How I Created an Extra $2,163 / Month PASSIVE Revenue Stream

This blog post is going to feature a recent passive revenue stream that was created 8 months ago. Since the first earnings on April 6th, 2012, it’s brought-in over $17,308.08 as of November 30th, 2012. The great thing is, I haven’t done any pay-per-click, social media marketing, videos, or SEO for this venture.

The website currently averages 90 visitors per day, which is decent for doing almost nothing but creating and positioning the product correctly in a piping-hot niche market.

We’ve also built a very responsive email list of 2,600 subscribers during this same time-period.

Two versions of this software are offered, one for $47 and another for $67.

Here are the monthly Paypal sales totals:

April – $1,872.23
May – $2,029.57
June – $1,784.24
July – $1,671.48
August – $2,046.24
September – $3,107.05
October – $1,871.15
November – $2,926.12

So, we’re averaging $2,163 per month right now.

The Idea

I wanted to diversify my passive income portfolio to include internet software of some type. Software is one of those rare things if you set it up correctly, it can be incredibly lucrative while customer support is minimal. Many have called software income “Oh shit” money because it can pour-in fast and furious.

Just for the record, I’m not a programmer.

Neither do you have to be if you decide to undertake a revenue-generating project in this space. You just need to understand how to be resourceful and find an individual that can bring your vision to life.

I simply observed a problem that a certain community was encountering daily. The software I had envisioned would provide an easy, automated solution and would save them large chunks of time.

Market Research

I knew the idea was golden because I’ve gotten very good at scouting-out opportunities. That comes with experience and surrounding yourself with the right people. I’ve also discovered the best, most efficient way to present solutions to others facing problems.

However, even though I had an intuitive nudge, I needed to seek-out real people and prospective customers in the niche I was about to service.

I did this by doing some market research in the forums. I actually found that others were already asking the question if this type of program was available. Turned-out… it wasn’t! My hunch was correct.

I did find a couple of conversations about developers that were already working on something, but nothing was actually done. This was definitely good fortune.

Speed of implementation is EVERYTHING when you have a hot idea about a product / service.

Once I observed the demand was already there, I had my programmer throw-up a site quickly. It only took him a couple days. My ethical bribe on the website was (and currently is) a free trial of the software in exchange for their name / email.

This works like a charm and increased buyer conversion. Of course, I also have an email auto-responder sequence in queue.

When anyone opts-in for the demo, they’re prompted to confirm their email address, then the first email is sent with a link to the program download. Subsequent emails answer FAQ’s, build social proof, provide case-studies, and instill a sense of urgency.

Strategic and regular follow-up like this is critical and leads to exponentially more sales long term.

Traffic Generation

The primary form of traffic to our website has been through the use of solo ads and industry specific online forums. That’s it. No launches, ppc, social media, SEO, or affiliates. The first month it was live we had instant traffic and did an unexpected $1,872.23!

The WordPress site cost $400 dollars to build and the software cost almost $1,000 to have created.

So, that first month, I walked away with over $470 in profit from this one venture. It only took me 3 weeks to break even! That’s how you know you’re idea is a winner.

Conversion

The biggest reason for this program’s high 11% conversion rate is the fact we offer a free trial of the software. This enables people to use it for themselves and they actual see how it makes their lives MUCH easier.

It practically sells itself.

As you know, you could have all the traffic in the world, but if you cannot convert visitors into sales / customers, then it doesn’t matter.

The only con about this software is that we don’t charge the users a recurring monthly fee. However, I’m building a highly responsive list that I can offer other related products to now and in the future.

The beautiful thing here is that there’s SO MUCH scalability with this new software venture since the market I’m in is young and growing fast. I expect we’ll hit the $3,500 per month mark almost entirely on autopilot within the next 90 days!

Not too bad at all for the minimal amount work initially put-in.

Mind you, I have a couple dozen of these “mini-ATM’s” online producing cash daily. You can see some examples in this previous post.

Your Turn?

I’ve been immersed in the online marketing world for over 7 years now and could teach a monkey how to build a 4-5 figure per MONTH passive revenue stream if I needed to. If you’re a regular to this blog, you’ve probably seen the other compelling case studies.

The great thing is that extra recurring income can be created with product ideas you personally have (ebooks, software, coaching programs, iPhone apps, audio courses, webinar trainings, seminars, etc.) or by promoting others products (affiliate marketing).

Don’t be a sitting-duck and expect the economy to get better anytime soon. The truth is, there’s no good or bad economy. There’s just YOUR economy.

Important Update:

Since I wrote this blog post, some CRAZY good things have happened! The video below shares how I’ve averaged 220 email opt-ins and over 2500 website visitors PER DAY to this same website. You get to see my Aweber account and Google Analytics, too.

I also pull back the curtain inside this software Paypal account so you can see over $7,000 in transactions for the month of January 2013. That’s more than DOUBLE my best month previously!! Click the play button below to watch.

 

 

You have the power, choice and the potential to build the business you want. Now, you just need to make the decision and acquire the skill-set / map to get there. That’s where I can help.

Ready to take the next step into a highly profitable future and life you’ve always imagined? Visit this link to see if you qualify for one-on-one private coaching with me. Or, view this page to meet me here in Atlanta for a life-changing Total Immersion Day.

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Related Blog Posts:

A Revealing Look Into My Online Income Portfolio

A $7,296 Affiliate Marketing Tip

5 Reasons I Don’t do MLM or Network Marketing

5 Easy, Lucrative, and Fun PASSIVE Income Sources for Chiropractors

About the Author

Dr. Matthew Loop is an author, speaker, and the most sought after social media revenue strategist in North America. He’s famous for showing celebrities, entrepreneurs and small business owners how to create wildly profitable, sustainable 5 figure per month passive income streams by harnessing the power of the Internet. Connect with him on Twitter and Google+.

Comments

One Response to “How I Created an Extra $2,163 / Month PASSIVE Revenue Stream”

  1. Chris Clarke says:

    Awesome Doc! This sheds some light on some different avenues for financial freedom.

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