The Money Podcast How To Create Passive, Recurring Income
Have you always wanted to create multiple streams of income, but think you don’t have the time? Listen in to today’s episode as Rob details different ways in which to create passive and recurring income. Discover how writing books can create income for decades, how fan funding platforms are now allowing you to monetise your following and how you can license your intellectual property.
KEY TAKEAWAYS
- Write a book. With a book, the start-up process is not passive. You have to work hard enough, not to have to work hard by writing your book in the first place. Once the book has been written and published, it can create residual income for many years to come. A book may take you months to write, but if you write a book that’s evergreen, on a fairly common subject, then that book may last a decade or more.
- Another way to create passive income is by having fan funding platforms. There are platforms such as Patreon and Facebook supporters programme whereby you create the same piece of information for thousands of pounds. This is a huge new thing and fans can either donate simply because they appreciate your content, or you can create a fair exchange. Creating fair exchange will give your followers something in return for their donation such as extra information or courses.
- Intellectual property is a great way to create passive income. This can be something simple such as a patent or information that you own that can then be licensed and bought. If what you do is unique and really helps people, then you can look into profiting from this.
- If you have a product or service that can be replicated time and time again, such as a restaurant, a course or a systemised way of producing a replica outcome (such as the Mcdonalds burger) then you can create a franchise. Creating a franchise will allow you to sell the license so that you get the capital upfront as well as getting the ongoing residual income stream by receiving a percentage of their profits.
- You can create an online shop and tap into the e-commerce market. The start-up phase will take some work. You will need to find products, systemise and invest in the paid-for advertisement to get traffic to your store. Once you get traffic and you rank well then you have a passive or a recurring income stream.
BEST MOMENTS
“It is nice to change isn’t it, from doing free content for years and years and not get paid to get paid upfront.”
“Not that really is truly passive. You haven’t created or delivered the course you simply recommend it to your network and get paid a residual income.”
“What ones of these income streams are the quickest and the easiest and most truly passive?”
VALUABLE RESOURCES
ABOUT THE HOST
Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor, and property educator. Author of the global bestseller “Life Leverage” Host of UK’s No.1 business podcast “The Disruptive Entrepreneur”
“If you don't risk anything, you risk everything”
CONTACT METHOD
Rob’s official website: https://robmoore.com/
Facebook: https://www.facebook.com/robmooreprogressive/?ref=br_rs
LinkedIn: https://uk.linkedin.com/in/robmoore1979