Many online entrepreneurs don't think TRUE passive income is possible.
But having made 8-Figures and counting in passive income online over almost two decades, I can definitely attest to this NOT being the case.
But... I get asked this all the time.
What is the BEST passive income business model online right now?
I have to be honest, there isn't one!
Now don't get me wrong, some are better than others... So let's BREAK IT DOWN...
What makes a GOOD passive income stream versus a BAD one?
If you have to 'work' more than an hour or two per week, it cannot really be classed as PASSIVE. But ANY model can essentially be made 99.9% 'passive' if you have somebody else running it (HINT: Outsourcing!)
Look, if we're honest, there's not likely to be many SIGNIFICANT income streams that are over 99.9% 'passive', but if the income stream YOU are doing requires you to be in a physical location more than once every couple of months, you could argue, it's not TRULY passive!
The BEST income streams GROW on their own. This happens due to LEVERAGING the marketplace they are in, or by organic ENTRENCHMENT (the natural power of TIME and its ability to improve the visibility of your offer - for example, picking up organic reviews and the extra social proof increasing sales). At the very least, we expect the sales to average out or grow with no further 'active' work from you.
So, if we're breaking down some of the better business models and their PRO's and CON's they might look something like this:
The way YouTube works is it rewards consistency, stop posting videos and your income usually declines. BUT if you make the RIGHT videos on the right keywords, they don't have to. Great if you like creating videos, not great if you don't.
I really love the info products business model.
You create the content once and it sells itself again and again. If you start to rank well in Clickbank marketplace, your income can FLY THROUGH THE ROOF as affiliates pick up your offer and you get entrenchment.
Udemy too is awesome for different reasons. If you want to know the MAIN difference, Udemy's marketplace & internal promotions (the thing that drives many of their sales) is RETAIL focused, Clickbank's is WHOLESALE focused.
So Udemy sells to the end user. Clickbank 'sells' to affiliates.
But both of these things mean MASSIVE leverage if used properly.
The way affiliate marketing is 'sold' is that there's no product or service to create, no sales letter needed and you send sales and you get PAID.
Which means if you can find a REGULAR and CONSISTENT traffic flow, you can make money. LOT'S of it. It's how I first got started making money online so as you can imagine, it holds a dear place in my heart.
But it comes with its downsides.
The main one? Not EVERY sale gets tracked. With all the will in the world, I have NEVER come across a PERFECT tracking solution. And then there's always those people who KNOW it's an affiliate link and purposely cut you out of the sale BECAUSE they know it's one.
But it comes with its GOOD sides too! (...all the stuff that it's sold as being great for!)
The truth is, EVERY business model has its UPS and DOWNS but regardless of those, the best one depends on YOU.
For example, if you HATE WRITING. SEO based WRITTEN blogs will NOT be the right model for you, unless you can outsource the writing.
If you HATE VIDEO, then no point starting a YouTube channel!
So there is NO one best business model... BUT there WILL be a best business model for you!
The key is to EXPLORE your options, TRY some stuff and see which model FITS your personality the most.
And remember, whatever you do, DON'T QUIT TRYING... If something is not right for you, and you've given it your ALL, PIVOT do not QUIT!
With this approach, you WILL build some amazing income streams before you know it!
All the best,
It's NOT your fault! You're probably doing the WRONG business model. Let me show you how to figure out the EXACT business model that is RIGHT for YOU with my simple to follow free PDF you can get RIGHT NOW!