Passive Income Checklist
Passive income can become an elusive giant if you have not asked yourself a few of the most fundamental questions. Passive income is a dream of many people, but it only comes to those who truly want it. It is not easy and takes a lot of work upfront, but the end when the money is flowing passively it is all worth it. So, here are some questions to ask yourself while you continue to explore passive income ideas.
Have you determined all overhead costs?
Have you found out about business licensing and cost in your area?
How much are you budgeting for Internet setup access/websites/hosting?
Does your passive income idea require specific insurance?
While you are building a passive income how do you plan to live? Full time job/ savings? Is it enough?
Have you considered how you will market your product?
Do you have utility expenses down? Electric/phone/cable?
Does your passive income idea require a vehicle? Insurance registrations cost?
Advertising cost associated with your marketing promotion?
Rental Equipment or office rental costs?
Have employees? How do you plan on paying them?
Specialist to build a website? Other who may help you ?
Is your idea legal?
Is your business idea profitable? Long term or short term?
What will you sell the product or service for? Profit per unit?
Can you make a profit from this selling price once you factor in all your costs?
Passive income is the ability to make as much of your business automated. So, your initial setup process for a good eBook is written and easily downloadable. So the passive parts down and the only real work that has to be complete is marketing and advertising. Letting people know about your product. Think of ways some of the questions you have answered above can be put onto auto pilot. It will be one less thing you have to constantly check and monitor.
Study your markets and learn everything you can, but never stop learning. There are many creative ways to see your passive income rise as you continue with your business.