Update #1: 23/01/18 - New project added!
This was my first post here at the forum:
After I posted this, I began looking at what I was doing to really push for passive income. I do understand that my present responsibilities require me to get up and run our eBay business (with my wife), and I can't just take a few weeks out to plan my new ventures. So most of my research has been done (very) out of hours, and on a shoestring budget.
Some background...
I have six kids, and one grandchild. I run an online business on eBay, and this is a manual business that requires 6 - 8hrs of our time Monday to Friday. I'm not getting any younger, and a previous life of manual labour and also some health problems led me to evaluate just how long I can keep working over a laser engraver and sticking my hands in printers. 'Not very long' was my answer.
I've run passive businesses before. Kindle publishing, teaching internet marketing courses, selling wholesale digital items; I've done plenty of passive. But when we REALLY needed to know where the next meal was coming from - when the passive stuff dropped off due to poor management in part - I bought a cheap Canon printer, sat in front of Photoshop for a week, and launched an eBay business that is now delivering about £50k pa. We sell handmade products - some printed, some laser cut - and it is all manual work. The problem is, I know I cannot scale without hiring staff, lending money for premises etc. etc. An expansion on a manual business will eat profits. Less profits means my grand retirement plan is going to take longer. And I don't (and won't) accept that.
What's going on now?
MJ hit a nerve when I read about selling software and digital products. This is something I have experience in, and with better management, I knew I could create something bigger, better and sustainable. And then retire on the sale of an empire. Although, how many of us really retire? I know I'll keep my hand in, in some way...
Anyway, I got to thinking about two or three business ideas I had a few years ago. I tried to mesh them with new, exponential & scalable advertising methods like FBA and Instagram influencer marketing. A few of them held up.
Right now I am in the process of starting two businesses. One is a crossover between the gamer & adult industries... and the other is a research tool that will highlight products I can sell immediately to very specific markets using Facebook Ads & Shopify (plus some free ad methods). My time at the moment is spent refining code, building a front end and tweaking everything ready for launch.
Both should be 90% passive, and the remaining 10% shouldn't need me sat at my PC for more than a few hours a day. That's the plan. Right now it's looking rosy.
UPDATED 23/01/18:
I have now added a third project, as I have aligned myself with an incredible lead generation company and mentor. I will be creating a course in the "Craft" niche, and after a short discussion, it just seems like the perfect joint venture. Again, once the product is created, it will be passive & hands off for me.
To be honest, Fastlane came at exactly the right time. I don't think I'd have actioned it years back - and I've now got the humility to know I have been a bit of a dick when it came to running passive businesses. I've also positioned myself so that even if I cannot get certain aspects of these businesses to work, I will have tangible assets to sell and fund something different. So I know if anything goes tits, I'll have a fallback.
I created this thread so I can check in on my own progress. I feel this is the best way for me to validate the steps I'm taking. So, here goes...
Jan 22nd 2018
Project 1 (Gaming/Adult): Spent: £11.60 | Earnings: £0 (Pre-Launch Phase)
Project 2 (Shopify Niches): Spent: £6000 | Earnings: £0 (Pre-Launch Phase)
Project 3 (Course): Spent: £0 | Earnings: £0 (Content creation phase)
Now, I'm no longer a passenger. I'm taking the wheel.
This was my first post here at the forum:
I've read the book, and a re-read won't hurt either. After being a passenger in my own life, and evaluating my life after a family trip to Disneyland Paris, I decided that certain things can't happen any more. I've had no time or patience for my children, and my businesses are running me. Fastlane has delivered so far, and I hope to update with some huge news some time in the near future!
After I posted this, I began looking at what I was doing to really push for passive income. I do understand that my present responsibilities require me to get up and run our eBay business (with my wife), and I can't just take a few weeks out to plan my new ventures. So most of my research has been done (very) out of hours, and on a shoestring budget.
Some background...
I have six kids, and one grandchild. I run an online business on eBay, and this is a manual business that requires 6 - 8hrs of our time Monday to Friday. I'm not getting any younger, and a previous life of manual labour and also some health problems led me to evaluate just how long I can keep working over a laser engraver and sticking my hands in printers. 'Not very long' was my answer.
I've run passive businesses before. Kindle publishing, teaching internet marketing courses, selling wholesale digital items; I've done plenty of passive. But when we REALLY needed to know where the next meal was coming from - when the passive stuff dropped off due to poor management in part - I bought a cheap Canon printer, sat in front of Photoshop for a week, and launched an eBay business that is now delivering about £50k pa. We sell handmade products - some printed, some laser cut - and it is all manual work. The problem is, I know I cannot scale without hiring staff, lending money for premises etc. etc. An expansion on a manual business will eat profits. Less profits means my grand retirement plan is going to take longer. And I don't (and won't) accept that.
What's going on now?
MJ hit a nerve when I read about selling software and digital products. This is something I have experience in, and with better management, I knew I could create something bigger, better and sustainable. And then retire on the sale of an empire. Although, how many of us really retire? I know I'll keep my hand in, in some way...
Anyway, I got to thinking about two or three business ideas I had a few years ago. I tried to mesh them with new, exponential & scalable advertising methods like FBA and Instagram influencer marketing. A few of them held up.
Right now I am in the process of starting two businesses. One is a crossover between the gamer & adult industries... and the other is a research tool that will highlight products I can sell immediately to very specific markets using Facebook Ads & Shopify (plus some free ad methods). My time at the moment is spent refining code, building a front end and tweaking everything ready for launch.
Both should be 90% passive, and the remaining 10% shouldn't need me sat at my PC for more than a few hours a day. That's the plan. Right now it's looking rosy.
UPDATED 23/01/18:
I have now added a third project, as I have aligned myself with an incredible lead generation company and mentor. I will be creating a course in the "Craft" niche, and after a short discussion, it just seems like the perfect joint venture. Again, once the product is created, it will be passive & hands off for me.
To be honest, Fastlane came at exactly the right time. I don't think I'd have actioned it years back - and I've now got the humility to know I have been a bit of a dick when it came to running passive businesses. I've also positioned myself so that even if I cannot get certain aspects of these businesses to work, I will have tangible assets to sell and fund something different. So I know if anything goes tits, I'll have a fallback.
I created this thread so I can check in on my own progress. I feel this is the best way for me to validate the steps I'm taking. So, here goes...
Jan 22nd 2018
Project 1 (Gaming/Adult): Spent: £11.60 | Earnings: £0 (Pre-Launch Phase)
Project 2 (Shopify Niches): Spent: £6000 | Earnings: £0 (Pre-Launch Phase)
Project 3 (Course): Spent: £0 | Earnings: £0 (Content creation phase)
Now, I'm no longer a passenger. I'm taking the wheel.
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