March 12, 2009, 5:00 am

You Want To Work On A Source Of Passive Income? You Must Be Prepared To Do So.

by: The Financial Blogger    Category: Alternative Income
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We are already on day 4 of our adventure and I must say that I am quite impressed about what we have done so far. While we are not directly making money (we are actually spending a lot on design, logos and servers 😉 ), I am quite sure we will earn the fruit of our labor next spring! This will definitely become a great source of passive income!

On the other side, doing such project (taking a week off to work on your own projects), requires a lot of preparation and discipline. We talked about doing so about 3 months ago and we started to think about what should be done during that week for two months.

Do it as you would be paid to do so

Working in jeans with my Starbucks has nothing to do with chilling on a Sunday morning while watching the news or the latest news (as our Montreal Canadiens Coach was fired on Monday!). While it does sound like it’s cool, we really have to work. I’m actually putting as much effort as I would if I was paid by my employer. After all, it will become a great source of passive income later on!

While preparing that week, we started with a brainstorming. We were sending an excel sheet with all our ideas related existing sites or about the one we would like to create. We were exchanging the excel sheet by email every two or three days. The one with the document had to add something on it before sending it back with a time delay. Therefore, we were constantly thinking about what we should do. In my MBA, they call that strategic planning ;-).


Then, we met for 2 hours and we discussed all our projects. We thought about the time and resources required versus what it could bring us in the future in term of passive income. We wanted to manage our time properly as 5 days of work is not much when you want to build an empire 😉 LOL! Seriously, on that day, we picked our favourite projects and started to draw our schedule.

In order to be efficient, we separate tasks according to our experience and efficiency. This is why I am not doing coding, while I write a lot this week ;-). We split our day in two parts (morning and afternoon), selecting project that requires more or less 3 or 4 hours of our time. We also made sure to align both schedules to make sure one was not waiting for the other to complete a project. A key success of our partnership is that we both have very different but complementary competencies. Therefore, it requires a lot of planning to make sure we work together and we are ready at the same time.

Each morning, we have a chat of 15 minutes about our day and how we will do things. We review our schedule to make sure it all make sense and that we are on time. Then, we plug in our ipod and start working… next break: lunch time! We take another 20-30minutes to talk about what has been done and then we keep going. After all, building passive income has nothing to do with being passive 😉

If we have to talk to each other at another time, we send an email. Then, we don’t waste time talking about other and more important topics such as the hot girl that just walk by… just kidding ;-). More seriously, it is very important to stay focus and to achieve our goals. Every minutes lost is money wasted… time is money, remember?

So regardless which kind of sideline you want to do, you must prepare yourself and think about all the possibilities before starting anything. If you are looking to create an alternative source of income, I suggest you read this series:

How To Create An Alternative Source Of Income Part 1

How To Create An Alternative Source Of Income Part 2

How To Create An Alternative Source Of Income Part 3

How To Create An Alternative Source Of Income Part 4

How To Create An Alternative Source Of Income Part 5

How To Create An Alternative Source Of Income Part 6

How To Create An Alternative Source Of Income Part 7

How To Create An Alternative Source Of Income Part 8

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Comments

wow that’s exciting!!! Good work!

Power of Planification and discipline!! That’s a good lesson for life and for every project to accomplish.

I guess you are right passive income is not really much of a passive income, well at the beginning anyways lol.

Hats off dude, with my 2 3 yr old girls and my job evolving into management I do not think it is possible to work on side projects….
Good luck with your endeavor, u seem to be on the right track!

by: The Financial Blogger | March 12th, 2009 (1:53 pm)

Mich,
this is exactly why I decided to put any management possibility on the side right now.

everything is possible, I have a 3yr and a 19 months kids, finishing my MBA, working and doing my side project. It’s only a matter of time management 😉

good luck!

Truly building passive income takes work! So I believe you… keep it up! 🙂

PS I found you via Wisebread’s Top 100 PF Blogs! Good for you for making the list.

Having twice as much time rarely means you’ll do twice as much work (just try staying at your office for 16 hours if you want proof!), so time limitations aren’t always a bad thing.

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