Diversifying My Passive Income Efforts

Okay, so I know my September post was about focusing on specific income channels as I was getting overwhelmed. I did some prioritization and I was able to get over that stress. Now that I only have about 7 months, I’ve decided to step up my game up. I’ve pretty much made huge strides with active income without even seeking opportunities. Now I need to try to get some traction on my passive income channels.

With passive income I think diversification is key, because you never know which one will work. The thing about passive income is if it is truly ‘passive’ you’ll have automated it so that most streams are worth the effort to start up. The hardest part is getting over the hump of trying new streams when you’ve never attempted them before. I’ve decided to try and focus on the streams that require the least overhead and time and I’ve narrowed it down to these categories:

Current Passive Income Efforts I’m Focused On

I’m going to give myself deadlines on these passive income efforts so that I can truly make sure these things are done by the end of the year.

Kindle Books

This is still an ongoing process. I’ve hired two writers from India to create some kindle books for me. However, I’ve found that the writing is quite poor and I’ve been spending a lot of time editing the content.

I am planning to finish up one of my kindle books and publish it. Then I will start optimizing my process for the future. This means the micro steps include:

• Finish editing/writing the content by 10/31
• Design the cover, format the book by 11/11
• Figure out tactics to marketing the book by 11/13
• Publish the book on Amazon by 11/15
• Publish 2 more books by 12/31

Music

Music is more of a personal passion of mine. As previously mentioned, I’ve signed with 2 booking agencies. I need to release 2 more music videos by the end of the year, and I need to write and record more upbeat music if I’m going to travel and perform around the world (if this ever happens).

Microsteps:

• 1st music video by 11/3
• 2nd music video by 12/29
• 2 new upbeat songs by 12/31

Design Media Kit Templates on Etsy

This is a new idea I had after seeing something random on my Facebook feed. I saw that this woman was selling PSD kits of resume and media kit templates. I figure I could create pretty much the same thing. I need to start leveraging my graphic design and marketing expertise to create and execute on business ideas.

Deadline : 12/15

Fiverr

I have a music blog with my friend. I figure I could potentially use it to feature artists through Fiverr, AKA have people fill out interview questions and post on my blog or feature their music. I could also send people’s music to radio stations and such as a gig. I’ll need to think about it. The issue could be that I share this blog with my friend, and I wouldn’t know how we would split the efforts.

Come to think of it – I could probably put the design templates I mentioned earlier on Fiverr as well. There’s a lot to explore – just need to figure out what gigs people would be interested and could be automated.

Deadline: 12/15

Stock Photography

Stock photography is something I thought of more seriously today. It’s been on the back of my mind – I always thought about the possibility of perhaps starting a website that sells stock photography. But I wasn’t sure if this would require a lot of time to start up. However, I realize I could just start submitting a ton of photography to different websites. Since I will be traveling in May 2016, I think it could be worth a shot.

Deadline: 12/31 – attempt to send perhaps 10 photos to stock websites just to try it out.

Authority Sites

This is something I’m going to continue working on for a while. I basically have 2 authority sites that I will keep working on. The great thing about building expertise is taht your site can expand to kindle books, products, etc. so your offering is not restricted to just a blog.

Future Endeavors for Passive Income

In the future, I want to explore niche sites, AirBnB, create my own content marketing agency, and develop my own product. For now I will focus on smaller items and hold onto the bigger picture. Let’s hope I get to it!