As I was reading the first few chapters in my Small Business Management textbook tonight, I noticed that the book really doesn’t mention anything about residual income business models. Everything is geared toward the traditional business model of providing goods and services, requiring constant input on the part of the business owners.
I guess it makes sense. After all, the focus of the course is management, and a passive income business like the one I’m trying to create eliminates a lot of management tasks by its nature. The big functions of management really only apply to the initial creation of the websites and content, followed by a short marketing blitz to get a good Google ranking. So, a residual income business wouldn’t lend itself to being a good example for learning management tasks in-depth.
But really, that’s the point for me. I want to build passive income so that I won’t have to actively manage it 24/7. A few hours a week to tweak, update, and monitor everything after the initial creation is the goal. Each individual residual income stream may be small, but once it is in place I can take a little time off before starting to create another. Instead of a large, one-time payout for my work (like getting paid commission on a sale, or wages for hourly work), I will create a small, but long-lasting stream of income. Each new residual income stream will just continue to build on all the ones that came before it, like the little trickles of water that come together to form streams, which come together to form creeks and rivers.