The Quest to make $10,000/mo : Is that a goal? You have to decide for yourself what your goal is. You have to decide how much money you want per month and if you want it done passively.
I did an exercise awhile ago. I’m not sure about you, but I like the idea of passive income. I want to be able to have the freedom to live where I want and do things that I’m passionate about.
Table of Contents
The Number of Sales Required to Make $10,000/month
If you are selling a product of service, it gives you perspective on what you will need to charge to make $10,000/month.
- $100/mo x 100 sales = $10,000/month
- $200/mo x 50 sales = $10,000/month
- $500/mo x 20 sales = $10,000/month
- $1,000/mo x 10 sales = $10,000/month
- $10,000/mo x 1 sale = $10,000/month
This helped think about what I would need to sell to make passive income. In a sense, there isn’t really passive income. You can’t just start getting residual income unless you buy an annuity or buy a bunch of stocks that give a lot of dividends.
For most people, you will need to build a business that will generate monthly revenue for you. Building the systems will help you get yourself out of the business and generate passive income for you.
Read: 200 Different Niches You Can Build A Business Around
Real Estate Investing
Land Investing
Land Investing has been one of the main ways we’ve been able to build up passive income. My wife was able to quit her job by flipping land. I created an article on building up land investing business guide.
Owner Financing Land Deals:
Buy a piece of land for $1,000 and sell it for $6,000. Get $1000 in the down payment and ask for $200/mo until it is paid off. Do this 50 times, and you will make $10,000/mo.
One of the most creative ways to build up passive income is to get into creative financing. You’ll need a land contract or a contract for deed.
The biggest benefit of doing owner financing deals with land is that you don’t have the hassle. If someone stops making their payments, you take back the property without having to worry about damages.
I’ve created a FREE Webinar Training for people to learn more about investing in land. You can click here to get these land secrets.
Flipping Land for Some Quick Cash sales:
Buy a piece of land for $5,000 and sell it for cash for $15,000. You made $10,000 in the month. You need to build out a system for making these quick flips.
Once you have your system ,you do it over and over again. If you want to know the 101 on land flipping for profits, click here.
Focusing on Buying Rental Properties:
It’s actually a little bit difficult getting a sizeable rental income.
Buy a $100,000 house renting at $1,000/mo. Get 10 of those and pay them off rapidly. This obviously doesn’t include capital or monthly maintenance costs.
This is a long term game.
BRRR (Buy, Rehab, Rent, Refinance)
The BRRR method has been made famous by the Bigger Pockets network. You will need to find the deal and buy it for super cheap.
You will rehab the property and then rent it out at market value. When it is rented, you will have a house that you can refinance with the bank to get your initial investment.
If you do this, you will end up with a sizeable rental portfolio. Assuming you get about $200/month profit for every property, you will need to do this 50 times. When the houses are paid off though, you will make a lot of money assuming nothing goes wrong with your calculations.
Service Related
Marketing Agencies
So, I paid $6,200 for some training on how to build a marketing agency. I kind of kick myself on why I didn’t just buy a piece of land with it, but it’s okay. I learned a bit about marketing and the sales process from it.
Essentially, you can hire someone from India or the Philippines for super cheap. You then sell Facebook Ad, Google Ad, and SEO services to different industries. If you charge a client $1000/mo and it cost $300/mo to hire your ad creator, you make the difference. Just know that your clients will have to pay money for the actual cost of the advertising.
If you learn how to do it yourself, you keep the difference yourself.
Accounting/ Bookkeeping
You can be local and get everyone. The other method is you can become a specialist and charge premium.
For example, if you became a specialist in real estate and creative financing methods, you can charge a premium. It’s not unreasonable to charge a client $500/mo for bookkeeping services. You only need 20 sales to get to $10,000 per month.
Consulting
I’ve seen different ways of doing consulting. You can have a retainer method, or a package method. Think 6 Sessions for $3000. for 3 months. Then, it’s a $100 retainer fee.
This can be helpful for people looking to get help for some problem. This can be in the weight loss, fitness, business, relationship industries. If there is a need for continued services, it can be very helpful.
Digital Products
Online Courses
They are very adaptable. You can create a course as a way to generate profits. I’ve seen prices ranging from $10 at Udemy and $6,000 for some massive training.
Lately, the trend is to charge $200, $499, $997, and $1997 for courses. In either case, these products can be very profitable. You only need a couple sales if you are going to get to the $10,000 mark per month.
Read: How to Develop An Online Course
Software
Software is the future. Once you have the initial cost of the software, you can sell it over and over again without it costing money. There will likely be some maintenance costs, but you can sell it as a recurring payment product.
Doodle Your Work. Have the idea for your software. You will want to create a source of recurring revenue.
Get your Doodle to have a UX Design. You’ll want to make sure that the interface is good. If people are going to use your software, you want it to have a decent design.
Once you have your design, it’s all about building out your programming. Have a programmer build out your code.
Physical Products
Amazon FBA has gotten a lot of attention for physical products. You can source products from China through websites like Alibaba. You can have them brand your logo and name and essentially private label the product. You can then sell it on Amazon.
There are companies that will label the products and ship them out to Amazon. Once Amazon gets the product, they will advertise the listing and handle all the shipping at that point.
Physical products can also be sold on social media and your own website. Ecommerce stores is a huge business and a lot of people are doing it and making money. It’s a good way to build your brand from scratch and try selling physical products.
Advertisements and Affiliate Marketing
Blogs
This is literally what I am doing. As your website builds organic traffic, you can sell space on your blog for advertisements. This can be thousands of dollars once you have a sizeable number of visitors. There are different ways you can make money with blogging.
You can use your blog to get emails. This is a way of reaching out to your community and give them something of value over time. As you give value, they can potentially buy from you in the future.
Let’s says you have 10,000 subscribers. You have this really great deal that will really add value to their lives and it costs $100. If only 1% of your subscribers buy, that is 100 subscribers. 100 subscribers x $100= $10,000.
Read: Blogging a Side Hustle
YouTube
YouTubers can make millions of dollars from this platform. The benefit of YouTube is that a lot of videos can be evergreen. If you create a video that is helpful, YouTube can show your video months from now adding to the overall viewership.
This is why a lot of YouTubers will ask you to subscribe to their videos. It increases the chance that you will see their future videos and increase their overall views. The views lead to more advertising revenue and more subscribers. It has a compounding effect.
Podcasts
Podcasts work a lot like YouTube. Most people are listening to 5-10 podcasts, so it’s important to get on their list. You will want to do guest appearances to attract people on to your podcast.
The benefit is that overtime, you will be able to get advertisements on your platform. This can be a serious traffic source for you.
Affiliate Marketing
Affiliate marketing is when you are selling someone else’s product or service. If you have a free traffic source like a blog, YouTube channel, or podcast, you can recommend other people’s products. There are so many different niches you can make money on.
Some products have a one time payment and others have recurring payments for the lifetime of the customer. By simply recommending products and services this can become a sizeable stream of income for you.
Other people have used paid advertising to get traffic. Be careful that you still make money after spending money on the advertisements.
Frequently Asked Questions:
What should I focus on when building a business?
Focus on the value you can provide people. Build an audience by blogging, podcasting, or creating videos on YouTube.
How do I decide on a niche?
Look at your bookshelf and your most recent purchases. It will usually indicate the things that you are interested in. I wrote an article on different niches you can make money on.
Read: 200 Different Niches You Can Build a Business On.
Should I get into Real Estate Investing or Building a Business?
You should do both. I recommend looking at real estate if you have an affinity of homes or land. If you don’t, I would recommend looking into building an online business.
Read: 13 Real Estate Investing Strategies and the Best Strategy When You are Starting Out.
