Passive income is defined as "income that is generated from a venture that the owner does not actively participate in". A few examples of passive income include; dividends, real estate rentals and Gumball machines. All passive income streams require an initial investment of effort and money, but then minimal work thereafter is required.
Passive income enables your money to work for you, rather than you work for money. So you may be wondering, how can I start creating a passive income?
The first passive income business that I started was a gumball machine business. As I was still a student at university I did not have a lot of money to invest. After a few weeks of research into the business I bought my first gumball machine. These machines generally cost between 60- 100. I was able to break even after just a few months and I then reinvested the money in another gumball machine, and so on. After you build up a few of these machines you could make a good weekly income.
1. You could buy a simple candy machine from Amazon. Personally I recommend buying a machine with a stand, as the machine needs to be seen easily. Also I recommend you get a gumball machine that is colourful and clean that attracts attention.
2. Next you need to secure a good location to place your gumball machine. You need to locate a place with allot of people traffic. These are the following places that produced me the best income ( Bars/ Pubs, barbers, bowling places, laundrettes).
3. After you secure a good location, you need to visit your vending machine weekly, top it up with candy and take your income.
Tips
The biggest problem that I faced with this business is securing locations to place the machine. My tip to you is to talk to business owners of the location you wish to place your machine, show them a picture of your vending machine and explain to them that having a vending machine in their business premises is good for attracting customers and explain that the gumball machine only takes up a small amount of space. You may even offer them a small cut in the earning your make each month. Keep trying till you have secured a place for your vending machine.
You can make almost any business a passive income business by leveraging. Leveraging is where you get people to do the work for you. For example you can create a business that produces recurring income, and in time you can step back from the business, giving your management role to someone else. This inevitably frees up your time for you to enjoy your life.
Passive income enables your money to work for you, rather than you work for money. So you may be wondering, how can I start creating a passive income?
The first passive income business that I started was a gumball machine business. As I was still a student at university I did not have a lot of money to invest. After a few weeks of research into the business I bought my first gumball machine. These machines generally cost between 60- 100. I was able to break even after just a few months and I then reinvested the money in another gumball machine, and so on. After you build up a few of these machines you could make a good weekly income.
- How to get started
1. You could buy a simple candy machine from Amazon. Personally I recommend buying a machine with a stand, as the machine needs to be seen easily. Also I recommend you get a gumball machine that is colourful and clean that attracts attention.
2. Next you need to secure a good location to place your gumball machine. You need to locate a place with allot of people traffic. These are the following places that produced me the best income ( Bars/ Pubs, barbers, bowling places, laundrettes).
3. After you secure a good location, you need to visit your vending machine weekly, top it up with candy and take your income.
Tips
The biggest problem that I faced with this business is securing locations to place the machine. My tip to you is to talk to business owners of the location you wish to place your machine, show them a picture of your vending machine and explain to them that having a vending machine in their business premises is good for attracting customers and explain that the gumball machine only takes up a small amount of space. You may even offer them a small cut in the earning your make each month. Keep trying till you have secured a place for your vending machine.
You can make almost any business a passive income business by leveraging. Leveraging is where you get people to do the work for you. For example you can create a business that produces recurring income, and in time you can step back from the business, giving your management role to someone else. This inevitably frees up your time for you to enjoy your life.