The Bosses talked about passive income in a previous episode, and its ability to be a life-changer for entrepreneurs and we caused some inadvertent paranoia for our voiceover listeners!
- Passive income can generate lots of additional money for voiceover actors, since there’s no end to the various ways you can put your talents to work.
- One listener wrote us and shared her RV rental side-hustle
and how it helps her earn another salary annually.
- It starts with the creative moment – your great idea!
- You can think it’s great but you need confirmation. You need to research that the great idea applies to other people.
- Market research and development begins with friends, family, neighbors, social media communities, etc.
- Google your idea extensively, to confirm whether or not it already exists and how successful it is.
- A name for your product or service is just as important. So research that as well.
- A great name helps you capture the market and secure your future marketing efforts.
- You also want to avoid trademark or copyright infringement.
- Federal and state databases should be searched as well.
- The formation of an LLC or corporate entity may be premature but you should know what it entails.
- There are pros and cons to R&D as you will uncover both the positive and negative aspects of your new venture.
- Marketing, sales, storefront, distribution, it can be daunting. You may need to hire staff in order to invest properly in this new income stream.
- Investments of both time and money need to be made.