If you are like me and are currently trying to develop your own passive income portfolio, then you will know just how much hard work is involved and how long it takes to see signs of success. In one of my previous posts – Why do You Want to be an Affiliate Marketer? – I said that unless you had real motivation that you will probably have little success on-line. There are obviously many valid reasons for wanting to earn your living on-line, and almost as many ways of achieving this, but in aiming to earn money using more passive methods (ie that continue earning with little maintenance once set up) you are aiming for a rather special goal. You are also writing off many other ways of earning on-line. So why would you do this?
I want to explore three of the possible reasons below, and then ask for your own specific motivations.
I thought I would discuss this one first, as it probably underpins all the others. Everyone has different financial requirements, and this can be down to where you live, who you have to support, what you have already achieved in life and many more things. But if your on-line earnings are unable to meet your financial needs then obviously you will struggle. So why shun other on-line earning possibilities such as PPC campaigns etc? Why tie one hand behind your back and concentrate only on passive income methods?
One reason which may be important to many people is the low set-up costs. With a cheap hosting account and a free WP theme you can be up and running with minimal expense. With free blogging platforms you could even set up for zero expense if you like! Other forms of earning on-line, such as the previously mentioned PPC campaigns, need an initial budget and certainly carry far greater risk than passive income methods.
But passive income methods aren’t the only low risk way to earn on-line, you could take on paid writing projects for example. The downside to this is that you need to produce content to the clients brief, and meet the deadlines they set for you.
Taking the above into account, there clearly have to be other reasons than pure financial gain why we all do this, and that leads me neatly onto – Freedom.
This is probably the major driver for me. A passive on-line income will give me the freedom to relocate to somewhere with very few opportunities to get a normal job. It will also allow me to set up another off-line business that I want to venture into that will not sustain a full income for me.
But that freedom could be many different things for you. Freedom to raise your family, freedom to look after other relatives, freedom from an unhappy workplace, a thousand different things. But I certainly think freedom will be close to the top of the list of people’s reasons for getting into this business.
This one is also highly important to my own situation. Nobody to say what you have to do or when you have to do it. If I need more time to devote to off-line projects, I can scale back work on some of my on-line stuff and it won’t hurt anything in the long run.
I think freedom and flexibility tie in very closely, but for me they are probably the two most attractive elements of a passive income based portfolio.
Lastly, I would suggest variety as being an important element. Today I might be trying to fix a problem with the appearance of a WP theme, tomorrow I could be writing a review on the latest electronic gadget, the day after I could be doing a piece of creative writing; the opportunities and variety are almost endless. I know we all struggle for motivation at times when we need to write, but I certainly don’t think anyone could suffer from boredom in this type of work!
So as I promised, it’s over to you now. If you are in the process of setting up a passive income based business on-line, what are the driving forces behind your efforts, what dreams are the motivation behind all your hard work?
Do let me know by leaving a comment below. Thanks in advance for sharing!