Creating passive income

[siccmadeinc]

I am looking to create multiple streams of income. I need examples of systems that work.

[Still Growing]

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.

[Kristoffer]

I don't like to state the obvious, but many people in this forum is working on blogs or web-sites. Income from ads and affiliate programs can be that passive income that you (and me !) are looking for.

[Adam Sargant]

Originally Posted by siccmadeinc

I am looking to create multiple streams of income. I need examples of systems that work.

Hypnosis MP3s and CDs gives me a residual income (no income is truly passive, like a garden it requires some maintainance, else it may whither and die)... as a practicing hypnotherapist it is of course my baby and the focus of most of my loving attention, but i am turning the skills I developed in creating it to other streams

[Alvin]

When analyzing any systems for passive income, it helps to remember this formula I first learnt from my millionaire mentor Adam Khoo:

Income = Value x Time x Scalability

For example, I rely on my pro-blog Life Coaches Blog for passive income, but it's not really passive because I still have to work at it, but it is a lot more scalable than my full-time job because I can reach out to a larger audience.

A great passive income system would ideally be one where you can reduce the time you put in, and increase the value and scalability.

A good example is Steve, even though he still has to put in the time to write articles for his blog, his value and scalability numbers are so up the scale that the income becomes substantial relative to the time put in.

[thadroe]

That's the beautiful thing about leveraging technology....so many things are easily scalable without having to hire employees.

Thad

[Brutha]

When analyzing any systems for passive income, it helps to remember this formula I first learnt from my millionaire mentor Adam Khoo:

Income = Value x Time x Scalability

I would rather say:
Income = Value x Time x Scalability x Monetisation

Even if you invest a lot of Time to bring a lot of Value to a lot of people you still make no income if you fail to monetise it.

[thadroe]

Originally Posted by Brutha

I would rather say:
Income = Value x Time x Scalability x Monetisation

Even if you invest a lot of Time to bring a lot of Value to a lot of people you still make no income if you fail to monetise it.

Actually, you're just a little off....it's

Income = (Value x (Time/Scalability + Monetisation))/3.486

[siccmadeinc]

Something I had in mind was a vending machine business...

[Simpleclicks]

This could be a great business opportunity "AGLOCO" the re-incarnated AllAdvantage. I signed up a few days ago. This is not a scam as many people think. More info, click link on my signature.

[Wanderer]

2 Things

Firstly chances are you'll get more help on this site if your polite, even a simple thing like please's and thank-yous can make a post seem more friendly and therefore people are more likely to respond

Secondly passive income as far as I can tell the easiest way to do it is make a model, and then rather than creating things from scartch just put them through the model. I.e. something that adds value with very little work.

I could put 100 letters in envolopes for 5p. Alternatively I could build a machine that puts letters in envelopes and just every hour spend 30 secs restocking letters and envelopes. Depending on how many letters it can do you could make lots of money just by passing things through the model.
Costs would be creating the model and a small time investment putting things through it.

Hope this helps

[bullet77]

Hi Everyone. This is my first time posting to this community and found this thread interesting and thought I may be able to help Siccmadeinc with the search for passive income. I have been searching for passive income streams for a while now. The one I have found recently is the most promising. Here is a link to the site that will give you the information: https://www.legisi.com/ref/?id=Bullet77. You can also contact me via email for more information.

Enjoy!

[annie]

Robert Allen has a mastermind tele-group, a book and a set of CD's on the subject.

I was in his original mastermind group....way back when....and I learned alot.

A few of the areas we made $$ was marketing a product (that we already had....our wassail, if you remember that story) online with a website and affiliates

2) stock options (made $10k, lost 8k, but hey....it sorta worked

3) real estate~ flips & rentals (need some cash for that and lots of patience!)
4) Information on the internet (didn't use that until recently...wrote a book and now generate some passive income from that)

(Real estate....in all forms, information on internet, and stock market are his babies!)

[run_fly]

Network Marketing is one good way to create passive income. I like it because the company I work with has a low start up cost and has 22 years of positive growth. If you or anyone is interested give me an e-mail chris_run_fly@hotmail.com and we can talk over the phone.

[Katharina77]

Hey,

What about affiliate marketing? It's sort of a passive income. I mean once you've learnt how affiliate business works, it takes less and less time to make sure that the money flow in.

I only work 15-20 hours a week and make twice as much as I did as an IT recruitment consultant.

Is 20 hours a week to much to call it a passive income, do you think? He, heh, I wonder

Does anyone here makes money as an affiliate?

Katharina