important. There are unfortunately a lot of people who have discovered that scamming people out of their money online is as easy as a click or two away! It’s easy to be fooled by these fools, who are getting rich off vulnerable honest people like yourself. Remember that if it sounds too good to be true, then steer clear. If someone is promising you riches for just $$$ without putting your own sweat into it, RUN…
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Step #2. Allocate Your Time & Sink Your Teeth Into It
After all your research, decide how much time you will give to the business and sink your teeth into it. As a business owner, you should always know about that industry even if you plan to outsource parts or all of the business to other people to run. Giving your business your time initially will give you a real insight into various aspects of the business. Many online opportunities won’t require your full-time attention, thus allowing you to stay employed in a job while building up an online business. A couple of hours a day can be enough time initially to build out a very successful online affiliate business for example.
Step #3. Learn As You Go – Know Every Aspect Of Your Business
There is no need to learn everything there is to know before getting started. Learn as you go. Take the time to learn about your chosen industry through training if necessary – you should at least be familiar with the fundamentals of the building blocks of your business. You can do this in some cases while building out the business. Be hands on for at least the first couple of years before handing it over to others to run if this is your intention.
Step #4. Build A Team You Trust
Faceless businesses are not uncommon, but the people who work for you can better relate if they can see and speak to the person they work for. Don’t be too hasty in handling any or all parts of the business over to others to run it for you. You must absolutely be able to Trust the person or persons especially if you plan on being a hands-off business owner somewhere down the line. You should still be involved in some aspect. Actually, it is better for the people who work for you to have you involved also. If they can relate to your dream and plans of the business and to you the person, the better they will be at doing their jobs.
Step #5. Scale Up Your Passive Stream Of Income
The great thing about online business is that they are very scalable, doubling, tripling, or multiplying your income streams. If done properly, the opportunity for scaling and multiplying your passive income streams online is unlimited. If you really want to reach your FINANCIAL FREEDOM dreams sooner, then this is the way to go about getting there. This is a very real opportunity for very real ordinary people from anywhere in the world who have an internet connection.
LIVING THE DREAM – More Accessible Than Ever Before 
What does Living The Dream look like to you? Everyone is different but the same – what I mean is that everyone wants to have more time and more money to do the things they want to do depending on their interests, but their reality is far from this. Most of the worlds working population is working for someone else and have no control over any of it. However, the internet is changing all of this and we haven’t even broken through the surface of possibility and potential yet for humans in this space. On another note, AI or artificial intelligence is already replacing human labor and new forms of earning income will have to be found elsewhere. But AI is another topic for another time. For now, the internet opportunities have already changed the world and more and more people are riding the wave of the opportunity presented there. Are your ready to also ride this wave?
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Hi Rina,
Thank you for the thorough information and tips! I had no idea there was so much to consider. I love your post! Your information and pictures inspire me to go on with my online adventure – a safe one.
Honestly, i will Allocate more of my Time & Sink my Teeth Into It.
Looking forward to reading more of your posts!
Bibian
Hi Bibian
Thank you for calling by, I enjoyed reading your comments.
Regards 🙂
About 2 years ago I started looking at the opportunity to earn online. You are hitting the nail on the head with step 1. You have to do your research and a lot of it. There are a ton of opportunities out there, but with opportunities comes scammers.
Do you maybe have some tips how to recognize scams and how to avoid them?
I am still looking for my financial freedom. Financial freedom for me is to do what I love while making money from it. I think passive income is the ultimate goal, but I realize I have to work for it first. It is not going to fall into my lap.
Step 3 is also interesting. I love the idea that you do not need to know everything to get started. This is a great way to improve your self development as you go.
I love your 5 steps and like the fact that you do not promote “get rich quick” schemes.
I notice you promote Wealthy Affiliate and need your honest opinion. Is there any risk if I want to join this program?
Is it one of those products where you pay first and they will refund you if you are not happy?
Hi Rika!
Thanks for the comments and questions which I will answer now.
My tips to avoid scammers are…to watch out for these redflags!
1. Research at least 5 companies and READ what other people are saying about them.
2. Don’t pay any money up front. You should be able to at least checkout and try out their products and services before you go on to buy. If they are asking for money upfront, ask yourself ‘what are they hiding’? Finding out later that you have to buy their upsells in order to progress, is the worst type of scam!
3. You get started and it takes days to get any of your querries answered. If you are putting your business on hold for an unreasonable length of time (12 to 24 hours is unreasonable to me) because you are waiting on support, then this is not on.
To answer your question of a refund in Wealthy Affiliate. I honestly have had no experience at requesting a refund in Wealthy Affiliate. I have had no need to. But what I do know is that they are a proffessional, ethical and fair company. If a refund was requested, I beleive that they would consider it if they thought it to be fair and warranted. That’s all I can really say about that. But of course, anyone can ask this question directly in Wealthy Affiliate before any money was exchanged, in the ‘FREE Getting Started‘ program.
Thanks again for calling by,
Regards 🙂
Hello Rina, thanks for your post. I recently started a website because like you say I want to be in control of my time and have financial freedom. I was searching for advice and your steps and advice are helpful and so I will try to keep them in mind. The property investment example sounds great for some who can leverage the equity from their existing property they already own or have the cash to start with. So this is probably beyond my means right now.
I think that if I do things right with my website, I might have a good chance to get the financial freedom I want. Then someday I would also like to have a go at property investment. Thanks again for the post.
All the best
Hiya Anria! Great to have you drop by.
I think that no matter who you are and you have set some clear goals for yourself, if you have these three things, you can absolutely reach any target you set for yourself and more.
1. You are shown the proper way – learn from those who have done what you want to achieve. They have already walked the path you want to walk. and you aren’t trying to reinvent the wheel.
2. You commit time to learning and building out your web-based business – be specific of how much time you give to learning and building out your web-based business. It won’t magically fall in your lap. 2 to 4 hours (or more) a day with the right training and support should do it.
3. You have all the support you need to reach your targets – support includes having all the resources and tools you need, preferably in the same place. Resources include secure hositng services, training services, a great support team, a community of like minded people and the right mindset…
I love to see ordinary everyday people like me achieve success online and are well on their way to financial freedom.
Regards and all the best 🙂
Excellent article! Everyone who is thinking of starting an online business should read this.
Working online is not get rich quick system, but it is not being chained to your work desk either.
I like your advice to take a few months to read through and see what to do and how to go about doing it.
There are, indeed, so many scammers out there, and it easy to get distracted and keep purchasing new money making online products while not getting anywhere with your own online business.
I’d suggest step by step, methodical learning (because, there is much to learn!) and then scaling your business slowly and before you know it, you’ll be leaving your full time job and never ever have to work for someone else ever again. If that is not motivation enough, I don’t know what is!
Hi Alenka, thanks for the comments and for the great suggestions too!
Obviously, you are someone who has some experience with the online scene. I think that if people were guaranteed success online then everyone would be doing it. But unless you are willing to give time to learning and following up with action, then it will not fall in your lap.
I beleive that most people want the freedom that an online business income can give you, but are unaware of how that can actually become a reality for them. I have seen a large number of people (in the tens of thousands) achieve success online when they commit just a few hours a week to online business traning, have 24/7 access to a community of experts and mentors, and a kick-ass secure business platform (such as Wealthy Affiliate). There is no question, people are making it here.
Thanks again for the great advice Alenka!
It was awesome to have you stop by at Earning Online.
Regards 🙂
Step 4 – build a team you trust is ON POINT!!! I can’t stress enough how much working with my sister (my best friend) on our online business has been major key. Not only does it make working on things more enjoyable, but I’m at ease knowing my ‘team’ has my back and isn’t going to throw me under the bus. I’m going to note these additional options for making income online. Thank you for putting this together!
Hi Sarah,
Nice to have you call by Sarah and for commenting. It saves a lot of hassel when you have a team you can trust and it’s an added bonus when you have your best friend there too such as your sister. Working together must be a lot of fun for both of you.
This sets the scene for an awesome working relationship and for building out an online business together.
Others will outsource to experts in various fields. Sometimes this might be a one-off arrangement but it’s important that you trust that they are carrying out the work you expect from them – reading reviews from others who have used them or asking them to provide examples of their work before deciding on having them as part of your team.
Regards 🙂
I’m just at the point with my online business where I’m considering having others do some of the tasks. This will allow me to look at scaling the business and increasing income. You’ve given me several things to think about here, like doing plenty of research and making a plan before jumping into hiring others.
Thanks for so many great tips and info! Stella 🙂
Hi Stella,
Thanks for stopping by Stella and for your comments. It’s great to hear when another is at the point of scaling their business and increasing their revenue as a reslult. I’m glad to have helped you in some way in a little way. I wish you great success in the future.
Regards 🙂
Hey Rina,
Great points for how to plan for your financial freedom. We all want financial freedom, but as you said you need to plan it properly.
You discussed the subject thoroughly, and I really like your 3 point, Learn As You Go – Know Every Aspect Of Your Business – very important tip. As most of the times we hesitate to start our own business, due to insufficient or lack of the subject knowledge. You stated it correctly, that we must have the fundamental knowledge about the business, but can be learnt over time .
Thanks
Hi and thanks for calling by.
Thank you for the comments. I actually enjoyed the journey of learning every aspect of my online business, especially aspects related to how website content is viewed by search engines, how to rank in the search engines and so on. I’m not what you call a ‘geek’ but I have learned an aweful lot which makes a huge difference to my success. I was lucky that I had the best teachers.
Regards 🙂
Great topic on creating passive income. Many of us who are having 9-5 jobs are looking for ways to earn extra income, especially passive income.
You have provided ideas and tips for creating online passive income. These ideas are very helpful for many people who are looking to earn extra income.
Living financially free is a dream for me. I have just started my online business on affiliate marketing.
Thank you.
Hi Christine!
That’s great to hear that you have started on your online affiliate business. This is a great start to your dream of living financially free, and you can absolutely achieve this with online marketing when you are shown the proper way.
A lot of people mistakenly think that earning online is effortless, but that is not the case. Your success will depend on having the right training, support and how much effort you put into it. The kind of success people are looking for in this industry will not happen overnight or even in the next year or two.
So enjoy enjoy your journey Christine, I wish you all the best,
Regard 🙂