Quote:
Originally Posted by siccmadeinc  I am looking to create multiple streams of income. I need examples of systems that work. |
To create passive income now rather than trying to find the BIG idea I suggest the following:
Step 1: Come up with an idea such as a product you'd like to sell
Step 2: Come up with an easy way to get started such as ebay to sell the product.
Step 3: Start selling and focus on learning rather and analyzing the behaviors of your competitors and your customers.
Step 4: Adapt your offering, your pricing, your terms, etc for the market
Step 5: Set it on autopilot
Sept 6: Repeat
I am not saying that this is the only way or even the best way. What I am saying is that for passive income you should:
1. Start small
2. Start now
3. Focus
4. Perfect your position
5. Set it on auto pilot
If you want to go for the BIG Idea then by definition you are doing something better or different. This means that you may often find it simply does not work but when it does its big.
When trying to create passive income IMHO, you should set your expectations lower. Why lower? When you try to make a little you can cherry pick products that are the cream. You can focus more on a few transactions and manage those with ease. You can operate with lower overhead.
My perspective on this subject is really jaded because its really catered around what I do now.
I am sure that other readers could offer ideas that may be even better.