I’ve been thinking a lot about what drives me to develop channels of passive income. I used to think it was money, but now I realise its more. It’s the creation of products that add value to the market. It’s about watching the seed of an idea take shape, breath life and develop into an useable product.
In order to build reliable passive income streams, we must first understand exactly what the term passive income really means. Definitions vary. In my experience, what most internet entrepreneurs crave is:
Building online businesses that take advantage of systems of automation that allow transactions, cash flow, and growth to happen without requiring a real-time presence.
One of the first gurus of passive income has to be Tim Ferriss who went on to write the best selling book ‘The Four Hour Workweek‘ and although the principles in his book are sound, I hope that nobody wishes to work only four hours per week. But Ferriss’s book set me on the road to studying the underlying principles of passive income.
So how does it work, because contrary to popular belief passive income is very hard work. It a system whereby you don’t trade your time for money, but produce a product that will continue to make an long term monetary return on investment.
Internet entrepreneurs invest time upfront creating valuable products and experiences which they set to sell automatically using online platforms. We work hard now to continually reap the benefits later and this is, in a nutshell, the idea of passive income. We invest time now and the repay on an idea comes later. All passive income channels are a risk, but with time and greater understanding of how markets work, the payoffs get bigger and much easier.
If you don’t find a way to make money while you sleep you will be resigned to working until the day you die
Finally, the payoff is sweet, coming home after another day at the office to see an unexpected surge in use on a passive income site can bring a smile to the end of another long day.
To date, my biggest single income in any 24 hours has been over 9,000 euros. This came from a passing comment online from a Global Influencer during an interview. This is the new market and the future of sales. Social influencers are the greatest single asset to success of any product or brand in the new market and learning to leverage this new market is essential to passive income.
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If you are interested in meeting up to discuss an idea or bounce around a concept, please get in touch, I love to chat about the world of Affiliate Programmes, Digital Products and Tread Speculations.