Are your investments or businesses generating passive income and making money while you sleep? Passive income is income received regularly, with little effort required to maintain it. Even though these businesses have a lot of competition because a lot of people enter these markets, if you can hurdle the obstacles, you will be able to make money round the clock with minimal effort. Here are 10 ways to make money in your sleep.
- Start a blog: This is probably the most popular way to earns passive income. It takes only a few minutes to setup and is extremely cheap to begin. After setting up. Create attractive content by that people will be interested in reading and sharing. Only one thing is required of the content you produce – that it be popular. That will make monetizing it that much easier. Once you have regular visitors, you can use any or all of the listed means to make money from the blog.
Sell adverts: if your site has a good amount of traffic, advertisers can be convinced easily to buy ads on your site. You can start by charging small, but as your traffic grows, so will the value of advert space on your blog.
Earn affiliate commissions: This is where you push other people’s products or services on your site. Make sure these products or services are relevant to your blog. Once you find an affiliate partner you’ll be given a unique code so that whenever a visitor clicks that link on your site you’ll earn your commission.
Find sponsors: This is slightly different than just selling ads on your site. Sponsorships may be a single piece of sponsored content or a permanent logo embedded somewhere on your site.
- Sell physical products: One of the best ways of earning a passive income is by selling items you no longer use, which are still useful – clothes, accessories and electronics to name a few. You can make money from this by selling products like this on online buying and selling sites. You can also launch your own eCommerce store and sell your own products directly from it. There are eCommerce services that allow you setup an online store with a few clicks of your mouse – absolutely zero programming involved.
Also read: Top 10 businesses you can start with little or no capital.
- Sell stock content: Websites, publishers, app creators and marketers all need content like music, video, images and sound effects. You can spend your spare time creating this content and make money when you upload to sites for users to browse, pick and pay for. When producing this kind of content, it’s best to find out what is trending first before producing. Some sites that market stock content are shutterstock, istock and envato among others.
- Invest in stocks and shares: When you invest by buying stock, you become a stakeholder and are entitled to a share of the company’s profits. This method has been popular for years and the internet has made it even easier to research and invest stocks on your own. This is a passive income stream that is long-term and can make money for years if managed properly.
- Build an app: You may think that this option is exclusive to people who can write code – you’re wrong. If you have a functional app in mind and don’t know how to write code, you can pair up with someone who does and come to an agreement on how to split the proceeds. Otherwise, MIT’s free browser-based App inventor drag and drop to build an app without actually coding. If you’re interested in a game, “game engines” exist that allow you create professional apps from endless runners to puzzles. One example is unity which is free and allows creation for multiple platforms – iOS, PC and android. Make money from in-app purchases, ads or charging for the app upfront.
- Arbitrage Services: This works by finding expensive work and a cheap labour source. If you can find a market willing to pay a significant amount of money for a service (like writing or design), and a source of labour that provides the required quality of content for a lower fee, you can arbitrage the two of them. Act as a middle man between them, hook them up and make money from it.
- Sell your information product: If you’re knowledgeable in a certain area, then you can start creating products, such as eBooks or videos, and make money by selling them on your blog. It may take a lot of work to create and market your products, but once all the leg work is over, you can just set back and collect the proceeds.
- Buy and sell websites: If you’ve built a website and you have gained a lot of traffic, then you may be able to sell it to an interested party by listing on marketplaces like Flippa. This can help you make money, as there is a market for websites that attract a lot of traffic.
Also read: A guide to starting an online business.
- Peer-to-peer lending: There are a number of companies that have created an industry where anyone can become a lender. They pair lenders with customers that needs a loan. You can make money by earning higher interests on the loans you give as you’re dealing directly with the borrower.
- Create a membership community: If you’re an authority in a particular field, you can create a membership community where members pay a regular fee to receive additional, higher-quality content that non-members do not have access to. An example is Timothy Sykes who has come to make money through his membership community discussing how people can make money trading penny stocks.