Making Money While You Sleep: A Passive Income Success Story
If you’re an independent consultant or free-lancer, look for passive revenue streams to amplify your income.
I didn’t have a business plan when I left corporate America and launched my career as a software development consultant and trainer. Once my company became established, though, I did think carefully about how I wanted my consulting career to evolve. Eventually I came up with a rudimentary business objective: earn a nice living while I’m asleep. That lofty objective then forced the question, “How are you going to do that?”
As an independent consultant with no employees, every penny of revenue came through my own efforts. The trick was to figure out how to generate as much income as possible with as little effort as possible. I came up with several ways to generate ongoing passive income streams after some initial investment of effort.
Income While You Sleep #1: Book Royalties
Book royalties are a gift that can keep on giving, with some caveats. First, you need to write the book. After authoring eleven of them, I can tell you this is not trivial. Second, it has to be a good book. Ideally, it will accrue many positive reviews, and readers will recognize the…
