Do You Plan To Start A Business After Earning Passive Income?

[Good-Guy]

Passive income refers to making a good amount of money each month. Passive income is not only a way to make residual income that allows you to bear all of your expenses, in fact, it is a kind of a way to make money that also allows you to save money in order to have sufficient amount of money for your future. Passive income also allows you to save money so that you may have enough money in order to start a business. I am planning to start my own cryptocurrency trading career once I have sufficient amount of money. Obviously this would mean that I would require to earn money.

Right now I might not be earning enough money, but I think that saving money when you do not earn enough is the key to have enough money for your future. There are many ways to earn passive income and many people usually consider traditional day jobs as a way to get started when it comes to generating passive income. So, do you intend to start your own business after you successfully manage to earn passive income? What kind of business ideas do you have once you start making passive income?

 

[Sotherefore]

The point here is that most passive income will not take so much of your time and there is how you can schedule it and engage in business especially an offline business.

Okay if I generate passive income by selling of my eBooks on Amazon Kindles this won't really have anything to do with my time, it is only for me to try as much to write content that will be needed by people and post it there and from there the content will start selling and I could use that my time to engage in something I believe will also be profitable to me.

Well in general it all depends on people because if some people are able to earn passively online they may not likely want to engage in other business but will always like to engage in some sort of investment. Probably maybe investment is also better because all these things are something that won't really take your personal time but it's just sometimes you just have to do and let It Be.

What I am trying to say is that I may not likely be surprised to find out that someone who is generating passive income still have a business offline.

 

[Setho]

The reason why everybody is making any kind of commitment in the first place is that they want to be financially free in the near future . You can be able to achieve this by setting up both active businesses bye increasing your ability and specialty and also setting up passive income ideas. There is a difference between the both of them because with passive income you are really not guaranteed making millions of dollars in a year but it can be consistent and compound with time . Businesses on the other hand can be able to give you and other alternative where you can be able to make lots of money within a considerably low amount of them . This means that there is no point trying to choose between the two of them because they offer different dynamics and it is something that you can be able to do as well.

For example you can be a businessman who is actively into freelancing or maybe the sale of cars, you can then choose to be writing blog articles about freelancing or the different kind of cars and then make it as your passive income. That means you have two different sources of income .

 

[eldavis]

I would definitely start up a business no matter how much I am earning as passive income. I believe in having more than one source of income, anything could happen when relying on just one source of income. I think the COVID period thought alot of us a valuable lesson. Most people lost their offline jobs, and they had Notting to fall back, which made them start searching for online jobs.

 

[Mika]

First of all, I would like to know how do you make passive income? Blogging? Youtube? Affiliate marketing? Selling products online? If you are generating passive income from the things you are already doing, why not focus more on those areas and try to earn better instead of launching a new business. Let's say, you are earning $20 per month from your blog, why do you want to use that income on a new business that does not guarantee profits when you can focus more on your blog to earn $40. I understand you want to create multiple sources of income by building a new business, but what if your new business takes most of your time and you cannot concentrate on the work that is generating your income and you start losing this income. Therefore my advice is do not start a new business from the money you are passively earning, instead, focus on the same earning strategy and try to earn better. And one more thing, if you want to trade crypto because you believe this is a more profitable niche, why not gradually build your portfolio. You can start holding payments you receive from your clients and stake to earn more profits.

 

[Chibson]

In the online space there are a lot of businesses that would actually allow you to make money passively even when you are sleeping. You just have to locate them and learn the necessary things required then you are probably good to go. If you have knowledge of this passive income streams you probably do not need to start another business because they can serve as a very good business venture for you.

If you want to go into affiliate marketing for example, you really need to learn a lot of things about it and master how to promote your product effectively without much hassles. After then you can start making a lot of money passively and you can venture into other online businesses. Even in your offline business you can actually make a lot of money passively.

Many people that own big businesses offline do not even need to be very active in order to make money because they employ people who are capable of running the business for them and their income will be coming on daily basis. It is all about having a very good business mindset and knowing the right business to invest on at the right time.