Get ready because I’ve got a story to tell and some exciting news to share. I’m taking you along on my newest adventure, diving deep into the world of passive income. And trust me, it’s a journey you won’t want to miss. From launching digital products to creating a customer relationship management system, and even building a membership site that brings in money while I sleep, I’ve navigated these waters before. But this time, I’m doing something different—I’m pulling back the curtain and showing you every step of the way.
You see, I understand that the world of passive income can seem complex and out of reach. But I’m here to show you that it’s not only possible, it’s doable. And what better way to learn than by watching the process unfold right in front of you? So, I’m documenting the entire journey, from start to finish, and you’re invited to join me. Together, we’ll explore the ins and outs of creating a tool that makes earning passive income simpler and more accessible than ever before. Are you ready to take the first step? Read on and discover how you can turn your passions into profit.
As we embark on this journey, let’s start at the very beginning.
This blog post is all about the initial spark, the name, and the vision that’s setting everything in motion. And as time goes by, I’ll be sharing updates and behind-the-scenes looks through both this blog and my newsletter. My hope is that this content will not only help guide you in building your own tools for passive income, but also serve as a lasting resource for anyone who shares our passion for financial freedom.
So, what’s the big idea?
Let me introduce you to PAYDAY, a user-friendly platform designed to simplify the process of selling and earning passive income, with a special focus on digital products. The goal is to automate the selling and delivery process, creating workflows triggered by purchases, and ultimately making it easier than ever to earn passive income without taking on unnecessary risks. And the best part? We’re making PAYDAY free to use. (Our goal is to stay away from monthly costs and membership prices and have some kind of % per sale instead) I’ll go in more detail on this later but it was really important to make it where anyone who has the desire to generate passive income could do so without needing to pay.
But we’re not stopping there. Beyond the initial product, we’re exploring ways to enhance PAYDAY with features like comprehensive financial analysis, tools for growing and segmenting your email list based on purchase history, and automated marketing strategies tailored to customer behavior. We’re also committed to ongoing education in passive income, all with the aim of helping more people achieve financial freedom. I want PAYDAY to be more than just a tool; I want to build a community, an educational platform, and a support system for creatives like you, who want to make a living doing what they love.
Now, let’s talk about the practical side of things. Choosing the right domain name is crucial, and for PAYDAY, I landed on joinpayday.com. It’s a name that speaks to the community we’re building and the journey we’re embarking on together. And while PAYDAY is a Modern Market product, I see it growing into its own entity in the future. That’s why it’s important to establish its own digital home from the start, while also maintaining a presence on Modern Market for easy access.
I spent a few days thinking about the name and then went into Canva and wrote random words that made sense. I love putting them all on one sheet of paper because I love trying different variations and name combinations. And honestly, sometimes words just pop up and they make sense. (sometimes they don’t). But I often find myself with a name that just clicks, and I get some vision for it.
For this, I kept coming back to Payday. Of course the .com was taken (with such a common word, I knew it would be impossible to get). so I tried a few variations to see if I could get something with Payday that would still make sense.
Obviously, if you’re creating something to generate passive income, you might not need a domain name. You can just name it as a product name and go from there.
When I sold Lightroom presets, they were digital products I created that were then added to my site for sale. They didn’t have their own site or domain name. Depending on what you’re creating, take some time to figure out if this will be part of an already established company, a new product, OR something you want to have as it’s own thing.
A quick example from past products:
My main company name is Modern Market.
Lightroom Presets: I sold Lightroom presets for a long time and simply named them “The (name) Preset Collection. I had 20 unique collections, and they were all sold as products in my online shop. (These simple digital products generated over 2 million in sales.
The Essential Studio Manager: This had its own domain name. Eventually, it was acquired for $90,000. We built it in a way that made an acquisition possible. We didn’t want this company to be connected to Modern Market to make selling it easier. It had its own domain name, social pages, bank accounts etc.
Wordsmith Membership: This is also currently part of Modern Market, but can also be a stand-alone company. I have it posted on Modern Market, but also have a unique domain name just for this site. It would be very easy to branch this out from my main company.
Next up will be Payday. Just like the Wordsmith Membership, it will have a dedicated page on Modern Market and its domain name. I can absolutely see this turning it into something bigger, so it’s a good idea to just set it up as its own unique thing from the start. Since Modern Market is the hub for everything I create and build, it also makes sense to keep it posted there so people can easily find it as a Modern Market product, or link the new url from the Modern Market page.
As you consider your own path to passive income, remember that the size or complexity of your idea doesn’t determine its potential for success. I’ve created digital products priced as low as $9.00 that have generated incredible income. Your unique experience and perspective are your most valuable assets, and I know you have amazing ideas just waiting to be brought to life.
In my next blog post, we’ll dive deeper into the different types of products and services you can create to generate passive income, this isn’t so much related to my new idea but I wanted to include it as a mini guide on ideas that could help you brainstorm some passive income ideas.
But for now, I leave you with this: start brainstorming, start planning, and most importantly, start believing in the endless possibilities that await. The world of passive income is ready for you, and I can’t wait to see what you create.
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ABOUT THE AUTHOR
I'm Elena, your
Multi-passionate, CEO of multiple companies, mama of four, obsessed with all things business and marketing, ready to help you attract your ideal client and customer. My goal is to give you the strategies and tools to grow your business so you can save time, get real results and focus on what matters most.
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You might know me as the CEO behind Modern Market & Wordsmith, but more than anything, I love sharing my process, resources, and knowledge with those who want to learn more.