Everybody loves the idea of making money in their sleep. But, how many people are actually making money in their sleep? For some reason, it is hard for people to wrap the head around the idea of making money in their sleep. It sounds good, but many people have no idea how they will accomplish the feat. It is hard enough for some people to make money while they are awake, so they certainly do not imagine how they can make money while they are sleeping.
What is great about today’s world is that we have the advantage of the internet. The internet allows you to make money from anywhere as long as you are providing people value. And, there are numerous ways that you can make money online — with transactions occurring even while you are sleeping.
What is important to understand is that making money in your sleep is not like someone get rich quickly. You will need to do a lot of work upfront in order to earn money during your sleep. You will need to set up your systems so that your money generating business can make money without your assistance. This is how you create passive income — money that is made without your constant involvement being needed.
If you are interested in making money while you sleep, here are ten activities that you can pursue to make this a reality. Some of them will require a lot of upfront work, but the money you can make on the backend will be well worth the efforts.
1) Create a blog
Blogging is one of the easiest and quickest ways to start making money online. All you need is a registered domain, a website host, and the platform where you will be doing your blogging from. Most people tend to use WordPress as their blog platform. Once you have these things established, you can start focusing on creating content that leads people to your blog. Actually, before you even start your blog, you should already have an outline of the content you will create. This will help you get going much faster so that you can start to build up your blog following. Be sure that you are blogging about something that you know. Your expertise in your subject is what will lead to people following your blog.
As people start following you, look into the ways to monetize your blog. These activities can include:
Become an affiliate
An affiliate is a person who pushes the products or services someone else has developed in exchange for the commission. You either create content advertising the product or services through your blog posts or by emailing your followers. When people purchase the affiliate’s offering, you get paid a commission for the sale. There are people making six figures and more by selling affiliate products and services on their blog. But, it is very important that you actually test out the product or service you are promoting. You do not want to have your followers purchase a scam item that you promoted as legitimate. It will reflect poorly on you and destroy the trust your followers once had for you.
Sell advertising space
If you build a popular blog that receives a ton of traffic, people will pay you to advertise on your blog. You can start off with ad space as low as $20, but it your blog is very popular, you can charge thousands of dollars for ad space. People may come to you asking if you accept advertising. But, you will want to make it known that you accept advertising by having a media inquiries section on your blog. This should provide people with your advertising rates.
Get sponsors
These are people who will pay to share content on your blog that leads people back to your own blog. Or, they may pay you a lot of money upfront to be featured in your banner or sidebar for a certain amount of time. If your blog is very popular within a specific niche, you should have no problem finding sponsors.
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2) Sell informational products
You have knowledge about a particular industry and hopefully, you are an expert. You can turn this knowledge into e-books, exclusive webinars, exclusive videos, and very detailed guides. These are products you can sell at the price you set through your website– hopefully selling large quantities of product in the process. The content you create on your blog, webinars, and through emails is what helps convert leads into customers for these products. Therefore, you want to ensure that you are creating valuable content that helps you sell your knowledge.
3) Create a membership community
If you are recognized as an authority in your field, you can create a membership site where people receive high-quality information that is not available on your blog. Fees can be as low as $1 per month up to $100 or more per month. This is a great way to create passive income that occurs monthly. As long as you keep providing your members with great information, they will continue to pay the monthly fee to remain in your exclusive community.
4) Have an autoresponder on your website
The purpose of making money in your sleep means that you are not needed for the exchange of money to occur. With an autoresponder, people enter their email into your email subscription box and are sent various emails that move them through your sales funnel. The first email is always an offer to download a free e-book or guide. Then you educate the prospect about the value of your product or service — offering them an opportunity to make a purchase. The sales process can be quick or it can take some time. What is great is that your emails are automated to continue the selling process no matter how long it takes the prospect to buy — allowing you to focus on creating more content and products.
5) Sell websites
If your blog generates a lot of traffic but takes up more time than you like, then you can sell it. Selling websites is a way to make some great money — it is not uncommon for some websites to be sold for six figures or more. You can also purchase websites, build them up, and then sell them for a profit. It is basically flipping online real estate.
6) Sell products
Websites like Amazon and Ebay have made it easy for you to sell items around your house that you no longer need or want. If you are able to purchase the product in large quantity, you can use these sites to resell the items and generate a profit. Also, if you don’t have a product you can drop shipping, and a company will handle the shipping of their product — you basically handle the marketing to initiate the sale. If you make your own products, you can sell them too. Shopify provides you with your own online store. You have many options to sell the product and you may even try all three.
7) Invest in stocks
Investing in stocks is risky but can pay off if you choose the right investments. It is best to diversify the stocks you invest in so that your money is not tied up in one company’s stock. This can prove disastrous if that stock crashes and your money is lost.
8) Peer-to-peer lending
People seeking loans prefer to skip the banks because their standards for lending are too hard for many people to satisfy. Therefore, you can lend people the money they need and earn a higher interest rate on your money for dealing directly with the borrower. There is risk involved in doing this, so be sure that you are investing money that you can stand to lose in the worst case scenario.
9) Rent out your property
Websites like Airbnb and Homeaway allow you to rent out your home or investment properties to people who need it for a couple of days or couple of weeks. This allows you to earn a little money on an asset that cost money to maintain. You can also rent out any unused office space you have or your garage so that people can store their things.
10) Hire someone else to do the work
Maybe you see a field where there is an opportunity to make a lot of money, but you are not skilled in the work or just do not want to do it yourself. In that case, you market the services and outsource the work to someone else. This allows you to focus solely on marketing and selling while the work is being done by other people.
Related Article: 6 criteria to consider before choosing a business partner
These are ten ways to make money in your sleep. They may require a lot of front-end work to get going but will provide you with a nice stream of income once their systems are developed and operating.
Focus on generating income. Leave the rest to us.
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