Are you one of those individuals that wants to kick their feet up out on the beach? You know, those Facebook advertising people that are going just like this, kicking their feet up, out on the beach with a nice cold drink in their hands, telling you how they're going to show you how to become the next passive genius? Well, if that's you, no problem there, but let's establish something real quick.
Passive income does not just come and fall off the trees like money does, right? Passive income is hard work. And I'm going to teach you in this video, how to start building your passive income streams from scratch, but in a sustainable way.
Here's a quick advisory. If you're looking to get rich quick, become an overnight success, a viral sensation, this video is not for you. And I would recommend that it, at this point, you probably just click off because you're not going to enjoy the content in this, but if you're out there and you're looking to truly build a sustainable passive income business, this video is going to help you build the foundations of that.
See, when I started my YouTube channel, about eight years ago, I never had the intentions of building a passive income business. I had the intentions of solving a problem. The problem that I was solving was that I started building websites on a platform called Wix, and I couldn't find training material out there because Wix was so new at the time. So being the entrepreneur, I am, I decided I would pioneer in that Wix training content and simply help other people learn how to accomplish the things. I didn't know how to do at first on Wix. It was both a learning opportunity and an experience to share my knowledge.
Now, fast forward to today, I've now got a YouTube channel here and I've built an amazing community. That's why you're watching this right now. You're part of that community, which by the way, if you haven't already make sure you click that subscribe button and turn those bell notifications on and then hit that like button as well, because I love interacting with you and you'll never miss a single video. Plus we're trying to accomplish a goal as a channel to hit 50,000 new subscribers, new members in our community so we can continue building and growing together.
Passive Income From Scratch
So that's where I'm at right now. But what that has allowed me to do is build a passive income stream. Did it come overnight? Absolutely not. Did it come with a lot of hard work and effort? It sure did. And that's the whole truth behind online business. You have to be willing to make some sacrifices, to put the hard work in, to get there because the lack of it is just going to result in a failed passive business. And that's not what we're here to do, right? We're here to build a sustainable passive income business. So we're going to break this into a few steps.
Number one, thank you for joining. My name is MPS Michael Patrick Strauch and I am the founder and CEO here. And I'm excited to be delivering this content to you today. Like I said, if you haven't already make sure you click that subscribe button, but before anything, I want you to take a second and comment down below this video. Why are you looking to build a passive business? What is it about a passive business that excites you? Let us know down in the comments and I'm going to go ahead and I'm going to answer each one and really interact because I'd love to learn more about what you're looking to accomplish.
So what are the foundational steps to get there? So when determining how you're going to build a passive business, we first have to define, you know, what is a passive business, right? Well, passive business is a business that will allow you to generate money, usually on a monthly basis, whether you roll out of bed or roll over in bed, right? That's what my father used to like to say. He, he used to like, he's still with us, but that's what he always says, right? Whether you roll out of bed or you roll over in bed, you're still making money.
So the question is, how do we get to that point, right? How do we get to the point where you're consistently making money, that doesn't require a bunch of your overhead or extra work on a monthly basis? Well, it starts with the initial legwork. And let me tell you this.
One the best ways to start building a passive business is to first line out all of your skills. That's right. Take a few minutes, a few hours, whatever it may take you with a pen and a paper and write down each of your skills that you believe your kind of a master at, right? That you say, this is a skill that I can teach somebody to do. So what you're going to do is you're going to write them all down. And once you've compiled your list, what you're going to do is you're going to sit down and analyze and determine out of this list of master skills I have, which of these do I have a deep passion for? Which of these can I really get behind and either teach other people how to do or share content about? And once you identify what that list is, and then what that passionate topic is for you, you've now got what I would consider a niche and that's where it starts.
So it's hard to build a passive income business if you've just got a whole broad scope, right? What you need to do is niche down for me, that niche was Wix. I started creating Wix training content I've now evolved into some entrepreneurial content, some digital entrepreneur, online business style content, but niches are Wix, as my niche.
So what is your niche? Maybe for some of you, it would be how to cook, right? So you'll build a business and share your content with people about how to cook. And that's your passion. That's what you're great at doing. So once you've identified those things, you've now got your niche. After you've got your niche. What you need to begin doing is building what I would consider the number one asset in your business.
Again, listen to this very clearly, the number one asset in your business, and that is your list. So what is your list? What your list is your email list, your list of leads, prospects, potential customers, people that have received content from you, contacted you. Your list, right, is going to be the number one asset in your business. Why is it? Well, your list is going to feed you, right? This is going to be your source of passive income. People are not just going to come over to you and say, "Hey, can I pay you a thousand dollars a month for nothing? " No, of course not.
The people on your list are the people that engage with your content, the people that love what you do and love the way you teach things. Right? And so that's what your list is. It's those people that subscribed because they saw your video and they saw that you had a free PDF about how to cook the best ramen noodle soup. You know, there is professional
ramen soup, right? I'm not talking about ramen straight out of the little box, but you know, people get interested in that and then they go subscribe to your list. And so you start building your list through building content.
Now where you decide to build that content is up to you. Obviously YouTube is the number two largest search engine in the world next to Google and Google owns YouTube. So realistically creating blog posts, creating video content. These are all fantastic ways to start building that initial content base so you can start building a lis. Because the moment you begin building a list, a list of loyal subscribers and list of loyal members of your community. That's when you can begin building your passive income stream.
So what are the first three action steps here? It's get very clear on what you are a master at. What skills are you a master yet? Get very clear on which of those skills is something you can become really passionate about, or you're already passionate about. And you feel you can start building content and build a business behind it. And then three start creating the content and building a list. Get people off of YouTube and onto your email list. Get people off of YouTube and on your website to interact. Get people off of your blog, onto your email list. Start building that list. That's the third step.
Then once you have your list, then, and only then you can start deciding how you'd like to build passive income. So what are a few methods you can go about to building passive income? Well, I'll tell you some of the most popular that I've seen and I've personally participated in.
YouTube Passive Income Stream
Number one, YouTube is a passive income stream. YouTube provide you ad revenue for being a YouTube content creator, and obviously generating an audience with awareness and engagement that's using the YouTube platform. So that's a passive income stream for me, that is a passive income stream. I create quality content that you enjoy and YouTube places ads on that content and YouTube pays me every month, depending of course, on a bunch of different factors, like how people interact with my ads and then obviously volume does count in this.
So the more people that watch your content, the more ad revenue you're going to generate purely by numbers, right? So that's one way you can generate passive income is starting a YouTube channel in that topic that you love, and you can really get passionate behind and just build that YouTube channel to as big as you can. And I've got a bunch of YouTube success secrets. If you'd like to know what they look like, or you'd like to work one on one with me about that, I'd be happy to check the description for more information.
Affiliate Marketing
So that's one number two, a very popular one affiliate marketing. So what is affiliate marketing? Well, affiliate marketing is being the external sales person, if you will. And that's very, you know, I know a lot of people get turned off by that for someone else's product or service. So for instance, I just recently created a video how to become a dropshipper in Wix and part of that is people need to get a Printful account because Printful is the dropshipper that Wix integrates with. So I became an affiliate of Printful. Why? Because my audience needed to use Printful I've used Printful myself before, and I know that they are a quality product/service. So anytime someone clicked my link to go sign up to a Printful account and actually each affiliate has different you know, regulations based off of how you get paid, what commission structures look like, but someone clicked on that. And then every time someone places an order from that site, I get a commission from that affiliate link.
So you're taking someone else's product and they have opened an affiliate service that you can go ahead and actually get your own affiliate link and market their product or service. You see this very commonly with people who suggest, let's just say, let's go back to the cooking example, how to create the best ramen soup, right? You make a video on that and then what you can do is you can become an affiliate maybe of Amazon. And in the description of your video, you can maybe link to all the cooking utensils and accessories that you use in your video. Like, "Hey, I would really recommend using this pan when cooking the ramen, you can check it out in the description below." And if you've got an affiliate link through Amazon to that pan, whenever someone clicks on that link and makes a purchase, you will get an affiliate commission for that.
So affiliate marketing is an excellent way to go about this, but what you want to make sure you're careful of is that you don't just spam affiliates, make sure these are products or services. You actually back that you know how to use and that you would actually recommend as a valuable recommendation to your community. Because at the end of the day, the goal of affiliate should be to provide valuable resources and tools to that email list, to that community you have built.
If it's not valuable, what you're going to do really quickly is exposed how crappy the product is and how you're not a reliable source when recommending certain products or services. And that's the last thing you want to do. So you want to make sure you're careful about choosing affiliate your products accurately.
Create A Course or Service
So you've got creating a YouTube channel is one way going about affiliate products is another way. And then the third and final way that I'm going to show in this particular video and if you guys want an updated video, I'd be more than happy to do that is by selling your own products or services. So once you've created your list, you started creating content to build that list, you've now got an audience that interacts with you that likes your content, that's behind what you're trying to accomplish, right?
So let's just say, you're going to do the how to create the best ramen soup. Maybe you go ahead now and create a course about building the perfect ramen soup and how to go about it step by step, going in depth on showing them, you know, the preparation, how do we prepare then it's, you know, how do we go about actually cooking it? What are the final garnishes that have to go to it? And maybe you build your own course for that. This is an example of a product you can build.
Here's the downside of doing this. There's nothing wrong with it, but you need to have an audience there to be able to actually promote this course too. And building a course takes a lot of time. See what the affiliate marketing, these are already existing products or services. If you build your own product or service, this takes much more time. You have to be the best out there. If you're going to create a course, the market is saturated with courses right now.
So how do you determine how to build a course, stand out and be the best course you can in your niche and show that takes time. And the other way to go about this is creating a service.
So for me, I do Wix training and I have become an expert in Wix so I offer web development services, right? And some of you have utilized my service before and that's still open and available, just so you know, and you can click the link in the description below, but I've created a service, a web development service. So now I've got people coming from my YouTube channel that have watched my videos and I'm monetizing via my service, right? I'm helping people build out their dream websites. And that's an example of a service I've used and because of this, it generates passive leads for me.
Now the service side of it can be a little bit different as far as how that passive income looks. It may not be a guaranteed monthly check in the terms of like, Hey, yeah, you're getting a commission percentages here with a service you've actually got a service you've got to fulfill. And you've actually got to sell that service. Typically when someone comes from YouTube, they haven't already purchased that service in a lot of cases. And you've actually got to get on the phone, get to know them at least for web development, and then explain how that process works and then sell that service in particular.
Conclusion
These are three to four easy ways to start building your passive income streams. And I wanted to share these with you because these are all methods that I have personally using the path and can pass and can stand behind. And it takes the foundation that hard work, that list building that real grit to go in there and do that. It doesn't start with pina coladas on the beach, as much as I wish I can kick back with a pina colada on the beach. It's not always how it goes, right? So this is how you start building your passive income business.
If this video helped you out, number one, drop a like down below. Number two, comment again, I want to hear why you're building a passive income business and let me know how I did in this video. I'd love to hear your feedback. And lastly guys, make sure you hit that subscribe button right down below in the bottom, right of the video and turn those bell notifications on so you never miss a single content upload here at Wix Training Academy and work to hit a 50,000 subscriber goal by March 1st. And I need your help to do that. I'm not naive about that. I need your help to do that.
So if you found this video valuable and you know, other people that may find this video valuable, go ahead and share it. And hey, if you'd like to join my list, you can also access that down in the description below as well and get on my wixmywebsite list. And I would love to send you more valuable content as that's my goal here to provide you as much value as possible.
Other than that, I really appreciate you taking some time to watch today's video. And I hope you found some value in it. And if it was enough value to hit that subscribe button hit that like button and comment, I would kindly that you do that because I appreciate you. And I appreciate you spending some time here and hopefully you appreciate this and the valuable content that I was able to deliver today. And if you've got any personal questions as well, maybe you don't want to share why you're building a passive business in the comments. Ask me a question. I'm here to answer and I appreciate it.
All right, guys, I'll go ahead and catch out our next video, but for the meantime, thank you for watching.