The last few months have been a nearly continuous cycle of working on school work until clients scream and then work on client work until a school deadline was looming: not much fun for being self-employed. I’ve lost a couple of clients, gained quite a few, and been busy keeping all of these fine china plates spinning.
Something I’ve been struggling to get my mind wrapped around for nearly 3 years is the whole concept of residual income. What do I know, what can I write, what can I sell? With the highs and lows of life, that sends one into a single-minded passion for something until hitting a brick wall and taking a turn for a new path. For now, everything I earn has required dedicated time spent to earn money. If I’m not around or available to work on something, we don’t eat or pay our mortgage. The dream has been to create a business model that allows for more freedom of travel, health and fitness, and allowances for periods of bad health.
There are actually quite a few options available out there for living that kind of lifestyle.
- Online product sales
- Book royalties
- Online training material
- Affiliate marketing
The problem is deciding upon the product(s) to use or create for any one of those. After that, there is the need to support the product or market the book/training. Obviously, there is still a lot of work involved in those methods of income, but daily involvement isn’t necessary to make that day’s wages.
All of the above, but not all at once. Long-term, I’d like to be an author/speaker. Over the course of 13 years of college, I’ve come to realize that I am gifted in both of those areas and will be a full-blown certified professional writer (i.e., B.A. in Professional Writing and enough blog credentials to support it) in May. Of course, no one wants to hear me speak yet because my material is all over the place, both in terms of URLs and my topics: a symptom of being a jack of all trades. Thankfully, I am becoming a master of one or two over the last 4 years of dedicated work in a few subjects. I think online training will be my start, leading to a book, leading to in-person training/speaking/coaching, and rounded out by product sales and affiliate marketing.
No point in putting all of my eggs in one basket, yet there is success in single-minded purpose, thus there will be single-minded purpose in launching each one to see what works best and is most sustainable. My money is on the training/speaking/coaching, but I’ll need the other elements in place to achieve “The Dream” or the whole thing is “just work.”