Ecommerce Empire Builders’ Beginners Guide: 5 Passive Income Ideas
All of us share a similar goal, and that’s to make money. And what’s better than making money while you sleep? You may think it sounds crazy, but this is passive income.
If you are looking to add additional income streams into your life, Peter Pru from Ecommerce Empire Builders has five strategies that are guaranteed to bring you results. He knows because he uses these five strategies to capitalize on passive income for himself — so you know they’re tried and true.
Let’s get started.
1. Dividend-Paying Stocks
According to Peter Pru, this is one of the easiest strategies to make passive income. When you invest in a company, they will pay you a dividend — or a quarterly or yearly percentage of money. This isn’t only a simple strategy, but it’s also one of the safest. Pru recommends investing in dividend aristocrats, which sounds fancy, but this refers to companies with a proven track record of increasing their dividends and paying them out. Depending on the company and how much you’ve invested, your quarterly or yearly dividends may only be a few dollars — but this is still free money.
2. Selling Physical Products Online
Ecommerce has practically advanced five years in just a short amount of time because of the spike in consumers who now prefer online shopping to brick-and-mortar stores. Through Ecommerce Empire Builders, Peter Pru helps aspiring entrepreneurs discover and grow their ecommerce companies. To find what products you want to sell, Pru recommends sites like Aliexpress and Alibaba. Aliexpress ships your products directly to the consumer, and you get to pocket the difference. Once you develop a sound business, you can then use Alibaba to find suppliers to help make your margins better.
“Look for suppliers who have been in business for a long time, have done a lot of transactions, and are reputable,” Peter Pru says. “Also, when you’re starting a relationship with a new supplier, especially one that’s overseas, be a normal person. They like to build relationships, so being super pushy will drive them away.”
3. Affiliate Marketing
Like a salesperson at a car dealership, affiliate marketing makes a commission off of another person’s products. This is an excellent opportunity for people who already have an established brand and those starting to build a customer list. You can use affiliate links in your emails, in promotions, and as ads to make money with little effort.
But Peter Pru offers one piece of advice: “Don’t promote stuff you don’t use yourself. How would you feel if someone sold you something they don’t actually use? Have that same respect for your customers.”
4. Selling Digital Products
Digital products are a little more challenging to sell, but it’s an easy way to make separate profits from your company when done well. Peter Pru suggests looking into private label rights and selling those digital items. You can give it away for free, bundle it, use it as email content, or sell it after polishing it up a bit.
5. Real Estate Investing
What you put into real estate investing is what you’ll get out. While this is still passive income, it’s a lot more active than many people think. Pru makes it clear that running your own business yields the highest return, but real estate can still be a good tangible asset. It does come with its fair share of headaches, though. So make sure you understand the market, do the research, and then prepare yourself for some bumps along the way.