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Going Remote: How to Manage Passive Income Streams

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We’ve already spoken about passive income on this blog and how you can effectively make money while you sleep. Then, we took you through the different types of passive income streams you can adopt. But this time, we’ll talk about how you can manage them.

It takes some time to get the ball rolling on passive income projects. As a general guide, it can take between five and twelve months to build the type of passive income that is sustainable and consistent. Let’s say you’ve had the patience to do this and you’re ready to reap the rewards on a beach somewhere — how do you make sure that your passive income is safe? We’ll discuss how to check up on your empire and what you need to invest in to get started.

Hiring Some Help

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To be passive means to have no active response. What this means, is that somebody else has to act on your behalf. If your passive income stream involves physical people, such as if you’re do house rentals, advertise on Airbnb or even do drop shipping, it’s a good idea to hire some help. These types of passive income streams can be the most lucrative, with property management earning an average profit margin of 20 per cent.

Shared property management is a great solution if you own several properties or simply want to enjoy life in some exotic country while everything is taken care of for you. Even on the popular homestay website Airbnb, you can now see if a property is being managed by various people with its co-host option. If your business is a larger operation, like a drop-shipping business, there are plenty of warehouse options that will pick, pack and deliver orders for you. The most popular of these, Fulfillment by Amazon (FBA) offers the whole package. Amazon will store and deliver your products while also taking care of the more complicated processes like customer services and returns handling.

Veer towards Virtual Communications

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The overwhelming majority of passive income projects relate to money that’s made online. The whole point of building passive income is to eliminate the need for long-term work on projects. The initial graft needed to set up the stream is all you need to secure a stable recurring income. In this sense, you don’t want to have to speak to people face-to-face — whether this is your customers or an individual who is managing a project for you.

A great way to get around this is to manage your communications by using a virtual business answering service, which lets you divert a professional number to a mobile. Doing this will give you absolute freedom and allow you to be based in any location. You don’t even have to be sat waiting by the phone, as these systems can transcribe voicemail messages and let you update your schedule via an easy-to-use mobile application.


Cashing in on Your Creativity

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Creating an eBook is a popular way to earn money these days. Spending some initial hours putting together useful information for a particular target market could pay off in the long haul. This type of creative cash can also be earned through different disciplines, such as music. While, generally, it’s more difficult to write a big hit, if you did manage to create a staple Christmas song, for example, you’re set for the rest of the year, as radio stations and stores need to pay you royalties each time they play it.

Managing this type of income stream is somewhat automated, so, in theory, it’s plain sailing. You can publish your eBook via the Amazon Kindle self-publishing portal, as long as you don’t mind giving up around 30% of the sales to the online giant. Travel guides and fitness hacks tend to do well on this type of platform, so get set creating a pot of knowledge that is simple to manage.

Utilising Investment Software

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If your passive income stream requires a little more skill and a watchful eye, trading software, such as ShareScope, is an appropriate way to manage your investments. Such trading software is a digital space where you can view market activity and keep track of your own portfolio. Although this is definitely not a beginner’s game, becoming an expert investor can really pay off.

There are a number of different investment types, from stock dividends to collectibles. Using analytical software is the best way to make educated decisions about where to invest your cash. The best part is, of course, that this can be done completely remotely — all you need is a solid WiFi connection.

Author Bio

Rory Whelan is a communications expert with over twenty years experience in consultancy, television, media and telecoms. Since 2012 he has held the role of marketing manager for eReceptionist, leading the product to become the favourite call management company for UK SMEs.


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