Independent Wealth: How to Start an Online Business in 5 Steps: Turn Your Passion into Passive Income by Joseph France

Author:Joseph France [France, Joseph]
Language: eng
Format: azw3, epub
Publisher: Get Up Stand Up Enterprises, Ltd.
Published: 2020-09-18T16:00:00+00:00

I chose to do self-publishing, but my blog www.theindependentyou.com gives me a place to promote my books and other articles. To find out more about blogging, I highly recommend the course that I took, Smartblogger’s Freedom Machine .

Podcasts

Podcasting is like an audio blog with some advantages over the written form. For many consumers, listening is preferable to reading. And it is easier to collaborate with other people in a podcast and cover one topic from multiple angles. More than half of US consumers over the age of 12 listen to podcasts 6 , so there is a lot of growth potential.

The primary revenue stream for podcasts is sponsorship revenue. The host of the podcast reads the sponsor’s message out, a bit like a radio advertisement. There are networks for podcasts that make it easier to get sponsorship revenue. Like blogging, people often underestimate the revenue potential in podcasting. Many podcasts generate millions of dollars a year, and even smaller ones generate significant income. Revenue depends on how many listeners or subscribers your channel has. Realistically, you need more than 1,000 listeners to start generating income. To be eligible for most sponsorship revenue, you would probably need to have a podcast with at least 5,000 downloads.

Podcasting is something else that highlighted for me the recent changes in the web: followers will pay to support their favorite podcasts through tools like Patreon. Sometimes, this is in the form of a donation, but more and more podcasters are creating premium content, for which loyal followers pay a monthly subscription. Podcasting is suited to so many different topics. It is ideal for experts in areas like business, careers, or even a niche like home renovation. You need to conduct the same kind of research as for blogging, making sure that a topic has a broad audience that is profitable.

Courses on how to start will help you to choose a topic and find an audience. Podcaster’s Paradise by John Lee Dumas is very good.

Online Courses

Online courses are one of the fastest-growing forms of passive income on the web because they can be so profitable. In essence, you create the material once, and it might continue to generate revenue for many years after. That is why there are so many advertisements online from people trying to sell a course.

The primary revenue for online courses is from course fees, a form of royalty. Pricing can be a one-time payment, monthly installment, or membership. Some courses earn affiliate income by recommending relevant tools and products.

Like all the models discussed in this book, it takes time and effort to build an audience for a course. Typically course owners invest in advertising to promote their course, most often on social media channels. It makes sense to start with low-cost versions to test and learn first. Try coaching people one on one. There are many platforms on which you can launch a coaching course that reduce some of the marketing challenges because they already have enormous audiences. Udemy.com has more than 50 million students subscribing to more than 150,000 courses, providing an option similar to medium.

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