Will your Passive Income Idea Pay?

Have you taken the time to assess if your passive income idea is a good one? It’s only useful if you can generate money from it. If you haven’t thought about that yet, it will be worth considering. If it’s a product you’ll have to create, you must also decide how much time you must invest in getting the word out to promote it once you build it. Remember, you will get out of it what you put into it.

Unfortunately, all passive income doesn’t start out that way. You’ll have to build it into being passive as I have been doing over the past couple of years. I’m able to blog on the topic today only because of the attention I’ve given to learning how to do it better myself.  Although I’m very familiar and have experienced different ways to earn money this way in the past, it takes lots of time, research, and doing it to find out what works or doesn’t work. It is also a matter of staying current and looking at trends.  The more I’m able to create different streams of income, the better I can share tips, tools, and benefits.

Before you build your Passive Income idea, ponder these practical points from the article, How to Evaluate Your Passive Income Ideas for Opportunities.

1.        Does it solve a problem?
2.        Do you have the skillset?
3.        Do you have adequate resources?
4.        Will the ROI of time and money be worth it?
5.        Will it require on-going maintenance?

Also, be sure to consider marketing and promotion.

Online Passive Income idea #6: Drop Shipping

This 6^th option requires the setup of an online store. The passive income is earned by promoting and selling products for other companies. Although I’ve not experienced this stream myself, it continues to show up as an option that’s mentioned by high-earning passive income experts. Therefore, it's on my list to check out further and share in future posts.

You now have 6 Ways to Win with Passive Income 

• Take Your Skills Online
• Find a Profitable Product to Sale Online
• Write a book
• Publish Content on YouTube
• Peer Lending
• Drop Shipping

Look for the 7th way to win with Passive Income in the last post in this series next week.