It’s important to have realistic and achievable goals when you’re first starting to develop a sustainable source of passive income.
While we’d all like to earn $10,000 or more per month, a more modest goal has several advantages. The most important advantage is that your goal is achievable.
With only $5, you barely have enough to buy coffee at Starbucks.
But, you might be surprised how quickly it adds up.
Earning just $5 per day will make you over $1,800 in a year 🙂
It’s entirely reasonable to create that level of cash flow with only a week’s worth of work.
Consider these 5 strategies to make it happen:
- Take the time to brainstorm. Spend some time creating a list of ideas that could generate $5 a day. Consider everything you know about that might be valuable to someone else.
- For example, you could create a video on how to create air fresheners with essential oil. The video could be posted on YouTube and other video hosting sites and you could make money from those that have an affiliate program.
- You could also include your affiliate link for the supplies needed for an essential oil air freshener.
- Do you make the best chili? You could sell your chili recipe or create a website of chili recipes and sell advertising space. You might include an affiliate link to a crock-pot.
- Pick one of the better ideas. Most ideas will take about 10-20 hours to implement, which is about 3 hours a day for a week.
That’s plenty of time to build a website, post a few videos, and do some marketing.
- It’s difficult to predict what will and won’t work. Avoid spending too much time on any single idea.
- Maintain your focus. The biggest challenge you’ll probably encounter when trying to generate income online is becoming distracted.
Shut down your email. Turn off your phone.
Avoid using your web browser for anything except work.
- Try setting a timer. Putting a time limit on an activity makes it easier to stay focused.
- Complete the project. After you’re done with your first project, move on to the next. Continue adding project ideas to your list. Add one new idea each week.
- Repeat. Now that you know the process, keep repeating it. It’s that simple. Many of the projects will fail to earn $5 per day. However, you’ll find that some of the projects will earn much more than that.
The rule of thumb is to try and create 30 projects. After completing those, you can spend the 1st of the month perfecting the first project, the 2nd of the month on the second project, and so on. Drop the projects that aren’t working and initiate a few more from your list.
Money grows on the tree of persistence.Japanese proverb
Over the course of a year, 50 projects would equal $250 per day. That’s over $90,000 per year.
And you can continue to work on more projects.
You know you can make $5 a day.
A small goal like that is believable and achievable.
A simple idea that’s well-implemented can create a large cash flow over time.
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