Ways to Develop a Passive Stream of Awesome Income: Part 2 of 2

Location: San Francisco, USA – Reading Time: 4mins

This is the second of a two-part guest post from Maren Kate of Escapingthe9to5.com

So in the last post we talked about what passive income was and why its essential for any free thinking, extraordinary person to culture. Passive income is rooted in the idea of freedom and the concept of the 80/20 principle. Passive income allows you to free yourself from slaving away in the rat race and lead life on your own terms. It also allows you to work hard on a product one time and benefit from it exponentially. So listed below are my favorites types of passive income and how to obtain them.

1. The eBook. My first form of passive income was an eBook for my first site PowersellerPrincess.com. I wrote it in less than a month spending a few hours a day and barely promoted it. Now this website hasn’t been kept up in a while (tsk tsk Maren) but the eBook still gets buyers here and there and product which is a list of wholesalers for eBay sellers just launched and provides me with a second stream of passive income all in one blog.
2. The Membership Site. When I first started online I listened to a podcast by Sterling & Jay called Internet Business Mastery. This awesome show really made me see these two as credible experts to help me in my quest to dominate in online entrepreneurship, so when they offered a membership course call the Internet Business Mastery Academy naturally I joined. The site costs $97 a month, which seems steep to most, but the info I learned there was invaluable. What do you know that you could turn into a continuity product like that? It means monthly, reoccuring passive income which is awesome as well. Think if you charged just $20 a month for a membership site and got 100 customers, thats $2000 a month! Now think if you got 1000 customers! Wow really big money now and all for the same amount of work.
3. Consulting. Now at first glance consulting seems time consuming and not passive, but you can make it that way if you get creative by recording some consulting type videos and selling those or doing a little bit of over the phone consulting for a steep price. This isn’t traditional passive income but its still easy money!
4. Building a website and selling it. The idea of flipping sites never appealed to me but more recently I’ve been toying with the idea of ‘flipping’ the PowersellerPrincess.com site I told you about earlier. I have a steady readership though I rarely post and a great design, its just that it isn’t my passion anymore. But since the other eBay power seller info blogs out there are crap I really want my site to live up to its potential. Flipping requires a lot of work though, but it can reward you big time. Look at the founder of Twitpic.com, he just recently got a huge offer to be bought out but turned it down! He started this website as a spare project and now it is one of the most visited Twitter adjacent sites in the world.

There are many other forms of passive income depending on your skill set, if you are a programmer you can code an iPhone app and it will sell for years with no extra work. If you’re a tattoo artist you can scan and upload all the flash you draw to a website where people searching for tattoo ideas will go… your competition will probably be weak and if you put up ads or make them pay to download the drawings you can make lots of money with no additional effort.

Think now of things you do regularly and then think about which of those actions you could turn into a profitable passive income stream.

Good luck & keep me updated with your passive income success!

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