The wise entrepreneur has various means of income generation. But how do you find the time to manage several businesses?
The key to this is finding systems that make money while you are managing your primary business structure. Call it automated income or passive income, it is simply a system that keeps money rolling into your bank account with little of your time having to be spent in the process.
Some of these methods may require some initial work but after the process is set up, you can sleep, play or work in another area while the income still rolls in.
Here are 8 ideas to generate automated income and how to manage them.
Automated Income Idea #1: Write An Ebook
You surely have skills and talents that other people would want to learn about. Writing a 60-100 page Ebook will take some time but after you have it completed, you can simply market it and watch the royalties roll in.
And if you do not want to spend the time writing the book, you can contract ghostwriters who will do it for a price.
Automated Income Idea #2: Invest In Stocks That Pay Dividends
While it will take an upfront investment and research, there are stocks that pay “healthy” dividends. There is really no work on your part except for the initial research as to what stocks are paying the best dividends.
According to Forbes, the best dividend stocks for 2017 are:
- Southwest Airlines (LUV)
- Nike (NKE)
- Cracker Barrel (CBRL)
- Prudential Financial (PRU)
- and Home Depot (HD)
Automated Income Idea #3: Real Estate Crowdfunding
While you may not have the budget to actually invest in multiple real estate ventures or the time to manage them, there are now crowdfunding sites where you can invest in real estate for as low as $1,000.
You do not have to do any managing of the property, just collect the returns for your investment. Returns have averaged from 13 to 15%.
One crowdfunding site used for this is Fundrise.
Automated Income Idea #4: Flip Websites And Domains
While there is some time involved in doing this, many entrepreneurs contract a virtual assistant to handle much of this process.
A person can make a lot of money buying and selling domains and websites.
You may have to put some “bells and whistles” into the website to add value to it, but this is also something you could have a virtual assistant manage.
Automated Income Idea #5: Create Capture Pages
There is a lot of money to be made in selling leads. Just by setting up a capture page that has people provide their contact information, you can turn around and sell those leads to various businesses depending on the types of leads they are:
- Home improvement
- Network marketing
- Book publishing
Automated Income Idea #6: Sell Stock Photography
Just taking photos whenever you see an interesting subject can earn you a lot of money. The work involves downloading the pictures to a stock photography website and setting a price for your pictures.
They may sell quickly or sit for some time before selling, but it is a great method of making passive income.
Automated Income Idea #7: Affiliate Ads
If you are already blogging in your primary business, why not ad affiliate advertising to that blog? You can make money while you sleep when people click ads and possibly purchase items through those ads.
Many people use Google Adsense but there are a variety of others too.
- Amazon Associates
Automated Income Idea #8: Create A Course
This is another income source that may take some time to get set up but after you have it, it can generate income for years after.
Using one of the various online course creation websites, you can develop a full-fledged course teaching something you are an expert in. You simply create course videos and even workbooks and when people complete the course you can give them a certificate of completion.
All of this can be set up to run on full automatic.
Automated Income Ideas Conclusion
The fact is, as an entrepreneur should be trying to automate any business they are in. It just comes down to creativity.
Do you have any Automated Income Ideas you would share? Please tell us in the comment section below.
You know, I discovered some time ago that people who have a home based network marketing business have recruiting as one of their biggest tasks. Several of us wanted to find a way to automate the recruiting process. We developed a great app to bring automation to the recruiting process as close as possible. Go check out Rocket Recruiting and see for yourself.
I hope these ideas gave you some ideas. Please let me know if they did.
If you have any questions, you can ask them below too. And, will you please share it with your social friends.
Thank you and have a great day.
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