ImageYou can take action today on any of the ideas in this post.  You can start right now.  I have gotten in the rut of spending way too much time reading about ways to create passive income then taking action on the knowledge I have gained.

First, let me just briefly say why I am on this journey to start a passive income stream.  About a year ago I was introduced to a direct sales company called ACN.  I love ACN and am currently a business owner, although the purpose of this post is not to enroll you  in anything but to inform you.

ACN business owners can provide services you already pay for at a cost effective rate for the consumer and the business owner receives a residual recurring income.  ACN owners can provide internet, satellite, energy, telecommunications, wireless, small business services, home security, and merchant services from well known companies.  This is brilliant.  I am totally sold on the concept of doing work one time and getting paid on it over and over again.  This has reignited the fire in me to be self responsible for my income and to create a legacy income (hint: mylegacyincome) that can be passed down for future generations of my family.

1. Blogging

Maybe I am stuck in the stone age, but my attitude about blogging was “can people really make money blogging??”  The answer is yes, you can.  If you are looking for a get rich quick plan that will propel you into a mansion, then blogging is not for you.  Blogging takes time, effort, and the ability to write content that people actually read.  It is very simple to set up a blog and you can find free blogging platforms at wordpress.com and blogger.com.

Pros:

  • Very simple to get started
  • Can start free
  • Build a relationship with your readers
  • Easy to maintain, no coding needed
  • You can use your blog to promote your own products

Cons:

  • Big time investment (maybe months or even years) to build a community
  • Must spend time keeping it up and contributing/commenting to keep it fresh
  • How will your blog be different from other blogs with the same information?

How you make money:

  • Advertising (private ads, google adsense ads, etc…)
  • Affiliate Links (link to a product or service you are an affiliate for)
  • Selling your own products from your blog.

2. EBooks

An ebook, resource guide, or other information product is a great way to build passive income.  If you are like me, the idea is intriguing but the thought of having to complete an ebook gives me mental images of being strapped to my laptop in a coffee induced state with food stains on my shirt.  Not. A pretty. Picture.  Now that I have done a ton of research on writing ebooks from people who have sold books other then “how to write an ebook” books, I am not intimidated by the process.  In a future blog series I will share with you exactly how to write,  publish and market your ebook.

Pros:

  • It is a great accomplishment and a method of getting future business
  • You can add “author” to your repertoire of titles (ie: Blogger, Author, Mind Ninja)
  • You complete your book and viola: every sale after that is truly passive income
  • Sales and distribution can be fully automated
  • No inventory in your garage 🙂

Cons:

  • You have to write, or pay someone to ghost write
  • If you don’t market your ebook you will have just spent a lot of time for the experience of writing a book

How You Make Money:

  • Sales, sales, sales

3. Freelancing

Take the skills you currently have and use them as a freelancer.  In my resource guide you will find several links to places you can freelance.  If you have not discovered Fiverr.com it can be very amusing. I have lost much time looking at gigs of people dressed like a monkey/chicken/nun/clown/banana singing happy birthday.

Pros:

  • You can leverage your current skills or expertise where people are looking for your help.
  • With platforms like Elance, you are able to market your skills in a global environment.

Cons:

  • You are competing against other freelancers.  Do NOT use this as a reason to low-ball your fees.  You do not want to discourage a potential employer from hiring you because your fees are too low.
  • This is not a passive income, but it may provide lifelong connections with potential employers.

How You Make Money:

  • You get hired, you complete a job, you get paid.

Resources

elance.com

Blogging Tips You Should Know by Pat Flynn

fiverr.com

wordpress.com

blogger.com