List of different passive incomes to do in Uganda, to list out every type of passive income vehicle would take more space than this book allows, and that’s a good thing. You will never be at a loss for vehicles if you know where to look. Let’s go over a few here so we can narrow the list to one that we can launch in the next thirty days.
I have a special place in my heart for digital courses. To this day they remain one of my most consistent PIVs and can be structured to be completely hands-off, if done correctly.
Online courses are all about selling information. In my opinion that is the best product you can sell. It doesn’t require inventory or packaging. You don’t have to ship it anywhere. Your customer gets it instantly after they purchase, and it can be sold 100 percent on autopilot.
How do you decide what to create a course on? There are two ways. You can go the route of teaching what you know and sharing your expertise —like real estate, in my case. You can also set out to become an expert on a topic and teach what you’ve learned in the process.
The most important thing to consider is that if you’re not yet an expert, you need to apply what you’re teaching to make sure it produces results. It’s not enough to be an academic if you want to sell a product that helps people. You need to take your own medicine by attempting to put into practice all the things you’ve learned and report on your results.
Some companies distribute a part of their profits to all the shareholders. This is one of the easiest passive income sources available. Once you buy the dividend-paying stock, there’s nothing else to be done. These dividends continue to roll in and can be leveraged back into more stock purchases or withdrawn as income. You can pick stocks individually or even invest in dividend-paying funds, which is essentially a group of stocks.
Let me give you an example. Let’s say you’re creating a course on dog training. You are by no means an expert on that topic. So you read every book that you can on dog training, and you consult the experts. Maybe you even go through some courses yourself.
In time you’ll know a lot. It would be safe to say you may know more about dog training than 99 percent of the population. Great! Now take what you’ve learned and distill it down into your own way of saying things (create your own model) and attempt to use it to train dogs! You can show within that course the results you’ve gotten using the model you came up with.
This category of income-producing assets is anything that can be delivered to the consumer that isn’t a physical or digital product. The key distinction here is that it can’t be a service that is one-to-one.
For example, when you hire an accountant, he or she is going to charge you for their time and sell you their service. It may be scalable to the degree that they have other accountants in their office, but they’re going to hit a hard limit at some point because they’re selling their service one-to-one.
White Label Products
White labeling is a great way to control assets. The perfect example of this is Amazon-branded products. Most people are surprised to see how many different products they can buy on the site that have that Amazon logo on them. But here’s the secret that most people don’t know: Amazon doesn’t create any of those products; they simply have permission to brand them as their own.
Here’s a story you may find shocking. There’s a company out there called Luxottica that manufactures over 90 percent of all sunglasses on the planet. That means that when you buy sunglasses—whether it’s Oakley or Ray-Ban or Prada or the junky ones at the local gas station—there’s a good chance that they were created by Luxottica. They are then branded with the name that you’re familiar with. Crazy, right?
Embedded offers are when a product or service is within another product or service already purchased by the user. For example, when you buy an iPhone and go to the App Store, every time you click on an app and buy something, Apple gets half of that fee. The app is embedded in the iPhone, which is the product the user paid for.
I’ve used this in my online course. People who are going through my training need to set up their own LLC or company in the process. I used to send them to websites like LegalZoom where they could do it themselves, until one day I was approached by a gentleman who made me an incredible proposal. He owned a company called PCS that sets up entities for people and he offered to set them up for my students.
Sponsorships and Endorsements
Sponsorships occur when you have an audience of a certain size, like an email list or follower count on social media. An advertiser may offer to pay you to promote their products. You give a recommendation for the product or service in exchange for a payment.
With more than a million followers on Instagram, almost weekly I’m offered money in exchange for mentioning a product or service. The only work involved for me is to create a video or an audio talking about that product. It’s the perfect example of working once and getting paid many times.
The only caveat here is that you need to be careful to only sponsor companies that are related to what you’re about. If you’re known for helping people in the fitness arena and suddenly you’re doing sponsorships for Hardees, that might not be aligned with your audience. In the same vein, if you’re recommending a company that takes advantage of people and has a horrible reputation, that can harm your brand and reputation. However, if the offer is aligned with your values and your audience, it can be a very good PIV.