Most entrepreneurs search for an income stream associated with their passion while maximizing their time versus money ratio. Some entrepreneurs categorically refuse to trade their direct time for money and prefer to earn money passively. You have probably heard of the “make money while you sleep” concept. While you can make money while you sleep in some instances, truly passive income does not exist.
Take the scenario of selling ebooks and online learning programs via a website. Ebooks and online learning programs are commonly sold items by entrepreneurs due to their high-profit margin and the fairly low barrier of entry to develop these products. Furthermore, once these products are developed they can be continued to be resold many times over. If you have excellent writing skills and specialized knowledge that others wish to learn this can be your ticket to building a money-making business.
However, to experience the continued resale of these products you must advertise or network in some form to earn a long term profitable income. This is smart business because after the initial work of product the development stage is over you can focus on networking and marketing.
So, in addition to the re-usability of ebooks and online learning programs, mobile apps are the latest addition to an entrepreneur’s residual income toolbox. Daily, we are subjected to large amounts of information. We simply do not have time to ingest all the information we are encountering much less have time to read a book.
Due to this phenomenon, our society places an ever-increasing value on snippets of information (think Snapchat) that fulfills our need for instant gratification. Simply put, an app is a platform that can display small bits of information that can be digested on the go. Apps have huge potential as a product that can be resold partially due to technology and consumer trends.
Also, nurses are uniquely educated which can result in being able to generate useful app ideas. We have the knowledge and experience to share. The knowledge that we take for granted, the average person does not possess. One example of a nurse who utilized her nursing knowledge to co-develop the app babyTruths is Kathryn Boatright. As a nurse, she knew that she possessed knowledge that others needed.
Just in case sweat is beading on your brow, and you are saying to yourself “I am not a Nurse Informaticist much less an app developer. Heck, charting in a different computer system freaks me out” Or, “how can I possibly raise thousands of dollars to hire an app developer?”
You will be stoked to realize that the barrier is slowly declining for basic app development. (Note: I stated BASIC app development. Some apps such as games take teams of developers and massive dollars.) There are services that you can purchase for a reasonable price (not free but reasonable for a business expense) that will help you design a basic app. Google “app development tools” and you should find multiple services to help you get started. With time, I anticipate basic app development will be as easy as developing an ebook with the help of app services.
Besides, apps being a tool for residual income, they can be used for pure advertising purposes. If you develop a useful app that is used on a frequent or daily basis your business is constantly on their minds. Ebooks or online programs can be packaged with large amounts of useful information, but then what happens with these products are consumed? If they are stellar products, they are put aside for later reference, hence they are not continually in your face like an app. This premise alone makes apps a great marketing tool.
There is no question that the future of technology and the consumer will focus on smaller chunks of information. There will always be a need for a medium (such as an ebook) to disseminate large amounts of information. The challenge will be to convince people of their need to consume your information through platforms that focus on small bits of information.