Passive Income Building Update

It seems that most entrepreneurs that I talk to end up becoming so tangled up in their businesses that they become more trapped than they were before they left the cubicle. Once the excitement is over, your business just becomes a lot of work and a huge burden.

It was on my birthday this year that I fully realized that if I don’t set up systems now to achieve a healthy passive income, I’ll be working my butt off until the day I die. After reading the 4 Hour Work Week, choosing a business model based on automation just made absolute sense.

A few months or so ago, I wrote a post on my goal to create passive income.

Passive income is a goal that each of us at CBG is working at and judging by your comments, so are you. After a lot of research, David, Fred, and I each individually chose the same venture to pursue to achieve this goal and that is through private label travel.

Reasons why each of us chose this business model:

• Excellent product- the travel engine is powered by Travelocity
• Large revenue share- 60% commissions on all travel bookings
• A product people already use- think of all of the businesses, event planners, etc who are already booking travel. Building relationships with these companies means access to lots of automated sales.
• No customer service- this is all handled by a 24/7 support staff
• Group health care- this was a very important decision making factor for me- starting in December, all travel agents in the company are eligible for group health care.
• Low start up cost – $450 gets you an extremely feature rich travel booking website with all of the bells and whistles. All of us have built websites for a living and know that even the design for a standard website can cost more than $450.

Here are some more great posts on creating passive income from around the blogosphere:Freelance Switch’s Guide to Making Passive Income

Breaking Free’s 6 Ways to Generate Passive Income that (Sometimes) Work

Chuckles Best Online Businesses – Advanced Methods For Building Passive Income

Your Opinion!

What Are You Doing to Create Passive Income? Do you feel trapped by the business you started? What do you think of this travel agency opportunity? What is your plan to create passive income?