The 3 Step Formula To Generating A Passive Income

Having a passive income allows you to earn money with very little effort, leading you to have more time to do the things you love. But how do you build without high risk and investment?

Passive income definition
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Drop Shipping As A Passive Income

Drop shipping is a retail fulfilment method where a business doesn’t keep the products it sells in stock. Instead of a store stocking products, it purchases the products from a third party supplier. The products are then shipped directly to the customer. As a result, the drop shipping business never sees or handles the product. It also doesn’t acquire much of a investment and the risk is low.

drop shipping model

How To Drop Shipping

There is 3 steps to the formula: setting up the store, finding the product and marketing.

Setting Up Your Store

Finding a platform to host your store is important as you need to consider the theme and how it will portray your brand. Shopping allows you to build a store and sell products online. 1.2 million people use Shopify for the following reasons:

  1. Cost effective (offers a free trial)
  2. Time saving (You do not need to know code to build)
  3. Personalised (Offers themes, colours logos)
  4. Access to other apps

Build your store by selecting the theme and adding your branding. You can make your store your own. We recommend reading How to Start an Online Store with Shopify: A Step-by-Step Guide to help guide you.

The Perfect Product For Passive Income

Passive income

The perfect product will differentiate your business to the rest. When selecting the perfect product it is important to know:

  1. How much it will cost to buy and ship
  2. Where it is shipping from
  3. The profit you can make
  4. If there is a want for your product

Product research is essential to making money with drop shipping. However, if saving time by simply having winning products with suppliers, descriptions and adverts is an easier route to saving time we recommend using a drop shipping service. We supply winning and promising products with extras that take simplify the job of drop shipping!

Advertising

420 billion people are active on social media, it is a place to utilise the users as a marketing tactic. whether you use Facebook, Instagram, Pinterest or Twitter there is always a demographic that you can market too. We recommend reading Social Media Tactics To Drive Customers To Your Store to help you amplify your social media game!

Drop shipping is the way forward to earning a passive income! With Dropship Spy taking the hard work out of product/ market research and simplifying marketing you can earn while spending your time doing the things you love! Start today and get 40% off your first month using code LOCKDOWN.