For those that don't know, Passive Income is income that you receive without having to do work. Well, that's not exactly true. It's income that you receive over a long period of time for a lot of work that you do up front. I intent to document my endevours to create passive income streams in this blog.
I have one primary income stream up and running already, with two more in the works. The first is a website hosting business. I primarily partner with web designers who want to offer web hosting to their clients. I receive an annual check for each hosting account that is setup, with each account having a different level of service. So far, this is my most successful income stream, which generates approx. $1100 per year.
My other two developing income streams are iPhone applications and Online Affiliate Marketing. I submitted my first iPhone application a few days again, it is waiting to be approved. The affiliate marketing is starting slowly. I have submitted several articles and setup my first affiliate site, but creating the content is really difficult for me. The program I enrolled in focused so much on the technology that it was lacking on content creation. I do not have any problems setting up web sites, registering domain names, or creating accounts on online services. What I have trouble with is writting the content to get people to my main site. I think I will end up outsourcing the article writting once I start making some money from this income stream, but until then it will be a slow start up.
Right now I am focused on content creation for my affiliate site and articles for publication. Once that is done, I plan on creating another affiliate site to promote a different niche market. I also hope to create another iPhone application that emulates flash cards as a study aid for students, once my current application has been accepted by Apple.