How I Started Making a Full-Time Income from Passive Income in 10 Steps

How to Make a Full-Time Income From Passive Income in 10 Steps | how to make passive income online | wonderlass

Do you ever talk to yourself out loud in public and not realize that you’re doing it until you catch a stranger staring at you strangely?

(Yep, that totally just happened to me for the millionth time today.)

OR do you ever pretend like you’re talking on your phone in public so that you can talk out loud to yourself as much as you want without looking like Super MrCrazy Pants?

Totally me. (I swear I’m not crazy!) :P

Ehem! That all has nothing to do with today’s blog post, by the way. Nope!

Today I’m sharing with you how, over the course of the last year, I’ve transitioned from my wedding photography business into making a full-time income with passive income online in just 10 steps.

INCASE YOU'RE WONDERING WHAT PASSIVE INCOME IS ...

Passive income is money that you make with little to no time or effort involved.

For example, if I create an e-book and have it on my website to sell, that’s passive income. I spent time creating the book initially, but once I created it no more work would be involved.

So 50 people could purchase that e-book while I’m off binge watching Pretty Little Liars on Netflix and stuffing down salt and vinegar chips and I didn’t have to do any work while that was all happening and I was making money!

(Yes, I just admitted to binge watching Pretty Little Liars. Sorry not sorry!)

You can literally make limitless amounts of money from passive income because there’s no limit to your time!

Whereas if you do a freelance service (for example) where you take on clients, then you have a limit to the amount of people that you can take on (and therefore a limit on the amount of money that you can make), because there’s only so much time in your day.

Makes sense right?!

(Ya know, I have no clue what I was contemplating in this photo. Passive income maybe? Espresso swirls? Chasing tornadoes? :P)

HERE'S HOW I DECIDED TO START MAKING PASSIVE INCOME ...

Before I transitioned into my online business full-time, I ran my own full-time wedding photography business for 7 years! 

However soon after I started it, it became pretty clear to me very quickly that even if I raised my prices to what I considered to be pretty dang high, (and took on as many clients as possible without going utterly insane), I STILL wouldn't be making the amount of annual income that I really wanted to make.

That is until two words gently knocked on my pink-colored brain: passive income.

When I decided to TRULY go for making my online business my MAIN business, I knew that I wanted passive income to be my main focus so that I could continue to build on it with no limits to my time but continue to have a BIGGER impact!

So I sat down and created my profit plan.

(AKA my step-by-step roadmap for exactly how I would strategically grow my business and generate revenue!)

I quivered with excitement as I feverishly scribbled out all of my goals which, to be honest, seemed rather impossible to me at the time!

And now?

Hot dang, most of them have already happened.

Passive income has become my bread’n’butter!

(By the way, want to learn how to create a profit plan of your own? Then check out the free master class that I created for you below!)

Sign up for the free master class if you're ready to start generating some (or MORE) revenue!

(Psssst, that master class will help you majorly fast track your online business growth!)

SO my delightful little dandelion ...

I HIGHLY recommend building passive income streams into your online business (even if you do freelancing work!) so that you never have to rely on the amount of time that you have.  

Okay! Ready for those 10 steps?

Here's how I started making a full-time income from passive income in 10 steps! 

1. I CREATED MY PROFIT PLAN.

Oh man, this one is SO important.

My profit plan was the #1 thing that helped take my online business from FIVE YEARS of stagnant growth (and ZERO income) to successful full-time biz in less than 12 months!

Wondering what the sam hill a profit plan is?

It's a step-by-step roadmap for generating revenue in your business.

Creating my profit plan allowed me to strategically plan out my entire year so that I could focus on the RIGHT things (the things that would actually move the needle in my business!)

And it's something that I sit down and create EVERY single year.

Even if you're not selling ANY paid offerings yet, it's still incredibly important for you to be able to do things like plan out your revenue stream(s), project revenue for the year, etc.

(Because you've gotta start making revenue at some point, right?!)

SO my delightful little peapod, if you're ready to start generating some (or more!) revenue in your business, then you should most definitely check out the free master class I already mentioned.

I'm talking about this master class right here!

2. I FIGURED OUT WHICH PASSIVE INCOME IDEAS I WANTED TO FOCUS ON.

Yes, I chose a few different ideas so that I could also create multiple income streams (but more on that in a minute!)

So after thinking about a bazillion different possibilities, I finally decided to focus on online courses, a tangible planner and maybe a digital product or two.

I chose those things based off what I was the most excited to create, knew I had the ability to create well and what also aligned with my business goals (from step one.) 

Just FYI, there are SO MANY THINGS that you could do to create passive income!

Things like online courses, digital products (like e-books, templates, stock photos, guides, swipe files, audio recordings, videos etc.), physical products, etc. 

The super important thing here is that you focus on just ONE main project at a time.

Multi-tasking, shiny object syndrome and lack of focus = KILL your productivity.

To learn more about HOW to do all of this, sign up for that free master class I keep mentioning.

3. I INCLUDED MULTIPLE INCOME STREAMS IN MY PROFIT PLAN.

Remember how I just said that I chose a couple different passive income things to focus on?

That’s because I wanted multiple income streams.

Having multiple income streams means that you never have to rely on just one thing- AND your chances for making more money are greater!

(That sounded super greedy … I swear I’m not super greedy!)

But ... you can literally build onto your passive income. I started with creating my planner. Then I added a course. Then another course. Then ANOTHER course.

Now, each month I make money from four different things that require very little to no extra work on my end! Yassss.

(Psssst, we talk about income streams in that free master class ... :::cough cough:::)

4. I ASKED PEOPLE WHAT THEY WANTED.

It’s not enough to just make an awesome thing- you need your awesome thing to...

  • be something that actually makes sense for your online business (aka it’s inline with your goals and purpose)
  • and it  something that people actually want or need.

So after getting really clear on the purpose of my blog and business (by writing my business plan in step one!) I simply asked my ideal clients what they wanted.

Yep … sounds so obvious, and yet a lot of people forget to JUST ASK.

In addition to simply asking people what they want and need, you can also just be a good ‘ol fashioned stalker in things like Facebook groups where your ideal client hangs out to see what types of things they want / need / would give up their last cup of coffee for.

(Speaking of coffee, I NEED more coffee!!!)

5. I WROTE EVERYTHING DOWN.

And I do mean everything!

You already know about my profit plan, but that profit plan includes detailed planning for every quarter, week and DAY so that I know exactly what to focus on in order to grow my business the most!

I wrote down exactly when throughout the year that I would focus on creating / launching each passive income idea along with all of the necessary steps that I needed to do in order to create each thing. 

So for example, I decided to create/launch my Blog + Life Planner (pictured above!) around the end of the year when I knew everyone would be wanting to buy a planner for the new year!

Makes sense right?

Oh yeah, and I actually DID all of the things that I wrote down.

(Because nothing happens unless you actually show up and take action.) :-) 

You can learn more about how to do this in that free workshop.

(Yes I like to sound like a broken record, why do you ask?)

6. I FOCUSED ON GETTING MORE QUALITY TRAFFIC.

Once I had ideas for things to create that I KNEW people either wanted and/or needed, I continued to focus on getting more traffic to my site.

Now ... I believe in QUALITY over quantity when it comes to getting traffic. 

I'd rather have 500 people visit my site who are engaged, love my content and sign up for my e-mail list then 5,000 pageviews from people who didn't give a crap!

Know what I'm say'in?

Check out this blog post for how I use Pinterest to explode my traffic.

7. I FOCUSED ON BUILDING MY EMAIL LIST.

Yeah … you’ve probably heard about the importance of this one by now, right?

In fact, you’re probably sick of hearing about it! (Let’s be honest, do the words “e-mail list” make your ears burn a little?)

But ...it’s like … really, super duper important if you want to sell things online.

After all, you NEED people around to actually BUY your sweet stuff right?!

And your e-mail list is the ONE direct connection that you have with your people that you actually have control over. (‘Cause we all know that social media platforms are always changing their algorithms and policies!)

So over the year, as I was working on creating my super sweet things like my online courses and my planner, I was also very focused on building my e-mail list.

Need help growing your email list?

I've got a free training to walk you through it step-by-step right here.

8. I MADE QUALITY FREE CONTENT THAT LEAD INTO MY QUALITY PAID CONTENT.

You know what makes people a lot more likely to buy from you? Providing them with lots of quality, free content. (Yo, this has been a HUGE helping factor for me!)

Doing this builds trust. It helps people to actually see that "hey, this person actually puts out AMAZING free stuff, I can only imagine how awesome their PAID content is!" It also gets some people hooked on your content like candy.

(Or in my case, COFFEE!!!!)

But you don't want to just create ANY free stuff. You want to create things that are directly related to the topic of whatever your paid thing is!

And then you want to use that free stuff to lead people ever so gently into your paid stuff.

9. I STARTED DOING WEBINARS.

Um ... webinars literally took my blog and business to the next level! 

Like ... before I was doing webinars I was on maybe the ninth floor with a bunch of slightly dusty furniture, and webinars was the elevator that took me from the ninth floor to the more posh, expensive 50th floor! 

(That was a really bad analogy, sorry.)

They took me from, "I'm just starting to make some money (but not quite enough to live well), to HELL YEAH I'm making more than enough!

Webinars have been A-MAZING for both continuing to build my e-mail list AND selling my online courses! And the best part?

You don't have to actually sell anything during a webinar to make money with them!

You can actually use your completely "pitch free" webinars to make passive income.

I talk all about exactly how I make passive income using webinars inside of this post right here!

And if you'd like to try doing a webinar, I've got a free webinar crash course to get you started! It'll walk you through exactly how to plan your first profitable webinar so that you can not only grow your audience, but grow your income.

10. I DEVELOPED MY ENTREPRENEURIAL MINDSET WHICH HAS ALLOWED ME TO BE CONSISTENT AND KEEP GOING.

Yep ... even when I feel like quitting.

Yep, I have had many, MANY days over the past year where I have felt like quitting.

Hell, just the other day I spent SEVEN HOURS on tech support with GoDaddy and Squarespace and I pretty much just wanted to throw in the towel right then and there! I mean, I was literally reduced to tears of frustration. Need proof?

Here's my mascara smeared, Joker-esque looking crazy face after my slight meltdown due to spending seven hours chatting with tech support:

 (I know, super attractive photo right? That's REAL LIFE, baby!)

Guess what? 

You WILL have days where you have fear and doubt, you WILL have days where you're not inspired, you WILL run into stupid technical glitches, you WILL come across roadblocks that are annoying, you WILL have problems that seem impossible to solve (until you do!) and you just have to KEEP GOING.

Wanna learn how to develop your entrepreneurial mindset? Watch the video below.

And that's it, my mascara-smeared story of how I started making a full-time income with passive income over the course of the last year!

And now dear friend ...

And now, did you find this blog post helpful? If so, make my day by sharing it on Pinterest! :D

Like ... I will give you a virtual box full of fluffy kittens if you do.

I'd also sincerely appreciate it too. :-)

To share on Pinterest, just hover over the photo below and click on the little "P!" 

How to Make a Full-Time Income From Passive Income in 10 Steps | how to make passive income online | wonderlass

What about you? Are you anywhere along this journey? How's it going? Do you need help with anything I went over? Just let me know below you little bushy-tailed broccoli!

(Hehehe that's my new favorite term of endearment that I came up with. Isn't it great?) :P

And now, it's time to go hunt down my kitty Mr. Purrie so that I can give him some serious pett'ins!

xoxo
Allison