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BEST BOOKS ON PASSIVE INCOME HOW TO
BEST BOOKS ON PASSIVE INCOME SOFTWARE

The demand for information products (like e-books, online subscriptions to premium content, digital patterns, tutorials, membership websites and digital courses) has risen sharply over the years, and it isn’t slowing down. Once those pillars are in place, what you’ve created should continue to run with only occasional work from you, creating value that compounds over time.Įach of the options below will require minimal inputs after you’ve set up these compounding systems.

BEST BOOKS ON PASSIVE INCOME SOFTWARE

Remember: nearly all passive income streams require work on the front-end, during the value creation phase and systemization process.Įxpect to put in the effort to set up the systems, software and people that will minimize your future inputs for your business. But your business won’t be truly passive unless you automate each part of it!įor each of the passive income ideas listed below, we’ll address how and to what extent you can automate these elements of your business, leaving out finance, as that aspect of the business is largely automated by default with these options. Of course, this is easier said than done.

BEST BOOKS ON PASSIVE INCOME HOW TO

To create passive income, the goal is to create something of value - a product or service - that has no marginal cost of replication.Īs angel investor Naval Ravinkant said in his famous Twitter thread how to get rich (without getting lucky):įrom there, you want to automate the marketing, sales, value delivery and finance parts of your business. This is where you’ll need to put in the bulk of your up-front effort and investment. Think of value creation as your overall business idea.

Finance: Bringing in enough money to keep going and make your effort worthwhile.

Value delivery: Giving your customers what you’ve promised and ensuring that they’re satisfied.

Sales: Turning prospective customers into paying customers.

Marketing: Attracting attention to, and building demand for, what you’ve created.

Value creation: Discovering what people need or want, then creating it.

To understand why, let’s look at what a business is at the most basic level.Īs described in the now-classic business book, The Personal MBA by Josh Kaufman, a business has five distinct parts: With the right systems in place (and in some cases, the right people), almost any business idea can generate passive income.

Delegation: Have someone else perform repetitive tasks.

Automation: Use technology to perform repetitive tasks.

There are two ways a business can run without your ongoing active participation: In other words, your business’s ability to generate revenue doesn’t depend on you trading hours for dollars. We define a passive income business as the ability to earn money today and in the future for work that you’ve done in the past.

Passive Income Business Ideas: Closing Thoughts.