Passive Residual Income

[mrhead]

That's right, I said it. I've begun pondering ways to create passive residual income. Could this be an eBook library for ebook writers to pay to post their work for customers to purchase; perhaps a subscription website that customers pay a monthly fee to read unlimited ebooks posted by ebook authors who pay to post their work; maybe it will be something else even more spectacular....perhaps I have already said too much. Well I just registered a domain for this project and have already begun creating sample pages and doing work on this project on the side so that as soon as I get some return from www.readsmarterfaster.com I can begin on this project.

Anyone have any thoughts/comments/ideas on this? Anyone ever heard of anything like this before?

-mrhead

[badhank]

i like it.... a lot....

you can host a lot of the electronic only ones, but you need to come up with a plan to deal with ppl who have a dvd or something like that attached (dvd downloads are huge, not really an option)

also i have heard of something like this b4, but it wasnt for e-book, even heard of "adult bouncer" where a bunch of smaller adult sites get unified as content, money from that is shared somehow

[mrhead]

I got the DNS registered and a basic site setup. nothing but a logo and a copyright so far, I got all the meta tags I need to start feeding the search engines.

www.BetterBookBureau.com

-mrhead

[badhank]

gratz, keep goin at the rate you have established and u should b making $ in a weeks time :D

[mrhead]

I sure hope so....

I made a few changes to the site layout this morning...it's starting to look like a real web page. Now just have to add the content and code up the backend and database structure and it'll be good to start testing.

-mrhead

[webgal]

You could post an xml site map to kick off getting the pages indexed if you've decided that is going to be your navigation.

[goruck]

have you figured out what fees you will charge the users yet and what you will reimburse the authors?
I like your idea and did visit your website.
Your progress will be inspirational.

Good Luck

[mrhead]

I haven't worked out the numbers yet, still haven't even worked out all the details of whether or not this will be a subscription or pay per book sort of thing. I would really prefer subscriptions as that would more easily lead to the end goal of passive residual income.

I'll probably setup a deal where writers can have a basic membership and get charged a percentage of each ebook purchase from my site, and a premium membership where they just pay one monthly fee and can sell as many of as many different ebooks as they want. The idea there is the basic would be so first-time authors could try it out and see that it works, then sign on with the membership, both for their benefit and mine.

For the readers I think I'll offer a basic membership where they pay a flat rate per ebook, and can only read the book online via the ebook portal. Then have a premium membership where they can read or print X number of books for a monthly rate via the ebook portal; and finally a gold membership where they can read/download/print Y number of books per month.

This is all still in the planning stages...probably a good three solid months away from implementation solely because I want to get it right the first time. I am also considering at this point in taking any profits from my first muse(readsmarterfaster.com) and putting it into a secondary muse selling some sort of consumable via a drop shipper I've recently found. This would be a product geared towards students..just like my current muse. Then I would take everything from primary and secondary muses and put that towards the betterbookbureau.

-mrhead

[mrhead]

So I've put the BetterBookBureau on the BackBurner for a while so that I can focus on my other two muses(ReadSmarterFaster and KonaMud). My basic plan is to have one site where I'm selling my own product, one site where I'm selling someone else's product, and one site that I'm providing a subscription service. I've got these three sites all mapped out, basic design and hosting setup, and I'm running with all of them.

I'm stopping work on the service site until I have a positive cash flow from at least one of the other two muses as I really want the service site to be 100% before I even think about advertising. The someone elses product has given me a slight snag as they require a business license and business tax info which I don't have yet, so I'm still working on tweaking the site and doing market testing but I'm not going to start actively marketing until I at least have those all complete.

So now...my secondary and tertiary muses are on hold whilst waiting for income from my primary muse, which is my product. I've posted my new marketing tactic in the thread for that muse, feel free to comment in there about that crazy plan. :)

I am by no means giving up on this or my secondary muse, I simply want to be more stable(and confident) before continuing to pursue these. At least I know I already have most of the basics done, all I'll have to do is finish the content and work on marketing to my targets.

-mrhead