Overcoming the weaknesses of your passive income stream
We all want to make money while we sleep, and one of the most effective ways to do this is to have passive income streams. We know that every passive income stream has its own strengths and weaknesses. In our goal of creating passive income we need to think about how to overcome the weaknesses of each common passive income stream. So lets look at 3 of the most commonly sought after passive income streams and examine how we can overcome their weaknesses.
- Content creation
The main weakness of content creation is that their is a high amount of competition that grows each day and that much of the work is front loaded as well as continuous work to maintain your audience. While copying other formats that are popular is a good way to make the process of content creation is easier, it is much harder for people to beat the first mover or most popular creator. Some examples of this are short social media skits that depict entitled customers, short stories, slice-of-life videos, and combinations of these types with background visuals. All oft hese types of videos initially were filling a need from viewers who wanted to hear or see those things. But as more competition arises they try to copy the most successful model, often failing to capture that same spark. Your goal should be to have a niche that no else has filled. This will allow…
