Passive Income Update: Still Waiting to Start
My original passive income goal set back in August was to build up to a level of $500/month, starting from $223/month. In the time since my last update I have kept doing what I do well and gotten up to $325.69/month. This is the current status of each part of that original goal:
- Investment portfolio and interest income: this counts for $324.69/month. By the time of the deadline this should be producing at least $375/month, or higher if we can invest a bit more along the way. This is going well because we’ve been doing it for a while and we know how to step it up. The other things are going slowly because I don’t know them as well yet.
- My blog with adsense: the $3 click I got a few months ago was an anomaly. So far this is worth about $1/month. I haven’t been active on the blog or the Twitter marketing I’m trying out but I should be freeing up more time to write regularly and increase the traffic (and thus the revenue).
- Product #1 (partnership with blogger): a couple of months ago I learned that the blogger I was working with was no longer interested in launching this product under his brand. I understand this because it’s not really like the things he’s doing now and he has a lot of other opportunities to pursue. If he’s interested in using the product personally and setting up an affiliate deal I would still be happy to do that since the marketing exposure would be hard to beat. Since this was close to being ready I made a few final changes and released it last week. This means it’s available to buy but I haven’t gotten anyone to the website yet. My first marketing attempt was selling through another website that takes a 60%+ fee. I was rejected from there so I will carry on with the rest of my marketing plan. If I sell just 3 copies of this every month it will easily make up the gap to hit my goal.
- Product #2 (service for small businesses): this is a lower priority at the moment. Once I run out of productive things to do on other projects I will come back to this. In thinking about it I remember what a potential customer said about a similar problem they were having. This gave me an idea for another related product that is much simpler to create and easier to sell (it directly makes them more money instead of just saving their time like the old idea). I think I will lead with that and then offer the original product as an add-on. This could be generating a bit of revenue by year-end.
You may be wondering why I don’t include the business opportunity I found recently in this list. Although that could potentially generate enough extra income this year to completely crush my goal without cutting into time devoted to other income-generating activities, it does look like it would require ongoing maintenance.
For my passive income goal I want to count only things that can generate a consistent (or slowly declining) level of income with very little upkeep once they are created. Anything else, along with the new services I want to launch in my main business to increase revenues, are just additional bonuses.