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Today, I'm going to be talking about passive income through the lens of online business. Specifically, for those of you that want to take your knowledge or skills and turn that into income!

I'm going to share with you my high-leverage 3 part system to creating passive income in your business.

This is something I've been doing for many years now. I've created my dream online business that is full of freedom, flexibility, and I've made millions of dollars through passive sources.

When I started my online business, there were two things that were so appealing to me:

I wanted to be able to work from anywhere and,
I wanted to be able to set up systems so that I could make sales, even while I was sleeping, while I was watching Netflix, or hanging out with my dog.

Along the way, I figured out that by embracing systems that is exactly what I could create - and now that's something I share on Instagram. I take a photo whenever an automated sale comes in in my business, and I share exactly what I was doing in that moment:

So let's get down to how you can make it happen ⚡️

First, we have to address the elephant in the room: How passive can it really be?

There are varying degrees of passive, but for the most part, it takes a lot of time and energy in order to set this up. However, if you're like me, you have no problem putting in the hard work now to set up long-term assets for you that will continue to pay you over time. And a lot of these strategies or products can be passive, but as an add-on to what you're already doing. For example, you have to market your business (so I'm assuming that you are doing that already now). You have to keep doing that in order to sell your passive products.

So I see them more as passive income streams that you can add to your existing business.

Alright, here we go! (Now make sure you read until the end, so you can see how these all fit together)

Step #1: Build A Youtube Channel 🎥

Yes! Do not click away. Even if that doesn't appeal to you right now, I'm going to be able to convince you.

Building an audience is the most valuable thing that you can do online, and it is going to be a huge factor in how much passive income you can make overall.

The reason YouTube is so amazing is because you actually get paid to build your audience.

This is something that you have to do already - so why not get paid for it?

You're going to take your knowledge and expertise and create high quality, free videos and publish them on YouTube. Then, once you reach the threshold of a 1000 subscribers and 4000 watch hours you're going to be able to turn on YouTube monetization through YouTube AdSense. This is as simple as saying, "yes, you can monetize this video" to Youtube. Then you can turn on monetization of all your videos. And your video library starts to really add up, so you're going to be able to make money from old videos that you've already created.

This is when YouTube starts to really feel passive - when videos that you've created months or years ago continue to bring in passive income every single month.

So if you know that you have to build your audience anyways in order to bring in passive income, why not get paid for it?

This is step one and the base of the system.

Of course it is a ton of work upfront, and it is a ton of work to continuously create videos. That being said, there are ways to make it a lot more manageable and a lot of parts of the video creation process that you can outsource to others. So, yes, it is a lot of work to create each individual YouTube video, but once you publish it, it continues to make you passive income for years.

Step #2: Affiliate Income 👥

Step number two is to layer on affiliate income to your YouTube videos.

So as you're creating videos around your area of expertise, you are going to be making recommendations. You're going to be recommending your favourite products, websites, apps, other creators - the list goes on.

Now what you want to do, since you're already doing this, is you want to go ahead and check which of these companies have an affiliate program. This means that you will now get paid to refer people to that company.

For example, let's say I'm doing a YouTube video and I mentioned a software that I really love. I'm going to talk about that, and then I'm also going to include the affiliate link in the video description below.

This is very simple to do, and genuinely that's all you have to do is include your links in places that you are already talking about those products.

The sign-up process of becoming an affiliate and getting your unique affiliate link that you need (this is how they measure who has been referred by you) all you need to do is go and sign up through these companies - and for the most part, it's a very simple signup process.

So this is just a no brainer addition to the system.

Now you want to make sure that you are going beyond things like Amazon's affiliate program. You want to look for individual companies that have a really great affiliate program that will actually add up to a significant amount. So this goes beyond Amazon's affiliate program. You want to look for companies that have really good commission structure. For example, some of these softwares that I recommend will have a lifetime commission on a monthly basis, and that can really add up.

So go beyond Amazon. Look at individual companies.

Another great hack for you is to actually be an affiliate for other people's programs. For example, some of my friends have online courses that are like $2,000 and every time I refer someone to that course and they end up buying I'll receive a commission of about $700.

So it's not just these low ticket opportunities. There are lots of high ticket opportunities out there as well!

That's something I'd highly recommend looking into; being an affiliate, not just for apps and software, but for other people's products and programs as well.

Step #3: Create Your Own Digital Products 💻

Step number three is where you're actually going to make the most income, and that is by creating your own digital products.

So now that you've built this audience on YouTube, you can present offers to them. You can create high quality digital products that your audience will love.

There are so many different digital products that you can create - from templates, to spreadsheets, workshops, programs, online courses... The list goes on.

I've actually created a PDF where I've listed out 50 different digital product ideas. Click below to grab that.

👉 [FREE PDF] 50 + passive income product ideas

The incredible thing here is that you put in the hard work upfront to create these products, but then you can sell unlimited amounts of them for many, many years in the future without any extra work on your end. This is so exciting, and this is exactly the type of business that I wanted to create.

One thing I want to note, though: it does depend on the product.

You might have to do updates, but still it is so much easier to do updates than create everything from scratch.

I still consider that pretty passive.

Now, let's get a bit more specific...

Yes, there are all these different digital products that you can create, but you want to be as strategic as possible with this choice. For example, yes, you could decide to create an ebook and sell it for $10. However, that will take a lot of sales in in order for that to add up to significant income. Instead, you wan to look for opportunities where you can charge a higher amount and you don't have to make so many sales.

This is one of the reasons that I chose to focus on online courses instead. I wanted something that was going to be truly transformational for our students. One that I could sell unlimited amounts of, that I could sell in my sleep, and that I could charge a higher amount for so that I wouldn't have to be stressed out worrying about getting so many sales.

If that sounds good to you, consider creating an online course or program.

So my business, and the system I recommend for you, is: YouTube, affiliate income, and online courses. 🚀

And the great thing is that they are all interconnected and grow together!

If you are curious on the exact system I use to make sales in my sleep, click the link below. I have a free workshop where I go in detail and break down every single step for you.

Thank you so much for reading this. I hope that you found it helpful.

I am so excited for you to create passive income in 2024. 🥳

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