Do you want to enjoy a passive income without ever have to come into the office? Do you fantasize about watching the checks roll in while you simply rely on technology to take care of the logistics for you? The good news is that a digital world has made that possible, but that doesn’t mean that every possible route is necessarily a good match for you. As an entrepreneur or future business owner, you need to assess your skills, resources and passions before diving in.
Consider these potential paths for a passive income that can (slowly) give you a cushy income. However, they all also require a strong online presence, whether you create it yourself on WordPress or hire a pro to do it. In some instances you’ll need some serious capital to make this happen, and in others you’ll need oodles of experience. Are you up for the job?
Don’t let tales of teenage millionaires getting rich from web hosting fool you into thinking this is easy. Unless the entire landscape of hosting changes, there will always be a high demand for web hosts who guarantee a lot of uptime and a competitive price. Even selling one managed dedicated server package per month can give you a full-time income. However, you need the tech skills to back it up and killer online branding.
It’s no longer necessary to be physically present in order to manage your rental properties. You can hire a company to do it for you, or you can rely on online bill pay and great vetting of your renters. However, featuring your vacant properties beautifully and on established sites is crucial for regular income. There’s a lot of competition out there, and your property needs to shine.
You can provide search engine optimization services from anywhere around the world without ever meeting your clients in person. However, since you’re touting yourself as an expert in ranking high on search engines, you need to practice what you preach. Starting working on getting your website to the top of search results and the clients will happily come to you. Once you get a client established, the income can become passive as you’re just retained for maintenance.
Passive incomes usually aren’t quite as passive as you think. You might not be actively working on projects, but you need to keep an eagle eye on them so they don’t stray.