To help others, here is a continuation of what I did:
Due to the fact that at the time of this writing, iOS8 is used by approximately 81% of Apple users with mobile devices, I decided that I would go on the CocoaPods route. (I mention this because iOS8 requires the use of Swift dynamic libraries). And since I'm still starting out with my project, I decided why not just start with iOS8 ...
I basically created a new library by doing something on these lines (note: CocoaPods needs to be installed on your system!)
pod lib create <YourLibraryName>
And changing the contents of the .podspec file created in the process.
Add the source code to the folder created for your library (or source_folder specified in the .podspec file) and create a git repository. Now you can use this library in every project that also uses CocoaPods by adding
pod 'YourFrameWork', :git => 'https://path/to/your/repo.git'
Hope this helps.
the_critic
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