Fairy tales and myths pervade the Internet every which way you turn. And one such dangerous myth which you should heed with caution is the term ‘passive income’ as it applies to the online world. You don’t have to surf the Internet for too long to be bombarded with images of supposed successful entrepreneurs sitting on the beach, waiting for the dollars to passively hit the bank account. But in real life, unless you have spent months or even years setting up your processes and have time to consistently promote and update, it probably isn’t going to happen.
The absolute truth is that you cannot just create a blog or a website and expect to make thousands of dollars without ever lifting a finger again, unless you already have a wealth of residual income in your bank account from past efforts. Even the most ardent of your customers and supporters will expect updates, new content, and information from you in order to feel connected and appreciated. In other words, some kind of active presence will need to be involved if you want to keep earning money in the future. People expect and deserve ongoing support from you, as that is essentially what they pay for in the first place.
Tim Ferris is very much at the top of our minds when we imagine passive income as he popularized the concept with his best-seller The 4-Hour Work Week. But even Ferris has acknowledged that if you fail to do anything with the rest of the work week, then success can be hard to attain. You don’t see Ferris resting on his laurels. He is continuously out there recommending products, writing and speaking to ensure that the money well doesn’t run dry. His aim is clearly to make the most that life has to offer.
Perhaps opting to follow this quote by Tim Ferris will bring you more success:
“By working only when you are most effective, life is both more productive and more enjoyable. It’s the perfect example of having your cake and eating it, too.”
There are ways you can add to your annual salary using residual income ideas. However, if you seriously expect to publish a book and sit back and relax for the rest of your life, then you might have to rethink your pension plan
If creating some form of residual income is on your to-do list, then try these ideas on for size.
- Pen an ebook
- Dabble in affiliate marketing
- Sell something that is automatically renewable
- Develop an app
- Advertise on your blog
And this is just the tip of the residual income iceberg. Once you enter the world of earning income online, it won’t be long before you see that the amount of energy you expel to promote these products will be a direct reflection of how successful you will be.
If you’re overwhelmed, struggling to get things done, or recognise you need some assistance, organise a call with me to discuss your business support needs.