The best possible approach to passive income is by creating products. Even a single product can provide a substantial profit. Of course, there is a cost involved in researching and creating that product, but the pay-off can be limitless. The time and effort spent can be completely worthwhile. On the other hand, it can all be a complete waste.
From Creating Products to Passive Income
There are all sorts of products out there. Some require a considerable amount of time to keep the pipeline full, while others require little. Digital products like software applications are some of the best ones in the passive income space. It takes time and know-how to get started but reproducing the product for each customer takes almost no time or effort. You can even move from a small income stream up to a life-changing amount of revenue.
Automation is Key
No matter what product you create, automation is critical. You will not be able to move into the passive income space without outsourcing or automation. That is something to consider as ideas come into your head. There will often be some lovely product concepts that are not passive in nature. Sales and marketing alone can often be a full-time job for one person or even large teams.
Keep automation in mind as you determine the processes required to build your product. It may help you craft processes and choose partners that make the passive income a reality. Avoid painting yourself in the corner of “required time” where possible.
Trial and Error
The good news is that any repeatable solution comes from trial and error. You can start down the path of brute force and manual labor to get it out the door. Then, once you have sold it to customers, you can always refine and improve those processes. Take advantage of the room for improvement by outsourcing and automating until the revenue comes to you without any effort on your part.
