Create passive income to liberate yourself.
Nowadays, in the era of the internet, everyone can receive passive income using just the internet. It’s not super easy, but it’s a good investment of your free time. These instructions are quite brief; however, they worked for Ferriss and for many other people. If you don’t feel confident that you can do it, you might want to educate yourself on these subjects first.
Pick an affordably reachable niche market.
Start small, think big. Your first target audience should be a very well-defined niche, for example, students that do body building.
Come up with well-formed product ideas.
- Make sure that you can explain each idea in one sentence, so that people can clearly understand you.
- The products should cost $50 to $200, so that you can have a good profit margin.
- The products shouldn’t take long to manufacture (up to four weeks).
- The products should be in one of these three areas: resell a product, licence a product, or create a product.
Microtest your products.
There are a few methods to test your product, depending on what it is and what niche you choose. Here are some ideas:
- Create a landing page (look online for ready solutions to create such a page). Then, advertise on Google AdWords and calculate profitability.
- Put your (not yet existing) product on eBay, and cancel the auction at the last minute.