One of my goal this year is to create a passive income stream. I always wanted to be location and time independent. In past, I have attempted many times to create passive income streams. Such as writing novels, stock photography, affiliate marketing, etc. But usually I gave up on such projects within a few months.
This time I hope to continue building passive income streams at least for the full year. Also, plan to blog about my progress to keep myself accountable.
Passive Income Ideas
If you read any entrepreneur forums or subreddits, t-shirt design is such a common idea for first time entrepreneurs that it is almost a running joke. Most people don’t really make any money from it.
But I got interested in it because of two reasons. First, I have always been interested in arts. I paint once in a while, draw semi-decently, and enjoy photography and other visual arts. So t-shirt design seems related to my other interests.
Second, I just bought the Surface Pro 4 and I have been enjoying painting/drawing on it.
So far I signed up on RedBubble and uploaded a modified photo to get familiar with the process. I plan to practice drawing on Surface Pro and upload at least one design every week. Here is my portfolio link on RedBubble.
Online Sales Through FBA
This is not really passive but I have read enough online threads about people that are running their eCommerce businesses through FBA semi-passively. FBA stands for “Fulfilled By Amazon.” Amazon offers this service where merchants can send their inventory to Amazon’s warehouse and Amazon handles shipping and almost everything else.
Out of all of ideas here, this seems to be the most realistic and achievable.
Right now, I am still researching products.
I have been blogging since early 2000s. I just never seriously monetized my blogs. Chaosplay is my oldest blog. My resolution this year is to write a blog post daily, even if it is never published. I have three blogs right now but I will mainly focus on this blog.
This blog will focus on my progress with passive income generation in addition to photography and videography. I think a blog with focus on income generation maybe easier to monetize and rank higher in search engines.
In a way, this seems like one of those sites where people teach how to make money using FBA while their main source of income is their courses. Hopefully, I will be as open about my progress as possible without giving up any competitive advantage and at the same time my main passive income would come from other sources. But even if I fail at my other experiments, at least, I can be honest about it and people can learn from my mistakes.
My plan to monetize this blog right now involves mostly affiliate links. Maybe in future, I can have sponsored ads.
Freelancing is not really passive. I receive many requests for simple websites regularly. I just don’t have time for it. But now I am working on a system to outsource work. Currently, I have one client and I created an Upwork account to outsource the work. If everything goes smoothly it could be considered semi-passive work.
I am also working on an Android apps. The app is mostly for learning Android; it will be free and open source. However, I will place ads in it or maybe have some premium features.