The Passive Income Business to many people sounds like that blissful Utopia, where we can all get rich without doing any work. Quite the contrary, there will be plenty of work done up front. But once the proverbial tracks have been laid down, you can ride a gravy train that makes you money while you sleep.
But first, you will have to gather your resources and effort to plan out a Passive Income Business strategy as detailed as the Union Pacific Railroad and then get the ball rolling pretty much on your onesie. This could be writing a lengthy eBook that you know is going to have value to a certain demographic. But once you have a good idea up and running you really can sit back and watch the credits come in.
What Is Passive Income?
Passive income is just like it sounds. You make money while you are not “working” to make it. Passive income can come from rental properties, online sales, or any other form of build it once and sell it forever business ventures. Royalties, Television Shows, Music, and Commissions are a few examples.
Passive income is thought of as working once and getting paid over and over again. Vending machines and affiliate sales are two prime examples of how diverse passive income can be.
Robert Kiyosaki made the term popular to the general public in his book, Rich Dad Poor Dad. Robert built a business from rental property. He then went on to write his life story into his books. His style of explaining hard to understand concepts into simple applicable advise started a cult following.
Where Do You Start Building Passive Income?
If you are building your passive income empire Rich Dad Poor Dad is a must read. If you are looking for ways to raise money or build something you can look at out of the box ideas like crowdfunded real estate, building online courses, and even things like brick engraving can become a “set it and forget it” business.
So, while there most certainly is the cloying charm at the end of the strenuous work, how many people are really going to take the plunge, swim out and pull in their boats?
For those of you already dropping trou and heading for the water’s edge, here a few key ideas of a passive income plan that may boost your income in the future.
Sell An Ebook For Passive Income
The idea of writing and selling an eBook is a sort of Mecca to the online blogger and content expert. The most charming thing about this pilgrimage is that a 60-page book is so simple to write and so practical to apply and understand that raking in north of $500.00 a month from eBook proceedings is not an unreasonable prospect. This is especially true if you go all out with SEO based blogs and guest posting. It pays to clear your path from the first step.
Create A Blog And Go Affiliate
Ok, the eBook was a tough call, let’s do one easier. How ‘bout just collecting a killing in affiliate fees. Rather than trying to design and layout a book, just focus on producing quality content that people find attractive, this way your blog will do the work of attracting the masses and profits. With a HOT! Tip for topics and themes your demographic will love, you can expect cash in as little as 30 days.
The main thing to remember here is to stay targeted. Don’t get away from one topic and find products that fit your audience. Manscaped is a perfect example of this. They took men’s grooming and grew their audience and product base piece by piece.
Invest, But Wisely
A wise investment is the oldest form of profiting in the future, yet is also as elusive and rare as the Holy Grail. While the concept is sound, the fact is these investment programs rarely work out as planned and when they fall through, they leave you in the hole. This is an approach best taken with plenty of experience and spending power that will not affect your regular expenses. As they say, never invest cash you will need in the next year.
Sell An Online Course With Membership
Do you have a special skill or insights that would be valuable to a specific trade? If you can assemble a membership-based multimedia-infused plan for instruction you could make a serious killing in an educational passive income business. Be prepared for a lot of work and possibly an ongoing process as more and more users become familiar with your material and seek extra guidance. Much like riding a dragon, the rewards are terrific, if you survive the exhaustion that is.
Creating an online course for passive income can benefit both you and your audience. You can make friends and really help a lot of people out.
Create A Comparison or Review Site
While this has been found to be a lucrative form of passive income, I have been building one myself for over 4 months now and still only collected bupkis. Others say they can collect within a few weeks.
You take the same idea as the blog. You build reviews instead of blog posts. Your reviews are aimed at ranking for the product itself as well as helping the reader understand the product.
Build An Ecommerce Store And Drop Ship
For those looking for more of a job and less of a hobby, setting up an ecommerce and drop shipping chain takes some skill with organization and logistics, but when completed has the benefits of a full-time business. Furthermore, you can automate a lot of the process or outsource the automation task to a learned fellow in India or the Philippines.
You can also look at buying an eCommerce business for passive cash flow. This could jumpstart your business faster as the profits are already there if you strike the right deal. For example two former advertising executives started an online headshop that sells vapes and glass pipes, and they found a way to make it work without having to hold inventory or own a warehouse.
Build An Online Store For A Real World Service And Outsource The Work
What an age we live in. Consider a service that you can do or have done at a good price. Like converting data media footage into HD quality digital files. Then do what you can or even better outsource this work to your special selection of experts. You negotiate the fees and the rates and just keep whatever falls off the top.
Have An App Built For iPhone or Android
Ye, that is a very expensive idea you might be thinking. Actually, what used to be the top shelf marketing plan is now considerably easier to accomplish. You could probably do this yourself, but remember professionalism and efficiency is the final goal here.
Passive income is a great goal. Focus on being debt free and having 3-6 months of your income saved before focusing too much time to “passive income.” While it sounds satisfying, it can be a long pipeline to build before it becomes passive.
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