So, here are seven ways you can stop working for money and start making money work for you.
Find a top-selling product on eBay, connect with a supplier who can get you that product, then make that product different from what everyone else is selling. Take the income you generate on eBay and invest in more inventory, until your top-selling listings start earning you consistent money.
And how do you make your item different? When someone is scrolling through heaps of similar products on eBay and yours stands out, you’ve successfully differentiated. For example, if you buy a lanyard, you can bundle it with an extra key ring, or sell the lanyard in a different color. By adding a little something extra, you’ve added value in the eyes of the potential buyer, at very little cost to you.
Amazon is a little trickier than eBay when it comes to understanding the market. But, once you’ve found that top-selling niche product on Amazon, you can use Amazon’s FBA (fulfilled by Amazon) program. You send your product to Amazon’s warehouse, and whenever someone buys it, Amazon takes care of shipping it. This means you’re not sitting at home printing labels and boxing orders all day. Amazon does the time-consuming work for you, and you sit back and relax while you wait for your investment to start generating income.
This method is a little pricier in terms of capital, but it’s worth every penny. Once you buy a house, condo, or apartment and start renting it out, you’re generating passive income. You can also hire someone to take care of maintaining the property. That way, you’ve created income for someone else, and saved yourself valuable time.
Everyone is unique; that’s one of the things I love most about people. Everyone has knowledge that no one else has, because everyone has different life experiences. The challenge is finding your niche. What are you an expert in?
If you’re a coffee lover, you might think, “I could make a training series on how to make a great cup of coffee.” But that’s too broad. There are plenty of people who can make a great cup of coffee. But what if you know how to make a great cup of coffee with a French Press made from a very specific type of aluminum? That’s a niche topic.
Now, creating training materials is definitely a lot of work up-front, but once you’ve created the materials, you’re done. All you have to do is advertise, and then you can sell your training materials over and over again, generating passive income for years down the road.
Just like creating a training course, this method is based on the idea that everyone is unique, and everyone is knowledgeable about a different niche. If you’re a musician who plays a mean classical guitar, you could write a book on how to play four or five songs. The narrower your niche is, the more you’ll stand out. If your topic is too broad, you’ll be dealing with too much competition.
One of the perks of selling an e-book on Kindle or another e-book store is that once you’ve created the e-book, the store does the selling for you. You don’t have to fill up your garage with books and ship them out, and you don’t have to split your profits with a publisher. You put in the time and effort up-front, and your e-book generates passive income with every sale.
This method will take a little while longer to generate income, because you need to have a lot of subscribers and a lot of videos before you start making money on YouTube. But don’t give up! If you’re creating videos on a topic you love, it won’t even feel like work. If you consistently create valuable, genuine content, people will subscribe.
Back when I was in the vape industry, my son and I made a video titled, “How to clean your CE4 atomizer.” Today, I’m embarrassed to watch that video – because my eyes were red, there was a puke-green wall and a dirty kitchen sink behind me, and the video was, overall, terrible. But, that video has over 70,000 views.
Why? I’d found the right niche. The video addressed a question people wanted answered.
If I still owned that company and had the rights to that video, I would be making several hundred dollars a month. The video would still be bringing in passive income today.
A software developer once realized that several businesses seemed to be having an issue with the same thing, so he created a software program to fix the problem. He built a multi-million-dollar empire just by saying, “If it’s true that a business is built on the concept of providing a solution to a need or want, why don’t I just ask what people need or want?” Some of the businesses he called thought he was trying to sell them something and hung up on him, but he got enough answers to identify a need. Then, he fulfilled that need.
That’s the most important concept: find a solution to a need.
There’s nothing wrong with following your dreams and pursuing your passions, but you need to find a balance. Think about your customer. What does your customer want? What does your customer need? By catering to a niche or solving a problem, you’ll find people willing to buy what you’re selling.
You don’t have to be dependent on a company for a paycheck. Don’t work for your money; make your money work for you. By investing a bit of time and money in smart ways, you’ll start generating passive income and see returns for years to come.
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