I have decided that my goal in 2009 should be to set up some reliable sources of indirect income. To be clear, what I mean by indirect income is to set up income-related sources that are basically self-employed once upon a time. The idea is presented in 4 Hour Work Week, a book by Timothy Ferriss, which I certainly have only shamed, but I need to say that I took some good ideas of it anyway. This concept of indirect income has been purchased in many other online places though.
My personal idea of indirect income is that simple, definitely quick to build tools and solutions to the minimum amount of problems. A To-Do list site is a great example. To do a list is easy to program, solve some special problems, and do not need much work once launched. The perfect scenario for indirect income.
What could be used for indirect income? Well, for my knowledge, web design / web development / blogging (yes, this blog is my skill now), there are a few different options:
I really want to get in in WordPress themes. WordPress is the most popular popular platform and has a fairly healthy theme around the market as well. I would probably submit themes in some different theme markets and publish them here to be able to keep all income if I managed to sell them here. I would not charge much simply because I would not pay much if I needed a theme.
What I think is a good option for WordPress themes is to do themes for situations other than blogging. Yes, WordPress is a blogging forum at heart. But it can also serve as an ecommerce site, CMS, or even a press release. So I think if you were to cater to these different niche types WordPress uses your high quality theme, then the host able to achieve much less saturized market with your product. I have one layout in my files for sites that never end up getting used to and are just a few clicks away from being a WordPress theme so I'm rather tempted to try it out when I have free time.
Chris from CSS-Tricks has put together 3 very good WordPress Theme Screencasts for those who are interested in customizing WordPress themselves.
My tool is selected Ruby on Rails. I've finally achieved that I'm easy enough to collaborate on some sophisticated tasks (in fact, I'll work to get a full website in one day tomorrow). A nice way to pick up extra consistent money would be to build some relatively simple web services that help people's lives. These do not have to be massive solutions to a variety of problems; In fact, I think it would be the opposite of indirect income when the site is launched as you must focus on keeping it all maintained.
The goal of passive income is to work very hard at the outset to get a product built and then launch it to the world by minimizing the amount of maintenance needs that can be in the future.
I have 3 ideas in my head now for projects that serve solid purposes, needed by a lot of people and would not require much work once built. I actually have one of the ideas halfway. I really want to try to get all 3 going. Obviously, I would start halfway to do one thing and see if it could make some money.
One of the ideas is about affiliate marketing. This is an area I'm certainly ignorant of but looks like a pretty good source for indirect income. There are some tools available that allow anyone to choose products to sell for commissions, for example, but instead of having to select products manually, you could just type in "fishing" and the store would itself. There is some great activity and I think I have a pretty good idea about the site concept for testing. It will take some work to get full functionality, but once there it would be very minimal maintenance, maybe just a few hours a week. Perfect.
I know I know I'm new to this topic. But I really like it. I have made the goal of writing every day (or at least every other day to be realistic) with at least some post about something that I found interesting. I would also like to send at least one big paper a week, like this one. Something of real value and content. I've started using a mind map to organize some items for new articles and that's amazing. I will actually write an article on how I will write articles soon. I will keep my papers focused on certain issues regarding technology, the internet and maybe some philosophy or religion if I consider it necessary. Keep this flow of content continuing to fill this blog with some good information in a few months.
And while I do not expect to become such a crazy success blogger with 100,000 readers a day, I hope to at least pick up a huge amount of traffic in the end. If so, I start looking at some advertising options for this blog to pick up some extra bucks where I can. Nothing intrusive so it does not affect train experience, but probably some Google AdSense as well as some other ad networks, some online links, and maybe even blog support if someone was willing to buy space.
All this is down the line, but being able to rate something I enjoy would be pretty cool so I hope that one day could be an advantage
Why passive income?
I am a very project manager thinker. I get up with new ideas all the time, so I constantly bounce from one to another, making sure I'm also paying my bills. Having a steady flow of indirect income would allow me to focus less on doing my rent and more in projects that can affect something big.
And that's really what I want to do. I see myself as an ideologist, someone who can think about a product and build the prototype and then pass on to someone else to develop and then go to the next task.
I would love to be my day work. But to get there, I will have to build these passive earnings in order to overcome the minimum income. That way, I can focus on big projects.
Additionally, if I could deduct just $ 0.10 from this blog, then I can add "Professional Blogger" to my back.
Source by Darrin Demchuk