What Is The Best Type Of Passive Income Stream?
We may earn money or products from the companies mentioned in this post.
First, what is passive income? Basically, it’s earning income except you get it without doing any extra work or any extra effort! You’re being paid without spending hours and hours working. Are you ready to generate your own passive income streams this 2020? There are lots of passive income strategies you can explore out there for long-term success!
I used to think that the passive income business was a myth. It was something a sleazy marketer would tell you (or sell you!) in order to get you as a customer. By hook or by crook, am I right? Anyway, it seemed impossible for me at that time when I was still building my own business… The idea to me didn’t make any sense at all because I was so used to getting clients, getting people to purchase my service, in order to generate a stable income.
I used to see these books where it would teach you how to earn passively doing X or Y strategy and turns out, it wouldn’t work for me.
So, I thought that if I built my business big enough, only then would I get to the point of earning without working. That was one of the mistakes I made that turned me into who I am today. The good news? You won’t have to make that mistake… because I already made it for you!
So first, let’s discuss a few kinds of passive income streams this 2020 and how they work, shall we?
First, the traditional type of passive income. Franchise businesses. To put it simply, here’s the idea— You buy a Starbucks license, find yourself a place where you can set up shop, then after a few weeks of construction, you start operations. Now, it’s a Starbucks so obviously, the name brings in customers automatically given you didn’t set up in the middle of a desert or something like that. That’s probably the basic passive income stream you might think of.
You simply wait for profits and take your cut. Pay the royalties needed and continue the business. That’s the gist of it. Seems simple right? Because it is… however, the capital needed is extremely high. You’ll probably need anywhere between $500k to $1 million just to get started… and that’s not the end of it! You’ll need to get your employees trained, your system in place, and everything in between before you can start operations.
What if you can’t afford a Starbucks? What is the best passive income stream?
Let’s move on to another kind of passive income which is investments. You’ve probably heard of it so I won’t go into details here but a nice summary of this is— you invest some money on stocks or bonds or banks, wait for the initial value to go up and then get your profits probably every year.
The problem with this is, you’ll still need to invest a large amount of money to see real profits. I’m talking millions of dollars here. Yes, there’s day trading and all that but… it isn’t exactly passive income so that doesn’t count.
So, What Is the Best Passive Income Stream in 2020? Have you ever heard of creating an online course?
Even as a beginner, you are free to explore plenty of passive income ideas from 2019 to 2020. But for me, the best passive income idea for beginners is online course creation! Passive income investments are golden opportunities! Becoming a course creator is a good way to build a good passive income stream for two reasons. Easy.
First, you can build as many courses as you want— with each course, you get an unlimited amount of students and the best part— you can scale this as much as you want without doing any extra effort at all. Maybe an occasional update every year but that’s it!
Second, you get time freedom aside from the passive income you’ll be getting.
When you build a course, it takes eight weeks to get it running but the best part about this is that once it’s established, it starts working for itself. This is where you start getting passive income. The capital? Your time and knowledge only!
So why is it the best? Like I mentioned above, the more courses you make, the more income you get. The more initial effort you put into your courses, the more you reap after… and your courses work for you 24/7, 365 days a year without stopping. Your customers? The whole world… and even though you have a hundred or two hundred or even a thousand students learning through your courses, you won’t have to spend hours and hours working yourself to the bone… your courses will do the work for you!
But there are tons of other courses that… well, teach you how to make your own courses. So what am I offering that’s new?
The problem with these other courses is that, while they do teach you how to make your own courses, they leave one important thing out of the equation. It’s that everyone is different. Every business is different; every person is different. Meaning a cookie-cutter solution will NOT WORK.
What I offer is a dynamic way of learning that puts YOU into consideration. It’s not just another pre-recorded message with me. It’s a learning experience that puts your experience and prowess to the test. This way, when you start building your course, your love is in it. Your soul is in it.
How Did I Start My Empire? How to start a passive income stream?
It wasn’t simple! Let me get that out of the way.
Creating a course takes weeks just to complete and, of course, you need to know your craft. For example, if you’re making a course about cooking Italian cuisine, you need to know your Italian dishes in and out. Nobody wants to learn from someone who doesn’t know what they’re teaching. I think that’s self-explanatory.
So, what I did was to create a course that I was fully invested in. A course that I understood well, and something that I was confident in teaching others. This was marketing in my case.
And it simply started with that one course.
How did I start my empire? With just one course. One step forward.
Because there is NO overnight success.
Are you ready to build our own Simple Profit Online Course?
Check out these free resources to get started and take the first step to make $10k passive revenue each month!