For years my husband has been on a mission to make money while we sleep, or figure out a way to make passive income. The beauty of this plan is simple: work more upfront, profit more later on and in the off hours. His plan is finally coming to fruition 11 years later. We’ve tried many side businesses on top of his web and graphic design business (our primary income) to get to this point. Some businesses include:
- Hot dog stand – Ended up being way more work than we thought, little profit. We quit 6 weeks into it. This wasn’t really passive income, since we were up at dawn brewing coffee, handing out danishes, and freezing on the street corner!
- Photography business -This just evolved into our successful graphic and web design business. I guess I can’t really count this as a side business or passive income either.
- Child ID Kits – My husband originally thought ID Kits would be the idea that would make us money while we sleep. It didn’t really catch on.
- FROG – Three years ago my husband had a brilliant idea (before the iPhone had launched), create a mobile portal for smart phones making accessing the internet a breeze. FROG is still going strong, but isn’t generating any income. We are still working on this one, I’m sure someday we’ll figure it out. For now it is passively working (over 10,000 active users) and adding new users daily. If anyone thinks they can help with FROG, please let me know!
Well, we finally hit one idea that is making money without a lot of work: The Cap Light. My husband’s goal this year was to begin networking with small businesses that he took an interest in. He could help design their website and marketing materials for a percentage of their sales. Now with the marketing in place, the orders are rolling in. My husband makes a small profit off each sale without much work on his end. Many of the ads came out this week in a few different travel and RV publications helping create most of the orders. As goofy as this product seemed in the beginning, it is a huge hit with campers, RV travelers, and just about anyone who needs a third hand to hold a flashlight.
We are working on another passive income generator that is a more lucrative business idea with a company that produces dependent eligibility audit software. In exchange for building their new website, we will profit 10% on every online or web sale. Since their product ranges from $8,000 on up, our profits could become very lucrative. With the success of The Cap Light this week, we can only hope that this next venture will also make us money while we sleep.
Ya’ gotta love that passive income! My 2010 motto: Work smarter, not harder.
What experiences have you had with passive income? Have you tried different business ideas to help generate additional income? Do you currently have a successful passive income generator you could share with us?