You probably don’t know that I was born and raised in San Diego because I usually tell people I am from Arizona or Florida. Nothing against San Diego or California, but I feel more comfortable in smaller places.
I arrived in San Diego today, and I remembered why I left. I am not a fan of massive cities, lots of traffic, and tons of people. However, the weather is nice.
No matter how I feel about the city, I must settle for the long run. I am here to do a mission and prepare for retirement from the Marine Corps.
Life in the Metaverse
Welcome back to the Passive Income Road Trip series (Financial Mindset, Retirement Planning, Dividends, Cryptocurrencies, Real Estate, Royalties), where I have arrived at my destination.
What is an automated business? I may be retired from the Marine Corps in three years, so now is the time to build an automated business.
An automated business requires minimal effort on your part to run and succeed. You can automate almost any business via software, out-sourcing, or management.
However, to best create an automated business, you have to start the company with a mindset of automation first. Next, you outline steps for the operation of the business, then delegate tasks to achieve the mission.
A quick example. Let’s start an automated garden business. I would begin by running the garden and finding clients. Slowly, I would hire people to plant and pick the crops.
Perhaps the same workers could bring my food to market. Finally, I would install a manager to oversee the production and financial aspects of the business.
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It would cost money to hire all these employees, but hopefully, I would turn a profit when all is said and done. You would want to start with a less manpower-intensive business.
Online for the win. The best place to start an automated business is online. You can begin a passive online business as a blog or content site. Or you can launch an automated e*commerce site that uses white-labeling and dropshipping.
A blog is an excellent example of an automated business. Once you launch your site and build some domain authority, traffic will arrive directly from Google search.
Once someone arrives at your site, they will start at the top of your sales funnel. It’s your mission to add so much value that they travel down the sales funnel and eventually make a purchase.
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Adding value. It’s tough to add value to a random stranger. Most people come to your website to seek specific information. Once they have found what they are searching for, they leave in short order.
How do you get someone to stay around your site and look around? I add massive value by having links to free Kindle books, free pdf downloads, YouTube videos, and book reviews. Hopefully, these products catch someone’s attention.
You have to plan to add an overwhelming amount of value for someone to stick around to return to your site. If you put your needs first, they will take what they want and leave. The customer’s needs should always take priority.
It will take some time to appreciate what works for your site. Keep trying different ideas until you see people moving through your website.
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Big ticket items. Once you have a nice battle rhythm and a fair amount of traffic, you can add big-ticket items. These items are for your Superfans and will help you monetize your site while adding value to your top supporters.
You can add branded merchandise like t-shirts, mugs, and sweatshirts. Even better, you don’t have to hold the items in stock. You can have them made to order and hosted on sites like Redbubble.
You can add downloadable content like worksheets, books, and journals. These items are simple to make and will cost little to the customer. However, a dollar here and there can add to significant revenue.
The granddaddy of them all is an online course. Depending on the topic or length, you can charge between $100 to $2,000 (or more) for your online course.
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Remember, for someone to spend this much money, you will have had to add significant value to them already. Always keep a content roadmap to understand what information you have for free and what is behind the online course.
The magic of an automated business. The magic of an automated business is that you can continually add new income streams at little to no cost.
I can add a $5 to-do list printable to my arsenal if I run a coaching business. People can buy the product at their leisure, creating a small additional income stream for the company.
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With the right mindset, you can create a nice income stream while keeping the customers coming back for more. I personally like to add a new book to my collection every day. You will have to find your niche to keep the customers’ attention.
Royalties and automated business. Royalties and automated business work hand in hand. I am a firm believer in creating content for any business.
However, they are different. Royalties are the creative works you produce, while an automated business is a behind-the-scenes aspect of making money.
I like to separate these concepts because they will shift and change over time. For example, I can upload my books to different vendors like Amazon, Kobo, or Scribd.
Transfer of Wealth in the Metaverse
For my automated business, I may use Etsy for my printables. However, it may change to something different over time—the same with the company that hosts my online course.
Knowing the difference between royalties and automated business will help you transition your business into future endeavors like the Metaverse.
Conclusion. We all would love to run a business that follows our passion. I love writing and creating books; however, having a plan to replace myself inside the company is a good idea.
I may want to focus on writing solely, so I hire a cover design artist and someone to run my Facebook group. There are many levels of automation you can institute.
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An automated business is yours to mold and shape to fit your lifestyle. Do not create yourself a job. If you open a lemonade stand, don’t just sit there operating the station yourself.
Find ways to create content around your lemonade stand. Then, hire someone to work the stand for you as you build another stand elsewhere.
An automated business is the most scalable of all the passive income streams. Once you understand the concept, you can print thousands of dollars while you sleep. However, you must add massive value for customers to open their wallets. Good Luck!
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. All Right Reserved Military Family Investing
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