I was reading an article on the internet that was encouraging its readers to supplement their income by generating a passive income stream. They were trying to make it easy for the reader. They even listed examples to assist.
- Create an online course.
- Invest in stocks.
- Create an app.
- Leverage affiliate marketing.
- Sell an ebook.
- Buy an existing blog.
- Start a blog.
- Sell a product with staying power.
The first one as I see it has some inherent difficulty, unless you are brilliant at what you do and there are others who would like to learn your methods. Otherwise if you are not, how do you get anyone to pay?
I love the second one, but then I personally invest in stocks. It helps to master a specific sector so you can become an expert and know how to invest to win. This may actually help with the first item.
Creating an app? I have had ideas, but I do not have the technical skills. Nor do I know someone who does that I could work with or trust.
Leverage affiliate marketing… Not sure what this means exactly.
Sell an ebook. First you have to write one. Working with many published authors, I know this is not as easy as it sounds. Again you should be an expert to get anyone interested in your topic enough to buy.
Buy a blog, how will the content remain at the quality levels to maintain the income stream?
Start a blog, simple enough but you have to persevere and attract reader to your content so you can then sell the ad space.
Sell a product with staying power, again easier said than done. I have client who does the opposite. They sell small disposable products used in the manufacturing process. They wear down and need to be replaced often. The products become obsolete and more need to be designed.
One option that was not on the list was buying or starting a turnkey operation. A business that once started or running can be easily turned over to a manager for the running. I know one person, who has a group of Cricket locations and Sports-Cuts.
Passive income can be done, but it will not be an easy road at the beginning. But once going with the right planning and strategy and oversight it can work.