Home – New Forums Get productive Passive income streams – do they really exist?

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  • #978888
    ExecAccess
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    Hi All

    I am faced with the possible loss of a major portion of my income (working for a not-for-profit project that has lost the majority of its govt funding and is being seriously restructured) and I don’t really want to seek employment as this will take away from the time and effort I can devote to growing our online businesses.

    So, the thought of generating additional dollars through passive income streams is attractive :D. But do they really exist?

    If anyone is willing to share some examples that would be appreciated.

    #1110282
    John C.
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    What’s your definition of passive Wendy?

    Income can be generated by leveraging your time or your money.

    If you have lots of cash or equity, you can invest it and passively make about 10% per annum. You can invest in shares, realestate or private companies – as long as you choose well any of them can make you passive income without too much ongoing effort.

    Do you mean the “make money while sitting on a beach drinking Pina Colada while not risking anything” type of passive income? No, that doesn’t exist except in the imagination of some smart internet marketers!

    Cheers,
    John

    #1110283
    kathiemt
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    You can develop a passive income but it does take time and effort. It’s not an overnight thing. And passive doesn’t mean not doing anything further – you always need to continue ‘feeding the funnel’ and growing the business in some way or another. It just means that you can put in the effort of building the main structure once, and then add to it gradually over time without having to work full time hours. Once built to a comfortable level you’ll be able to drop the hours you work at it, but it will still need some activity from you. Even those in network marketing who make it to the top of their field, still have to keep growing their groups by encouraging those others in the groups with them to keep building.

    There are a number of ways you can do it:

    • Write a book that sells well
    • Create a membership type business (this site is an excellent example but they never stop working at it. There are other examples such as DigitalPhotographySchool, Problogger, etc)
    • Create/invent something that is going to sell over and over again
    • Join a program like Send Out Cards and there are lots of others out there.

    I’ve heard you can make good money at Affiliate Marketing but you would have to do a lot of research to find the products/services that would sell well. And then you’d need to set up a website or websites and promote them, set up good systems to ensure you get the visitors you need and so on. Clickbank.com and e-junkie.com are good avenues for exploring.

    Ultimately you’d need to find something that sits well with you and then totally focus on it to build it up. A good 2-3 years at least of working on it should start to bring you returns. I expect others that have done one of these or perhaps something else might be able to add further.

    #1110284
    ExecAccess
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    Thanks you all for your responses so far. And particularly for the blog post – glad the question inspired you!

    I am not looking for an overnight result (although that would be nice – the pina coladas sound particularly good!). I realise that there is a lot of effort initially probably through some form of internet marketing. In fact the recent website we launched originated as a blog and we used it to direct traffic to our other website before converting it into a second e-commerce site.

    I am prepared to put in the effort in creating then maintaining the “vehicle” but I guess I just want to get some reassurances that it will be worthwhile and what sort of “vehicles” work best.

    Kathie, it is the second time I have seen the phrase “send-a-card” recently so I might have to look into that one. I noticed it in a signature block of someone I consider to be pretty savvy. Do you have any experience with it?

    Thanks again everyone.

    #1110285
    kathiemt
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    ExecAccess, post: 122874 wrote:
    Thanks you all for your responses so far. And particularly for the blog post – glad the question inspired you!

    Kathie, it is the second time I have seen the phrase “send-a-card” recently so I might have to look into that one. I noticed it in a signature block of someone I consider to be pretty savvy. Do you have any experience with it?

    Thanks again everyone.

    It’s actually Send Out Cards. You can see it at http://www.sendoutcards.com. You need someone to refer you to it, i.e. someone who is already using the system. And yes, I do use it. I use it for my clients, family, friends and have also been generating income from it. There is a video on the website that explains how it works – again, something that takes time to build up and is a very useful tool too.

    #1110286
    ExecAccess
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    kathiemt, post: 122887 wrote:
    It’s actually Send Out Cards. You can see it at http://www.sendoutcards.com. You need someone to refer you to it, i.e. someone who is already using the system. And yes, I do use it. I use it for my clients, family, friends and have also been generating income from it. There is a video on the website that explains how it works – again, something that takes time to build up and is a very useful tool too.

    Thanks Kathie, I will look into it.

    #1110287
    SuzsSpace
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    That’s my understanding of it. I think you need to figure postage into both equations though.

    It’s something I’ve been thinking about for a while but I didn’t want to send out cards to customers giving them their discount vouchers until I had the discount voucher thingy working. Somehow one not working seemed to negate the other.

    #1110288
    kathiemt
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    eStrategyPro.com, post: 0 wrote:
    I’m trying to understand this from the customer’s point of view.

    Does it mean that if I subscribe for US$31 per month, I can send 50 x physical 2-panel cards (i.e. 5 x 2 points) anywhere in the world? They do the printing, stuffing and mailing for me?

    If buying cards from the newsagent cost $2 or more, then wouldn’t this be much cheaper if I have to send cards regularly?

    Yes, it is cheaper sending cards regularly through Send Out Cards. Everyone has birthdays, or knows people getting married, having anniversaries, babies, then there’s Easter, Christmas, Valentine’s Day and so on. If you have a client database it makes for a nice personal touch sending something in the mail rather than an email message or a message on Facebook. And the cards can be personalised.

    I started using the system because I wanted to print cards with my own photos on them (but you don’t have to be creative and they do have lots of templates you can play with) and I didn’t want to bulk print 100 copies of the one card to send to people. This was a great option. Less than $3 a card printed and posted – once I’ve submitted it online I do nothing else, they do the rest. And they have gift vouchers and other gift items you can also send. It all works on a points system. I have people sending cards from my website, or have joined to use the system themselves and I earn a commission on each card sent. All in all, very close to fully passive because people do send cards to people anyway.

    #1110289
    kathiemt
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    I should add that one of my client contacts is a legal firm that sends birthday cards to their clients every single month. They had admin staff handwriting these cards and spending hours every month buying cards, writing in them, writing on envelopes and taking them to the post office. Now they have their database uploaded to the system, have their handwriting also uploaded and now automate the cards to go out. It takes one staff member less than a couple of hours at most each month to update it and they’ve saving money and man hours because of it.

    #1110290
    ExecAccess
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    kathiemt, post: 123129 wrote:
    I should add that one of my client contacts is a legal firm that sends birthday cards to their clients every single month. They had admin staff handwriting these cards and spending hours every month buying cards, writing in them, writing on envelopes and taking them to the post office. Now they have their database uploaded to the system, have their handwriting also uploaded and now automate the cards to go out. It takes one staff member less than a couple of hours at most each month to update it and they’ve saving money and man hours because of it.

    Hi Kathie

    Finally got chance to watch the Send Out Cards video – what a great concept! Especially for someone (like me) who forgets to post cards until the day!

    I guess the thing that puts me off a bit is that it is based in the US. Would people in Australia use it readily? Does it have a “reminder” system so that you can program in your list of birthdays etc and it actually reminds you in good time to process it on line and get it to an overseas destination in time? What is the quality of the cards?

    The video is typically American – big dollars etc – how realistic is it to make reasonable income.

    Questions, questions!

    #1110291
    kathiemt
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    Hi Wendy, people have been using it here in Australia for at least 3 or 4 years. They were printing the cards here last year but went back to printing them in the US because it was more cost effective. There are a lot of people using them here and if you went to any of the meetings (they do have meetings for those who are seriously growing this as a business) you’ll find it’s all Aussies speaking but yes, the original material comes from the US.

    Yes, it has a reminder system and I use it all the time so that I don’t forget birthdays and anniversaries. The quality of the cards are excellent, full-sized just as you would get from the newsagents, but at a fraction of the price. And you can personalise them so that their individual too. However, there are thousands of templates to choose from too, if you don’t wish to create one from scratch. I really do like this system, everyone benefits, the people you send cards to as they know you were thinking of them, and you do too as they’re good value and a good system.

    #1110292
    kathiemt
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    I just got the mail out of my letterbox. In it was a postcard with a picture of the world and a beautiful sunrise behind it, with a plane taking off.

    On the back was a message to my husband and me from his massage therapist reminding us that she’s going off on a holiday in a couple of weeks and to prebook appointments for September now. The card was created via Send Out Cards.

    Lots of people are using this system.

    #1110293
    relentless
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    passive income online used to be easy, write a bunch of articles and stick up a website and plaster ads all over it to earn commissions do some SEO and there you have it, hands off income.

    Unfortunately those kinds of websites are of low quality and provide no value what so ever. Google is constantly removing these low quality sites as they should.

    So there is no such thing as passive income online anymore. You are better off focusing on driving more traffic to your business and growing that.

    Perhaps get a part time job to make up for your loss of income and then you’ll have time to focus on your business.

    One thing you can implement immediately for your sites is a email popup with an incentive to buy (like 10% off) you want to start capturing more emails to build your customer base

    just PM me if you want some more advice for your shops, I have worked with a few online retailers before

    #1110294
    DavidM
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    I’m a big fan of Ramit Sethi. He wrote a good piece on passive online income – and why it’s a myth to 99% of people. I also agree.

    #1110295
    Anonymous
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    ExecAccess, post: 122874 wrote:
    Kathie, it is the second time I have seen the phrase “send-a-card” recently so I might have to look into that one. I noticed it in a signature block of someone I consider to be pretty savvy. Do you have any experience with it?

    Thanks again everyone.

    Send Out Cards

    There are many savvy business people using this system myself being one:

    http://www.socreferral.com/gcpets
    or http://www.40waystousecards.com/gcpets

    I find it a great addition to my current business and compliments it VERY well.

    Yes it is American the videos and an American hosting the webinars however I’ve attended the webinars… a lot of what is mentioned can easily be applied to here.

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