Ok, so I decided now (really really) to do at least one action each day. One action to move me closer to my target of 1,000 US Dollar of profit each month. I want to call it passive income, but it’s not really passive. What I do mean is that I will not trade my time for money. I want to find a set and forget kind of setup.
I have been looking into passive income before, but have been missing the consistency and stamina to keep on going. Now I feel like I am revived and highly motivated to reach my target. My motivation come from mainly that I want to be able to live in the Philippines for a longer time of the year. Maybe even be able to move there full time some day. For a foreigner to find a job in the Philippines that pays a decent salary is very hard.
I have narrowed my focus down to a few potential ways of making an income. Here below are my top 4 ways that I think match me the best.
Writing a blog is something I think I could do well. Writing informative blog posts just about any subject. I believe I am good at researching subjects and solving different problems. The income from blogging might come from many different sources. Ads is of course the most common one. However many people are using ad-blockers of some kind. Also to get some serious income from ads alone will require you to have a lot of visitors. Another source of income from blogging is to promote other products. However I think it’s important to only promote products and services that you know is good. Not just promote anything because your visitors will never trust you again.
Starting a Youtube channel is a good alternative. The income possibilities are similar to blogging. Ads will give you some income, however I understand that most Youtubers make their main source of income from referral links, also known as Affiliate marketing. Most people say that you need to have a specific subject or theme on your channel. And if you look at the most successful channels they often do. However there are also some channels that just film the daily life. But filming my daily life would not interest a lot of people, or would it?
So the basic idea of drop shipping is that you set up a online shop using Shopify or some other web hosting platform. Then you get orders and have some supplier fulfilling them for you. There are a lot of web shops around these days. However doing drop shipping might not be as easy as it sounds. So you are supposed to market and sell products, then if you get an order for an item, you place an order with the supplier that ships the product to your customer.
Doing drop shipping can have a lot of challenges. These days customers are not expected to wait more than a few days for their product to arrive. To fulfill an order using a Chinese supplier, shipping to your customer takes a minimum of 7-10 days and usually more. To compete with Amazon and other online retailers that does same day shipping will be hard.
Doing affiliate marketing means that you sell products for someone else. It’s common to sell virtual products. Virtual products have an advantage over physical products since there is no shipping cost, instant delivery and easy charge back in case the customer is not happy. Often the commissions are quite high compared to physical products. However affiliate marketing also comes with a set of challenges. Finding the right niche and the right audience is hard. The way forward I think is to try, find a product that you would like to buy, buy it yourself and evaluate it. Then you have a lot of confidence to market that product. Further identifying a group of users that might be interested in the product or service is also a big challenge. You need to narrow down your selection of product and target group to be successful.
So which of these things does fit you the best? I will say that you need to make up your own mind. My personality is a bit more analyzing, investigating, looking into details. I do not have a urge to be seen talking about some subject. I did work as a lecturer in some of these subjects, it was a bit freighting even there was not so many students. So talking to several thousands of people might not be up my alley. So I do think I will really go for the affiliate marketing. That feels like something I could do every day.
In my next blog post I will discuss how I will move forward with affiliate marketing. What kind of strategies I will use. Please subscribe to our newsletter (to the right) or Facebook page to receive notifications.