Try not to hate me for this, but the answer is, it depends.
Passive Income is achievable but it does require some hard work to get there. Allow me to explain.
My main emphasis here is internet marketing but the principle is the same in property, share trading or any forum.
The idea of being able to make money by doing nothing is actually realistic. But, perhaps paradoxically, you have to work hard to get to the point where you can set up a passive income stream. For example, if you work and save money you might buy an investment property. You still have to pay the mortgage though so you rent the property out and the rent almost covers the mortgage. You do some renovations to the house so you can increase the rent and now you have a positively geared property that pays for itself with a little left over. Carefully managed, your house will eventually pay itself off and you will have a passive income stream. You get the money for little work, but you have to work to get to that point.
It's the same with Investing in the stock market. You need to have money to invest and you certainly have to study hard to avoid just throwing your money away.
With internet marketing, there remains the same challenges of hard work although there are a few advantages as well.
Let me assure you, you do need to work at internet marketing systems. Anyone who tries to sell you a black box system, that you can install and press some buttons to make money, is deceiving you. It doesn't work that way. If it did, why would they even bother selling it? They would just use it themselves to make all the money they want. No, you need to invest time and effort to learn how things work and then you need to invest time and effort in actually doing them.
Getting a product to sell is easy enough, even if you create one yourself, but traffic and sales conversions are another matter altogether. Sure you can pay for traffic, but every successful internet marketer will tell you that you have to move beyond PPC (Pay Per Click) advertising eventually, and start generating your own leads to your website. This takes time and effort. You need to network with bloggers and do affiliate deals, you have to write articles and participate on forums and the list goes on for as long as you are prepared to dedicate yourself. The good news is that there is a point where someone can, in fact, generate enough traffic to a good sales site with a product people want, so that they can then sit back and let it go. Obviously, the longer you let it go, the more it will start to wind down, but it certainly will enable you to take days off without you needing to be on hand to run things. It does this by enabling you to automate the whole process. This means your business can run 7 days a week, 24 hours a day without you, or anyone else, being around to do anything.
So, you need to put in effort to build your internet business. There's no free ride, but there are still some very good reasons why internet marketing is superior to other forms of business as well as other forms of passive income building. These are, in no particular order:
1. Low start up costs. You can, in theory, start your business on the internet for under $25, especially if you know how to do it all yourself. Even if you don't, you can still estimate your costs at hundreds of dollars which is pretty good for a business start up.
2. Ease of outsourcing. If, like me, you try to avoid becoming a workaholic, you can easily and fairly cheaply, outsource a whole range of activities like web building, product creation, article writing etc. (Obviously you can't do all this for under $25.)
3. Low risk. Because of the low costs involved there is low risk if your business fails. You can scrap it and try again, hopefully having learned from your previous mistakes.
4. Automation. Set up your business right and get things going, then you really can take time off to relax or start your next business.
5. Duplication. If you can create one business that makes you money you should be able to duplicate your success. This means your first business idea doesn't have to make you everything you need to retire. You can create multiple businesses to create a cumulative income effect.
6. Work freedom. No more traffic jams on the way to work. (Warning, not everyone can cope with such freedom. Some work-from-home entrepreneurs may find themselves watching more daytime TV than is good for them.
In summary, passive income through internet marketing can work. But don't make the mistake of thinking that it's great wealth for little effort. Don't be foolish, but don't be scared either. The key to success in any business is perseverance, not luck.
Passive Income is achievable but it does require some hard work to get there. Allow me to explain.
My main emphasis here is internet marketing but the principle is the same in property, share trading or any forum.
The idea of being able to make money by doing nothing is actually realistic. But, perhaps paradoxically, you have to work hard to get to the point where you can set up a passive income stream. For example, if you work and save money you might buy an investment property. You still have to pay the mortgage though so you rent the property out and the rent almost covers the mortgage. You do some renovations to the house so you can increase the rent and now you have a positively geared property that pays for itself with a little left over. Carefully managed, your house will eventually pay itself off and you will have a passive income stream. You get the money for little work, but you have to work to get to that point.
It's the same with Investing in the stock market. You need to have money to invest and you certainly have to study hard to avoid just throwing your money away.
With internet marketing, there remains the same challenges of hard work although there are a few advantages as well.
Let me assure you, you do need to work at internet marketing systems. Anyone who tries to sell you a black box system, that you can install and press some buttons to make money, is deceiving you. It doesn't work that way. If it did, why would they even bother selling it? They would just use it themselves to make all the money they want. No, you need to invest time and effort to learn how things work and then you need to invest time and effort in actually doing them.
Getting a product to sell is easy enough, even if you create one yourself, but traffic and sales conversions are another matter altogether. Sure you can pay for traffic, but every successful internet marketer will tell you that you have to move beyond PPC (Pay Per Click) advertising eventually, and start generating your own leads to your website. This takes time and effort. You need to network with bloggers and do affiliate deals, you have to write articles and participate on forums and the list goes on for as long as you are prepared to dedicate yourself. The good news is that there is a point where someone can, in fact, generate enough traffic to a good sales site with a product people want, so that they can then sit back and let it go. Obviously, the longer you let it go, the more it will start to wind down, but it certainly will enable you to take days off without you needing to be on hand to run things. It does this by enabling you to automate the whole process. This means your business can run 7 days a week, 24 hours a day without you, or anyone else, being around to do anything.
So, you need to put in effort to build your internet business. There's no free ride, but there are still some very good reasons why internet marketing is superior to other forms of business as well as other forms of passive income building. These are, in no particular order:
1. Low start up costs. You can, in theory, start your business on the internet for under $25, especially if you know how to do it all yourself. Even if you don't, you can still estimate your costs at hundreds of dollars which is pretty good for a business start up.
2. Ease of outsourcing. If, like me, you try to avoid becoming a workaholic, you can easily and fairly cheaply, outsource a whole range of activities like web building, product creation, article writing etc. (Obviously you can't do all this for under $25.)
3. Low risk. Because of the low costs involved there is low risk if your business fails. You can scrap it and try again, hopefully having learned from your previous mistakes.
4. Automation. Set up your business right and get things going, then you really can take time off to relax or start your next business.
5. Duplication. If you can create one business that makes you money you should be able to duplicate your success. This means your first business idea doesn't have to make you everything you need to retire. You can create multiple businesses to create a cumulative income effect.
6. Work freedom. No more traffic jams on the way to work. (Warning, not everyone can cope with such freedom. Some work-from-home entrepreneurs may find themselves watching more daytime TV than is good for them.
In summary, passive income through internet marketing can work. But don't make the mistake of thinking that it's great wealth for little effort. Don't be foolish, but don't be scared either. The key to success in any business is perseverance, not luck.
ABOUT THE AUTHOR: Mark Milton works from home doing the very
things he talks about in his manual "How To Run A Business While You
Sleep". To get instant access to his manual and V.I.P. forum, visit http://www.businesswhilesleeping.com
Article Source:
http://EzineArticles.com/?expert=Mark_J_MiltonArticle Source: http://EzineArticles.com/6939285
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