Choosing My First Passive Income Project
Heres how my first month will look like.
- Pick a starter project
- Set deadlines
- Build it up. Market it. Make money.
- See if its worth my time.
- Move on to the next experiment.
What Are My Options?
After two whole days of research I narrowed it down to a few options.
The few possible options are:
- Sell T-shirts online
- Amazon (FBA) – Buy a product and sell it on amazon.
- Affiliate Marketing (sell other peoples things and get a cut)
- Find freelance work (web or graphic design)
- surveys online
- write an ebook
- youtube videos
Of course, there are lots of other ways to make money. These are the most common ones I found on Quora, blogs, and news articles.
A Quick Breakdown
Surveys and freelance work is definitely a no. Although I would continue my freelance gig, it is not a sustainable business model if I want to scale. Same with surveys, they don’t scale at all. You get a fixed amount of money for a fixed amount of time. Freelancing will keep me financially alive for now. But I will focus my time on building an automated system that can generate money over time.
Writing ebooks and Youtube videos can be a great automated system. I just need the content and it will generate money with each download or view. The downside to both is that its content heavy and takes awhile to grow. I’m looking for something that can be marketed and sold quick. However, I will revisit this idea in the future.
Affiliate marketing sounds like a piece of cake. I just need to set up a website (which I can do easily), and market the heck out of it. Problem is, the internet is saturated with these websites. Not to mention it takes a lot of effort to grow and find content. I will probably plug some affiliate marketing links here and there but not building up a website dedicated to affiliate marketing.
Buying and selling a product on Amazon. This is what everyone (online entrepreneurs) are talking about nowadays. It seem easy enough, to buy low and sell high. This is definitely worth trying.
Sell T-shirts online sounds pretty easy too. Some websites just need you to send them a design and they print and ship it for you too. Theres also the old fashion way of importing and selling it online.
All of these channels show potential for generating money. After weighing the pros and cons, I decided to go ahead with selling T-shirts. Reasons being:
- Its easy to jump into
- designing things are what I like to do
- Should be be a quick and short experiment
All I need is to find a concept, create a brand, whip up some design and I’m set.
What is your take on creating the first stream of passive income? What would you do? Would it be something else thats not on this list? Please let me know how you would do this 🙂