Simple Strategy to Set Up Passive-Online-Income-Stream

Attitude is the first demon to tackle when it comes to making money online. Being a Sri Lankan definitely has certain disadvantages such as restricted PayPal accounts and English language difficulties etc. But they don’t, by any means stop a determined individual from making money online. That’s why having-the-right-attitude is the first  milestone in order to make money online in Sri Lanka.

The next step is to have a clear path to follow. There are tons of methods you can make money online and some of them require that you have a website and some don’t. Similarly some of them are active income streams, while other methods generate passive income. For those who are absolute newbies, active income means you get paid only for what you do as per an hourly or per-item rate, e.g. ad clicking, data entry, article writing, graphic designing etc. Passive income means you set up a system and the system would generate some sort of income regularly. e.g. monetizing a blog, adsense, affiliate sites, affiliate products, websites, domain parking etc.

Active income – You take action and you get paid

Passive income – You get paid for action taken by others

We all like to have a decent passive income stream so that we can spend time doing what we enjoy rather than work tirelessly. But the problem is that it takes time, commitment and hard work initially. e.g. For you to have a popular blog with a substantial audience, you have to provide quality content, build a subscriber list, optimize for higher traffic, build backlinks etc. If you ignore certain components, but just put up a blog and hoped for the best; you are just waisting your time. What I’m trying to say is that you need to have an existing ‘active income stream’ while you step into ‘passive income methods’, because passive income methods will not generate income from day 1, in fact you never know when it will start generating enough income to meet your expectations. But an existing active income stream gives that financial assurance so you can build proper foundations for your passive income methods, rather than hurry onto them and expect miracles to happen. That’s why you have to have a decent active income stream, be it a day job, freelance projects or ad-clicking. I think I’ve made my point here.

Once you have decided on the path you want to take in order to make money online, write down a simple plan of action to achieve certain goals (written down in the same piece of paper).

Example:

Objective: To earn a daily income of $20

Plan of Action:

1. Use active income streams
2. Find and bid on freelance projects at freelancer.com
3. Write articles for $10 / day ( 2 article @ $5 per article )
4. Take up data entry jobs for $10 / day
5. Achieve weekly limit of $140 ( 7 x $20 ) by working extra hours in the weekend, to compensate for certain days in that specific week where the daily target 0f $20 weren’t achieved
6. Keep bidding for new jobs so a constant flow of work is created

This is a simple yet solid plan of action, if followed properly, will earn you approximately $600 / month. Note that, this is more than what an average day job earns you in Sri Lanka.

Now, all you have to do is, read it daily and most importantly do exactly what it says on a daily basis. You have very little chance to fail given that you take action. Feel free to copy this exact plan of action. You can even add another step to write an article to a blog that you have on a daily basis. If you do, that step will ensure that you lay foundations for passive income streams too, in the long run.

Doing the same thing over and over again may become a little frustrating at times. When you do get frustrated with tasks in hand, close your eyes and dream about the first thing you would do when you have big fat checks coming in your way, without any direct action.

Procrastination will have a big say on how quickly you complete a task, given there is no direct compensation for that particular task, meaning a brick laid for the mansion of passive-income. If you are not focused, you will soon become the humblest disciple of the evil prophet named procrastination.

I can keep on adding to this topic, but I believe, thus far all major strategic factors to start earning online, have been covered. If you apply this knowledge in real life, you can definitely become an internet entrepreneur living in Sri Lanka.