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9
ways to create passive income.
1. Passive income from Photography.
Pros: Relatively cheap setup costs
Cons: You need to be creative and persitant
Ever considered passive income from photography?
There are great opportunities to make repeat income
from photography.
If you
are interested in photography then this is a great
way to make passive income.
You can take photos once - and then sell them time and
time again. This is the best sort of income avbailable.
Do it once and sell many times.
If you refine your skills and are creative - then potentially
you could make a significant amount of money reselling
your photographs. Some sell for significant dollars online.
2.
Buy an investment property.
Pros: Great long term stability
Cons: You need to be able to manage your cash flow
and
afford the repayments
The majority of millionaires and billionaires are involved
in
property. This is because it is a finiate resource - that
is there
is only limited amounts of it.
If you have a steady job - you should be able to get a loan
easily. Go to your bank and find out. Then purchase a property
and rent it out.
Don't just purchase any property. Be smart about which one
you purchase.
You may be able to find a block of land that will allow
you to
subdivide. This is extremly importnat and could make a significant
difference.
Look to your local Council and see how they have the land
zoned.
If you have the ability to rezone the land or subdivide
it then you
could be sitting on a gold mine.
3. Register a trademark.
Pros: Could potentially be a gold mine if you come
up with something unique
Cons: Will cost a bit to register and may not be
successful
Ever heard of trademarks? Often you will see large company
logos with the TM next to it. This means the name and logo
is a trademark.
If you come up with a Company Name and logo - you could
register
this term and then take roalties when a large corporation
may
require it for advertising.
Think of popular terms. An example could be the term:
"Way Cool Dude"
If you created a trademark and registered it then should
a large
company want to use if for their new advertising campaign
or
prodect you could potentially sell it to them and recieve
roalties
for it. This is a great passive income !
Obviously you need to be creative and be able to come up
with
the correct terminology.
4. Set up a business
Pros: You could make lots if you choose the right
business
Cons: You will have to work hard to start with and
need to be
able to deal with people easily
Getting others to work for you is passive income. This is
going
to be a bit harder to do - but obviously thousands of people
do this around the world.
Are you up for running a business?
Some things you should do are;
- Create System and let the systems run your staff
- Be generous and retain staff
- Use Computers to your advantage
- Protect your reputation - this is important for the long
term
- Create a business that is unique - you don't want to copy
everyone else, this will make it hard to lift your fees
or prices
- delegate as much as you can and delegate to the most capable
person
- Make it fun - otherwise it will turn into a negative experience
5. Vending Machines and kids rides
Pros: Easy to maintain
Cons: Set up costs can be a bit higher - will take
a bit of
time to get your money back
Have you seen vending machines in shoppling malls and other
places such as gas stations? These are a great form of passive
income. Also - how about those kids rides you see in shopping
malls? Another form of passive income.
Really - all that is required is to go around and collect
the cash and make sure the rides are operating properly.
These rides can make some excellent dollars and work for
you while you do something else.
6. Google Adsense
Pros: Easy to setup
Cons: Will take a lot of work and time to drive traffic
to your site
If you have webskills and the ability to be able to create
a website - you could advertise on your website using Adsense.
Adsense is the advertisments you see on a lot of websites.
http://www.adsense.com
This is a great way to make passive income.
You will need to drive traffic to your website. This can
be the hard part - but if you keep working at it - overtime
it slowly begins to take shape and could make you dollars
for many years to come.
7. Write an eBook
Pros: Easy to setup
Cons: Finding a unique market and driving traffic
to it will be a fair bit of work
Thousands of people write eBooks. The best thing you can
do is write a unique one that has a target audience and
a market. If you pick the right market and audience you
should be able to make some great repeat money.
8. Write a digital product and sell online
Pros: Potentially could make great money in the long
term
Cons: You will need support staff and technical knowledge
to get moving
Digital items are fantastic sources of passive income. All
you need to do is create the item once and then sell it
many times.
This could be software
eBooks
Songs or music
9. Network Marketing
Pros: Easy to do
Cons: Has negative connotations about it
Ever heard of network marketing? Avoid it.
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