Make Money Creating Your Own Product
If you look at the success stories on Tim Ferris’s 4 Hour Work Week Blog, you’ll notice many of them involve people who had a problem, couldn’t find an easy solution and so decided to just get a product manufactured themselves.
They’ve then gone and setup a simple online store – many using Shopify (store done in 2 hours!) – and spread the word through online networking, guest posts through an affiliate program.
This obviously has a lot of focus (ie one product) and involves taking some serious risk when compared to say drop shipping – ie unlike drop shipping, with this idea you own the inventory before the sale, and you would have spent a fair whack earlier on prototyping too.
But yeah, it also comes with much higher return possibilities, and provided you get a warehouse to hold the physical product and dispatch it automatically when a sale comes through Shopify, then you still have a fairly passive income stream. So start thinking about your specific problems and what sort of product would be perrrfect for it.
Become an inventor!