A lot of people who got started on YouTube want to make passive income.
Although, I think passive income is great. It’s not the Holy Grail.
Here’s a couple things that you gotta think about when you’re doing passive income.
Here’s my Tradersfly channel that I have on YouTube — you’re watching some backstage income which is business related.
I started this one out awhile back — 150,000 subscribers. So it goes ahead and I still take time to make video.
You got to remember that passive income is not fully passive. It’s not that you will put up videos and then you’re done.
YouTube platform is not just fully 100% passive. You still have to put the time, effort, and work into it. That’s called having a hard work ethic. That’s really what it’s all about.
It’s not just sit on the couch, I made 10 videos and let the money roll in.
No. You got to do some work.
The second thing is that even if you create a membership platform — here, I got one. I’ll show you.
We got some membership platform here for my Tradersfly. Again, this is more stock trading education, personal-finance.
In this case, we got some trading plans. Let’s say you’re looking at swing charts and swing trading — 49 a month and five dollars for trial. So there’s a few different plans out there that I have on there as well.
But again just because you have a membership platform doesn’t mean it’s fully 100% passive. You Still gotta go ahead and make weekly videos for that membership platform as well.
But when you really talk about passive
A lot of the YouTube folks there just thinking — make videos and then they just die out — and that’s the big issue — the dying effect as they go ahead and start gaining and growing the momentum.
If you want a truly passive income, there is a couple of things that are just only hands off. Even when we have like a team that manages some of the other businesses and sectors that I have within my company to diversify some things — even that’s not fully hands off.
Fully Passive Income
Even the active trading that I do that is not fully passive.
Trading options that we deal with with members and a lot of the other channel area that still active trading — that is not no dividend investing.
This active trading, trading stock is not really fully passive.
That’s one thing you got dividend investing or you put your money in stock you let it sit.
The next is WRITING BOOKS
It’s tough to you know ramp things up because the cost of the book or the amount you might make is 2 bucks, depending on the book, to maybe $10. It’s not a ton of money right away.
If you looking at maybe more like COACHING
You can look at anywhere between the $150 an hour to maybe $900 an hour — depending on your time, what you’re doing, what you’re looking.
That’s maybe a good rate for you on a per hourly basis, but you have things that you have to pay for. These expenses on the business side and not to mention it’s not fully passive because now you dealing with clientele. You’re working with them and you putting your time in.
So as far as fully passive income goes, DIVIDEND INVESTING or stock investing and WRITING BOOKS.
You do have some management. Even if you go ahead and write and create courses like online video courses there still some management with it.
You have to deal with usernames and passwords. People forget usernames. As ironic as that is, I mean these are fairly passive.
Fairly passive because you set the course up, it’s there. But maybe every 4-5 years, you relaunch it. Or maybe every month, you update it.
Depending on the course. If you have one that requires more updates, you might update it couple times a month. If it requires less updates, you might update it once or twice a year.
But you still have user issues, user refunds.
This is why a lot of people fail.
They think they only need to make a YouTube channel. Once they have this YouTube channel, make some videos and now the money come crawling in.
But the issue with that is, to get to the stage of passive, you have to have assets in place.
Instead, one of the fastest ways to make money is really direct — let’s say coaching.
Even if you don’t have a product, you can do service. Once you do the work, you got your service name out there. You do the work. Boom. Money comes in and you’re done.
So that’s the fastest way to profit from the YouTube channel. Depending what you’re doing.
Initially what happens is, let’s say you got this swim lane. as he got the swim lane and you put a bunch of work into the book and then maybe was gonna happen is then you don’t have a lot of time left that you have to put working.
But just as you know, some books, they have version 2. Your second edition, third edition, you might have to rework the book so that might have a nice big gap.
and here you know you got this gap that really stands out. It’s a a good length of time.
Other items what’s gonna happen is you might do the initial set up, let’s say a membership site and here’s a timeline.
And now every single week you have to manage these members.
Although you have these blocks of time that maybe are not fully working, but in between there you got those breaks but then you still have to do some of the work to put in.
So it’s not fully fully passive. It’s not fully hands off.
Again, you might rework some things and and so on.
So everything that you do that you’re looking for passive income, it’s going to have some type of work — that’s what people don’t really get.
Even some maintenance work. Some customer support work.
You got to think about these different things that you’re creating.
What are the concepts and problems you can run into. And with those concepts and problems that you have, can you outsource those things?
For example, user now has problems signing in and customers want refunds and customers can’t login. Customers need a little additional support on how to navigate the website. Customers want to talk on the phone.
You probably outsource most of that stuff.
So in that case, it could be passive for you if you have a team to handle it for you. If you don’t, then it’s not going to be passive for you or as passive.
Which items can you actually start outsourcing in order to make it more passive for you, if that’s what you’re looking for.
If you get those things right, in terms of your mental space of how passive do you want to get and align it with your YouTube channel, what you’re doing and you have the guide you have the direction of what you’re moving towards, then your expectations will match reality.