The idea of generating passive income was sown in my heart back in 2010 when I read the 4-hour work week by Tim Ferris

At that time, I attended seminars thinking about the direction in which I wanted to go so I didn’t quite grasp the concept fully. In my head erroneously of generating that passive income was not for me. I felt like I needed a sound structure and a business with a huge sum of money to invest before the passive income can kick off.

In 2014, I attended a seminar where I learned about building systems in business for a passive-income generation. After the seminar, I began to take the idea of generating passive income more seriously. I research, read books, attend seminars and events so I could come up with ways to generate passive income in my business.

[Read: Practical Ways of Reducing Your Overhead Costs and Increasing Your Profit Margin]

Monetize your blog

If you do not have a blog, you are giving up your right to generate passive income. If you have a blog and you do not monetize it, then you are working hard while also leaving money on the table. I understand that everyone’s goal is different but there’s nothing like having money consistently flowing into your business.

The easiest way you can monetize your blog is by signing up for Google ad sense. Google AdSense is a program run by Google that allows publishers in the Google network of content sites to serve automatic text, image, video, or interactive media advertisements, that are targeted to site content and audience. These advertisements are administered, sorted, and maintained by Google. They can generate revenue on either a per-click or per-impression basis. 

Write a book

If your goal is to generate passive income, then write a book. I wrote and published my book in March 2018 and every month I get a check from the sales of my book. I only had to write my book once but it has consistently paid me for 9 months now and it will continue to pay me.

If you are still on the sidelines of writing a book, this is the time to get in the game. However, I will admit that book writing is a painful process and also that writing a book does not necessarily mean you’ll sell lots of copies. Despite this, writing a book is an excellent way to generate passive income for a lifetime

[Read:Writing a Book? Here are 9 Steps to Follow to Publish Successfully]

Start a dropshipping business

A dropshipping business is a great way to generate passive income. Dropshipping is a retail fulfillment method where a store doesn’t keep the products it sells in stock. Instead, when a store sells a product, it purchases the item from a third party and has it shipped directly to the customer. As a result, the merchant never sees or handles the product.

The biggest difference between dropshipping and the standard retail model is that the selling merchant doesn’t stock or own inventory. Instead, the merchant purchases inventory as needed from a third party – usually a wholesaler or manufacturer – to fulfill orders. 

Thank you for reading. What other way do you generate passive income in your business? Leave a comment and remember to share this post with a friend.