If you are starting out on your journey towards creating a passive income using the internet, you will need to lay down the foundations first. You will need to acquire the knowledge and tools that will help you establish your online passive income sources.
Most people are drawn towards online business ventures by the promise of easy money. They are hypnotized by the get rich quick syndrome. They continue moving from one venture to another, without building up an substantial online income streams. In fact they end up losing vast amounts of money by chasing the elusive get rich quick dream.
This is what happens to the vast majority of people who try earning money using the internet. However there are a small number of people earning a substantial income using the internet. In his post I will try and establish the major difference between the successful online business entrepreneurs and the failures.
I too have suffered from the shiny object syndrome, moving from one venture to another. I have had success at internet marketing in the past, but that’s another story for another day and blog post.
A lot has happened in my life, after a dream start to my early days of starting out in the world of full-time employment. A series of unfortunate events in my life had forced me to take the route of self-employment, which has led me to lose a vast fortune.
I had to get back to working for others to make ends meet. Whilst working a job that drains away most of my time, I tried to make life better by perusing the internet marketing dream. I moved from one opportunity/venture to another, without earning any significant amount of money.
I started asking myself the question “why are none of these online income opportunities working for me?”. I knew that there were many people earning a full-time income using the internet. I started researching successful bloggers, affiliate marketers, print on demand entrepreneurs and network marketers.
My research led me to discover the key elements that contributed to the success of these top earning online business entrepreneurs. I concentrated on passive income opportunities that could be started on a limited budget.
I concluded that the major difference between the top earners and the vast majority that that lost money was mindset. I started working on developing the required mindset and continued researching the top earners.
I knew that I moved from one online opportunity/venture to another without laying down the foundation that was necessary to initiate success. When a new physical structure is effected, the foundation needs to laid down to support the structure, otherwise it will collapse. A lot of time and effort goes into the creating a solid foundation before the structure starts to take shape.
The same principle needs to be applied to build-up a successful online business that generates a substantial revenue. The foundation needs to be worked on in order to establish a profitable business online.
I know that it will take me approximately 6 months to lay down the foundation that will allow me to create a monthly passive income using the internet.
I started my online passive income building journey on the 25th of January 2022. I should have the foundation in place by the 25th of July 2022 (6 months). I know that I will see little revenue during the first 6 months as this is the time the foundation is being laid down.
I registered this domain (MujiburRahman.com) on the 12th of April 2002. If I continued blogging on this domain from then to now, this would be approximately 10 years. If I posted just 3 articles per week, there would be:
(10 x 52) x 3 = 1,560 blog posts
This blog would have become well established and monetized easily using affiliate marketing and adsense. I had many other websites and blogs… I have actually lost count of how many domains I had registered. I may write a post on my previous online business ventures in another post.
The first domain name I registered was www.ukasian.co.uk way back on the 14th of September 1999, whilst I was working as an analyst programmer (contracting). This was a hobby domain, I did not want to make any money using it, as I was earning a good income from my work.
Before the 25th of July 2022, I had just played around with using the internet to earn money. Even as an online income hobbyist, I manged to create a monthly passive income of approximately $8,000 back in 2003. This was a really significant passive income for that time.
Most of this income came from affiliate marketing and network marketing. I did not hold any products and was not involved in fulfilling any orders or dealing with returns or any queries. I was just marketing the products and service as an affiliate and also building up my network marketing team.
They were the good old days, the money left me as fast as it came to me. I had a lot of money coming in but lacked money management skills or the ambition to do something worthwhile with it.
My life started to take a downward turn from the 3rd of March 2003. I am still trying to make sense of this depressing period of my life. This period of fortunate events lasted for a whole decade (2003 – 2013).
From 2013, I have been struggling to get my life back to the way it was before the events of 3rd of March 2003. I have tried to create online passive income sources but most of the sizzled out after a few months. I know that I was just treating it like a hobby. I am totally focused on my goal of creating an initial monthly passive income of over $5,000 within 24 months.
I have full belief that I will achieve this goal, as I had managed to build-up a monthly online passive income of approximately $8,000 back in 2003. I know that internet marketing has changed a lot from back then, but this will not stop me as I am ready to pick up the knowledge and tools require to achieve my goal.
I am laying the foundation of my online business using this blog and also my YouTube channel. I am also building a global network marketing team, The momentum will start to pick up by the 25th of July 2022. Everyday I am working on building a rock solid foundation that will enable my online passive income steams to flow rapidly.