Intellectual property is a nice choice for creative people because it’s so flexible. You can create a piece of property once and then license/sell it in many different forms.
I also love that you don’t need a lot of money to create intellectual property. I wrote my best selling computer game when I was dead broke. Its budget was basically $0. It didn’t cost me anything to write my book either. You can create a great deal of content for free.
However, because the barrier to entry is so low, it means that lots of people are going to attempt this. The vast majority won’t be any good, but this does create a crowding effect. Even if you’re good at what you do, it may take some time to separate yourself from the mosh pit of wannabes, especially in the eyes of people you’d like to work with.
When you create something, try not to wrap your self-esteem around it. In the beginning you’re probably going to suck. That’s okay. Everyone but Mozart sucks initially. Keep practicing and honing your skills, and you’ll get better.
I love doing creative work, so I’ve created a great deal of intellectual property, including software, several computer games, game characters, a book, articles, podcasts, newsletters, logos, speeches, workshops, poetry, signs, music, artwork, and more.
Being creative isn’t enough if you want to turn your creations into income streams. Selling, licensing, and deal-making are important skills as well, and I suggest that you try to respect these roles as much as you respect the content creation side. If you’re unwilling to develop those related skill sets, then give some serious thought to partnering up with someone who can perform those roles. If you can convince them of your creative genius, it’s a great opportunity for them as well. It certainly worked out well for Steve Jobs acting as dealmaker for Steve Wozniak in the early days of Apple Computer.
Let’s talk about the reality of what it’s like to create streams of passive income and how it compares to working at a regular job. What I’ll share here may surprise you.
With a typical job, you’re more or less directly trading your working hours for dollars. You may receive an hourly wage, a salary, and/or bonuses for the time you put in at work. Your ongoing pay depends on your continued presence at work. If you stop working, your paycheck stops as well.
With passive income you’ll often get paid nothing at first. Initially you work to create and/or leverage a system that generates a flow of income long-term. Once your new income stream is launched and the passive phase begins, you may not have to work very much at all beyond that to maintain the stream.
Passive income is one strategy among many for earning money. It doesn’t necessarily dictate any particular choice of careers. You can do many different types of work and use passive income strategies to monetize your work.
While you ponder that, be sure to check this out.