Over the last 5 years I have constantly had a number of side projects to earn an extra income. In most cases it wasn’t much, maybe a couple hundred per month. There have been a few times I did really well and brought in over $1,000 of extra income. Those months were great, but they were always short lived.
Recently, I have been working on a plan to generate a more sustainable residual income stream that doesn’t take a lot of capital up front. I also need something that doesn’t take up a lot of extra time.
Sounds like I need to find a goose that lays golden eggs, right?
I do admit that there aren’t many things that fit those criteria. Most things that generate residual income take a lot of time, a lot of money or both.
I think I may have found something this month that if I do it myself – doesn’t take much time up front – or I can outsource it relatively cheaply.
I think I have stumbled into a market where I can produce a product for either 10 hours of work or $250 (approximately) and then sell that product in a way that should generate $100 of residual income each month. The process can then be repeated over and over.
That’s not a bad ROI. If I decide to outsource, then I should recoup my investment in 2.5 months. Everything after that is profit.
Even if it doesn’t do nearly as well as I think it will, it shouldn’t take longer than 6 months to recoup my costs. That’s still a 100% ROI in the first year.
There is, of course, the possibility that this idea could totally flop and I won’t make a dime. But I’ve looked at it again and again and can’t find any major flaws in my plan.
Nothing is guaranteed, but the strengths and opportunities far outweigh the weaknesses and threats.
…Drum Roll Please…
What is this magical business I’ve stumbled on?
I’m not going to tell you…yet.
I will say that this business has been around for hundreds of years. But, technology over the last few years has changed the business model substantially.
It is now possible for nearly anyone to break into this business and be very successful.
That’s my theory anyways. Over the next few weeks I’m going to test it.
As soon as my first project is done, you’ll be the first to know about it.
Do you do any projects on the side to generate extra income?