The challenge for today is to identify my ideal business model. As Natalie mentioned in the challenge video, the businesses in general fall into 2 categories: Active and Residual, with Active being the model where you are face to face with your clients, or actively delivering your product via other means, often associated with residing in the same place. Active business model is often great for people who enjoy and get energized by interaction with other people in person or otherwise.
Residual, on a flip side, is a business model where you put a lot of upfront work into a product that later can be offered on an “auto-pilot” and doesn’t require a lot of personal interaction with a client, allowing for less rigid schedule and a location independence. Residual is also favored by introverts who love the work behind computer screen rather than in front of people.
Since I am a complete introvert, I absolutely, hands down choose Residual business model. However, there is more to it than me just being an introvert. I long wanted to be location independent when it comes to my job/income stream. It’s not necessarily because I want to always be on a move, but because there are several places in the world (and immediately in US) where I would love to move and spend a few months or a year, but where I’m not guaranteed a job (or jobs are scarce). Having a location-independent streams of income would allow me to do that.
As far as stream of incomes themselves, these are the ones that I have in mind (of course, subject to change as the life unfolds):
- Writing and selling novels on Amazon
- Writing and selling non-fiction on Amazon, intended to help other authors with technical aspect of writing business
- Self-paced guides sold from my website (or via Udemy.com)
- Affiliate income
- Physical book sales at conferences/book festivals/other live events
- Book formatting services (this of course where the Active business model begins to creep in)
I am always learning, researching, keeping my ear on what is out there, so I might add to the list above as time goes by and my business takes its shape.
Anyone has any other ideas for Residual type of income for a computer nerd turned writer?