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How is your perspective on building your business for your own passive income?

When you build your own business for your own passive income, do you plan on creating more avenues for your own business like partnering up with other businesses for more passive income and more job opportunities for others outside of your personal circle

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Gertrude’s Answer

There are many ways to build passive income. There are also many reasons to have a side business to build passive income. Some of these could be 1) It is your hobby . For example, I created a business before selling handmade jewelry pouches. Nowadays with Etsy, eBay, Shopify, Amazon these are all quite easy to set up. 2) Passive investments in single or multi family real estate 3) Leveraging some skills you have to partner with other businesses , for example being an intermediary helping contact new suppliers and evaluate new products for food import and export companies because you may have the language skills to enter into new markets. The one point you mentioned around creating new job opportunities for others and also for networking can be done as you get into some of these new businesses. You just have to evaluate how much time you have to do this somewhat passively as per Joseph´s point above.
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Joseph’s Answer

Building your own business, whether for active or passive income, is challenging and rewarding. I recommend that you start out by thinking about what is the goal for starting your own business. IE: active income, passive income, networking, etc. My wife started her own business last year and set out to do so because she wanted to earn passive income and have another sense of purpose. We also have two rental properties. The goal of this is to generate passive income. Both businesses have created opportunities to partner with other businesses, however, we have not yet created more job opportunities unless you count our 3 and 1 year old children as interns lol. Happy business creation!
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