What It REALLY Takes To Create Passive Income [feat. Pat Flynn of Smart Passive Income]

rootF IMG 606091be814a4

if you guys are starting a YouTube channel because you want to increase some passive income there is some truth to that but it is a lot of work and it might not be as passive as you think it is as Pat Flynn from the smart passive income podcast and he's going to share with you guys some principles about what it takes to actually create an online passive income hey guys my name is Tim Schmoyer welcome to video creators we're all about helping you guys grow your YouTube audience so you can spread a message that reaches people changes their lives and that's what Pat Flynn is doing over in his podcast and his own YouTube channel youtube.com slash Pat Flynn what do you do over there we talk about business and how to generate passive income and we've revealed the truth behind that which is like you said earlier it is not easy and it does not happen over night you've probably heard of people making lots of money you probably seen lots of YouTube videos people sharing their income and like how cool it was and yeah we see what we see but we don't see it a lot a lot of the hard work and the time spent to actually get to that point I have worked with some big people in the passive income space and I'll just suffice it to say that they were working pretty hard 60 hour weeks when I was working with them so I like there might have been like a stage of that like maybe they would go on vacation for four weeks at a time but it was hard work so what is like what does it actually take to create passivity I think the big myth is that you can immediately put something up and then sit back and then you can chill at the beach with your laptop and then money's gonna roll and the truth is that that's not how it happens that can happen after step 10 right the first step is you need to build something that actually works to solve people's problems and help people whether that's building a business model through affiliate marketing or creating your own products or building a website or building a YouTube channel and getting ads these things work as a starting point but where things start to be passive is when you begin to remove yourself from that process as much as possible and just some business models you can't do that right now my first business which was an online business helping people pass an architectural exam that website only needs a finite amount of information to help solve that person's problem which is I need help passing this exam you can find that at Green exam Academy com it's a very little niched exam in the architecture industry which is where I came from and I haven't touched that website for five years yet every month it makes fifteen hundred to two thousand dollars a month it took eighteen months to get to a point where I even saw a dollar and I think this is a big thing people don't put in the time to actually create something that can then be automated either through tools or Google and search and and suggested videos or by building a team that can help do a lot of those things for you around three and a half years ago my wife was pregnant with twins and our life had to drastically change and there was a period of time there where I actually backed way off of my business here at video creators I went from working on a full-time to working about 10 to 15 hours a week for about six months straight and I was very thankful that I was in a position to be able to do that but a couple things one is like there was a lot of work that went in to get up to that point but then two there was passive income still coming in but I noticed that over time it like it doesn't just kind of stay the same or grow like it still requires active involvement and I found that over time after the end of six months which was I'm the great thing to do for my family but the business declined the revenue didn't stay the way it was without my active involvement and that's why I felt like this isn't really like completely passive it still requires time and attention here's a truth there's nothing as 100% passive income that it doesn't exist 100% passive income doesn't exist real estate it's passive income you have a house you and you can you can rent it out you still need to maintain it you still need a person to you know manage the client that the tenants that are in there the stock market and all those kinds of investments that you can make that are passive you still have to pay attention to what's happening in the market if there's gonna be a recession need to kind of be a little bit less aggressive with your investment everything requires maintenance but there are kinds of business models that can work for you instead of you working for the business what passive income is is building businesses that allow you to remove yourself from still having the business store so for example building an online website that helps people pass an exam I have a study guides they're the tools the information they need people can find it on Google they go there they purchased the product that gets delivered to them via email and then I get money in my PayPal account I am no longer needed to be existing in that process I still have to maintain the website but that process can happen automatically on its own you write a book put it on Amazon people can find it and download it you get paid once a month from Amazon Kindle that's passive but you still need to maintain the information in that book and whatnot and and and so forth non passive business models are you take on clients who hire you because you have a specialty which is great and I would actually recommend starting there because your audience might have a very specific need you have a very specific skill and they will pay you for that because you make life more convenient or you are able to help serve them in a way that they can't serve themselves with but as soon as you stop your money yes its $1 for time exchange the price can may be scaled at some point but the hour is don't so at that point you can either be happy with that and that's okay it's totally ok if it's work that you love then continue to do that maybe you start hiring other people to do the client work for you and you can create what's known as an agency and you have people under you that then do that hard work or you then understand oh well I work with a bunch of clients but they all have the same problem maybe I can create a course or an online product or develop a software that does that for them automatically larger upfront investment but then you're able to now repeat the serving process with something that you've built ahead of time sometimes like when we hear people talk about passive income it kind of feels like you mean you don't have the work anymore and I feel like if you're actually trying to just do passive income to escape from work and the way I think about work is serving others and providing value to other people I think that that's probably not the way to go and it's actually not going to end up for you the way that you would like but when we see this is how can I scale the amount of service that I'm providing to other people like having maximum impact that's when I think this can really start to work for you a little bit better when you go into it with that mindset rather than like I'm going to do two three weeks of work and then it's on the beach right right and the result of this is you have flexibility of flexibility and and free takeoff if your wife gets bedridden with twins for a little yeah okay so if you guys want to learn more about the smart way to create a passive income online Pat Flynn has podcasts called smart passive income look it up links down below as well as the YouTube channel youtube.com slash Pat Flynn also linked up down there below and get you started click that video you see on your screen is three passive income business models that'll get you started right away I'm gonna learn tons so click that video and Pat will see you over there

null

As found on YouTube

You May Also Like