Your Passive Income Plan
You can create streams of passive income by solving problems for customers. Learn more…
Last week, I shared the idea of creating your own “lottery prize”: Passive income of $1000 a week or more for life.
This week, we will look at how you can get started.
The way to create your streams of passive income is to solve problems for customers. This is easier than it may sound to you. You may already be solving problems by offering consulting or other services. You may even be making $1000 a week or more (perhaps a lot more) by doing so. The problem with this model is that you are trading hours for dollars. That means that the moment you stop putting in hours, the dollars stop, too. And, there will always be a limit to how much you can earn.
However, when you create products that solve problems, the products can be earning for you 24/7, even when you are not putting in hours. And there is no limit to how much you can earn.
What product should you create? This is the thing that hangs up lots of people. They spend a lot of time thinking, planning and agonizing about what to do, and no time doing it. The answer is simple, though.
Find out what your customers want. You don’t have to be a mind reader to do this. Just ask. Do a survey, post questions to your blog or ask your Twitter followers. Get feedback about their questions and concerns. What is their biggest problem or obstacle?
Once you know what your customers want, create it for them. You might hold a teleseminar, then record and transcribe it. Or you could create an ebook. Or a software program. Or templates. Or videos. Ultimately you will want to have products in many formats, so don’t worry about which one to do first. Just choose a topic and format, and do it.
What if you don’t have a big mailing list or a bunch of Twitter followers to survey? Start building your list now. Today. But in the meantime, go to the forums or websites frequented by your target market. Read the questions and the comments there to determine what people in your target market want to know.
Get started on this now. Take one or more of the above actions to discover what your market wants. Then decide on a format. Then create your first product.
In an upcoming article, we will talk about how to create your first product, or your next product.
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