Sometimes people think that leaving the paid world means a whole new life. In a way, that’s true, but it doesn’t have to mean giving up everything you’ve learned and learned. For example, if you work in the marketing department of a large corporation, you don’t need to write a completely new domain just because you want to become self-sufficient. Instead, ask yourself how you can generate passive income using skills you’ve already acquired.
When you do this, you will find that you often end up with intellectual property – that is, a work you have created in the form of words, sounds or images. All of these can be copyrighted, and you can earn money by sharing access with them. In short, intellectual property is the final reflection.
Here is an example. Marli, a freelance translator, took part in the discussion on copyright on the Internet. He asked himself, “Do I have rights to the translations I do?” The answer turned out to be in the affirmative, especially if the contract was not announced otherwise. This has led to very productive ideas for generating passive income. Here is his story:
If an article has expired for years, the copyright in the book may expire. Or, in the case of a foreign language document, it may mean that the copyright in the translation loses its effect. As a translator, I think the difference between the two is very important to me. For example, no one owns the copyright in Shakespeare’s plays. I can print a copy of the songs on my computer and try to sell them. No Shakespeare heir without many publishers can oppose it. But if I translate Hamlet into Finnish and one of the Finns wants to publish my translation, they must get permission – even if the work itself is public. When I realized this, I immediately started translating well-known public stories, especially those often included in anthologies. It was the perfect passive income stream for me – and the more stories I translate, the more important they are.
Assert your rights by filing a copyright notice, acquiring trademarks or service marks, or acquiring patents to protect your work. You must protect the fruits of labor by making it difficult for others to sell or use it for your own benefit. In fact, it is much easier than it looks to be subject to copyright. Usually, it is sufficient legally to state that the material is subject to copyright – for example, at the bottom of a website. To print text, just draw the letter “c” in a circle, then type your name. Copywriting projects or software innovations can be a bit more complicated, so contact a lawyer. But don’t forget this step. You cannot earn passive income from intellectual property unless you can demonstrate that it belongs to you.
Take safe licensing fee
Download protected documents separately each time they are used. This can provide significant passive income. And if you’re not sure you can control the usage of projects; you can fix it in the original contract.
Here’s a typical example. You are a landscape architect and you create a beautiful park design around your new office complex. You have invested time, skill and imagination in creating this project. If another developer wants to build a similar office park, it is quite possible that the developer will copy the project for no fee. To deal with this possibility, you can negotiate a license fee with the original customer in addition to the one-time fee. This protects you from the chance that others will reuse your efforts for profit.
You can also negotiate royalties if you use copyrighted material to generate sales. This is a legal fee for the continued use of intellectual property rights in a for-profit business.
You can also generate passive income by outsourcing to other professionals to help create the intellectual property you sell. Make sure that both parties have an agreement that allows their works to be licensed or purchased directly for inclusion in the content. For example, if you want to create an online course module but have design issues, hire this feature and create a contract that will give you ownership of the design. Outsourcing some of these functions can dramatically increase the total amount of work you do, and the revenue you get from them pay for administration and quality control.
Promote your intellectual property rights
When you start thinking creatively, there are many opportunities for your subsidiary to grow through intellectual property rights. A good way to start is to join an affiliate program that covers your core skills. These programs allow you to earn a commission on all sales through affiliate links. By linking your own IP address to related affiliate programs, you will not only earn money but also get a halo effect by connecting with other companies.