This is a guest post by Mark Johnson about passive income who blogs at TheBusinessNoad.com and through this post he wants to talk about the common myth related to earning a passive income online and what people should look after in order to make money online; really.
There is a widely held belief on the internet that it is possible to build a passive income online. Whilst this notion is not wholey un-true, it isn’t totally true either. More-over though, it is a dangerous idea, which I believe prevents many people from successfully generating an income online – the very thing that they were attempting to do.
So in this post, I wanted to explain the truth behind the myth, and to show you what the real options are if you want to make money online.
Each strategy has it’s own pro’s and con’s, but any strategy can work if you are prepared to put the work in… If you want a truly passive income that doesn’t require any ongoing effort, then I for one, can’t help you.
Passive Is Fuzzy
Every money making strategy can be made passive to an extent, but no strategy can ever be truly, 100% passive. What you are really looking for is a business (yes even an Adsense website is a business) that can be streamlined in such a way that your role in it is fairly minimal, or at least so that your ongoing work is simple and not too time restricted.
Any business, regardless of the ultimate goal, will take time to set up. You will have to put in the work up front, especially as you presumably won’t want to invest too much money before you are actually making a profit.
The Right Way To Look At Income Generation
I find it easiest to view the different options on a scale of how passive the actually revenue generation is. For instance, at one end of the scale you have Adsense websites. Once you have built the traffic, turning it into money is basically automatic… Although you would still want to tweak your Ad blocks to improve your click through rate.
At the other end of the scale is something like running a retail business, whether on eBay or via your own website. You need to put in the time to handle orders – most of the work goes into the process of actual sales.
But in the case of eBay, your traffic needs are pretty much sorted. And even with your own website, you can afford to do a little paid advertising, which is fairly easy compared to the SEO route.
The Best Way To Make Money Online
The best option really depends on you. Personally, I think starting an eBay business is perfect for most people (that’s how I make the majority of my income online). It is entirely possible to start up and be making a modest profit within a week or two… Compare that to the Adsense option, which will take months.
Sure there is more ongoing work, but it is pretty simple to outsource the actual processing of orders. One of my businesses is outsourced to the extent that all I actually do is order new stock, and list it when it arrives. Everything else is handled by other people.
Of course, you can also outsource a lot of the work involved in building an Adsense empire, but with a business that takes at least 4-6 months to make any money, you have to be pretty confident in your SEO strategy before you commit that sort of expense.
At the end of the day, the best way to make money online is to pick an option that works for you and stick with it. Be prepared to put in a lot of work up front and you can worry about streamlining later on. No business starts off passive, they all take a lot of work…
But on the other hand, if you have enough imagination, most businesses can be made a lot more passive once they are well established, so don’t let your dream of earning a passive income limit your options.
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