You Need ‘Effort’ To Achieve A Passive Income

You Need 'Effort' To Achieve A Passive Income

To live an active life, I strive to create a passive income. I do this by EFFORT. These are my six criteria to ensure your website or digital product is successful. These principles help me adhere to my rules for passive income and active life. Before I discuss EFFORT in detail, I’d like to briefly summarize my definition of an active life. This is essential to understand why I include each criterion.

Being active is about being able to manage your time and work in a meaningful manner. Active living does not require you to relax and play golf all day. This can lead to little fulfillment or achievement. You should be active in your life by working on rewarding projects and pursuing activities you love. You should be able to integrate your work into your daily and weekend routines by completing the work. You can make your work as enjoyable as your leisure time, so there’s no need to have a work-life compromise. Your work and your life will be one. You can have an active lifestyle if you find that working on a project gives you the same enjoyment and satisfaction as your favorite hobby.

ENJOYMENT
FINANCIAL
FUTURE
STUNNING
RESSOURCES
TIME

ENJOYMENT

Is your idea bringing you joy?

My view is that you should have fun when you embark on a new venture. It is possible to create niche websites or digital products for topics you don’t care about, but my goal is to live an active life. My ideal active life is one that I am passionate about and which gives me satisfaction. It is important to only create websites about topics you are passionate about. Although I created a website on how to get rid of fleas once, it was a lucrative niche that I could rank easily for. However, I quickly realized that managing the site and producing new content was a tedious task. Now, I focus my attention on the topics and products that are most interesting to me. It will take a lot of time to create your digital products or websites. Therefore, it is essential that you enjoy the work.

Stop if you don’t enjoy creating, researching, and managing your ideas.

FINANCIAL

Is your idea likely to generate passive income?

See also  Why Is Your Performance Management System Failing?

It is not about sounding like a mercenary. This is your business, and it’s your livelihood. This may not be applicable if you create a digital product or website solely for your personal use. This criterion must be followed by anyone creating a product/website to generate income. To ensure that your hard work is not wasted, make sure you assess the viability and future potential of your product or website.

It should be obvious, but it is surprising how many people jump into new ventures without first assessing the potential income and demand. Many people are too lazy to take the time to analyze their market. Others simply don’t have the skills or the time. Before you commit to your idea, make sure that you thoroughly explore the financial aspects of your product.

Stop if your idea doesn’t generate passive income.

FUTURE

Do you think this is what you can do in five years?

Every idea requires a vision. What is the future of your digital product or website? This criterion is similar to the criterion “Enjoy” in that it is vital to determine early on whether you are able to manage and develop this project in the future. A website may become a source of significant passive income. You may find a new opportunity to improve a particular aspect of your website two years later. It is essential that you are motivated enough and enjoy the new project. While money is certainly a motivator, I believe that it is best to have an idea that will generate income over time.

Imagine that you have a book on niche topics and are earning passive income. Your readers are asking for a second ebook. You will be motivated to create another ebook if this is what inspires you. However, if you feel depressed by the idea of creating another ebook on the subject, your future earnings will be limited. You are more likely to have one ebook and no follow-up ebook than you are to have six ebooks on the same subject. However, you will be better off if you have six ebooks that are passionately written, each generating its own income stream.

Stop working on an idea if you don’t see it happening in the near future.

See also  Tips to Help the Busy Entrepreneur

STUNNING

Is your idea unique?

There are many reasons to ensure that your website or digital product is outstanding. Poor quality products won’t sell, and so will poor quality websites. Google will rank your website on the basis of good content and relevance to the theme. Reviews and recommendations are critical factors in eLearning programs and ebooks. It doesn’t matter how well you market your product or website. If it’s not exceptional, it won’t sell long-term.

Apart from the obvious reasons why you are exceptional, I believe you should be proud of the work you’ve done. If I received positive feedback and regular reviews about my ebook ideas, I would be more motivated to work on it than if I sold just a few poorly written ebooks. I want to create exceptional products that I can be proud to offer value to the world.

Stop if you are unable to transform your idea into something extraordinary.

RESSOURCES

Are you able to afford the resources necessary for your idea to succeed?

It is crucial to assess whether your ability to execute a new idea when evaluating it. Online success requires more than money. I also consider experience, knowledge, and skills. Do you have the literacy skills to create an ebook? Are you able to afford multiple domain names that can be used for multiple websites? It is essential to know what you can expect and to evaluate your capabilities and resources.

While I generally encourage the use of free resources and discourage people from buying unnecessary software or products, you might need to purchase some resources to help with new ideas and product development. To produce your product, you may need to have a certain level of knowledge in the subject. You will need to have the necessary knowledge to create an ebook about a topic. You will need to have the ability to add a private section for paid members to your website.

There is usually a way to get around any resource barrier, but it is essential to include this in your initial plans. You may find yourself stuck later. You can find almost endless amounts of information, advice, and software online that will help you solve any resource problems you might encounter. However, I recommend you research these before you start working on your idea. This will ensure you have the tools you need to deal with the problem when it arises.

See also  7 Things You Do After You Buy a Business

Stop worrying if you don’t have the resources or can’t find a way to get them.

TIME

Are you able to dedicate the time necessary for your idea to succeed?

One common misconception about passive income models is that you can set it and forget it. This is a poor model for passive income. However, even if it was, you still need to “set it” in the first place. It takes time to research, create your website or product, market, promote, and manage it. This is not about how willing you are to invest your time. It is about having the time and resources to accomplish what is necessary for success.

There may be other online projects you are working on, so you may have to cut down on time spent on this project. You could also be working nine-to-five and utterly new to niche website design and digital product creation. It is essential to determine if you have the time, resources, and support to make your idea a success.

This criterion should not discourage you from pursuing a new idea. Even if you have twenty minutes a day, you’ll be amazed at how quickly an ebook or website can be created. You will be more successful the more time that you have available. You will win the race if you’re aware of your limitations, and you’re willing to “be a tortoise instead of a hare” when you’re not. This personal application of time management and life management is the core of my “active life philosophy.”

Stop wasting your time on making your idea a success and find another way.

FINAL THOUGHTS…

Every time I evaluate a new idea, I stick to my EFFORT method. My EFFORT criteria are the only way to ensure that any new project I take on is profitable, enjoyable, manageable, and sustainable. These principles allow me to ignore the need for work-life balance. Enjoy your work, enjoy your life – enjoy your life, enjoy your work.