I’m sure that by now that you’ve heard about what Passive Income is. You’ve probably read plenty of different information from people telling you that it’s amazing and something that everyone should be striving for. You’ve also probably read plenty of other information that say’s that passive income is a pipe dream that isn’t really possible.
Interestingly, probably the most famous person when it comes to passive income is Pat Flynn, and he is probably one of the hardest working individuals you will find online. While he teaches about passive income, i’m sure he will be the first person to tell you that the money he earns isn’t all that passive, and that like all things related to money – you need to manage and nurture it to allow it to grow and prosper.
I personally have tried pretty much every type of passive income opportunity that I can think of, and for the most part i’ve failed miserably, but there have been some beacons of hope along the way.
The first real success I had was with niche sites. The first site I ever created was about wisdom teeth. I knew nothing about wisdom teeth, but I decided for some strange reason that that was the topic I was going to create my first niche site on. As it turns out, it actually did pretty well, and regularly made about $100 a month, but I stopped working on it and now i’m lucky if it make $20 a month.
Since my wisdom teeth website i’ve continued to create niche websites, and for the most part they only normally make between $50 and $100 a month, but after a while those numbers start to add up and you start making some pretty nice pocket money on the side. Plus, every once in a while you hit a good niche that makes $300-$1000 a month and all of a sudden you have a real second income stream that makes good money which helps to pay off the mortgage.
The next real success I had was with our online store, although it wasn’t all that passive as we have to package and ship products overseas. The store was initially so successful that I decided to make a 2nd one to market in a different direction. For a while there the sites were bringing in very good money, but most of our traffic was from a single source, and when that source stopped sending us traffic, the sales dropped off as well. The two webstores that we operate still make $500 to $1000 a month, but it isn’t the $2,000 to 3,000 that we were once getting. This year I am planning on finding new sources of traffic for these sites, as I know we have a product that people are willing to buy, it’s just a matter of getting the product in front of them.
The last major success I’ve had has been recently with the FBA program that Amazon promotes. It’s probably the easiest of the lot, but also the most capital intensive. I’ve spent more money on this part of our portfolio than any other, and it’s only a few months old. Having said that, it’s also brought in more money than all the others combined in only a few months, so i’m happy to expand as fast as I can to make the most of the opportunity. It’s also not what I would consider a passive income stream, but it’s pretty close, and I do love waking up in the morning and seeing how many products Amazon has shipped for me.
What passive income ideas have you attempted? Which has worked, and which haven’t?