While I was on hiatus, I was not just taking a break from blogging. I was also continuing to educate myself about new opportunities and I needed time to explore them before passing on this knowledge to you.
It all started when I read an article about developing multiple streams of revenue. This article discussed how having alternate sources of income can help financially secure you and your family in a world where working until retirement is seldom an option.
What I learned is that these sources of additional income can be either “active” or “passive” or a combination of the two. And that passive income was a great way to continue to generate income while still enjoying a high quality of life.
Active income is when you are paid to do something specific that requires your time (hopefully something that you love)- i.e. life coach, interior designer, Kids party magician :), etc.
Passive income is when you put the time in up front to create something that will continue to generate revenue down the road with little to no effort- i.e. sell an ebook, create an app, buy a rental property, etc.
This is the path that I have been on over the last year. I am proud to say that I am now incorporated and am the proud owner of an online retail business with an employee count of 1, ME…And boy am I a difficult employee….:)
This is a whole new level of management for me because I am now the supply chain manager, bookkeeper, marketing expert, accounts payable and receivable clerk, as well as receiving and shipping processer.
I know you might be thinking that this sounds like a lot of work, but you would be wrong. Functioning in all of these various roles takes less than 10 hours a week once you know what you are doing.
Does this sound like something you would be interested in learning about? If so, stay tuned for more articles on building multiple streams of revenue.
Shameless Plug- My online store site is under construction. Be sure to check it out at the end of the month for products on sale at great prices (only in US). Thanks!