Update #1: 23/01/18 - New project added!
This was my first post here at the forum:
After I posted this, I began looking at what I was doing to really push for passive income. I do understand that my present responsibilities require me to get up and run our eBay business (with my wife), and I can't just take a few weeks out to plan my new ventures. So most of my research has been done (very) out of hours, and on a shoestring budget.
Some background...
I have six kids, and one grandchild. I run an online business on eBay, and this is a manual business that requires 6 - 8hrs of our time Monday to Friday. I'm not getting any younger, and a previous life of manual labour and also some health problems led me to evaluate just how long I can keep working over a laser engraver and sticking my hands in printers. 'Not very long' was my answer.
I've run passive businesses before. Kindle publishing, teaching internet marketing courses, selling wholesale digital items; I've done plenty of passive. But when we REALLY needed to know where the next meal was coming from - when the passive stuff dropped off due to poor management in part - I bought a cheap Canon printer, sat in front of Photoshop for a week, and launched an eBay business that is now delivering about £50k pa. We sell handmade products - some printed, some laser cut - and it is all manual work. The problem is, I know I cannot scale without hiring staff, lending money for premises etc. etc. An expansion on a manual business will eat profits. Less profits means my grand retirement plan is going to take longer. And I don't (and won't) accept that.
What's going on now?
MJ hit a nerve when I read about selling software and digital products. This is something I have experience in, and with better management, I knew I could create something bigger, better and sustainable. And then retire on the sale of an empire. Although, how many of us really retire?
I know I'll keep my hand in, in some way...
Anyway, I got to thinking about two or three business ideas I had a few years ago. I tried to mesh them with new, exponential & scalable advertising methods like FBA and Instagram influencer marketing. A few of them held up.
Right now I am in the process of starting two businesses. One is a crossover between the gamer & adult industries... and the other is a research tool that will highlight products I can sell immediately to very specific markets using Facebook Ads & Shopify (plus some free ad methods). My time at the moment is spent refining code, building a front end and tweaking everything ready for launch.
Both should be 90% passive, and the remaining 10% shouldn't need me sat at my PC for more than a few hours a day. That's the plan. Right now it's looking rosy.
UPDATED 23/01/18:
I have now added a third project, as I have aligned myself with an incredible lead generation company and mentor. I will be creating a course in the "Craft" niche, and after a short discussion, it just seems like the perfect joint venture. Again, once the product is created, it will be passive & hands off for me.
To be honest, Fastlane came at exactly the right time. I don't think I'd have actioned it years back - and I've now got the humility to know I have been a bit of a dick when it came to running passive businesses. I've also positioned myself so that even if I cannot get certain aspects of these businesses to work, I will have tangible assets to sell and fund something different. So I know if anything goes tits, I'll have a fallback.
I created this thread so I can check in on my own progress. I feel this is the best way for me to validate the steps I'm taking. So, here goes...
Jan 22nd 2018
Project 1 (Gaming/Adult): Spent: £11.60 | Earnings: £0 (Pre-Launch Phase)
Project 2 (Shopify Niches): Spent: £6000 | Earnings: £0 (Pre-Launch Phase)
Project 3 (Course): Spent: £0 | Earnings: £0 (Content creation phase)
Now, I'm no longer a passenger. I'm taking the wheel.
This was my first post here at the forum:
After I posted this, I began looking at what I was doing to really push for passive income. I do understand that my present responsibilities require me to get up and run our eBay business (with my wife), and I can't just take a few weeks out to plan my new ventures. So most of my research has been done (very) out of hours, and on a shoestring budget.
Some background...
I have six kids, and one grandchild. I run an online business on eBay, and this is a manual business that requires 6 - 8hrs of our time Monday to Friday. I'm not getting any younger, and a previous life of manual labour and also some health problems led me to evaluate just how long I can keep working over a laser engraver and sticking my hands in printers. 'Not very long' was my answer.
I've run passive businesses before. Kindle publishing, teaching internet marketing courses, selling wholesale digital items; I've done plenty of passive. But when we REALLY needed to know where the next meal was coming from - when the passive stuff dropped off due to poor management in part - I bought a cheap Canon printer, sat in front of Photoshop for a week, and launched an eBay business that is now delivering about £50k pa. We sell handmade products - some printed, some laser cut - and it is all manual work. The problem is, I know I cannot scale without hiring staff, lending money for premises etc. etc. An expansion on a manual business will eat profits. Less profits means my grand retirement plan is going to take longer. And I don't (and won't) accept that.
What's going on now?
MJ hit a nerve when I read about selling software and digital products. This is something I have experience in, and with better management, I knew I could create something bigger, better and sustainable. And then retire on the sale of an empire. Although, how many of us really retire?
I know I'll keep my hand in, in some way...Anyway, I got to thinking about two or three business ideas I had a few years ago. I tried to mesh them with new, exponential & scalable advertising methods like FBA and Instagram influencer marketing. A few of them held up.
Right now I am in the process of starting two businesses. One is a crossover between the gamer & adult industries... and the other is a research tool that will highlight products I can sell immediately to very specific markets using Facebook Ads & Shopify (plus some free ad methods). My time at the moment is spent refining code, building a front end and tweaking everything ready for launch.
Both should be 90% passive, and the remaining 10% shouldn't need me sat at my PC for more than a few hours a day. That's the plan. Right now it's looking rosy.
UPDATED 23/01/18:
I have now added a third project, as I have aligned myself with an incredible lead generation company and mentor. I will be creating a course in the "Craft" niche, and after a short discussion, it just seems like the perfect joint venture. Again, once the product is created, it will be passive & hands off for me.
To be honest, Fastlane came at exactly the right time. I don't think I'd have actioned it years back - and I've now got the humility to know I have been a bit of a dick when it came to running passive businesses. I've also positioned myself so that even if I cannot get certain aspects of these businesses to work, I will have tangible assets to sell and fund something different. So I know if anything goes tits, I'll have a fallback.
I created this thread so I can check in on my own progress. I feel this is the best way for me to validate the steps I'm taking. So, here goes...
Jan 22nd 2018
Project 1 (Gaming/Adult): Spent: £11.60 | Earnings: £0 (Pre-Launch Phase)
Project 2 (Shopify Niches): Spent: £6000 | Earnings: £0 (Pre-Launch Phase)
Project 3 (Course): Spent: £0 | Earnings: £0 (Content creation phase)
Now, I'm no longer a passenger. I'm taking the wheel.
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Last edited:
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
