It all Begins Tomorrow
I’ve decided to jump in the ring with the masters of passive income (also known as residual income). Passive income is defined as this (in my own words): income that is generated from a period of hard work creating a product or service that can stand alone and continue to produce long lasting income while subtracting the work aspect from it. Wow, that’s a mouthful.
I’m a greenhorn to say the least. For the last 2 weeks I’ve been studying certain websites like a madman. What helps is that I’m currently unemployed. Well, it helps that I’ve got more time on my hands, but definitely doesn’t help with the speed of this task. What also doesn’t help in this area is the fact that I’ve got $90K worth of school debt that I’ve got to get rid of. That may be my biggest hurdle to overcome. But hopefully I can get a job in the meantime and continue to create niche sites that bring in money to pay off this debt.
So you might be wondering what a noob like me is going to try to do to create this stream of passive income. Well….all I really know what to do right now is to create some niche sites. I’ve also heard about affiliate-specific sites to create. If there are many more options, please let me know. This is going to be a huge learning curve for me. So I’ve planned, since tomorrow is 1/1/11, that I’m going to just jump right in and try to create some passive income. None of this is going to be perfect, but I continue to hear from folks that the best thing to do is just to jump in and perfect it along the way.
So here I go:
- $90K in debt
- Living w/ In-Laws
- Wife’s Prego w/ 3rd Child
- Not so Knowledgeable About Passive Income
- Not so Good at Writing
Purpose 2011 is more than just trying to get niche sites up and running, although that is my end goal for 2011. So come January 2012, I’m hoping to have these sites set up and running. Then I’ll be on my way to becoming debt-free and freedom-rich.
- Find a Job
- Move Out of In-Laws
- Create 5 Spectacular Niche Sites (1 at a time)
- Gain Knowledge as I Go
- Become Much Better at Writing (or hire a VA along the way)
- Passive Income of $3000/month by End of Year
Purpose 2011 Niche Sites:
- 500 Unique Visitors per Day
- 100 Articles per site
- Each Site has a PageRank of 3
- Each Site Makes $500/month
- Each Site Gains 5 New Subscribers a Day
- Each Site Ranking #1 in Google for the KeyWord/s I set
So that’s my overall plan for this coming year. I’m hoping to have the motivation and time to be able to do this. What scares me the most is that I get completely motivated to do something new, until a few weeks later I don’t see that “awesome progress” that everybody talks about on the internet, then I become pretty depressed and quit what I’m doing. So I’m really hoping that I don’t get this way and stick it out; cause if this opportunity is real, the possibilities are endless.
So I’ll see you all along the path this 2011 for my Purpose 2011.
And Happy New Year!!!
So these are my goals for this week.:
1. Write 12 articles
2. Add Images to Site
3. Add Tons of Links to Site
So it’s Monday of this crazy Purpose 2011 and I just listened to an interview by Pat Flynn who was interviewing Chris Guthrie…AND I LEARNED A LOT!!!! So because of the KeyWord that I picked I’m going to be switching up my method a little bit. The goals shall be changing quite a bit. Which is good, cause I don’t know if I can produce 12 quality articles per week. That’s a lot more than I expected. I did only one today! So…onto what I was taught in the interview.
Chris talked about having two types of sites: the mini-site and the authority site. This guy knows what he’s talking about. He makes over $60K just from Amazon affiliate products. So I’m going to be trusting this guy knows his stuff (especially with the slew of scammers who don’t!).
Building each site is different and which site you build is determined by one big factor: traffic. Let’s discuss this a little. So you’ll know, as I do now, what site to build.
If a certain KeyWord has less than 500 searches for it per day, then you need to build a mini-site. If it’s got more than 500, then build yourself an authority site (and maybe someday somebody will buy it from you for a nice chunk of change). Here’s what a mini-site will look like.
- The KeyWord is searched less than 500 times per day
- Only needs 5-10 Articles on site
- Build links to only get you to #1 in Google, then you can stop (Web 2.0 sites are priority here)
- Income is a lot less
- So you can set it and forget it
- Mass produce these for much more income
Here is what an authority site looks like.
The Authority Site
- The KeyWord is searched more than 500 times per day
- Make sure your domain name is 100% your KeyWord
- Add lots more quality content on an ongoing basis
- At least 100 Articles on site
- Much more potential for much higher income
- Build subscription lists for ongoing income from your list
The KeyWord that I chose was definitely not one that 500+ people searched for per day (more like 167). But that’s okay. I’ve learned a valuable lesson. And now I am going to be creating a mini-site (but with a little more content than one needs for a mini-site). Simply so I can learn as much as I can.
What I did before today:
- Chose a KeyWord
- Found a domain
- Hosted the website
- Wrote some articles
- Created accounts on other blogs and direct link sites
- Wrote 2 posts on 2 other blogs pointing to my site
All of this cost $40 for the whole year. I used a discount code for godaddy and got a $10 discount. Woohoo!
What I did today:
- Wrote an in-depth article
- Indexed my site on Google (I’m #102 right now!)
- Read a lot
I find that I get distracted a lot by all of the information on the web. There are some really great sites and I feel as though I continually need to suck in more and more info before I can go anywhere.
Another reason I need to visit other sites and read their posts is because I can get pretty depressed if I don’t see immediate results. And that makes me quick things pretty quickly. But since I wanna stick this out for a long long time (if it’s truly profitable), then I need to get inspired and filled with hope that this actually works. So I read and get inspired and then go and write and do stuff to get going. It helps me anyways.
And thirdly, I’m sooooo ADHD. As many of you can jump on this generation boat.
Until the next post.