How to Generate a Passive Income of £500 Per Month

We all want additional ways to put a bit of extra money in our pocket. So we came up with a few ways which you can start an additional passive income on the side. However, be aware that making money isn’t always an easy task, so don’t think you’re going to suddenly start making money.

Product

First you have to decide what it is you want to sell?

What makes it unique to what’s currently available? A good way of doing this is to try and think of things that can help you solve problems you have in your day to day life. Or ask other people what they are looking for in a product.
Think about what niche your product falls into and what brand your product is going to be geared towards? Will they find it useful?

Locate a prototyper

Fortunately in this day and age there are many different companies who will help you to prototype your product. A lot of them are in China and they may not be quite as expensive as you think. You can always check http://www.alibaba.com/ to see if it already exists there.

Create your brand

Think about who you’re selling to and create the brand based on them. Create a persona for your ideal customer. Once you have done that, form a brand around that ideal customer. What will they like, how will your brand make them feel. Try to keep everything consistent. Keep working on this and make sure to keep getting feedback from your ideal customer demographic.

Logistics

Think about transportation

You’ll have to put into consideration how much transportation will cost and how much it is to distribute the product.

Calculate the Costs

Start thinking and listing of all the fees involved. This includes manufacturing costs, customs costs, transportation fees, taxes, and any other charge that may come with selling online. Anything that could be a potential cost should be factored in and taken into consideration.

Marketing

Utilise Social Media

Social media is free publicity. In this day and age, establishing a social media presence is crucial to staying relevant. Use what’s available and promote yourself through all platforms.

Create a Newsletter

Distribute a weekly, biweekly, or monthly newsletter to keep customers, investors, and other interested parties up to date with important events or happenings in your business. It’s a great way to get people engaged and provide them with information.

Word of Mouth

Use your friends. Use your friend’s friends. Word of mouth is incredibly powerful. Especially in the initial stages of your business, encourage those around you to try or buy your product.

Decide on an eCommerce platform

Lastly, find an eCommerce platform that is right for you and your type of business. Besides weighing the cost for using the platform, think about its features, the ease of use, and the site’s ability to sell your products, no matter how many you have. You want your platform to be easy for both you and your customers.

Keep an eye out for an upcoming blog post that goes more into detail about how to effectively makes sales.