Month: November 2019

There are many of life lessons that can be learned from leaders and those who are in the position to lead and make important decisions. Being informed is one of those lessons to be learned from Higher Management leaders who make the Big Business Moves. The next lesson in life to learn from leadership is preparation. How does Higher Management prepare for each day? Following, studying and explaining the leadership activities and attitudes towards being prepared are at a great way to teach life’s lessons.

What are the types of Big Business Moves? Today, because of all the volatility and instability in the U.S. Dollar, many would agree that the creation and support of the Bitcoin is one of the many Big Business Moves taking place now to deal with survival in an unstable global economy. Whether becoming a user in practice of the Bitcoin will Teach Life’s lessons to the individual is still open to discussion, however, the Bitcoin is taking a stronghold in certain circles in the Big Business community.

Which members of Higher Management would consider the Bitcoin? The sectors of the business world using Bitcoin are those heavily involved in digital business practices. Bitcoin is a digital monetary method of exchange. It has value to movers and shakers in that arena of business. Frankly, those movers and shakers tend to own the lion’s share of any type of monetary value be it dollars, renminbi, francs, yen pounds, or euros.

Business leaders are always on top of all situations that effect their sphere of influence and those of other spheres of influence. They stay informed on all trends and activities of their competitors. However, they do have an acutely developed ability to surround themselves with highly skilled and loyal people who are assigned the job of digging into a particular area of importance. This way they can stay on top of all matters that could emerge. It is a way of being prepared for anything and avoiding being taken by surprise or being blindsided with a devastating event that can take down their business overnight.

Big Business Moves often involve massive investments in novel ideas with a great deal of risk in research and development capital. The main point to teach life’s lessons in this aspect is, if there is nothing ventured, then there is nothing gained. Some would say, ‘no pain, no gain.’ However, risk-taking must be managed with an excellent risk mitigation strategy. Covering as many potential slip-ups, proactively as possible, is essential to survival. This is a matter of hiring great thinkers, experts in related fields, and having an equally excellent contingency plan for potential failures. Many would agree that hiring the best legal staff will also come in very handily. In the world of Big Business Moves, the ground that is unearthed with each innovation is often found, through legal machinations, to be an opportunity for a jealous and calculating competitor to pounce. The best leaders will see this coming in most cases. This goes back to preparation which should teach life lessons, repeatedly.

Have you ever had a membership at your local fitness center? I have, and really, the business does not appear to be that complicated. Typically, there is one, maybe two, people working, and most of the time they really aren’t needed! Think about it. When you go to the gym to work out, do you need to go up to an employee and ask a bunch of questions? No, you just walk up to your machine of choice and start your work out! The employee is mainly there to keep things clean, refill towels, and check people in and out.

Expenses

In my area (where things are cheap), you could purchase a 20,000 square foot factory building for only $250,000. The open layout would be perfect for a fitness center! A few alteration plus the equipment, and you’re probably looking at an initial expense of $350,000.

When you open up your doors to your customers, your expenses will obviously be your employee (you could probably get away with just one employee for a while), but besides that, it’s just a matter of keeping up with the utilities.

Income

I never really thought about it much before, but owning a fitness center would really be a breeze. Once everything is set up and you find your members, all of the income is almost 100% passive. Each month, your customers pay their dues through your automated charge system and as long as they stay happy, the money keeps rolling in! If you were able to acquire 200 members at $30 a month, you’d consistently earn $6,000 a month, just in dues! That’s some pretty solid income – especially since it’s mostly passive.

Return on Investment

As with any business, you want to know how long it’s going to take to recoup your initial investment dollars. Assuming your gym cost $350,000 initially, and it costs $2,500 a month to maintain (employee + utilities), and your income is $7,000 a month (membership dues + product sales), it would take you nearly 6 years to earn back your $350k, and that doesn’t even factor in the interest that you’re paying on your loan! If you have interest payments, your payoff might be 10 years or more!

Since the business is quite passive though, you might not mind carrying your debt load. With a loan payment of $2,000 a month (including insurance and property taxes), you could still have a cash flow of $2,500 after expenses. That’s still not a bad income.

What do you think about this passive income idea? Thumbs up? Or thumbs down?

If you are a hardworking guy/gal with an 8 to 5 job, you currently make a living with “earned income”, which is paid either by the hour or with a yearly salary. If you are suddenly unable to perform at work anymore, you will no longer receive checks and your income will plummet to $0. This is why additional “passive income” is so important! With passive income, you would perform your work with very little or no pay in the beginning, but once your project is complete, the paychecks will continue to come in (sometimes for life!). Every person alive should be looking for these 3 ways to receive passive income.

What are the different ways to create a passive income?

1) Dividends – The idea is quite simple. There are a few hundred (maybe even thousands) companies that pay a quarterly dividend if you become a shareholder. This method is great for a long term focus, but it definitely won’t allow you to quit your job anytime soon (to do this, you will need at least $1 million in the market).

2) Rental Income – This method has been around for quite some time and the general concept is quite simple as well – all you have to do is purchase a property and allow someone to rent it from you. As long as the resident is on your property, you will continue to receive those rent checks month after month.

3) Profits from a Business – This is probably the most lucrative way to make a passive income, and there are countless methods within this category.

• Website business – The latest craze has been blogging (pretty much what I do here on this site). If you receive a consistent flow of visitors to your pages, advertisers will want to post their business on your site. This provides income month after month. And, once you establish your website with quality content, less and less effort is necessary to continue to receive your income (which is what makes it passive).
• Network Marketing – I tried my hand at this once and it is actually pretty tough. You must believe in the product you are marketing. If you do not, don’t even try; your clients will sniff out your fake enthusiasm. If you are legitimately excited about the product, then this could be an amazing opportunity. I know quite a few people that make a very good living in this category.
• Develop an iPhone application – This is a new idea that I’m becoming more interested in every day. If you have an idea and can get an app made for it, there could be an enormous amount of passive income coming your way!
• Begin a business and franchise the system – Anyone can start a business, but few really know the tools to make one run successfully. If you have this talent, you can make a lot of residual passive income by teaching (or selling) the system to others.
• For the gifted: Write a song or book – authors and song writers make royalties each time their work is sold. All of the work is done up front, and they reap the benefits for years and years. I think Elvis still makes more money in a month than I’ll most likely see in my lifetime (and he hasn’t been alive in decades)!

Passive income can come from many avenues, but the key is finding what’s right for you. I honestly love writing these posts every day, and I can’t wait for comments from my readers each time I post a new article. I hope to be able to monetize this site enough so that I can spend more time helping others through my writing!

Do you have other ideas for creating a passive income? Share with the rest of us, even if it’s just a slight variation from what was written in this post!

Do you know what the average salary of a janitor is? Approximately $25,000. With a modest living quarters, food, transportation, and clothing, there often is very little left for retirement planning. However, with the right passive income moves, even a janitor can become quite wealthy.

The Story of the Janitor

The news story seemed impossible and had the attention of the entire nation. “Janitor passes away and leaves over a million dollars to charity.” Reporters everywhere asked the same question, “How on earth could a janitor have acquired so much wealth?” Some assumed that he must have had an inheritance. Or, perhaps he was married and his wife earned a hefty income. And, if either of those assumptions were untrue, then he must have earned more money through other work. Janitors don’t just die as millionaires.

The Simple Truth

The janitor absolutely did give over a million dollars to charity, but it wasn’t because of an inheritance, a working wife, or a second career. No, he just lived frugally and invested a small portion of his earnings on a consistent basis. Technically, an investment in the stock market is considered “portfolio income”, but since there is absolutely no effort involved, I unapologetically refer to it as passive income.

How Much Needs to Be Invested to Earn a Million Dollars?

So, how much did this janitor likely invest each month to earn his million dollars? Let’s take a look.

If he began investing at the ripe age of 20, that means he would have had a solid 45 years of investing under his belt before retiring at age 65. So, what if he invested just $100 a month and earned an average of 10% per year? How much would that turn into after 45 years?

By contributing less than 5% of his earnings each year, the janitor would become a millionaire in his 45th year of investing! To be exact, the investment is worth $1,056,982.12!

What If Your Earn More and Contribute More?

What if you are in a position that earns $60,000 each year and you contribute a mere 5% (or $300) of your earnings? How much would you expect to earn over the course of 45 years?

First of all, you would reach the million dollar mark by your 34th year! Then, by year 41, you’d be at $2 million, and by the 45th year, you’d have $3 million saved up in your retirement account! Isn’t that amazing! All from just $300 a month.

I think we all have quite a lot to learn from this janitor. First of all, we could all be a little more frugal, and secondly, we can learn to earn a passive income just by investing consistently in our future!

Do you already invest? Are you earning your passive income?

Money is a common topic in several famous films and documentaries. Here are 10 movies made about finance, which are actually worth your time to watch.

1. “Trading Places” is a movie about two brothers who run a commodities futures brokerage, who make a bet with each other on whether nature or nurture has more to do with a person’s character. They arrange for a street hustler and one of their executives to change places.

2. When it comes to films about the financial sector, “Wall Street” immediately comes to mind. The movie is about making fast money, through insider trading. The movie explores greed, and brings up several troubling questions about the entire finance industry.

3. The 2008 financial crisis is still fresh in many people’s minds. The movie, “Too big to fail,” explores the bankruptcy of Lehman brothers and other bank bailouts. The movie is highly critical of Wall Street, and gives us a behind the scenes look at what went on in creating the Troubled Asset Relief Program or TARP.

4. If you want a comedy about a corporate takeover, then “Other People’s Money” is the movie for you. The movie is about a corporate raider who takes over a family business with traditional values. The movie takes a look at the difference between the corporate world and the economy in the “real” world.

5. “Rogue Trader” depicts the real life of a trader, who lost more than a billion dollars buying unauthorized futures on the Singapore exchange. He relates the stock market to one giant casino where you don’t trade anything real, just numbers.

6. A group of cheating and lying young stock brokers, selling worthless stocks to people that they can fool, is the premise of “Boiler Room.” They would make high-pressure sales calls promising to make people millions of dollars in a short amount of time.

7. The documentary, “The Corporation,” depicts the idea the most destructive sociopath in modern times, are the actual corporations. If you are interested in the environmental, governance, and social issues that appear in the finance world, this documentary is a must see.

8. “Enron: The Smartest Guys in the Room” depicts the collapse of one of the largest companies in the United States. The documentary explores the collapse of such a large company, along with the greed that lead to its eventual downfall.

9. Twenty four hours in the life of a financial institution in trouble, is the premise behind the movie “Margin Call.” The bank has many leveraged and speculative positions facing volatility, where the losses sustained could be greater than their worth. Reckless speculation, ruthlessness, and risk are the name of the game in “Margin Call.”

10. A documentary made by Michael Moore, “Capitalism: A Love Story,” explores the idea of free market capitalism. The documentary shows what it is like to be evicted from your home or to be laid off from your job. The film also questions the political power of the financial institutions in the United States.

The top two buzzwords in the business assessment game are PEST and SWOT. These acronyms are hyped as the crowning jewel of achievement in the bid to analyze businesses. For a first-time small business owner, however, it can be confusing to know how to use these two powerful tools. If you know that you need to run an assessment, but you don’t know which one, this explanation should make it easier for you to figure it out.

What’s the Scale of Your Analysis?

PEST and SWOT analysis are two very similar assessments in style. They break down the external world of business into steps for you to research, consider, and write about. Each one will help shape your business plan from the outset, and you should consider doing annual assessments to see if you’re still on track with all that you want to accomplish. However, these two tests deal with two very different scopes.PEST analysis is generally the analysis that businesses should complete first, according to riccentre.ca. It deals with the world in general, and stands for political, economic, social, and technological factors. These are things that affect not only your business, but the entire industry you work for. Expect to spend more than a few hours reading up on it in business journals before you complete this analysis.

SWOT analysis also impacts your business, but it’s applied to your competitors. (Though you can modify it to fit your business, if you want to get an outsider’s perspective on how you’re doing.) SWOT means a businesses strengths, weaknesses, opportunities, and threats. If there’s one online store that you’re always butting heads with, for example, you would apply this analysis to figure out where they have the edge over you, and what you might target if you want to win customers away from them.

Putting Yourself in Your Rival’s Shoes

Now that you know the scale of your interests, you can use the SWOT to figure out how to go after a competitor. If the market’s just not big enough for the both of you, you need to go into your marketing campaign knowing that you either need to take conversion away from your competitor or create whole new markets for yourself.

If you apply this to yourself, however, you can also get a sense of what your competition might do to get to you, as it will reveal your business’s weaknesses as a rival might see them. This is a powerful tool that will let you turn your business into a sleek, streamlined profit machine.

Looking at the Way the World Works

If you need to know the lay of the land on an industry or nationwide scale, PEST is your best friend. You can see where you stack up with the rest of the businesses when it comes to weathering the storms that any industry has. If you see a general lack of action on your part in one of the major areas, such as not enough businesses in your industry are taking full advantage of the social side of social media, you can zero in on these opportunities to stand out from the pack. It also helps you plan in advance if you can see that lean times are going to be coming for everyone.

Once you know the scale of what you’re trying to achieve with this analysis, you can choose between SWOT and PEST. They are both incredibly valuable tools, but they have very different end results. Pick the one that’s best for your business today, and save the other for use to further your goals tomorrow.

I don’t know about you, but I think about passive income opportunities every day. No matter where I am or what I’m doing, I think, “How passive is the income that’s generated in this business?” Sometimes, it’s not at all, and other times, it’s nearly 100% passive. The concept just fascinates me – I think that I’m obsessed with creating a passive income.  That’s why I thought of passive income with a car wash.

Cleaning That Car of Yours

I live in Michigan and it usually gets pretty chilly here in the winter. The snow starts flying in November and doesn’t go away completely until March or April (this year is an exception, but I’m sure we’ll get loaded up with snow pretty soon). And, since it is so cold, the only way to get rid of the snow and ice is with salt.


The salt typically does a great job melting away the snow, but it’s absolutely terrible for your automobile. If you avoid getting your car washed, that salt will start to break down the structure of your metallic frame and body. Then before you know it, your car starts turning into a rust-bucket! Needless to say, where I’m from, car washes are pretty important.

Benefits of a Car Wash

Car washes are typically very passive. Once the machine is set up, all you need is a single employee to receive the payments and begin the wash (and actually, I can see this step getting automated soon as well). If your machines are built properly, there won’t be a huge amount of repairs, and your expenses are pretty low (water, electricity, soap, and…that’s about it)! This sounds like a money-making machine!

Initial Cost of a Car Wash

Initially, I started researching what it took to build a brand new car wash, and honestly, I don’t think it’s worth it. You’ll first need to find that perfect plot of land, then check the zoning, then you need to get a building permit, hire an engineer to make some drawings, contract a company to build the car wash, and then there’s absolutely no guarantee that it will make money because no one has tried to run a car wash in that location before!

The typical initial expense of a new wash can be anywhere from $400,000 to 2,000,000, depending on the number of automatic washes, and the number of bays if you’re running a self-serve wash.

If I were to invest in making a passive income from a car wash, I would start looking at the existing washes that are for sale. Then I know that the zoning is correct, I don’t need to hire an engineer or a contractor, and the best part is, I can look at the history of the business! The owner can show me the average washes per day, week, month, and the year. And, I can get a good look at the expenses!  Be weary of the previous owners income and reporting however, this is a cash heavy business and it would be very easy to skew your numbers.  You need to hire a CPA and sit down and go through all of the financials piece by piece so you can make an informed decision and also to start your business on the correct foot.

I looked into the average initial cost of the washes in my area and they ranged  between $259,000 and $1,200,000.

Recurring Costs of a Car WashAfter a little research, I have found that the average reoccurring expense is provided per car that goes through the wash – it’s typically $0.55 per car. This includes things like the water, soap, and electricity like I mentioned above, but it also takes into consideration the air compressors, the bay cleaning, and preventative maintenance.

How Many Cars For a Profit?

In order to create a profitable passive income with a car wash, about how many cars do you think you’ll need to pass through your wash per day?

Let’s say you have a $500,000 loan on your business which costs $4,683 per month and you run the business by yourself. For each wash, you charge $7, how many cars do you need to run through your wash to make it profitable passive income with a car wash (wow, feels like we’re in algebra all over again huh??)?

To break even in the car-wash business, you would need to have 727 cars go through your wash each month. That sounds like a lot at first, but when you break it down, that’s only one car per hour!

What if you could run an average of 4 cars through your wash per hour? You’d bring in a profit of $18,576 per month! That’s $223,000 per year! If you find the right location, this venture could easily be one of the best passive income sources out there!

This may sound great and all but there are pitfalls to the business as well:

1. You are at the mercy of the water company.  Remember water companies don’t look at individual businesses when they create their rates, they look at an entire city.  If the water company passes a bill to raise their rates over the next 3 years, your operating expenses will immediately raise and your passive income from a car wash will lower
2. Repairs and replacements of equipment can put a huge dent in the net profit for the business for the year.  Think if you only have one car wash creating a passive income.  You’re business is closed until you can get it repaired or worst case scenario which could close your business for one to two months.
3. Who and how is going to manage your passive income from the car wash?  Are you going to go to the business every day and pick up the coins or dollar bills, count them, and deposit them?  Will you hire someone to actually pick everything up for you?  Think about how long you would have to count money every single day you had to make a deposit?  $5,000 doesn’t seem like a lot until you are counting it in quarters.  Will you start a system which accepts credit cards and then you now have a service charge every time a card is used.

If this sounds like the business for you,

Are you feeling stressed? If so, then you should know that you’re not alone. It’s often said that no matter what you’re going through, millions of others are going through the same thing. This should give you some comfort. On the other hand, if you really want to relieve stress, then you need to go beyond the “misery loves company” approach. Therefore, let’s take a look at some quality cheap-to-free methods of reducing stress. 
The first way to relieve stress might come as a surprise to you, but it’s the perfect option if you have a young child. Any guesses? If you guessed coloring, then you’re correct. If you’re the type of parent or guardian who allows your child to color while you clean the house, that’s okay, but in this instance, you need stop what you’re doing and join your child. Not only will he or she appreciate it, but you will quickly realize that coloring is one of the most soothing activities possible. Your mind is very relaxed when you color because you’re so focused on perfecting the picture. It’s sounds overly simplistic, but simplicity is often effective, and this is one of those cases. Give it a try. You will soon find that you’re the one asking your child if he or she wants to color.

Another good way to relieve stress is jogging. When you jog, your body releases endorphins into your blood stream, which makes you happy. It doesn’t get any simpler than that. And if you really want to get happy, then attempt to jog five miles or more. This is only recommended if you’re in good shape, but if you can pull it off, then you will enjoy a runner’s high, which is one of the greatest natural highs a human being can experience. You will find yourself with an abundance of happy energy … and you will sleep well that night.

If you don’t have a child and there’s no chance that anyone would ever catch you jogging, then at least consider doing push-ups, sit-ups, or jumping jacks while you’re working. Set a timer or promise yourself to do 100 jumping jacks every hour. You won’t want to do them, but when you complete them, you will be very happy that you did. If you can handle push-ups or sit-ups, then you will feel even better, invigorated in fact.

Another great option is caffeine. It’s true that caffeine gets a bad reputation, but it’s not completely justifiable. As long as you stay under 300 milligrams per day, you’re fine. How much caffeine you require will depend on the tolerance level you have built up over the years. Coffee is a great source of caffeine. If you’re not a coffee drinker, then consider Bing, which is a healthy energy drink with no high fructose corn syrup, no artificial flavoring, and only 10 grams of sugar. It has 122 milligrams of caffeine, and it’s filled with antioxidants. Since caffeine is known to put people in better moods, you won’t just be improving your mood, but you will be doing so in a healthy way as well.

These are all quality cheap-to-free methods of reducing stress. If you implement them, then you should see your mood improve in no time.

Have you ever ridden a horse? It’s kind of fun isn’t it? It almost makes you want to buy one, but then you realize that you don’t have any property and there are probably large expenses to keeping a horse fit and healthy. But, there are opportunities to lease a horse, which would help you decide if you really want to own one in the long run.

This is the typical mindset of horse lovers out there. While I never encourage the practice of leasing (especially when it comes to automobiles), it’s actually not such a bad idea in the area of horses. It’s best to get a feel for horse ownership before you dive in and actually buy one yourself. You might actually save yourself a lot of money this way.

The Practice of Leasing Horses

So who profits from the horse lease, the person renting a horse or the owner? I hope it’s obvious to you – the answer is the owner. They purchase the horse and then decide to lease it to other individuals for a profit. The idea of this post is to become the owner of a few horses, and leasing them out for a passive income.

What is Needed to Start the Ranch?

The answer to this question really shouldn’t surprise you either. We’ve all seen horse ranches here and there. Obviously, you’re going to need some property for the horses to roam. I’d say the smaller ranches are a minimum of 10 acres in size.

You’ll also need some shelter for your horses. It doesn’t have to be extravagant, but it should be built well enough to keep out the rain and the cold.

Finally, you’ll need to buy some horses! Along with them, you’ll also need grooming tools, saddles, shoes, and of course – fodder!

Initial Expenses

Since we are talking about property here, the initial expense of this passive income venture could be quite high (unless you already own some land). Depending on your area, the property alone could run you about $200,000. Add a barn for the horses and you’ll add another $50,000-100,000. Then, purchase four or five horses, plus the essentials for their survival for another $15,000. You’re looking at a grand total of $300,000+.

Potential Revenue

With horse leasing, it’s actually not uncommon for the lessee to pay a set rate per month AND also pay for the vet bills, fodder, and all necessary expenses. Plus, the lessees will be completely responsible for their horse – just as if it were theirs. This means that the horse owners do very little work other than the initial purchase of the horse!

The average lease amount is typically between $300-500 per month, which is complete profit since the lessee is also paying for the other expenses as well. So, if you have 5 horses, you could potentially be bringing in $2,500 a month.

Is It Worth It?

With a potential income of $2,500 per month, that means that the yearly potential is $30,000. Keep it up for 10 years and you’ve covered your initial expense of $300,000. It doesn’t sound like an amazing business when you compare these numbers, but if you have a large market for horse leasing, you can quickly ramp up your profits with more horses (since the property is a fixed expense).

Let’s say that instead of 5 horses, you purchase 20. Your initial expense of $300,000 now rises to $345,000, but with the extra horses, you’ll be able to increase your monthly revenue.

If you were able to lease out 20 horses at $500 per month, your potential monthly income just increased to $10,000 per month, or $120,000 per year. Suddenly, with this income, you could cover your initial $345,000 expense in less than 3 years! This passive income idea is starting to sound quite profitable!

What do you think about this passive income idea? Do you see any holes in my plan? I think it’s an awesome form of passive income!

If you’re thinking, “How in the world can you make passive income with your iPhone?” then you’d better pull your head out of the dirt and start realizing how the world around you is passing you by. For those of you that don’t have your head buried (and hidden from technology), you probably think I’m talking about creating an App. While I have heard that this is a great source of passive income, I have not developed one yet, and therefore won’t write about it here.

Reading Other Blog Posts

Being a blogger doesn’t mean that I open my computer once in a while and write about random topics. No, for me, blogging takes research and constant involvement in one’s topic of interest. Since I write about creating a passive income, I’m always on the lookout for new ways to earn income passively that nearly anyone can do. Sometimes my research is in the library; other times I take my research to the online bookstores; and sometimes I spend my day reading 10-20 blog posts.

About one year ago, I stumbled on a post that I just can’t get out of my mind. The article was posted on The Extra Money Blog and it was about a 19 year old kid that started a new kind of business, and he was quickly taking the world by storm.

The iPhone Repair Business

As most kids do nowadays, Daniel owned a brand new, sleek, perfectly designed iPhone. He absolutely loved it and took it with him everywhere (well, of course he did….it’s a cell phone….). While the iPhone is a pretty well-designed piece of technology, it does have one flaw. It’s mostly made of glass. And, based on how many times people use their phones, they are bound to find the concrete pavement once in a while.

This is exactly what happened to Daniel, he dropped his precious iPhone and the interior glass screen broke. While there were businesses that could repair the phone, it would cost him more money than he was willing to pay (I would guess that it would cost $100 or more). So, as many of us do, he took his issue to YouTube. After a couple of hours of viewing “how to” videos, he was confident that he could do the repair himself, so he ordered the part and gave it a shot. His attempt at the repair wasn’t perfect, but he did replace the glass screen and it only cost him $10!

Throughout the following months, Daniel had friends that caught wind of his new-found talent, and he soon found himself repairing their broken screens as well! Finally, the idea of starting a business clicked. He could start an iPhone repair business and charge much less than the competition, but still make a $40 profit on a repair that would only take 15 minutes! Figuring that he could repair 16 phones per week (which would only take a total of 4 hours), he quickly discovered that he could be making $640 in profits every week! That’s not too shabby for a college student.

iPhone Repair Turned Passive

While it is pretty impressive to earn $160 an hour, Daniel knew that his spare time would permit him to make only a certain amount of money with this venture. For example, let’s say that with his other projects (he is in school and owns some other businesses), he really only has 4 extra hours each week. His potential profits per month are maxed out at about $2,600. Yes, this is a great side income, but he knew that it could be so much more!

It was time to turn this business into a passive cash cow and turn it into a franchise. Daniel figured that since he was able to learn how to repair his phone from YouTube, he could certainly teach others how to start their own iPhone repair business and give them the opportunity to make $1,000 a week!

To this date, Daniel is selling his franchise idea as a win-win situation. He earns an upfront fee from those that wish to earn some extra cash repairing iPhones, and also makes a few bucks on each replacement part (I assume). And, his new franchisees are repairing 4-5 phones per day (which takes about an hour) and they are making about $1,000 per week in addition to their full-time jobs.

This was an impressive move for the 19 year old entrepreneur. Rather than becoming complacent with the spare side income, he developed a method of receiving and shipping replacement parts, has set up a marketing system for the franchisees, and now earns an income that is almost 100% passive! Plus, he earns much more with this franchise than he would have as a one-man operation. Sounds like we have the next Ray Kroc in the making!

What do you think about this idea? Brainstorm your skills – maybe you have some passive income opportunities on your hands too!