There's way more to it. But in theory, yes. If you hustle a lot upfront you could be making money while watching Ozark for money advice. Note, don't get financial advice from Jason Bateman's character.
There are already people creating successful courses online and making millions. The concept is simple. You have expertise, something tangible you can teach people that is of value. Instead of accessing your local market, you open it up to the world.
It's not foolproof, though. Passive income isn't passive. You have to hustle. You have to create an audience. You have to know what to charge. You have to make it look good. You have to figure out analytics and identify where your traffic is coming from.
"We saw a lot of barriers to passive income," said Kenny Rueter, co-founder of Kajabi, a platform designed to be a one-stop shop for passive income. "We wanted to create a community that could help people collectively find an audience, get paid easily and dig deep on analytics. Oh, and it needed to look good and look the same on mobile."
Rueter is betting on this passive income revolution. Kickstarter and GoFundMe blazed the trail on how to create a hands-off project that enables commerce. Wix and Squarespace have made creating a website easier. Put them together and that's close to what Kajabi is doing.
A month ago, I may have told you that there were still barriers to create a course site that collected passive income. Now, I'd say that's wrong. Just like a good website, it can be done easily now. So, then the only question is: How do you create a course that will actually make money?
Here are four steps to get you started:
1. Identify your skill.
What do you do well? What can you deliver that is worth paying money for? Those are tough questions, but they're prerequisites to creating passive income.
"Find one word, one topic, one thing that you are passionate about and talk about it over and over and over again. People who succeed are constantly selling that one thing. For me it's entrepreneurship," said Patrick Bet-David. He's turned his Valuetainment brand of coaching and advice in to 360,000-plus subscribers, millions of views, and $10 million in net worth.
2. Package it.
Equally important is how you present what you do. You have to excite people on what you do. But a lot of current websites, including my own, make the mistake of giving you information without driving you to that next step.
Use a tool that allows you to easily, and cleanly, embed video content directly in to a site. If you have to move people from a site to a Youtube channel or vice versa then you're going to lose a good portion of your intended market. Always reduce steps and barriers to creating a business.
3. Find an audience.
Social media is a great tool. And even if you don't have a large following, tap in to networks of people that do. Find ways to get influencers to buy-in and involve them in the process. Interview them and give them exposure. Bring them in to the process to get their support.
"The better something looks, the easier operates, the better your chances will be," said Rueter.
The key is that you can't create an audience alone. You need people, lots of people and even more people than that number you have in your head now. So start networking yesterday.
4. Create a content schedule.
Once you're growing, you need to continue the momentum. Having to slow so you figure out your content won't work.
Plan ahead and know that you are covered for at least six weeks in advance. This way, you won't lose customers after you already have them and will keep creating advocates that will share and promote your content.