4 ms·

They're (at least somewhat) passive income, while your consulting work is not. Once up and running, these projects typically require far less time and effort t

by senko 10y ago

They're (at least somewhat) passive income, while your consulting work is not. Once up and running, these projects typically require far less time and effort to maintain, and majority of time is spent in improvements so the revenue grows in the future. Or the owner can just sit back, relax, and enjoy the Four Hour Work Week [tm]. As a contrast, consulting gig is good money while you're working. When you stop (vacation, illness, whatever), the money flow stops as well.

jxm262 10y ago
Thanks for mentioning. This is something I needed to be reminded of myself. As part of my new year's resolution, I want to get serious about building a product from one of my seemingly endless ideas that I never execute on. I often give up part way through when I notice that my consulting pays exponentially more, but neglected to consider the passive side of the equation
- beambot 10y ago
  If your goal is truly to build a business rather than just "side project for its own sake", then you might be trying to launch with too many features. Best advice I've ever seen on this topic: https://news.ycombinator.com/item?id=13213871 https://news.ycombinator.com/item?id=13213871
  - jxm262 10y ago
    Yeah I also glanced at that earlier , but didn't read through it fully. This does seem to echo alot of the reasons why I don't follow through with things - ie. build too many features when I originally start off with 1 straigtforward goal. I think at this point, most of what's holding me back is psychological. I'm going to make a very strong attempt at figuring out how I can best focus on not act all ADD on my ideas.
tracker1 10y ago
I'm trying to be motivated enough to finish one of my own project ideas and get it up and running next week... Had a rough couple months (extenuating circumstances) and my goal is to have enough relatively passive income to cover the essential bills so I don't stress out as much as I have been. Although my model won't be recurring revenue, so will have to do enough marketing to keep a more consistent churn. Fortunately, I can do some pretty targeted marketing in a service that isn't saturated, and the incumbents haven't kept up well.
lilbobbytables 10y ago
That's true. However, you can't underestimate just how not passive this kind of income typically really is. It takes quite a bit of level to get it to the point where you can afford to be lazy (passive), which just means spending less time on it, not no time. That's why income from side project services/products is great in conjunction with consulting (or whatever) income. You can make an extra few thousand a month on a project that you wanted to start in the first place, with some part time number of hours per week. Even the example in the post is $17k rev with a 6 person team. Although, this guy and his partner are from Romania - it's awesome there and your USD go VERY far.

by senko 10y ago

jxm262 10y ago

Thanks for mentioning. This is something I needed to be reminded of myself. As part of my new year's resolution, I want to get serious about building a product from one of my seemingly endless ideas that I never execute on. I often give up part way through when I notice that my consulting pays exponentially more, but neglected to consider the passive side of the equation

beambot 10y ago
If your goal is truly to build a business rather than just "side project for its own sake", then you might be trying to launch with too many features. Best advice I've ever seen on this topic: https://news.ycombinator.com/item?id=13213871 https://news.ycombinator.com/item?id=13213871
- jxm262 10y ago
  Yeah I also glanced at that earlier , but didn't read through it fully. This does seem to echo alot of the reasons why I don't follow through with things - ie. build too many features when I originally start off with 1 straigtforward goal. I think at this point, most of what's holding me back is psychological. I'm going to make a very strong attempt at figuring out how I can best focus on not act all ADD on my ideas.

tracker1 10y ago

I'm trying to be motivated enough to finish one of my own project ideas and get it up and running next week... Had a rough couple months (extenuating circumstances) and my goal is to have enough relatively passive income to cover the essential bills so I don't stress out as much as I have been. Although my model won't be recurring revenue, so will have to do enough marketing to keep a more consistent churn. Fortunately, I can do some pretty targeted marketing in a service that isn't saturated, and the incumbents haven't kept up well.

lilbobbytables 10y ago

That's true. However, you can't underestimate just how not passive this kind of income typically really is. It takes quite a bit of level to get it to the point where you can afford to be lazy (passive), which just means spending less time on it, not no time. That's why income from side project services/products is great in conjunction with consulting (or whatever) income. You can make an extra few thousand a month on a project that you wanted to start in the first place, with some part time number of hours per week. Even the example in the post is $17k rev with a 6 person team. Although, this guy and his partner are from Romania - it's awesome there and your USD go VERY far.