Passive income

What is passive income?

Passive income is income from businesses that need little or no work to maintain. Passive income allows you to do other things or work at your regular job while making money. To a lot of people this seems impossible at first but it can be done. Let me show you some of the types of passive income people use to make money.

What types of passive income can i think off?

• Car wash.
• Blogging/content rich website(s).
• Windmill to generate electric power and sell it bank to the regular companys.
• Self service gas station.
• Auto surf websites (I think they are useless).
• Selling digital products with autoresponders on the internet.
• Lockers at for example train stations.
• Stocks or bonds.
• Picture booth.
• Mobile phone recharging station.
• Coin operated laundry.
• Shoe shining machines.
• Coin operated weight scale.
• Real estate.
• Nail painting machine.
• Coin operated games: dartboard/Pool table(s) /Kiddy ride /Pinball / Touch screen games / air hocky.
• Coin operated breathalyzer.
• Create a software program and ask a monthly fee.
• Golf ball washer and coin operated golf ball dispenser.
• Pay phones.

Most of the passive income sources will need an innitial investment. If the maintnence is low you could have steady income from your investment(s). The nice thing about passive income is that it needs little or no work (accept checking for results and book keeping)

Websites about passive income:

http://www.cashbloggers.com

http://geniustypes.com/passive_income/

http://en.wikipedia.org/wiki/Passive_income

My own passive income plan.

At the moment i have 1 main income source and 2 small ones. The main income source i have is directly connected with another one because i can get free advertising for the second one. That is what i think the main reason some people have multiple streams of income. The second small passive income source i use adsense. At the moment i want to save money for future passive income streams.

Why generating passive income.

Some years later there was commission selling that i did for about 6 months. One day i was in an antiques store and i asked if they had a website and they didn’t. So i offerd to sell the products they sold in the store for a commission. They where very much interested and offerd 10% of the selling price for every product sold. The concept worked exept for the fact that the products where to cheap to make a reasonable profit.

I like passive income because its fun, interesting and you can use your creativity a lot. For a simplified example: if i would have 10 picture booths and reserve money for maintnence, i could split the profits 50% for future investments 25% for savings account and 25% extra income. If you already have customers for 1 product or service chances are that the same type of customer is interested in additional products or services. Some people say its 10 times more easy to sell to a customer who has already bought from you then to a new customer. Compare that to a savings account and i think you know what i mean.

Passive income from your ebay bussiness?

It’s possible to sell digital products such as ebooks or software on ebay that sends the file automaticly after the customer has paid. Also you can automate the feedback and if you wish you can send a thank you email with a autoresponder. This can not be 100% automated because some people will ask questions about the product you sell (even if you answer their questions in the auction description)

Set and Forget Income the way of the future?

More and more businesses use automated processes to generate extra income. Just think of all the autoresponders out there. And why not? with the internet this type of business is possible for more people then ever before. With your internet business you can outsource parts of the business prosesses without the customer knowing you are.

There is always manual laybour involved in generating income . The problem is that you always need to check for the results no matter how automated your business is. I don’t mind as long as i can do what i like.

What is possible with what i call semi-passive income streams.

You can set up a vending machine with 1000 gumballs in it and the machine can do most of the work for you. If your clever you can ask someone else to clean the machine and maybe keep an i on it now and then. Put a sticker on the vending machine that says: vending machine locations wanted! call: “your phone number”.

Thanks for reading my passive income weblog. Let me know if and what type of passive income you use :-)