The Bosses talked about passive income in a previous episode, and its ability to be a life-changer for entrepreneurs and we caused some inadvertent paranoia for our voiceover listeners! We told you all about why passive income is so great, but we didn’t address HOW to generate passive income. So today’s follow-up episode is all about the steps to go from idea to income!
Takeaways
Quick Concepts from Today’s Episode:
Passive income can generate lots of additional money for voiceover actors, since there’s no end to the various ways you can put your talents to work.
One listener wrote us and shared her RV rental side-hustle and how it helps her earn another salary annually.
It starts with the creative moment – your great idea!
You can think it’s great but you need confirmation. You need to research that the great idea applies to other people.
Market research and development begins with friends, family, neighbors, social media communities, etc.
Google your idea extensively, to confirm whether or not it already exists and how successful it is.
A name for your product or service is just as important. So research that as well.
A great name helps you capture the market and secure your future marketing efforts.
You also want to avoid trademark or copyright infringement.
Federal and state databases should be searched as well.
The formation of an LLC or corporate entity may be premature but you should know what it entails.
There are pros and cons to R&D as you will uncover both the positive and negative aspects of your new venture.
Marketing, sales, storefront, distribution, it can be daunting. You may need to hire staff in order to invest properly in this new income stream.
Investments of both time and money need to be made.
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Referenced in this Episode
Direct links to things we brought up ++
Recorded on ipDTL
Fit Small Business gives their ideas for passive income generation.
Full Episode Transcript
>> Today’s voiceover talent is more than just a pretty voice.
>> Pretty voice.
>> Pretty voice.
>> Pretty voice.
>> Today’s voiceover talent has to be a BOSS.
>> BOSS.
>> A BOSS.
>> A BOSS.
>> Join us each week for business owner strategies and success with your hosts Anne Ganguzza and Gabrielle Nistico, along with some of the strongest voices in our industry.
>> Rock your business.
>> Rock your business.
>> Rock your business.
>> Like a BOSS.
>> Like a BOSS.
>> Rock your business like a BOSS.
>> Rock your business like a BOSS.
>> A VO BOSS.
>> A VO BOSS.
>> A VO BOSS.
Anne: Welcome, everybody, to the VO BOSS podcast. I’m your host, Anne Ganguzza, along with my VO BOSS bestie, Gabby Nistico.
Gabby: Hello.
Anne: Hey Gabby!
[both laugh]
Gabby: So Anne, we caused a little bit of stir and a little bit of panic. [laughs]
Anne: Oh well, that’s always fun.
Gabby: So our recent episode on passive income apparently created some paranoia amongst our peers, and so – [laughs]
Anne: In a good way, I hope.
Gabby: Yeah, I think so, I think so. I think people just got really wrapped up in, you know, thinking about what they should do. We have an email email from one listener who told us about her passive income –
Anne: Yes.
Gabby: – efforts.
Anne: Melissa has a great passive income, where she rents her RV, which is pretty darn awesome, and it makes it kind of like a B&B for her. So she gets some passive income coming in while she gets to be able to, you know, travel [laughs] on that income and also record VO wherever she goes.
Gabby: That’s genius. And I know for you, that’s definitely on your bucket list o’ things. She said she made like, what, $35,000.
Anne: Oh yeah, something like that last year. That’s a substantial piece of income there.
Gabby: That’s a salary.
Anne: Yeah, that’s awesome.
Gabby: That is a salary renting something you already own.
Anne: Absolutely. You know, Gabby, when we were talking about passive income, I guess probably we should go over maybe some steps that can help people to go from, you know, idea to income.