How to Cash Flow With "4 Hr. Workweek" and Make Passive Income
If you're like me you're out there hustling to help people while making a living from what you do for them.
Soon after market collapse in 2008 there was a bounty of people out of work. A year later some still out of work, or struggling to rebuild their nest egg. I discovered how I could help others while also benefiting, it was by doing career coaching. The challenge: how to get word out to those I didn't know. I still practice what I believe, and that is if you help me I'll help you. When it comes to working with strangers it's all about reciprocity.
I told a friend about my career coaching. At a card game his friend mentioned he had been looking for a new job for three freaking years and no joy. My friend mentioned what I was doing. His card buddy contacted me and retained my services. He landed an interview with 2-3 weeks for a senior position which paid to fly him to DC for an interview and relocate him.
Bottomline, I wrote a check for the referral to my friend for $125.00. He didn't accept it because 1) I was his friend, and 2) it only took him 20 seconds to mention what I did to his card buddy.
The power of nothing:
As a referrer, most legitimate business asking for referrals you won't need you to know much about their service or product, own anything, invest in anything, pay any entry fees, need to leave home or expend lots of energy to make money on a referral program (also called affiliate programs). Basically, you don't need a degree, you can work from your lounge chair on the beach, and make your own hours. It can earn you lots of money but it should not be a primary source of income, although for some it is.
How to do it in less than four hours a week, or make it a passive income engine?
There is a wealth of companies paying a few cents (for clicks) to $5 or more for purchases based on referrals for putting their link on your website, social page, or by referring people. The program I have right now pays $50.00 for each referral, so the payouts have a wide range. What you are paid is already built into the budget. It's accounted for as part of the marketing campaign. You can look it as profit sharing built on a performance based model, e.g. if someone clicks your link (or responds) and/or buys something, you receive money either in percent or amount. That simple. You won't be paid until the money is in the seller's hands to prevent fraud.
How easy it?
I had 150 contacts of total strangers from a trusted source, the people on the list shared similar principles and had the same mission to promote natural health, wellness, mindfulness and the outdoors. We sent 50 emails per day for three days using a mail merge. That means it took less than 2 minutes. We sent out 150 emails as a test resulting in a 1:50 purchase ratio. That's a whopping 2% ROI. If you're not familiar with that number it is better than or in sync with industry expectations when you email an offer to those who already buy from you!
What did this outcome mean? The referrer would receive $150 for six minutes of work (2 minutes for each mailing). For anyone who wants to refer our event we already have the information prepared. They just replace the link in the letter with theirs and send it out to a mass audience who may be interested in the event. Accordingly, they don't need to know or create anything to begin referring and making money.
If you're very creative you'll come up with ways of harvesting relevant contact info from online effectively. I find mine usually in association and trade directories, and member organizations. Remember, what you are doing is sharing a link to information, products or programs that your audience may be interested in, not irrelevant junk they would view as spam. That means target who you are sharing links with.
Affiliate: There are stories of businesses or individuals who have not paid what they owed to the referrer. Check out the person's or business track record. We have a track record and string of testimonials, use a third party event registration site where our referral links are available at absolutely no cost. This company plays the role of making sure the transactions are kept honest, and commissions paid.
Businesses: There are affiliates out there less than ethical who will make dummy purchases. You make payment for each referral and then suddenly the customer cancels and requests a full refund. We avoid these issues letting all our referrers know that payment is made on un-refunded purchases following the date of the event.
How do you create passive income from this?
Passive income in this case, means you set up the system and just let it create purchases with you having to do nothing, absolutely nothing as registrations/sales become automatic. Examples of how this is done is drop a link on your site or social profile, put it in the signature line of your emails, an automatic signature at the bottom of you text messages, or even on a flyer. With this you need not do anything further yet each time someone sees it and acts on it you are $50.00 richer each time (well $50 on our referral system, less for most other programs).
To your success!
1. Third party video on how to obtain an affiliate link on Eventbrite for a program you're invited to:
2. Third party article on making money through affiliate links, including lists of some businesses offering the program:
3. Interested in our program which pays $50.00 for each referral? We are looking to connect with exhibitors, healers, coaches; and retreat guests seeking to empower t heir lives. Website is www.festivalforchange.com. There are two links we've set up so our affiliates can share with each group:
* Festival For Change Exhibitor = $50.00
* Powermastery Retreat Guest = $50.00