Across the world business tycoons are searching ways to earn more money from their already settled ventures, small business individuals while making invoices through some free invoicing software are searching different ways to earn from passive incomes.
Unfortunately small business individuals don’t have proper resources to invest their whole time in business. Also they are financially weak but want to earn more income through other modes.
In this article I will explain you how you can earn some extra income without investing your whole time in it.
To understand my view first you should know about;
An income which does not requires your whole time in earning is known as Passive Income. In simple words we can say that; You are not working for money, Money is working for you.
For eg- Earning interest through Fixed Deposits is a type of passive income.
How it is different from active income?
Active income simply means that income which needs your involvement actively like salary, tips, commissions and income from business etc.
On the other hand Passive income refers to that income which can be generated without involving you actively like rent, interest from FD, PPF, Hundi, shares and royalty of books written by you etc.
Now as you have understood it’s meaning, I will give you some tips for expertising it.
Few tips to expertise yourself for generating Passive Income
These are few tips/advices of earning a new way of generating income;
- Identify your skills: I’m not saying you are not good in what you are already performing, it’s just a beginning to improve your potential and strength. How you can sell yourself to the audience (not by actual selling)? It means how will you aware your audience about your talents so that they were attracted towards you.
- Keep different ideas/ sources on your desk: I know each of them will not be your ‘Cup Of Tea’ but at least you can shortlist some sources and select the best alternative which actually suits you. However you just have to give some time in starting but will totally change the narrative of your life. Here are some sources which can opt for;
-Giving your own buildings, shops or rooms for rent currently not in use
-Keeping extra cash in banks as a Fixed Deposit or provide loans as a Hundi in the local market for a particular period.
-Investing in mutual funds,share market, dividends.
-Writing Books,articles,blogs,stories,ebooks, etc and earn money/royalty.
-Making youtube videos.
-Write Emails for companies marketing team.
-Sell ads through your website,cars,hoardings of your shop etc.
-Promote other products.
-Become sleeping partner of a company.
-Give feedback of some bookkeeping app, softwares, beta testing.
- Align your bunches of skills at one place: Don’t think that you will bang on at the correct source first. It is not as easy as you are thinking. It needs some attention and focus. To become successful you have to apply all your efforts at one place. Don’t just take it for granted. Following are some ways to do it;
- Improve your skill,
- Work with full strength,
- Target your audience.
- Modify as per your need: Many of them thinks that it will start instantly. But it is just a myth and nothing else. For it’s perfect launching you have to go through following points;
-Coming soon series ads through videos,newspaper,magazines etc.
-Create a page on social platforms.
-Increase followers on tools like Linkedin,Facebook,Instagram etc.
-Make aware about the product through promoters.
-Setup delivery method if needed.
-Partner with some investors.
These are some points, you can apply your own skills as per your ability to modify it.
- Create ways to promote it: Once you have done all your work, it’s time to promote the product. There are lot of tools available in the market.You can choose as various tools like;
- Facebook page
- Digital marketing
- Social Platforms
- Offline marketing
- Create Webinar online
- Hoardings of rent for your shop,home,rooms etc.
As you have gone through the points, I am pretty sure now that you will be able to generate a new way of generating income which will help you at every stage of life in coming future. It is not a new thing,it just need a bit attention by each and every business person or a person who wants to earn money through a different medium.