I recently talked with a friend who is an Internet Entrepreneur. He makes enough passive income through several websites, to cover his expenses and make a living. I know it wasn’t easy or quick. It took him a few years to build it and make it happen.
Then he told me about this guy, who was 25 and was laid off last year. He ended up making $8,000 in his first month through selling his own product through his blog. See the link for smart passive income below.
The idea of passive income is very appealing. Imagine making money when you’re not working and even while you sleep! That’s what passive income is.
It’s setting up a system that basically runs itself to make you money and doesn’t require you to be there. Most of us earn an hourly wage or salary when we work. But when we’re not working, we don’t make any money. This is the same for entrepreneurs, who make money only when they have projects to work on. Otherwise, they make no money. =(
A simple example of passive income is Britney Spears recording an album. Once the music is recorded, mixed, and mastered, the record company puts the album onto iTunes and people buy it. Britney Spears doesn’t have to be there to sell the songs or album because it’s set up so that iTunes automatically sells it for her. When you download it, iTunes charges you and Britney Spears gets the profits. But what she does have to do is promote it through music videos, talk show appearances, magazine interviews, and concert tours. Once an Internet entrepreneur creates a product to sell, they have to promote it well.
I can’t say that becoming an Internet entrepreneur and making passive income is for everyone. You have to be the type of person who is business minded, enjoys learning, is not afraid to take risks, tries different things, doesn’t give up after failing, can look at the big picture, is resourceful about finding out how to do something, doesn’t have to be told what to do, and instead can figure out what to do on their own.
Here are some of the Internet entrepreneurs that I have been following:
Hi Fanny,
I just noticed that you linked over to my blog, and I just wanted to come over and say thank you for that!
I really love your example about Britney Spears, I haven’t really thought of recording artists as people who generate a passive income because it seems like they work so hard all of the time, but you’re absolutely right. If she wanted, she could quit music today and still generate a load of income from any sales or downloads of her music, and probably for quite a long time.
Come to think of it, even though my business is mostly passive, I’m still working hard too, on other projects. It’s like what I like to say, it’s about putting in the hard work now, so you can reap the benefits later.
Keep up the excellent work, and again thank you for including a link to my blog, especially in the company of John Chow, Darren Rowse and Yaro Starak. I’m honored to be in your list with them.
Anyways, I wish you nothing less than success. Cheers Fanny!
-Pat
The internet has been a god-send to anyone wanting to set up a business, it has made it very viable, especially for passive income possibilities. Excellent post, I enjoyed reading it- keep up the great work