How to Create MULTIPLE Streams of Passive Income #Best Education Page #Online Earning

- What's up, guys?

Today we're gonna be talking about

how to create multiple streams of passive income.

Not just one passive income stream

but as you start to build success online

how can you build multiple streams of passive income, right?

It's important to diversify so you can stay safe

in case one of those passive income streams goes away

you still have other passive income streams to work with.

But let me just tell you right upfront

building passive income does not happen overnight.

I have a lot of videos down below

that's gonna teach you how to get started with that

but after you get rolling,

how do you get multiple things to help you pay

that residual income over time?

So stick around, we're gonna talk about it.

So I've been building passive income streams since 2008.

My very first passive income product

was an ebook study guide that I wrote

and published over at GreenExamAcademy.com.

You can actually go and see that today.

And it's still providing an income for me

through affiliate marketing, through my own products.

I've diversified out of that single product

and created multiple passive income streams

and I blog and I have a podcast

over at SmartPassiveIncome.com

I have passive income streams there as well.

I also have a niche site at FoodTrucker.com,

SecurityGuardTrainingHQ.com

I have a software product.

So I've done the things, I've done a lot of things.

Now just let me tell you upfront like I said earlier,

this stuff does not happen overnight

but I'm gonna teach you how you should start

building out your passive income portfolio

so that like I said, you can diversify that income stream.

Now if you wanted to get more involved

with how my income streams work

and where all that money is coming from

you can check out my income reports

over at SmartPassiveIncome.com

and you'll see when you get to see those reports

there are a lot of things that are providing an income.

Some a lot, some not so much, but still,

they all add up, so let's talk about this.

So number one, the most important thing.

Focus...

On...

One product to start out with.

This is the hardest thing because, you know,

we all want multiple streams of passive income

but you really gotta focus on one stream at first.

Now likely when you're getting started

like I taught you in several other videos

which I'll link to below in the description.

When you start making money online

it's not gonna be passive at all.

I don't wanna fake you out and say guys

you can just press a button and make money overnight

it's not gonna happen, you're gonna have to work,

it's gonna be active, whether it's freelancing

or putting yourself out there and doing some coaching

or something like that, building products,

creating online courses, whatever it is

it's gonna take a lot of work upfront.

But after you build those systems to make it automated

then the number one thing that most people do wrong

is they go, okay well what else can I sell now?

The number one thing you should do is focus

on that one product first and getting it optimized

to a point where then, you can unlock

the ability for you to go out

and start to optimize another stream.

Most people are leaving so much money on the table

by getting so distracted by all these opportunities, right?

And it's completely understandable.

There's so many videos and podcasts and blogs

that talk about all the different things you can do.

But we forget about focusing on that first product

and optimizing it before moving on to the next.

So I just wanted to get that out of the way.

Before anything, make sure you have that one product

that you're focusing on, you make it as passive as possible

whether that's using tools or automation

or even hiring other people to do those things for you

that need to be done with a human element involved.

Then you can move onto the next one

which we'll talk about right now.

Which is...

Your best customers are...

Your current customers.

So once you get a certain set of customers upfront.

I can spell and talk at the same time.

So once you get a certain set of customers,

whether you're selling your own product

or you're building an email list

and you're recommending products to an affiliate offer.

You wanna go back to those customers and ask them,

okay well what else can I do to help you?

What else can I offer you to serve you, right?

'Cause often times, that one product

is just one of many things that they could potentially

get involved with to go deeper, to go next level

into whatever it is that they're trying to do, right?

So if you have your own product and you have an email list

and you can email them and ask them

hey okay, well what are the next steps for you?

What do you want to accomplish next?

That's where you can easily go and begin to diversify

knowing that it's gonna be something

that's gonna serve them.

You're not guessing, you're going straight

to who exactly is already loving the stuff

that you are offering them.

Going to them to understand what to do next.

That way you're taking the guess work out,

and you can put yourself in the best position

to add a secondary or tertiary

level of passive income that way.

Now, just to guide you a little bit more on this,

let's talk about those next steps

and the best way to approach that.

Because there's obviously, when a person buys something,

there's so many different things

they could do from that point.

I wanna narrow that focus a little bit for you.

So, let's write this down, next steps.

And the trick is you wanna stay in the vertical.

So let's say, for example, you are a designer

and you have a great product helping people

build their first website.

That's great, right?

So you've probably have some sort of product,

or maybe offer hosting as an affiliate whatever.

That might be step number one.

So maybe it's, you know, hosting.

Well, if you wanna stay in the same vertical,

that means, okay, well what are the next steps

that I can continue to serve that person?

So maybe it's some design work,

or maybe a theme

on that WordPress website of theirs of some kind, right?

Then, what might be next?

Okay, so they have a theme, they're up and running.

Now they need to create content.

So content creation is something else you can offer.

Something along those lines.

Or perhaps, related to, you know,

let's just keep jamming on here.

SEO, Search Engine Optimization.

Which, you know, maybe keyword research,

tools or offerings or programs.

Keyword research.

Then what might be after that?

Okay, well, maybe services on how to create a product

or how to monetize that website.

Or, you know, how to get involved with Google Analytics.

I mean, you can go down the line here

serving the same customer over and over, and over again.

And that's where you wanna start.

You wanna start in the same vertical, right?

But the next steps after that might be,

okay, well you've done what you can here in this vertical.

Now you wanna kind of, just let me erase this.

After you get involved with that vertical

which is where you would start.

You would kind of jump over

to the next sort of level horizontally,

meaning it may relate but not necessarily

the exact next step.

But it could be something,

an option that a person can go to.

So let's just say, for example,

continuing on the same scenario there.

Okay, we help the person build a website,

we got them involved with keyword research and SEO,

they're building content,

they're building an audience, right?

Maybe that's what unlocks

this next horizontal level offering.

Now you can start podcasting

to expand an audience and get people

who can only find you through the podcasting space, right?

So now, we have another vertical here.

So it's horizontally away from websites

but still able to serve them.

But now we have a whole new set of things

that we can potentially offer in that passive income

as a part of a passive income portfolio.

So, you know, obviously there are programs

to help a person start a podcast.

So, like Power-Up Podcasting which is my program.

There's also, you know, microphones or other equipment.

Microphones, there's also the idea of, you know,

services to get, to be a guest on a high profile podcast.

Guest or interview services, like Interview Valet.

There's also, let's keep thinking here.

There's artwork, right?

Artwork for podcasting.

So, all of these things that people

in the podcasting space need.

Yes, they're now on this vertical.

And then maybe after this,

you jump over to another vertical.

So let's just take another example of going, you know,

from vertical to another offering outside of that vertical.

So let's say you teach, you know, advertising.

So you help people with Facebook advertising.

You help to master and learn and understand

Facebook advertising, right?

Maybe you even go as far as offering coaching

on the higher level end of things.

And usually, when you go and increase, you know,

the offerings in a specific vertical,

you are offering things at a higher level for those people

who want higher level coaching, or wanna pay a lot more

to get more access to you, those kinds of things.

But let's say you tap out on Facebook advertising

and you wanna go to another horizontal.

Well, people who want advertising

or do advertising want more traffic.

How else might you be able to offer them traffic?

Maybe it is a search engine optimization

sort of program or course.

Maybe instead of Facebook,

we're gonna reach out to Twitter ads

and discover how to do Twitter ads

or YouTube and video ads and things like that.

So if you are the Facebook ads person,

you're teaching that, you might wanna diversify

by exploring other forms of advertising

like YouTube and Twitter, LinkedIn,

there's a lot of other places

where you can get in front of audiences.

Podcast advertising, that's another one too.

So, you can see how we start with one like I said,

and now, we offer them all we can with that.

Now we move over to the next space

but continue to offer them in that vertical too.

Okay, and remember, all along the way,

the most important thing before you move on

to the next thing, whether you're going

vertically or horizontally is, keyword, optimize, right?

Make sure that you have everything in place

so that you can A, automate it as much as possible,

that's where the passive part comes in.

You're working on your conversions,

making sure all those holes are plugged in.

Optimize, optimize, optimize.

Alright, so we're gonna keep going here.

Let's say that you've only offered your own products,

your own offerings, your own coaching, your own courses.

What else can you do to expand beyond that?

Well, obviously, you can do...

Affiliate...

Marketing and that means,

recommending other people's products

and earning a commission as a result of doing that.

And this is actually where most of my income comes from.

It's not just my own products,

but through affiliate marketing,

I'm actually now expanding horizontally

and offering my own products

after starting out with affiliate marketing.

So, there might be products that exist

in the market that your audience wants

that perhaps, you can't even create yourself.

But, they would buy it if you can recommend it

and be that person to offer them

the, just the understanding that that thing exist

and they can offer them value

while you can get paid a commission from that company

as a result and diversify your income that way.

Alright, next up let's say you start building an audience

in the following as result of what it is you teach.

Well then, you open up the ability to do some advertising

and sponsorships, those kinds of things.

And those are typically income streams

that come into play once you start to build a following.

So this doesn't happen right away.

I wouldn't start with this.

A lot of people think that this

is the only way you can make income.

But you can make a lot of income

by serving a smaller audience

through those other means like we just talked about.

But advertising, you know, it's passive

in a sense that you know, you set up these things once

with a company and then you create those podcast episodes

or you create those blog posts.

And you know, just a fee, or some sort of CPM model

that will kind of give you

that passive income stream down the road.

But as you start to build that audience,

it becomes a great monetization model

that is kind of just, you know, open to you

once you start to build that following.

Then, you know, there's some really interesting models

out there that are very popular than YouTube

and podcasting space.

Using a tool called Patreon.

So Patreon is, you can think of it as like a PBS.

You know, public broadcasting system, you know,

they get their funding from viewers, right?

Like, paid for by viewers like you.

And you can actually set up a model just like that

using a tool called Patreon.

I did an interview with the founder Jack Conte

and we'll put a link to that podcast episode

below in the description.

But this is great because you can have people pay you,

let's say, for example, you have a podcast,

and you have a person pay you $1

for every podcast episode that you come out with.

You come out with four a month,

that's only $4 per person, right?

But let's say you have 1000 people who do that,

now you have $4.000 a month in passive income.

As a result of people who just wanna support you

to keep doing what you're doing.

So this is really cool because you're not selling anything,

you're allowing people to feel great

to support what it is that you do.

And if they love you, if you build the fan,

this is a great model.

And then, finally, overtime,

and this doesn't happen right away

but once you start to get known

and build a name for yourself,

you can do things like, you know, advising companies,

investing, angel investing in other companies

that you know, provides interesting opportunities.

You can obviously get involved in things

like real estate and investing in the market.

I'm not gonna get into that today

'cause my home base is really in building online businesses

and staying in that realm.

So, hopefully this video was helpful for you

and gives you some inspiration for things

you can aspire to, what I would recommend is

if you are already making passive income,

I would select your second product

to focus on and then just again,

optimize, optimize, optimize before you unlock

the ability to add more to your list.

So again, make sure to check out smartpassiveincome.com

and my income report's there to see how I diversify

my income and create multiple passive income streams.

Thank you again for watching this.

Make sure you hit subscribe and click that notification bell

so you can get notified when new videos come out.

And I wanna hear in the comment section,

which one of these passive income streams

are you going to work on next?

Leave the comment below.

Thanks so much and team Flynn for the win.

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