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Creating Income Generating Assets to Double My Blog Income

Remember the ABCs of blogging and and creating income generating assets to make more money

The movie ‘Glengarry Glen Ross’ was basically mandatory for anyone working in equity analysis over the last two decades. One of those movies that brokers and traders love to quote.

In the movie, a very young Alec Baldwin is brought in to motivate a group of real estate agents. Baldwin plays a take-no-prisoners kind of guy with a slogan and an ultimatum.

The slogan is to remember the ABCs, Always be Closing. If you’re not moving your potential customers towards that goal then you’re just wasting your time.

The ABCs are also important in blogging and making money online, not because you’re constantly trying to make a sale but because you need to Always be Creating.

If you’re not constantly creating new content and products, you’re not getting the most out of your blog and you’ll never make as much as you could.

Why You Need to Create Income Generating Assets

I say, “Always be creating content and products,” but it’s really the products side on which you need to be focused. Content on your blog is absolutely necessary and it’s the way you bring people to your products but too many bloggers spend all their time publishing posts and have no time left for products.

You might make some money with affiliates and click advertising but you’ll always be on that hamster wheel, relying on other peoples’ products for your income.

Create your own products and the blog truly becomes your own. You’re bringing visitors not to send them off to some affiliate or hoping they click away on an advertisement but to join your community.

Always be Creating doesn’t mean you wait until your traffic is ‘a little higher’. This is a classic excuse, especially for new bloggers that think they need to reach a certain level of blog traffic to make any money.

The ABCs of blogging mean you need to make a plan for creating income generating assets from day one!

Instead of just telling you to create products, I thought I’d use the rest of this post as an income report for my five blogs. I haven’t updated the report since April because I’ve been so busy creating my own assets.

Passive Income with Self-Publishing

Self-publishing has easily been the most passive form of income I’ve found and accounts for about a third of my monthly income. I published my tenth book in January and sell them through Amazon on Kindle, paperback and audio.

Self-published books are the ultimate in income generating assets and so easy for bloggers. You’re already creating content regularly so why not reformat it into a book? Using a strategy of using old posts for self-publishing, reformatting and adding content, you can easily publish two or three new books a year.

I averaged $1,848 a month on ten books over the last six months and have made $29,351 since March 2015.

income generating blogging assets

Creating income generating assets with self-publishing

how to create income assets bloggingLessons learned Self-Publishing:

  • You can research to find popular topics but self-publishing is going to be a hit-or-miss asset. I have three books that average only $100 a month while one book, Make Money Blogging, has averaged $470 a month this year. Don’t give up if your first book isn’t a runaway success.
  • You’ve got to have a strategy for self-publishing; a system for planning, writing and launching. It’s too easy to get lost in all the pieces and fall behind otherwise. Keeping to a strategy will make it easier to stay on schedule.

I know bloggers that focus solely on self-publishing and many authors that don’t even manage a blog. It’s a great asset that is nearly passive once launched and can provide all the income you need.

Affiliates and other Blogging Income

So after dumping on affiliates and other sources of blogging income earlier in the post, I’m going to be the hypocrite that says I still love using the sources on my blogs.

I’ve cut out almost all per-click advertising but still make money on sponsored posts and affiliates. Maybe I’ll cut back on affiliates and sponsors some day after creating more of my own products but affiliate posts can be a form of asset as well.

To be successful with affiliates, you need to do the SEO work involved in ranking your post on Google. It may still be the affiliate’s product you are promoting but the post is your asset that generates monthly income from Google search.

I averaged $3,412 a month over the last six months through affiliate sales, sponsored posts and some miscellaneous advertising.

Lessons learned with affiliate posts and sponsorships:

  • You’re not going to make anything on an affiliate unless you drive solid traffic to the post. That means don’t waste your time writing a review post unless you’re ready to put in the time ranking that post on Google through SEO.
  • Only promote affiliates which you have used and that relate to your blog’s niche. You aren’t going to make any money promoting a dating service on your personal finance blog. You might get a commission or two a month but not nearly the money you could make with an affiliate that is more closely related to the content drawing readers to your blog.
  • Affiliates come and go. You’ll spend a lot of time building up a review post and then the affiliate will cancel their program. It’s just how it goes. That’s why creating your own products and services should always be a goal.

Freelancing as an Income Generating Asset

I started in freelancing while still working a full-time job in 2011 but have pulled back over the last couple of years to focus on the blogs. I enjoy being able to concentrate on building my own assets and products but that doesn’t mean freelancing can’t be a great income generating asset as well.

In fact, there are a lot of bloggers that use their sites almost exclusively to get freelancing assignments and do very well…like six-figure income well.

I averaged $915 a month over the last six months through freelance writing, mostly for weekly posts on an investing site, Street Authority. I’ve thought about getting back into freelancing more. The pay is great and much more than most bloggers make off their own products or affiliates.

how to create income generating assetsThe problem I have with freelancing is that you constantly spend time finding and talking to new clients just to get work. Many of the projects you bid on and potential clients with which you talk will be wasted time. Even the projects you get just mean more work.

Lessons learned in freelancing:

  • Even if you decide to focus on freelancing, commit to building your blog as a way to profile your services. Use your blog as a reference to potential clients to cut down on the time convincing them of your value.
  • Understand exactly how much your time is worth and what each project will involve before naming your price. The worst thing you can do is accept a project for too little money.
  • Once you know how much your time is worth and have an estimate for a project, add at least 50% to the bid. You need to compensate yourself for marketing time and all the other time you spend on your business.
  • Create at least a few products that can generate passive income, regular customer needs that can be fulfilled with a templated product or something you can reuse.

Creating More Assets and Products

I’ve averaged $6,175 over the last six months and nearly $70,000 for 2017. I won’t have my first six-figure year but will double the $35,213 made last year from blogging.

Doubling your income each year isn’t too bad, right?

But I’ve only been able to double my income because I remembered the ABCs. I’ve worked to constantly be creating content and products.

Blogging and working from home isn’t the job-in-a-hammock everyone makes it out to be. It’s a fun job, but it’s still a job. If you’re not at your desk every day working to create more income generating assets, you’re not going to do as well as you could.

I’m also working on a series of eight video courses on personal finance and investing. Self-publishing has been great, but I’ve wanted to expand to video courses for a long time. They’re a higher-value product and I’ve seen other bloggers do really well with courses.

The video courses will be about four hours each, over 30 hours in the series, so I’m not planning on launching until late 2018. It’s definitely a long-term, high-value product and I’m putting in the time to make it the highest-quality possible.

Creating income generating assets through your own products and services should be one of your top goals as a blogger. You need traffic and content that will draw that traffic but don’t make the mistake of putting off creating your products. Even something small like a printable can bring in enough monthly income to motivate you to keep blogging. Remember the ABCs of blogging and the sky’s the limit.

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