Online passive income is a great opportunity for everyone, but so many people fail to achieve their residual income goals. You do not want to do this so be sure that you avoid these passive income mistakes.
The first thing to say is that not everything you do is going to work. You need to accept this and know when to move on. Moving on can mean scrapping the idea altogether or tweaking it to make it work. The latter is preferable especially if you have invested time and money into this passive income stream.
So whatever you do be sure that you avoid these 5 passive income mistakes:
1. Expecting Revenues too Quickly
This is one of the most common mistakes and is probably the reason why most people give up on the idea of passive income. It will take time to make passive income and you must allow for this. You will need to get targeted traffic to your passive income streams and depending on your traffic strategy this can take a while.
A lot of people still firmly believe in search engine optimization (SEO) as a major traffic strategy. There is nothing wrong with this as SEO is now easier than it used to be if you know what you are doing.
If you are promoting your own products and services or being an affiliate for other people’s then remember that it takes on average 7 contacts to make a sale. The chances that a visitor will buy your product the first time that they see it are pretty low.
So you will want to present your offers as many times as you can to the same people to convert them. One of the best ways of doing this is to capture their email address in exchange for an incentive. You can then send them emails regularly providing value and reminding them about your offer.
2. Underestimating how much Work is required for Passive Income streams
OK some passive income streams are fairly simple to implement but most of the good long term ones are not. Whatever you are promoting you should use a funnel approach so that you capture leads as well as make sales.
You will need an autoresponder and an initial email sequence that goes out to all new subscribers. You will need to be prepared to write further emails regularly to keep in touch with your subscribers.
If you are creating your own products then this will always take longer than you think. You do not want to be a perfectionist and redo everything or you will never get your product out there. Things will always go wrong when you are creating your product so be prepared for this.
3. You are Focusing on too many things
This is another classic mistake. You have several unfinished passive income projects on your computer, because you found yet another way to make passive income that is more interesting than your original method.
It happens all of the time. In Internet marketing circles this is known as the “shiny object syndrome” and it is where people are tempted by new “successful” passive income methods. What you end up doing here is focusing on nothing and giving up as a result.
4. Failure to spot what isn’t working
At the end of the day making money online is a pretty simple concept. You provide a product or service where there is a need to interested people. So you create an irresistible offer and then drive targeted traffic to it.
The main reason that you will not be making as many sales as you want is the offer itself. Maybe your copy is not strong enough or you have priced your product too high. Look out for these things and be prepared to tweak your copy and your pricing until you get it right.
5. Not Updating your Products / Services
Things are always changing especially online. If you have a product or service that is out of date then nobody will want to buy it. This certainly applies to the make money online niche as things change all of the time there.
Even with evergreen niches such as personal development and weight loss you can always add something to make your offer more exciting. An additional chapter with new methods can be really appealing for example.