For those who have not read the “About Me” section of this blog, allow me to make an introduction.
I resigned from work during the first trimester of my pregnancy. Last year, when our son was three months old, my husband and I came up with the idea of putting up an online retail shop for pregnant and nursing mothers. After months of studying the market and the hulabaloo, we opened it in 2016. It’s called Posh/Mum.
Luckily, I was able to grab hold of this e-book on Passive Income by Samantha Connor on Amazon straight to my newly-downloaded Kindle. It was quite timely.
Apparently, our new business not passive income. Aha! I learned something from here, and our start-up venture kept me busy when it launched last April, so I couldn’t get myself into reading and writing for the entire month.
Let’s define passive income.
According to the e-book, it involves a profit-generating source, which does not necessitate you to work as hard as you usually do in order to earn money.
The book is great for those looking into having something on the side. From renting out to blogging to selling, it gives a couple of suggestions on what you can do to have passive income rolling in,
Selling? I mentioned earlier that my online retail shop wasn’t classified as passive income, so why am I talking about selling now?
My shop, in particular, requires marketing; communicating with the customers and potential ones; preparing the items (washing and packaging them, on my part); scheduling deliveries (and sometimes, following-up, too); and then stocking. As our team makes our clothes, I cannot begin to tell you what we go through to manufacture the items. We’re a happy bunch of commuters. My husband carried thirty-three kilograms of fabrics from Point A to D, one time, and Point A to B was six-storey high. That being said, it’s not a source of passive income because it takes a lot of time and effort.
So, what can you sell for passive income?
I am taking this with a lot of consideration. A couple of people are prodding me to write a book on breastfeeding (although, I don’t think my experience makes me author-material just yet), but that’s one example of what you can sell. Write a book. Put it for sale online. You write one time and reap the income from downloads. This is continuous for as long as people are downloading the book. Plus, there’s no need to spend time with the delivery since it’s available online. I just wish I have the time to write now.
Other suggestions include selling software, apps, designs, stock photography and music, e-courses; renting out residential space, real estate leasing, reception, storage, equipment (although the most needs high capital); secondary value like membership sites, affiliate marketing, guest post space, e-mail marketing; and investing through peer-to-peer lending, dividend investing, real estate investment trusts.
There were a couple of things that repetitive like the “secondary value”, which was discussed twice. Overall, the e-book had been very educational and eye-opening despite the few pages.
You can get the book via this link for $2.99.