Building Passive Income to Achieve Financial Freedom
So, I’m sure that the reason why you’ve clicked on this article is because you want to be able to earn a passive source of income, not just for yourself but for your family as well, so that you can get to the point of being able to quit your 9-to-5 job, take your family, and travel around the world to various amazing locations whilst still being able to earn money whilst doing so.
A Personal Story of Breaking Free from the 9-to-5 Life
The reason why I know that’s true is because I was in that exact same situation myself; it wasn’t too long ago that I was living that life, where I had to go into a 9-to-5 job Monday to Friday, you know, being told what to do. I didn’t really like it, but I’ve been able to figure out certain things over the years that you can apply to your own life so that you can buy your freedom back.
Simplifying the Blueprint for Passive Income
That’s exactly what I want to do in today’s article: I want to break down this blueprint in the most simplistic way possible so that any beginner out there watching this video is going to have clarity and direction when it comes to earning a passive source of income—not just today but over the long term.
Defining Passive Income for Beginners
Before I get into any of these different steps in this blueprint, I want to quickly define exactly what a passive source of income is. Now, passive income is where you’re going to be able to earn income without directly having to do any work; basically, you’re going to see money coming into your bank account without you directly working a certain amount of hours to earn that money.
Starting with Active Income to Build Passive Income
One thing you do need to understand is that for you to earn a passive income, it’s all going to start off with you having some sort of active income, which is money you need to work for. Now, you don’t always need to work a set amount of hours to earn a set amount of money, but I always advise people to build up some sort of online business that does require some time to earn money from, which you can then turn that active income into passive income.
Scaling Active Income for Passive Wealth Growth
The more active income you’re able to build up, the more passive income you’re going to be able to also build up in the process. This is what I did anyway; I built up an online business back when I was working a 9-to-5 job, and yes, it wasn’t necessarily easy because I had to put a lot of time into it, but from that business, I was able to scale it up to $10,000 a month, $20,000 per month, $30,000 per month, and I continued growing it from there.
Reinvesting Active Income to Fund Passive Streams
Because I built up all of this active income, I now had more money to put into passive income streams. The question that you’re probably asking yourself right now is, “Sam, what is the best form of active income that a beginner should build up?”
Dropshipping: A Beginner-Friendly Active Income Opportunity
Now, there are so many different side hustles and online businesses out there that you can do, and my recommendation is to maybe look into a dropshipping business. The reason why I say a dropshipping business is good is because you don’t need to show your face on camera, use your voice, or build up a following.
How to Start a Dropshipping Store for Passive Income
Literally, all you’re going to do is find products that people are already spending money on, find suppliers that can ship the product out on your behalf, and once you’ve done that, all you need to do is build a store and make those products available for customers to buy. This actually brings me to the first part of this entire blueprint, which is building a dropshipping store in the easiest way possible.
Why Dropshipping is an Ideal Business Model for Beginners
One of the main reasons why I recommend dropshipping as a suitable business model for any beginner is because it’s a viable way to quickly get to $10,000 per month, as long as you’re aware of the steps involved. Another reason why dropshipping is also a good idea for a beginner is because it doesn’t require that much upfront capital; you’re not buying any inventory in bulk initially, so you’re not going to have to spend too much money getting your store up and running.
Using the AI Store Builder for an Optimized Dropshipping Store
In addition, you can test out different products and stores, and once you find one that you’re able to scale, that’s when you can put more money into it, but it doesn’t really require a lot of money in the initial phases. One of the easiest ways to get started with a dropshipping store is by using this AI Store Builder.
Loading Your Store with Winning Products with AI
I’ve shown this on my channel recently, and so many of you have been able to get to your first $5,000, $10,000 by using it. Now, if you’re not aware of it, it’s completely free to use. It works by building a fully optimized dropshipping website for you, and when I say “optimized,” I mean everything will work as it should on both desktop and mobile, all of the links will work, and everything will be fully optimized.
Driving Traffic to Your Dropshipping Store
Once your dropshipping store is up and running (it shouldn’t take more than five, maybe ten minutes at the most), the next thing you need to understand is how you’re going to get potential customers to be aware of the products you’re selling in the first place. This is where most beginners get confused.
Utilizing Google and TikTok for Store Traffic
The two best traffic methods, in my personal opinion and experience, are Google and TikTok. The thing about Google is that it’s the most visited website in the world, with billions of people visiting it daily, typing in search terms for products they want to buy. This creates an amazing opportunity to put your dropshipping products in front of these potential customers.
Unlocking Income Potential with Google Shopping
Once I learned and understood how to use Google Shopping to my advantage, all of my different Shopify dropshipping stores took off to $10,000, $50,000, $100,000, $200,000, and beyond. Some steps are required to connect your newly built Shopify dropshipping store to your Google account, but once that’s done, the sky’s the limit on how much money you can make.
Leveraging TikTok’s Popularity for Store Growth
The same goes for TikTok; at the moment, TikTok is one of the most popular social media platforms, and by combining your efforts on Google and TikTok, again, the sky’s the limit on how much money you can generate from your Shopify dropshipping store. Of course, there’s a lot more detail that goes into building up a dropshipping store; I just wanted to give you the basics before moving on to the passive income side of things.
Automating with AutoDS for Efficient Dropshipping
Speaking of passive income, once you’ve built your dropshipping store, one of the best ways to automate various processes within it is to use a software called AutoDS. From my experience, AutoDS has been helpful for a number of reasons.
Setting Up Auto Fulfillment to Streamline Orders
Sticking with the topic of this video, which is earning a passive income, one of the best features of AutoDS is the Auto Fulfillment feature. Once you connect your AutoDS account to your Shopify dropshipping store, whenever a new order comes in, AutoDS will see it and automatically ship it to your customer without you having to lift a finger.
Reinvesting Earnings to Scale Passive Income
Once your store starts getting traffic and orders, I’d definitely recommend using AutoDS because it will make the process of earning money from your dropshipping business a lot more efficient. Once you start making money from your dropshipping business, this brings me to the four key areas where you need to put your money to continue growing it over time and, of course, to earn a passive income.
Reinvesting in Business Operations for Growth
The first place to put your profits is back into operations—this includes running paid ads, investing in more products, freelancers, or software—whatever you need to continue growing your dropshipping business. This is especially important if you’ve found a winning product doing really well. When it comes to running any online business, you should always reinvest profits to grow those profits and build up your active income.
Setting Aside Funds for Taxes
The second place to put your money is aside for taxes. One of the biggest mistakes beginners make is not considering taxes, and by the end of the year, they lack enough funds to pay their tax bills. It’s crucial to research tax requirements in your country and keep this at the forefront when you start a dropshipping business to avoid fines and penalties.