Living life kingsize is everybody’s dream, but it is not possible if you have only one active source of income. It may bring a reasonably good life but won’t create wealth.
For that, you have to find out smart ways of generating passive income.
Many people think that generating a parallel source of income requires high levels of sales and marketing skills, and it is not for average people.
But it is a misconception. Nowadays, using a computer (or a handheld device like a mobile phone), one can establish a passive source of income. Virtually, no technical skills are required for it.
Experts call it a truly democratic medium for entrepreneurship because it is open for all. No marketing or business experience is mandatory.
You do not need to have deep pockets
To build a passive income source, you don’t have to be a millionaire. It is possible to launch it with the minimum startup capital.
Many things that you need to build the business are available free of cost on the web. To market and sell the products, you can leverage third-party products and tools.
In short, you can build a passive income screen by choosing a passive income stream. Here are some popular ways an average person can generate passive income.
Start affiliate marketing
Affiliate marketing is similar to drop shipping, with a few differences. It is an e-commerce model where you are not required to maintain any inventory or worry about shipping products.
You need to pick a profitable niche and find an affiliate partner who keeps the products.
You sell a product on your e-commerce website (or even blog). Every product has a unique link that backtracks to your account.
When a prospect clicks the link, it traverses to the partner’s shopping cart. If the transaction matures, you receive the commission.
The percentage of commission varies, but it is quite lucrative as the business volume goes up.
This business model has the least risk involved, and the investment is virtually zero.
Blogging is the best way of generating passive income if you are passionate about a niche. It is totally free to start blogging.
There are sites where you can start blogging absolutely at free of cost or create a personal site.
Is blogging all about writing? No, vlogging or video blogging is trending today.
People post their videos and earn handsome money. It is something that converts your hobby into a business.