When you’re first starting to develop passive income sources, it’s important to have a realistic goal. While we’d all like to earn $10,000 or more per month, a more modest goal has several advantages. The most important advantage is that your goal is achievable.
With only $5, you barely have enough to buy coffee at Starbucks. But, you might be surprised how quickly it adds up. Earning just $5 per day will make you over $1,800 in a year!
It’s entirely reasonable to create that level of cash flow with only a week’s worth of work.
Consider these strategies to make it happen:
1. Take the time to brainstorm. Spend some time creating a list of ideas that could generate $5 a day. Consider everything you know about that might be valuable to someone else.
* For example, you could create a video on how to change the oil in a car. The video could be posted on YouTube and other video hosting sites and you could make money from those that have an affiliate program.
* You could also include Amazon.com affiliate links for the supplies needed to complete an oil change.
* Do you make the best chili? You could sell your chili recipe or create a website of chili recipes and sell advertising space. You might include an affiliate link to a crock-pot.
2. Pick one of the better ideas. Most ideas will take about 20 hours to implement, which is about 3 hours a day for a week. That’s plenty of time to build a website, post a few videos, and do some marketing.
* It’s difficult to predict what will and won’t work. Avoid spending too much time on any single idea.
3. Maintain your focus. The biggest challenge you’ll probably encounter when trying to generate income online is becoming distracted. Shut down your email. Turn off your phone. Avoid using your web browser for anything except work.
* Try setting a timer. Putting a time limit on an activity makes it easier to stay focused.
4. Complete the project. After you’re done with your first project, move on to the next. Continue adding project ideas to your list. Attempt to add one new idea each week.
5. Repeat. Now that you know the process, keep repeating it. It’s that simple. Many of the projects will fail to earn $5 per day. However, you’ll find that some of the projects will earn much more than that.
* From time to time, revisit completed projects and see if any adjustments are needed. Sometimes a little tweak can make a big difference.
* The rule of thumb is to try and create 30 projects. After completing those, you can spend the 1st of the month perfecting the first project, the 2nd of the month on the second project, and so on. Drop the projects that aren’t working and initiate a few more from your list.
Over the course of a year, 50 projects would equal $250 per day. That’s over $90,000 per year. And you can continue to work on more projects!