Many years ago, a secure 9-5 that provided you with a steady monthly paycheck was seemingly the benchmark of middle-class success. Today, however, with speed bumps such as inflation, ‘average Joes’ like us are hungry for more financial stability. In fact, we always have been. Most, if not all of us, dream of having the ability to generate passive income without lifting a finger. It’s why we stay curious about the Elon Musks and Jeff Bezos of this world.
But, before you wear yourself out trying to attain billionaire status, there is a simple way you can earn some extra cash with very little effort. Passive income can help you bring home more money whilst still pursuing your full-time job. And, there are many ways to create a passive income stream. However, in this article, we’ll be focusing on how you can use gifts as passive income. So, read below for your guide to becoming a reseller and how gifts can help you earn some extra dough.
What is Passive Income?
We can compare the endeavor of attaining wealth to the board game Monopoly. The winner will always be the one who has accumulated the most assets. Similarly, in real life, accumulating assets that yield an ongoing income is key to creating a passive income stream. Simply put, passive income is money you earn that doesn’t require you to do a lot of ‘active’ work to continue making it.
You can potentially bring in the same amount of money with both active and passive income. However, it is passive income that is less likely to diminish your most valuable asset; your time. As mentioned in the beginning of this article, earning money while doing ‘nothing’ is the dream. And passive income is the key to making it a reality. But, since there are many routes you can take to accumulate passive income, the question becomes; “where do I start?”. We unpack this in the section below.
Passive Income Ideas: Reseller vs Affiliate Programs
The passive income journey often begins with deciding which path to take. Thanks to the power of digitization and online engagement, affiliate marketing and reselling has become a lucrative opportunity for many. These passive income strategies have many similarities, as well as key differences that are often the deciding factor. Read below as we compare reseller and affiliate programs:
What is a Reseller?
A reseller is an individual or a company that resells products or services originally manufactured or put up by a different seller. They bump up the original vendor’s sales by buying in bulk and then reselling the products at a profitable cost. Here’s an example of how this would work when using gifts as passive income:
You have a network of potential customers who wish to buy gift baskets online. However, you or your organization don’t manufacture gift baskets. The solution would be to partner with a gift hamper company and buy products from them in bulk. This allows you to resell the gifts at any price (within reason) you want!
What is an Affiliate?
Being an affiliate means that you simply endorse and promote a third party product on your chosen platform. The goal is to drive traffic and sales to the original sellers platform instead of selling the products yourself. Here’s an example of how using gifts as passive income would work through affiliate marketing:
You choose a platform to market third party products (platforms can range from your own website, blog, or even social media accounts). You sign up for an affiliate program through a gift basket company and how ever many sales they accumulate through your link will earn you commission!
So, what’s the better option between the two? Many will argue that affiliate marketing is easier to pursue than becoming a reseller. But, truthfully, it all depends on how much time you’re willing to invest. And, although affiliate marketing allows for lower levels of commitment, becoming a reseller gives you the opportunity to amplify your earnings by making your own prices. And when you consider that it doesn’t take much to start your reselling business, being able to maximize your passive income on your own terms really is the cherry on top.
How to Become a Reseller: A 4-Step Guide
Becoming a reseller is one of the easiest and most rewarding ways to create a passive income stream. This is how you can make it happen in a few simple steps:
1. Decide What to Sell
We all know the phrase ‘Jack of all trades, a master of none’. If you attempt to sell every kind of product under the sun, we’re afraid this may apply to you sooner than you think. The key to successful reselling is focusing on one kind of product and advancing your knowledge as well as your credibility in said product. Consider a product that you’re already familiar with and take it from there.
2. Create an Online Reseller Platform
There are countless eCommerce sites that you can use to display and sell your products to customers. And, if you sign up for a reseller program, you may not have to set up your own account at all.
3. Price Your Items
Of course you want your products to be a little more affordable than your competitors. However, when pricing your items, shipping costs and other expenses need to be taken into consideration. So, you can price your products as low as you want, as long as you’re making a profit at the end of the day.
4. Promote Your Business
When it comes to letting people know about your products, social media is your new best friend. Drive more traffic to your reseller platform by posting links, blog posts, and interacting on social media.
Making Money While You Sleep With Ace of Hearts
While we remain grateful for our 9-5s, accumulating multiple streams of income has been a hot topic over the past few years. Becoming a reseller is one of the simplest ways to pursue a passive income stream. And doing so with gifts is even easier!
Contact us today to find out more about our reseller program and we’ll get you on the journey to ‘making money while you sleep’.
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Alex is a hopeless romantic who was supposed to be born in Italy (her dream destination), but proud to be South African nonetheless. She lives by her heart, and, consequentially, leaves a little bit of herself in everything she writes. She wholeheartedly believes that mermaids (and fairies) exist and is deathly afraid of the age ’30’.