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 | 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 I transitioned from my wedding photography business into my online business full-time (which runs on passive income from my digital products) in just 10 steps. (Yep, it's gonna be exciting!)

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

static1.squarespace.jpg

Passive income is money that you make with little to no time or effort involved. You spend time initially creating something, and then that thing sells itself on autopilot!

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

Why?

Because I can literally set it all up so that someone can purchase it without me needing to do a single thing.

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! (Plus, passive income creates an extra layer of security.)

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.

And if something were to happen where you couldn't work for a period of time, then your business income would be on hold which ... would be quite stressful.

For these reasons 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 trading dollars for hours.  

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

Speaking of passive income ...

I recently did a live masterclass all about how you can create an online business that runs on passive income from your digital products, so if you're serious about making that a thing then I invite you to check it out! (It's free to watch and is only an hour long.) It won't be available on my website forever though, so be sure to check it out sooner rather than later ...

You can sign up for it right here!

(No, the cute Popple isn't included with the free masterclass, sorry.)

(Omg, does anyone else remember Popples?!? I may or may not be trying to collect all original 9 Popples from the 80's right now ... yes I'm kind of obsessed, haha! Ehem.)

Anyway, here's a few delightful things you'll learn for free-to-the-z:

  • The 5 biggest mistakes that most struggling entrepreneurs are currently making that are keeping them stuck & struggling (and what YOU should do instead!)
  • How to maximize your marketing with the tool that I ignored for YEARS. 
  • How you can create an online business that runs on passive income.
  • Specific action steps to up-level your online business right now. Woo!

And here's what you WON'T get when you attend:

  • Vague, fluff-filled generalizations.
  • Techniques that you need a crap ton of time and money to implement.

So if that sounds up your alley, go right here to give it a watch. 

Okay! Ready for those 10 steps?

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

1. I NARROWED MY FOCUS AND GOT REALLY CLEAR ON THE PURPOSE OF MY BUSINESS (AND WHO MY "DREAM CUSTOMER" WAS!)

Oh man, this one is SO important for a bazillion reasons.

Why?

Well for one, if your focus is too broad (OR you're trying to appeal to too many people), then it'll be super hard for you to gain traction and you'll end up appealing to ... well ... no one.

:::sniffle:::

Having too broad a focus and trying to appeal to too many people was one of the big 'ol mistakes that I made in the beginning, which kept my online business growth stagnant for LITERAL YEARS.

(Psssst, we talk all about that mistake plus loads more of the time-consuming mistakes that I made in that free masterclass I mentioned!)

Plus, your specific purpose and dream customer should be the guiding beacon for literally EVERYTHING else that you do in your business, and it's going to be MUCH harder to create amazing content and effective marketing for a business that's ... well ...

 all over the place.

Makes sense, right?!

2. I FOCUSED ON GROWING MY EMAIL LIST.

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

(And yep, we most definitely talk about your email list in that free masterclass.) 

I know I know ... you’re probably sick of hearing about email lists. 

(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 DON'T be like me and ignore starting / growing your email list, mmmkay?

 (I literally put it off for YEARS.)

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.

3. 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?

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's something that your audience actually wants or needs.

So after getting really clear on the specific purpose of my business and who my dream customer was, I simply asked my audience what they wanted.

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

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

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 and a tangible planner.

I chose those things based off what I was the most excited to create, knew I had the ability to create well, what was aligned with my business purpose AND what I knew for a fact that my audience really wanted!

(And the last bit that I just mentioned is ultra important.)

Because if you create a paid offer that your audience doesn't actually want, then your entire business is gonna be an uphill battle! 

EVEN if you create amazing free content, write amazing copy, etc.

how to make passive income.jpg

6. I FOCUSED ON CREATING MULTIPLE INCOME STREAMS (BUT I DID IT GRADUALLY!)

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!)

Just remember that you don't need to (and shouldn't) create a bunch of things at once.

Start with one, focus on honing it into a well-oiled machine that works like magic, and THEN create another!

 For example, I started with creating my planner. Then I added a course. Then I focused on refining that course. Then I created another course.

(By the way, I talk about the importance of just focusing on ONE passive income stream at a time in that free masterclass that I've already mentioned once or twice!)

:::nudge nudge, wink wink:::

7. I WROTE EVERYTHING DOWN.

And I do mean everything!

I literally sat my butt down and planned out my entire year strategically so that I knew what the heck to focus on every day. I broke it all down by quarters, months, weeks and days.

I also wrote down exactly when throughout the year 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.) :-) 

Speaking of taking action, that free masterclass I mentioned includes specific action steps that you can take right now to start seeing better results in your online biz!

how to make a full-time income from passive income.jpg

(That's where I live, Kansas City! Isn't it purdy?)

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 gently lead people to your paid stuff.

So your awesome free content should market your paid content, and you can bet your brightly colored buttons that we talk about how to market effectively in that free masterclass!

Speaking of marketing ...

9. I MADE MARKETING A TOP PRIORITY.

So many people get all weird around marketing ...

They don't want to be "salesy" or annoying, they don't want to bother people, they don't want to draw attention to themselves, etc etc.

(And yo I totally get it because that used to be me!)

But you NEED to learn how to effectively market your business if you want to create a business that's actually sustainable.

After all, marketing is responsible for getting people to your website, growing your audience and then turning your audience into paying customers!

And it doesn't have to be sleazy or gross.

Which is why in that free masterclass, we talk not only about what makes effective marketing, but how you can shift your mindset around marketing, too.

And speaking of mindset ...

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, I remember one day in particular that I felt particularly frustrated with my business's slow growth where I literally spent SEVEN HOURS on tech support with GoDaddy 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.

You MUST learn to get comfortable with the UNcomfortable! 

Because all of the REAL growth happens OUTSIDE of your comfort zone, and you will basically be doing things everyday in your entrepreneurial journey that make you want to shit your pants.

Sorry for the blunt poop reference, but it's true.

And that's it, my mascara-smeared story of how I started making a full-time income with passive income in my online business!

(And just incase you need a twentieth reminder, don't forget to check out my free masterclass if that's something that you'd like to do, too.)

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