find products to sell that is products that already selling over and over
Transcribe of “Top 5 Passive Income Ideas 2018”
Hi guys, Neil Waterhouse. Today I want to talk about passive income. In the first, so we’re all in the same page, was a paragraph according to Wikipedia. Passive income is income resulting from cash flow received on a regular basis requiring minimal to no effort by the recipient to maintain it.
Passive income is normally referred to as a reoccurring income which requires little to no work
The Passive income is normally referred to as a reoccurring income which requires little to no work. But like, most things in life, it takes work initially to create a passive income. Once the work is done, a passive income continually provides income, week after week, month after month. And depending on the top of the passive income, which will get onto shortly, year after year. Passive income, it’s pretty easy to create. If you got a hundreds of thousands of dollars, or you know, spare millions of dollars. You can just, you know, simply purchase shares or real estate or other types of investments. Which, you know, generate dividends or range.
Creating passive income from scratch.
However, in this video I will not focus on creating passive income from scratch. Passive income is something, you know, I’m very passionate about and anybody who’s known me Long enough or, you know, reading my last book would know I’ve spent a ton of time and ton of money including spending out 30 grand, out of my pocket to join a group of a 140 millionaires or multimillionaires Simply to find the best passive income methodologies.
Few factors that must be taken into account
Now, when you hear passive income, there are few factors that must be taken into account. When we’re looking at any passive income methodology. Let’s go through all those quickly, before I show you what I believe is the best types of passive income. The first is, you know, when is the chance of you or anyone else to, you know, succeeding will get particular venture. For instance, one type of passive income that get banded around a lot these days is self-publishing a book.
Creating and selling an unproven item
You know, of course the problem with a strategy like this is creating and selling an unproven item. Yes, a book can do really well and you could be the next, you know, J.K.Rowling hero. In reality, you have this other 90% new books fail, and of those, 10% that make it, there is a 2% of them produce more than the award range. Don’t get me wrong, you know, I’m sucking at spelling and I managed to write a best seller. My kids, are always correcting my spelling.
Do what you want
If writing a books is something you’ve always wanted to do, then you should do it. But if it’s not something. You’re passionate about in my opinion, there are much easier options, you know, with ton of less risk. The next factor that needs to be taken into account is, after get through this effort, generating a passive income how long the passive income go for?
How long the passive income go for?
You know, even songwriters who create hits and, you know, book authors who write best sellers, normally have a declining passive income. Not everybody’s a J.K.Rowling, not everyone’s a Warren Buffett et cetera, you know, then normally you need to keep creating new songs and writing new, hopefully, best sellers. The secret I believe that passive income today, in today in 2018, is to leverage your time using easy to outsource low cost outsourced labor, and let me explain.
Leverage your time using easy to outsource low cost outsourced labor
Every business on the planet, of course, has to sell either, a product or service. Personally, I prefer to sell products. And the way I prefer to sell the products these days is online due to the fact that you know, is so easy to automate and you can run your business from anywhere on the planet. My favorite places to sell products is either E-bay, Amazon and your own independent websites. leverage your time using easy to outsource low cost outsourced labor,, over and over every month, and also selling at a profit.
Find products to sell that is products that already selling over and over
The good thing today is, we have the technology, to continuously find products to sell that is products that already selling over and over. And making a profit every time they sell. Now, earlier I said, one factor that needs to be taken into account, with any passive income methodology is how long will the passive income go for. When selling anything online, almost every product has a product last span. That is, every product will only sell normally you know, for a certain amount of time. Some, you know, might, just have a life circle of, you know, couple of months.
Product attrition rate
Whereas other products might’ve a life circle for many years. In the industry we call this a product attrition rate. Whether you’ve five products listed or 50.000 products, you’ll always have an attrition rate. Now, the great thing with selling online is, it’s easier to beat the attrition rate and therefore have a never-ending passive income. And the way you do this is, let’s say you’re building a, you know, drop online drop ship business. A drop ship business, by the way, for any newbies out there is when you sell a product and you get paid first, before you purchase the product.
A drop ship business is when you sell a product and you get paid first, before you purchase the product.
In other words, you don’t need to pre-purchase, upfront imagery, so you’re always cashflow positive. You know, I’m not going to go into how to build a drop ship business in this video. I’ve got other videos for that. But, the strategy is still the same whether you’re building a drop ship business, an importing business, an Amazon FBA business, Shopify or whatever you simply learn each task and then you teach a virtual assistant to do each task. The great thing is, these days, is that you can easily get virtual assistants from one to two dollars per hour.
Simply learn each task then outsource it
This is how I’ve been running my own online businesses, for over 20 years. I simply learned each task then outsource it. I believe is the quickest way to anybody to build a passive income. So my preferred top five passive income strategies are to build automated online businesses, selling products on e-bay, amazon and your independent website.
Pull those products into separate account and then you sell that as a business
Then, we have enough products in a particular niche whether it’s a baby niche or a pet niche. Whatever niche it is, you pull those products into separate account and then you sell that as a business. You can do this all over the world. Use as capital funds, to purchase dividend paying shares and rent yielding real estate. Let me know your thoughts. That’s all for this week. Wherever you are watching this, please scroll down and leave me a comment below. Until next week, this is Neil Waterhouse.
Please leave me a comment below and let me know what you think.