SPI 017 : Types of Passive Income Generated Online and What to Expect From Each – Part 3

The Smart Passive Income Podcast Logo

In this session of the Smart Passive Income Podcast, I finish off a 3-part series about the different types of passive income streams that can be generated online and what you can expect from each. I discuss the potential costs that are involved, how one might get started, what kind of results are typical and how long it might take to see those results.

In this particular installment, I go over some of the more “advanced” types of passive income streams, ones that are typically (but not always!) created after some type of success or growth with some of the other types of passive income products and platforms that I talked about in session 15 and 16. If this is your first time coming across this podcast series, and especially if this is your first time on the blog, I recommend you check out the two sessions first:

During part 3 of this series, I talk about:

  • The most attractive passive income business model ever.
  • How you can double your income with no changes to your site.
  • 3 things that I wish were included in all membership websites.
  • The harsh truth about software development, including why I still have yet to release the wordpress plugin that I’ve been talking about for way too long!
  • The absolute best thing you can do if you’re outsourcing anything.
  • A little more information about iPhone apps.
  • How podcasts and passive income relate.
  • And a twist to make consulting and coaching give you more money for your time.

Right click here to download the MP3

Items Mentioned in this Session:

I hope you enjoy this podcast and have enjoyed this particular series in whole. Like I mentioned in the first part, this series will be featured (along with some other resources) in a “getting started” or “start here” area that will soon be placed onto the blog, so look out for that in the near future.

Thanks again for all of your undying support. I’ll keep doing what I can to inform, educate and inspire, as long as you’re still here listening.

Cheers!

p.s. I’d love to hear your comments and thoughts about this series after you’ve completed listening or reading! Thanks!

Transcript:

Click Here to Download the Transcript (PDF)

  • http://survivetheinternet.com Christos Chiotis

    Preparing my morning coffee and looking forward to hear it!
    Thank you Pat!

    • Pat

      Cheers Christos! Enjoy your coffee!

  • http://stressfreedegree.com Jerry

    Hey Pat,

    Inspiring stuff as always. Thanks for the insight into your software development business. Still looking forward to seeing what plugins you’re building =)

    Quick question: I see that you consistently link to non-SPI domains that you’ve redirected back here (nichesiteduel.com comes to mind). Is that just to make it easier to direct someone where to go, or do you plan to expand them into full sites?

    • Pat

      Thanks Jerry!

      I link to non-SPI domains that redirect back here for a couple of reasons:

      1) Primarily, to make it easy for podcast listeners to come back to the particular page I want them to see on my blog; and

      2) Just seeing the non-SPI domain there sparks a lot of curiosity, and people click on those links just because they sound interesting.

      No plans to expand them into full sites, although I do see that as an option.

      Cheers!

  • http://www.youngprepro.com Onibalusi Bamidele

    Wow! I see this podcast will be really informative.

    I listened to part 1 and 2 an they’re really informative and considering the aspect of podcasts and passive income being related I think this is must.

    I’d be downloading and listening right away.

    Thanks so much and have a great day,
    -Onibalusi

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  • http://increasingworkplaceproductivity.net Bojan

    Gonna pull it on my Android Google Listen and grab a coffee… :)

    • Pat

      Did you enjoy it Bojan? Do you have any questions?

  • http://www.thinninghairwomenhq.com Rian

    I usually find download link for your podcast, but now I can’t find it. Hope you can give us a download link so we can hear your podcast in car or everywhere with mp3 player.

    Enjoy your coffee guys :)

    • http://www.thinninghairwomenhq.com Rian

      sorry just lost, finally I find the downlload link, YAY

      • Pat

        All good Rian. Cheers!

  • http://realsimplepeople.com/ John Sherry

    Doubling your income to your site with no changes caught my eye – why? Because it just shows that a few small tweaks gets to make one huge stellar difference. That’s the sort of info that’s ammo for surefire success. Cheers Pat as ever!

  • http://www.joedigitech.com Joe

    I found the podcast Monday and as of today I’ve listened to them all whilst taking notes on Evernote. I love the show and Pat you have motivated me big time. Great information and inspiration. Thanks!

    • Pat

      All of them already, since Monday! Dude, that’s so awesome. Thanks for investing your time with me and if you have any questions please let me know. Cheers!

  • http://www.sportsmanagementcc Remco

    Just downloaded it and will listen to it today. I was looking in your sidebar for a link to i-tunes, so I can get it automatically…..but found it later on your menu bar.

  • TrafficColeman

    Passive is the American dream for most folks..but it sad that some people don’t take the time to listen to someone like pat to get the full details on how to be successful..

    “Black Seo Guy “Signing Off”

  • http://www.entrepreneurshipsecret.com Fisayo Sanyaolu @ Secrets Of Entrepreneurship

    Thanks for sharing this Pat. Downloading it………..

  • http://www.megabizflakes.com Samuel

    This is awesome Pat! I’m sure this podcast will be great! :) I will be downloading and listening to it now. Thanks so much for sharing man. You rock :)

  • http://thesisready.com Dave Grimes II

    I enjoyed parts 1 and 2 a lot, so I was totally looking forward to this, and Pat… you did not disappoint. I especially enjoyed hearing about your software development work. Thanks for sharing!

    • Pat

      Thanks Dave – software development is definitely a beast. Seems like it never ends – not sure how passive it can be, but that’s why I’m experimenting :)

  • http://www.chrisjprice.com Chris

    Hi Pat,
    First time commenter here, just to say I appreciate your hard work on both the site and the podcast, I have found both to be an invaluable resource. I actually found the podcast first through iTunes, and then after a listen proceeded to visit the site (and have now read pretty much every post from the beginning). I’ve only just begun to take action in terms of blogging and attempting to make money online, but had to say thanks for making the process more understandable, more transparent and more entertaining!

    • Pat

      Hey Chris! Thanks for your comment and spending time listening to my podcast and reading my content here on the blog. It means a lot! And, I’m especially glad to hear you say I’m entertaining, that’s really awesome!

      Thanks again Chris and all the best to you!

  • http://www.pauldurotimi.com Ireti Paul

    Pat, i really can’t wait to start read this part 3. I will be downloading both the mp3 and pdf. Part 1 & 2 was awesome. Thanks a bunch for sharing it with us.

  • http://www.wishlistmemberforpodcasting.com John

    Hey Pat,
    Another great Podcast. I was featured on a Wishlist Member Podcast about how I am delivering my Premium content using iTunes and the secure RSS feed that is created by WishList Member. I have a video on how I do it here http://www.wishlistmemberforpodcasting.com/membership-site-tips-and-tricks/create-secure-itunes-feed-with-wishlist-member/
    It’s important to note that WishList is the only membership software that I’m aware of that creates a secure RSS feed that make this possible.

    • Pat

      Thanks for the resource John, this is very very helpful!

  • http://www.myrun.com.au Ralph

    Here in Sydney, Australia.. 10:02am.. downloading the latest podcast (might grab a coffee too) and start listening.. great thing is, I can do it at work! :) Love Research! :)

    • Pat

      Ahh, how I miss Sydney. I was there a couple of years ago. Loved it and I want to go back soon, although having a 1 year old makes it a bit difficult :P

      Cheers!

      • http://www.myrun.com.au Ralph

        Mate, if you are ever here i’ll shout you a coffee :) Well if you travel before the little one is 2 you don’t have to pay for the seat :)

  • http://www.kidsiphoneapps.net Pavel

    Thanks for another inspirational post!

    Love to listen to your podcasts, the one on Iphone development inspired me to start my own app development shop! :)

  • http://www.rentuntilyouown.com Cole

    Woohoo! Lol, Pat I really enjoyed this series.

    I love the way you make everything easy to absorb! Looking forward to the next podcast

  • http://simplylearnbusiness.com Nick

    I’ve so been waiting for this! I’m so excited! Now to clear up space on my iPod for it. I love listening to the podcasts using a iPod Touch Radio Transmitter in my car. Driving and listening to Pat. It’s a very productive combination.

  • http://www.bluecrystalwebdesign.com/blog Joe S

    Great tips and thoughts on software development Pat. I am a software developer and what you say about detailing the requirements before handing the project to the developers is dead on. One online help I found for diagramming software is http://gomockingbird.com. It allows you to wireframe exactly what you want your user interface to look like. Turning the requirements into something visual before getting started on a project has always saved me a lot of time with meeting client expectations. The free plan is good enough to get started.

    Anyway keep up the good work man!

    • Pat

      Hey Joe – thanks for confirming my opinion and thoughts about software development. Cheers on the resource too – that’s really awesome. I wish I new about that earlier. Will definitely look more into it for future projects.

      Thanks again Joe!

  • http://hubpages.com/profile/digitalmethod Kid

    What a great share information as always Pat. I’ve been wondering, you have been succeeding in niche site challenge (It is a huge success by the way). Don’t you want to create another challenge for SPI, on how to make money with Clickbank, by using 3rd party content sites, such as Squidoo or Hubpages?

    It is just a suggestion. Looking forward for your answer.

    Thanks Pat. :)

    • Pat

      There’s always room for more challenges I think – although I really want to make my security guard site all it can be and see how far it can go. it really took off much better than expected and so I want to leverage what I landed on. Definitely will think about more challenges though. Thanks Kid!

      • http://hubpages.com/profile/digitalmethod Kid

        Thanks Pat. I really appreciate it. :)

  • http://www.techcafe.com.au Vince

    Very helpful article as usual Pat. Thanks.
    The software route seems like a hard one but very rewarding. I’ve been thinking about it for a while but not have had a chance to dive into yet.

  • http://adamcap.com Adam

    As far as membership software goes, if you want to create a forum to complement your WordPress site (where you’ll be posting content for members), I recommend either aMember or Digital Access Pass.

    Both of them integrate with vBulletin and as far as I know, WP-WishList doesn’t. Maybe WL integrates with BBPress, but if you are starting a forum, keep in mind that you get what you pay for.

    I use aMember on my membership site and it’s pretty good… though I had to buy extra 3rd party add-ons to get it to work how I want with WordPress. I discovered Digital Access Pass after I’d already purchased aMember, but DAP looks pretty solid and I’d consider trying it over aMember in the future.

    Yes… aMember is more complicated than Wishlist, but if you’re making a membership site, you should really invest in the back-end. WishList seemed almost too simple to me. I know speed of implementation is important, but if it limits you as far as options for customization in the future, then that is bad.

    Great episode as usual Pat, I really enjoy the podcast. Keep it up man.

    And no offense to anyone, but why are there so many comments here from people saying “I will download and listen later, can’t wait!!”

    Listen then comment later dudes…

    • Pat

      Thanks for the tips Adam. As I am only starting to use Wp-Wishlist, I didn’t know about these bulletin board issues. And regarding your last comment…lol!

  • http://www.internetentrepreneurconnection.com Hector Avellaneda

    Great Series Pat!
    I recently learned about Gary Vaynerchuck and this guy is pretty awesome. His level of energy for what he does is out of this world! I don’t think everyone needs to be as excited as he is on the outside (although it would definitely help) but you definitely need to that excited about your business on the inside.

    Pat you have such a great community and strong, loyal readership that you could have started a SPI membership site months ago! :) I know I would join!

    PS: Thanks for the email response and feedback!

    • Pat

      Gary has a TON of energy – I just feed off of it whenever I listen to him speak.

      Thanks for the kind words, and maybe an SPI membership website IS due. Hehe! Cheers!

  • http://www.howtoimpressagirlz.com Ye Tun Win

    Woah! Another great podcast!
    Thank you, Pat! You should also convert the niche site coaching program into membership site too.
    But don’t charge the first batch of NSC grad. LoL

    • Pat

      LOL Ye – you’re hilarious :)

      We’ll see what happens. Like I mentioned in the course, we loved doing the coaching program so much we want to do it again with another set of awesome students like you. Keep up the good work buddy!

  • http://www.aspiringfempreneur.com Susan Liddy

    I use WishList Member for my “product delivery” if you will. SO easy to set members up and I love having a one stop shop for everything!

    • Pat

      Great Susan! Thanks for sharing! So far, it is pretty darn easy to set everything up…so far :)

  • http://www.smallbusinessunleashed.com Chris Green

    Another awesome podcast. Membership sites are indeed great. We launched one a few months ago for people that want to learn SEO and apply it to their business to get more traffic:

    http://www.callowaygreenacademy.com/

    We used wishlist member as well. I can fully recommend this.

  • Andrew Gill

    What happened to the interviews?

  • http://www.gameaudio101.com Tim G.

    incredible work, Pat! I would love to see a post on eBook publishing options (ie; iBooks, Kindle, Nook, etc.)

    Tim G.

  • http://www.GoZigit.com Jeff Bosworth

    Pat, love the series. I have been listening to you and the Internet Business Mastery guys while I finish my new site. Fully automated, ready for passive income generation once I flip the switch. Thanks again for the good stuff

  • http://EminiMind.com Tim Racette

    Fantastic 3 part series Pat. I have listened to every one of your Podcasts from start to finish (and I’m sure I’m not alone), you’re truly an inspiration to online bloggers everywhere and are becoming THE go to person in this field. This is just the beginning!

  • http://www.enetflixreviews.com Kenneth Ashley

    Hello Pat,

    Awesome podcast! I have listened to the show from day one! I will keep on listening till i drop dead. I am only 20 so we have awhile.

  • Siim

    I like your content a lot, thanks. Would adding “RAW transcript” help your site SEO, like mixergy.com uses, I wonder?

  • http://www.pickup-artist.com Travis Lartner

    Pat – love your articles. I am just starting to get my online passive income business started.

    Huge fan.

    Travis

  • http://financiallyeliteblog.com Dwight Anthony

    It’s important to look at various streams of passive income, i’m listening to the podcast as we speak.

    Dwight Anthony
    Financially Elite Blog

  • http://joshuarivers.net Joshua Rivers (@JoshuaWRivers)

    Smart Passive Income at work: listening to this 20 months later…

    Thanks for the great content!

  • http://skirtsnwolves.wordpress.com Vesna

    Hi, Pat. Just wanted to say that I stumbled upon your blog yesterday via Sensophy, and this morning (it was morning in Croatia) I listened to this awesome three-part podcast downloaded via your start page while waiting for several doctor’s appointments.

    I think these may very be the first (or, maybe, second) podcasts I’ve ever listened to, and I must say it was a nice couple hours. I’m not sure whether my bronchitis appreciated my burst of laughter when you mentioned Crush It, but I sure did – the book blasted my head off couple months back (I picked up a hard copy – translated all the way to Croatia) and it’s one of the reasons I’m now browsing your blog. I take it as a sign I’m at the right place.

    Also, I’m impressed by the simple fact that it is now 2014 – not just a couple of months but *three years!* – after you published a podcast basically saying that great content survives the test of time. I’m sure I wasn’t the only one to listen to it recently. Really great work. Thanks!

  • http://www.streetstyles4all.co.uk Rob

    Hi Pat. What membership platform are you currently using for Niche Site duel or any other site you have? Wishlist was the thing back then, is it still now? I am using member mouse which seems great, but I don’t particularly want to switch membership plugins later on.