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Multiple Passive Income Streams – The Reality

What does it mean to have Multiple Passive Income Streams? Well basically it means having more than one passive income business. In this article I will help you understand what it really means to own more than one passive income idea and turning them one by one in a steady income to help you achieve the lifestyle you want.

Multiple Passive Income Streams doesn’t mean you press a button and everything starts and money starts pouring into your bank account. Far from it. In order to generate your passive income streams, you will have to understand how to juggle every one of your businesses and how to keep them growing in an automated way, with as little effort on your behalf as possible.

These multiple income streams can be online, offline or a mix of both.

Here is an example of multiple passive income streams that can be joined together to work quite well:

  1. Web Hosting Reseller
  2. Domain Name Reseller
  3. Web Site Builder Reseller

As you can see, they can all work together and help you achieve more sales from the same customers as all these resources are required for a web page. As it is 80% easier to sell to an existing customer than to attract a new customer, you are helping your customer get everything he needs for his new website in one place.

Now an example of offline passive income streams that tie in together quite well and give you financial freedom:

  1. Owning Property (Office spaces for example)
  2. Vending Machines
  3. Selling advertising space (on your property, your vehicle, etc)

As per any passive income idea, some might require a small amount of investment, whilst other might require a bank loan or a mortgage. It’s all about the details and the numbers adding up. But none of this is impossible if you are realistic about the time frame it takes to set up and the steps you have to take.

 

The Research

As always, I can’t stress enough how important having a clear image of what you are looking to achieve. Your goals will only be achievable if you have done as much research as possible regarding your business idea.

Researching doesn’t mean just reading the Wikipedia description of your idea. It means looking into every aspect in regard to your future endeavor and everything associated with it. Basically finding out the good, the bad and the ugly of your passive income path. If you can’t find a bad side to your idea, that just means you haven’t done enough research.

So once you found the bad side of your passive income idea, try to see what steps or measures can be put in place to ensure the lowest risk possibility.

For example: you want to buy a rental property, but are not sure about how loving your future tenants will be regarding your asset. You can take out an insurance regarding repairs on a rental property.

Another example: you want to become a web hosting reseller but are not sure how the web hosting company customer service is. Just host a page with them and message them about something you don’t understand. Their reply will show you exactly how your future customers will be treated. And it will only cost you a few dollars.

 

The Plan

Having a proper set out plan or just “winging it” is the difference between success and a big flop. Basically making money, or costing you money.

A well laid out plan has to have all the steps and counter measures for the “bad sides”.

Here is a mock up plan:

1. Research web hosting reselling programs:

Reseller A: Pro’s: Cons:

Reseller B: Pro’s: Cons:

Reseller C: Pro’s: Cons:

2. Customer service research:

Reseller A: Pro’s: Cons:

Reseller B: Pro’s: Cons:

Reseller C: Pro’s: Cons:

3. Pricing structure:

Reseller A: Pro’s: Cons:

Reseller B: Pro’s: Cons:

Reseller C: Pro’s: Cons:

4. Customer perception for the brand:

Reseller A: Pro’s: Cons:

Reseller B: Pro’s: Cons:

Reseller C: Pro’s: Cons:

5. Chosen Web Hosting Reseller Program: ____________

6. Competitors :

7. My brand name:

8. My Brand logo:

And so on….

You can see that nothing is left to chance or just chosen for one reason alone. Also, the fact that is written down makes it a lot easier for you to spot differences, and will help you visualize better the industry and what will be required to make you achieve your goal.

 

Automated Systems

When creating your passive income plan, always make sure to try to automate as many of the repetitive tasks as possible. Tasks e-mail news letters, abandoned shopping carts emails, content uploading at certain times, these can all be automated with the help of plugins and can be customized to suit.

Using automated systems for your passive income business will also ensure that your business will be ready for growth and will not require you to trade more of your time for money once you get more exposure, but instead have your money work for you.

 

Marketing Your Businesses

Regardless if your multiple passive income streams are online or offline, they can be advertised in both ways.

A website can be advertised on a t shirt, and a rental unit can be advertised online. There is no limit to where or how to advertise your businesses, but this doesn’t mean you should start pouring thousands of dollars into advertising blindly.

Try to put yourself in the shoes of your potential customer and try to hone in on their shopping behavior.

For example somebody looking or a Web Host will not expect to make a decision in the bus by looking at a sticker placed on a window as he/she won’t have enough information, and somebody hungry looking for a pizza won’t buy one on Instagram whilst looking at pictures, he or she will look for a fast food delivery app or go to the local pizzeria and get one.

If your research stage has been thorough then this step will not be a difficult one.

This doesn’t mean that you should consider new advertising avenues, this just means you should always have your business hat on and try to make sure your advertising will have a good conversion rate.

 

One At A Time

Building multiple passive income streams is achievable and very rewarding, but going all out will overwhelm you and should not even be attempted.

When building your passive income streams make sure you focus on one passive income business at a time and once that business has a solid foundation and your revenue from it stabilizes and is secure, then (and only then) look at developing your next passive income stream. Fail to do this and both your businesses will suffer and you will become just as stressed as having two 9-5 full time jobs.

Also don’t forget to create a system for yourself to ensure that your new business is not getting in the way of the old one and the connection between them gets stronger with time and more fluent.

As you can see, this is all very achievable, but it will take dedication and research on your behalf.

 

Florin Lazar

12 Comments

  1. Reselling will be an expansion of my travel blogs once that I start traveling… check your spelling in paragraph 3 or will I actually become a resseler? Your articles are an inspiration to me.

  2. Thank you for this article. I am in the process of starting to generate passive income and this probably helped me to slow down. I am often finding myself researching new methods that I want to try before I have mastered the last one.

    Will be checking in for more articles!
    Have a great day

    • Thanks, If you need any advice or require any help, don’t hesitate to drop me a message

  3. This a great article on on passive income streams, I didn’t even think of some of them as being a viable option for a income stream like a vending machine, hmm, lots of people use those nice idea! Also, having the proper plan in place as you suggested is the best way to sure success, listing out the Pros & Cons of each income stream idea is a great way to identify any of the potential Cons there may be there an tell you to access the option.

    Keep writing content like this this & have a great day!

    • Thanks Justin. As time goes on I will show you more passive income ideas and I will start breaking them down into greater detail. See you soon.

  4. Hi Flo, this is a good read. Actually great for people who have the shiny object syndrome. Your advice is appreciated here when you mention to stabilise 1 business first before moving onto the next 1. Doing a proper research and then having a plan is very essential as it sets up the foundation for the business. I guess you have covered all the points and like I said before, this is an interesting post for all looking for multiple sources of passive income.

    • Thanks Rudolph.
      Yes, research is paramount, and a lot of people just jump in, without knowing what they need to do, or even what their market is about.

      Dont forget to pass by regularly or add this page as favourites, and you will get access to all the insights I will be posting about.

  5. Dear Flo
    Thank you very much for your fantastic website that shows the cheapest and most effective approach to start up your own business which can grow gradually.
    Kind regards,
    Andrey

  6. Nice informative post! Very easy to read. I’d love to see some examples of some good automated systems to check out? Maybe a future blog post?
    I also read your previous article as well, which I also enjoyed!
    Keep up the good work!

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