I share my ideas on how to make passive income with a real-life example that you can follow along. This is not your typical video. I'm not going to tell you to offer services on Fiverr or talk to you about dividend investing. You don't have to have any money to be able to do what I did.
I'm showing you exactly how I take a soda brand and push it into brand new markets around the globe.
If you enjoy this video and want to find out what happens next, subscribe to the channel here:
ru-vid.com
I'll make a follow-up video to share exactly what's happened and the numbers!
I'm going to share my key takeaways for you below, before I waffle on with my opinions on this:
1. Build a Brand
Don't take crap products off of AliExpress or Alibaba and sell them on a Shopify store or Amazon FBA. It's too late for that. Everyone is doing it and it's too competitive. You either have to find a product with higher barriers to entry, or build a brand. If you're successful other people will see that and throw money at FB Ads to compete with you. You have to have some kind of moat so that people can't do that. Either build a brand or find a product/market moat.
2. Build Your Network
Network is networth. I know you don't want to hear this if you're trying to make passive income quickly. But you have to hear it. You've gotta dig the well before you're thirsty! If you don't have a network, it's still achievable and I share my friend's story in this video and exactly how he did it without a network.
3. Jump Into Growing Markets
You don't want to fight an uphill battle. If you can jump into a nascent market before it pops off, this will mean you ride the wave. This is easier said than done, but there are Facebook groups you can join and newsletters that you can subscribe to which will help you see trends. One of my favourites is theHustle.co and their My First Million podcast. These are free and both are great for helping you to identify growing markets.
4. You Don't Have to Spend Money
Probably the biggest take away I want people to have from this video is that you don't have to spend money to be able to make passive income. You do have to put the work in though. If you don't have money to spend on marketing, then you have to pay in sweat! That's why we refer to sweat equity in startups. Anyone telling you otherwise is selling you lottery tickets or their courses...
5. Don't Expect Things to Happen Overnight
When things take time, remember: It takes 6 hours to build a Toyota, and 6 months to build a Rolls Royce.
You don't need a big network to be able to do this. Yes, I relied on my existing network to get this done fast. But, I already have a business to run and it was just an example to show you. Also, it still took effort and creativity to make this work!
To show you that this can be done without a network, I asked my friend Nick to share how he did this with Celia Lager in the UK. Nick, hustled his way into the major retailers and ultimately sold out to Carlsberg when they bought the brewery from which Nick had negotiated the distribution rights.
I've seen a lot of videos on RU-vid recommending dropshipping or Amazon FBA. Most of these videos are made by people selling you their courses.
With any passive income ideas you need to look at the barrier to entry. With things like Shopify dropshipping or Amazon FBA, the barriers to entry are almost none existent. And whilst these were good ways to make money a few years ago, they're now highly saturated markets. Some people like to refer to blue oceans and red oceans. It's another way of saying, go where no one else is.
Whilst my passive income example in this video is a soda brand, it could be anything. I know some of you will be thinking soda is a commodity, but that's great for me because it makes it a lot easier to sell. People will either like it or they won't. At the same time, I'm not competing with a million other people that have access to Shopify. It may look like I'm competing with the likes of Coca Cola, but try not to think like that. It's much easier to compete with a giant competitor by using your imagination and getting creative, than it is to compete with the millions of other people trying dropshipping etc.
Another thing to bear in mind is that you have to build a brand. Whether you're doing it yourself, or licencing someone else's brand - make sure you have a brand that stands out. Don't just try to take a product off of Alibaba or Aliexpres and sell it without building a brand.
For more great content checkout www.azoras.co.uk/blog
18 окт 2020
