Turning a Hobby into a Passive Income Source.
There are so many ways to monetize your passions and create passive income.
It may not seem like it immediately, but it’s true. If you have a hobby that you’re passionate about, there are so many ways you can use the internet to turn it into a monetized passive income source. All you need is passion and patience.
Usually, passion comes first. Often, patience never comes.
Let’s say you love to read books.
Or, more specifically, you have a passion for reading books about a certain topic. It could be that Game of Thrones has turned you on to fantasy literature, The Walking Dead has made you explore the world of independent comics, or your frustration with cookbooks has given you a strong interest in how to teach skills through writing.
These examples aren’t too important. What is important is that you want to share your love for your reading with the world. You can create a group on Facebook, or just join an existing one, where others are reading similar books. There, you would share your thoughts and build relationships with your fellow group members. If you want to learn more, you would join multiple groups.
As you build relationships and participate in group discussions, keep reading.
Review these books.
Write reviews about other books.
Summarize a series or write an article about a theme in an author’s work. You could even film yourself talking about these books and create a YouTube channel. Create a blog or website where you share all of your book reviews there as well.
Once you build your page as a source of information, start building your email list. Offer exclusive or premium content that is not available on your website currently. Perhaps you include reviews or summaries of newer books and then later add them to your website and YouTube channel.
The idea here is to create value for others on a topic you are passionate about.
If you like something, chances are other people do, too.
Others will want to discuss these books with you because they want to share their opinions or get their questions answered. Most of all, they want to connect with others like them.
So be the connector!
Okay, I’ve created value. Now what? How can I turn this into passive income?
Once you’ve developed an audience about your passion, there are many ways you can monetize it. However, none of them will happen quickly. (Remember that patience part from earlier?)
Passive income isn’t quick or easy, and it only works if you provide legitimate value.
Additionally, do NOT try to sell to the people in the Facebook groups you join or on your YouTube channel. Just provide value to them and build relationships.
Remember that this is a passive income. You aren’t trying to sell these books or advertise them for purchase. Instead, you are making it easier for your audience to find out more information on these items or to easily purchase them should they decide to do so.
If they do, then you get a small percentage.
This is a long game, but if you can film 3 videos and write 3 blogs per week while always providing value and engaging with this audience online, that’s over 150 videos and blogs in just one year.
If that sounds like a lot of work, thats because it is! Which is why you should share your thoughts about a topic you are truly passionate about. Additionally, you will get better with every blog and video you make. This means your quality will improve over time increasing your ROI per piece of content.
As you can see, when you begin there is a lot of work involved for a little return. But as your work continues and you improve, your ROI grows while your work level goes down.
Keep Building Your Email List:
They will be your best target audience for premium products. Perhaps you write an e-book about the 10 best books in your favorite category. You could do this once a year by re-purposing your blog posts into one concise and easy to read e-book.
When your passive income exceeds your expenses, you are free to live the life you choose.
It’s possible. Just don’t get distracted when it gets hard, and don’t get frustrated when you don’t make much money in the first 12-18-24+ months.
If you keep your spending low, then you can live a very fun life on very little passive income. Even if it’s just a little bit at a time, enough of these months add up and then it just hits you like a tsunami!
And remember, this is just one of the many ways to grow your passive income.