Many nurses do not even realize they could be creating passive revenue while still working a part time or full time job. Creating passive revenue could lead to a life of greater freedom.
Passive revenue usually involves creating a product that continues to bring in revenue. You create it once and it generates continuous income with minimal additional work. A common product for nurses to create is an information product. You package the information you know into a product and sell it.
You should verify that there is an interested audience for your information before creating your product. Another important step is to confirm that your target audience is willing to spend money to get your information product.
There are various forms of passive revenue you can create. You might chose to create a report, tip booklet, CD, DVD, workbook, or some other method of delivering information. Actually, creating a variety of products is the best. Once you have created one modifying it will not be difficult. If you have created a CD or recorded podcast it is easy to have that transcribed. Once it is transcribed you can format it into an eBook. This way you will be able to respond to a range of different types of learners such as auditory, visual, and kinesthetic.
You might be wondering why a nurse would want to create passive revenue. There are a number of reasons why and some of them will depend on the age of the nurse and at what point that nurse is in his/her career. An older nurse might be looking for a retirement income. A younger nurse might be looking for supplemental income. A mid-career nurse might be looking for a way to leave the hospital and generate a self-employment income. The reasons for creating a passive revenue product can be as diverse as the number of nurses who already have or who are in the process of creating passive revenue.
The benefits of creating passive revenue are that it can be done from anywhere. I have worked on passive revenue while being in Mexico for 5 weeks taking Spanish lessons. I also work on passive revenue while living 6 months in Minnesota and 6 months in Texas. You are not tied to a specific location. All you need is a computer and at least intermittent internet access.
Being able to work the hours you chose is also a benefit that is attractive to many nurses. If you work a day job you can work on your passive revenue at night. If you are home taking care of children you can work on your passive revenue when they nap or at night. If you need to transport children around in the evening you can work on your passive revenue product during the day. It will all depend on your situation and what works best for you. However, you will find that your working hours will be very flexible and you can chose when you want to work.
Begin now to create your passive revenue product so that you can support yourself in future years. Wouldn’t it be wonderful to experience the freedom of not working for an uncaring hospital system? You could also consider retiring earlier than you had thought possible by starting on your passive revenue product now!