It doesn’t matter how good an idea for an app I come up with, I’m never going to be able to build it. Do You Have the Skills to Do It?Įven the best passive income idea is worthless if you can’t actually build it. It's best to avoid scamy approaches and instead focus on delivering real value. Good passive income opportunities solve peoples problems. Sure, you can move onto the next hot scam, but it’s better to take the time to develop a real, sustainable business that can deliver passive income over the long term. You might see some short term success but, in the long run, Amazon will shut you down. This is not the right type of passive income opportunity to pursue. If you plan to pay someone to churn out bad information eBooks in the hopes of getting suckers to buy them on Amazon, you’re not going to get very far. Scams and rip off products are not solving any problems. This should go without saying, but now is the time to stress it. While it might not be revolutionary, I would be offering a solution to a problem (finding funny/psychology t-shirts) that real people are having. There are psychology grad students who like psychology themed clothes. Although I’m not solving a unique or difficult problem, there are people out there who like to buy funny t-shirts. The more people who’s problem you solve, the better. If there’s someone out there who needs (or at least wants) what you’re offering, then, at least to that one person, it’s a good product. While there’s a lot of things that determine whether a product or service is good or not, the simplest test is to ask yourself one question: are you solving somebody’s problem? If it’s not, you’ll just waste time working on something that will never pay off. Are You Solving a Problem?įirst, we need to decide whether the ideas is even good. Consider these five important preliminary questions: Q1. There’s no point trying to sell a product if you’re not even capable of creating it, so before worrying about markets and customers, let’s work out whether it’s even feasible. Let's look at passive income opportunities you're considering, and filter out the not so good ideas, to narrow down what you should move forward with. Is your passive income idea a good opportunity? Image source: Envato Elements
I’ve broken these helpful questions into two sections:
If you really think your idea could work, regardless of how you answer these questions, you should go for it. On the other hand, these are only guidelines. These guidelines are here to help you vet your passive income ideas for the best opportunities to take action on. Not every idea will work, or work for you.
#Best passive income ideas series
There are a series of questions that you need to answer honestly to properly evaluate your ideas.
#Best passive income ideas how to
In this tutorial we’re going to take this series a step further and look at how to evaluate your passive income ideas to see if they have potential.