I'm Pat Flynn, and I'm here to help you make more money, save more time, and help more people too! Do you imagine what a new side business (or even a new full-time business) could do for you? That's what I'm here to help you achieve.
Since 2008 I've helped hundreds of thousands of people get started with their own online business—and here's the common denominator: Everyone starts from zero. So, if you're feeling behind—don't worry. I'll catch you up quickly with what you need to know. Let's start with what this thing called “passive income” really means, and is it even possible?
What is Passive Income?
There are lots of definitions of passive income, and yes—I'm aware of traditional methods such as investing in real estate and in the market. I do both of those, but that's not what this website is about.
In my experience, the best form of passive income—and what I focus on here at SPI—is the following:
At Smart Passive Income, I teach you how to build online businesses that take advantage of systems of automation that allow transactions, cash flow, and growth to happen without requiring a real-time presence.
In other words, we don’t trade time for money.
Instead, we entrepreneurs invest our time upfront, creating valuable products and experiences that serve others, like online courses and communities because that's really all a good business does—it helps other people solve their problems.
We work hard now to continually reap the benefits later.
And unlike real estate or getting involved in the market, the barrier to entry is much lower. There's far less money needed to invest, the rewards can come in much faster, and what you create is something you can become recognized for.
My first online business, which served the architecture and design community, was created for only $6.95/month, and within 18 months it had generated over $200,000! That's when I was hooked and I hope to hook you too!
3 Passive Income Business Models
As you’re learning, there’s lots of ground to cover and I can’t wait to dive in with you. Let’s begin with this video, where I explain three different passive income business models. As you watch, take note of which model best fits your goals.
The Types of Passive Income
Now let's get more specific. Here are three of my most popular podcast episodes that go into detail about each type of passive income, including which products and services you could potentially offer to your audience. As you listen, ask yourself, “which of these product types are most interesting to me?” Keep notes as you listen.
And really quick, I highly recommend you subscribe to my award-winning weekly podcast below. I interview top people in the industry, including people like Tim Ferriss and Gary Vaynerchuk, but I also interview successful people that you've never heard of—people who are just a few steps ahead of you:
SPI fans tell me all the time how much these episodes helped them understand the types of passive income opportunities that are out there. I guarantee they’ll help you too.
If you love the episodes, be sure to subscribe to the SPI podcast on iTunes to get new episodes as they come out.
What Passive Income is NOT
Let’s dispel some myths and set realistic expectations before we go any deeper.
- Generating passive income is NOT easy and it takes a lot of hard work. Nothing in life comes easy. Making money online is no different. Many conventional internet marketers and online entrepreneurs will try to persuade you to think otherwise. Why? Because they’re trying to make money from false hopes. I’m here to tell you the truth: Online business is hard. I’ll do my best to guide you and give you the information you need, but I can’t force you to take action; that’s up to you.
- Generating passive income does NOT happen overnight. I don’t live, teach, or believe in get-rich-quick schemes. My first online business took about a year of hard work before it was generating enough income to support my family. There was nothing easy about what I had to do to get that business going. But in relative terms, it was “quick” because I decided to opt-out of the work-till-sixty-five-deferred-life plan and make my own luck happen. You can do it too.
- Generating passive income is NOT impossible. Passive income was just a dream for me until 2008. That’s when I was let go from my job due to the crumbling economy. With no other options, I bet on myself by trying to make my dream a reality. And you know what? The dream came true, and it’s totally awesome! I get to stay at home with my family, work when I want, and make my own decisions. This lifestyle is possible, and I want you to experience it too.
How to Get Started with Passive Income
Now that you know what's up, you have three options:
Option #1: You could do nothing. The truth is, when you do the same ol' things you've always been doing, you're going to get the same ol' results—but I know you don't want that, or else you wouldn't be here on this website and you wouldn't have gotten this far down the page. This choice is obviously not yours.
Option #2: You could keep searching for more information on the web. There's a TON of information, good and bad, all over the place. But why would you continue searching? All of the information you need to get started I've organized for you here on the blog, the podcast, and other resources I've created for you.
Option #3: You can take action now. You can do it right now with the free course I created called Build Your Own Brand. I built it specifically for beginning entrepreneurs—like you—to make it easy to figure out what your brand is going to be and how to build a website. It's all in a lesson-by-lesson, easy-to-follow (even if you're scared of technology), on-demand course. It's free to access right now, and it'll show you just how easy getting started is, compared to what you may expect.
Imagine having a website up and running in less than a week. It will happen, but only if you get access to the course—and remember, it's free. You have nothing to lose!
Click here to sign up and get instant access to my Build Your Own Brand course now!
Passive Income Business Essential # 1—A website with blog
A website is the first essential of any profitable passive income business done online.
There are a few free options like Blogger, Tumblr, or WordPress.com. Those are great options for some, but I don’t recommend that path for three important reasons:
- When you use a free service, your domain name will almost always be an “extra” extension to the service provider’s own domain. For example, if I created SPI on Tumblr, the web address would be http://smartpassiveincome.tumblr.com instead of https://www.smartpassiveincome.com.
- You have fewer customization options for design, functionality, and revenue. For example, I know that with free WordPress.com sites, you are limited to using only certain plugins, and you aren’t allowed to advertise.
- When you build your business on someone else’s platform, your business is vulnerable to any changes they might make. For example, if Tumblr closed tomorrow, you would lose your business entirely.
These three reasons alone are exactly why I recommend going with a self-hosted website. You have more control, it looks more professional, and you can truly call it your own. (For help setting up your website, check out my free Build Your Own Brand course, mentioned above.)
Passive Income Business Essential #2—A Podcast
Launching a podcast for Smart Passive Income was one of the smartest business decisions I’ve ever made.
Why is podcasting so valuable to passive income online-based businesses? Because with a podcast, you are literally speaking into the brain of your fans—helping to educate and inspire them with your knowledge. You’ll forge a deeper connection with your audience than through blogging alone.
Also, the podcast marketplace is far less saturated than the blogosphere. That means you can stand out from the crowd easier if you produce a high-quality show—which makes podcasting both a great business launch strategy as well as a growth strategy.
Podcasts also become a route to building passive income. Down the road, if your podcast performs well, you may be able to attract sponsors to your show that you know, trust, and that add value to your listeners. Such high-quality sponsors are another fantastic source of passive income.
I only allow sponsors on my podcasts that I know from firsthand experience and that share my values. You can also promote your own products, as well as affiliate marketing products that you trust.
I Appreciate You!
I’m here for you as both a guide and as a friend.
I want to hear your stories. I want to know how else I can help you. I want the Smart Passive Income experience to be our experience, together. That’s how we all learn and grow together, including me.
I do my best to respond to emails. I treat everyone equally. And I firmly believe that I’m not special, just a normal guy who enjoys working hard and working smart. In everything I do here with Smart Passive Income, I truly want to make the Internet a better place.