Is your money making money while you sleep? Does it sound too good to be true? Since we still live in the age of the Internet, it’s not that difficult to earn extra money on the side.
With that in mind, here are ten ways that you can earn money while you sleep:
1Start a blog
Perhaps the most popular way to earn a passive income is by launching your own blog. It only takes a couple of minutes to set up and is cheap to start — just purchase your domain name and pay for hosting.
After that, start creating amazing content that people would be interested in reading or sharing. For example, if you’re an accountant who has helped small business owners with their taxes, that could be your blog. I have an invoicing blog to help customers know everything there is to know about invoicing. This draws thousands of sign-ups a month.
Make sure the topics you write about are popular. If you still love your pet rock, I doubt there would be enough people visiting your site to monetise it. But, you never know.
Once you’ve gained a following, you can start making money from of your blog by:
Earning commissions as an affiliate. 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. For example, that accounting blog could become an affiliate for accounting or invoicing software. 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 commission.
Sell advertising. If your site has the traffic to become an affiliate, then it may also be good enough for advertisers to purchase ads on your site. You may start off small, but if you’ve got a quality site and thousands of users, you can build your advertising inventory up. Niche blogs with loyal and focused readers are particularly valuable.
Find sponsors. This is slightly different from just selling ads on your site. Sponsorships may be a one-off piece of sponsored content or permanent logo embedded in your footer.
2Sell your own information product
If you’re knowledgeable in a certain area, then you can start creating products, such as eBooks or videos, and selling them on your blog. It may take a lot of work to create and market your products, but once all the legwork is over, you can just sit back and collect the proceeds.
Joyce Mnguni Maya, founder of Dream Weddings Riviera, has developed an eBook for brides who can’t afford a wedding planner, or whose venues don’t allow external planners. “They’re very popular,” she says.
“I can sell up to five a day during the height of wedding season. It’s helped so many people, and it’s an amazing source of passive annuity income. The work is done and based on my experiences, and now it just brings in a tidy income, without doing any additional marketing.”
If you’re a talented photographer, musician, actor, or author, you could earn royalties from your work. In other words people will pay you for using your work or creative assets.
If you aren’t talented enough, but still interested in earning royalties, check out Royalty Exchange. It’s a marketplace where you can buy and sell royalties.
4Create a membership community
If you’ve proven yourself to be an authority figure, then you can create a membership community where you pay a monthly fee to receive additional high-quality content and information that’s not available to non-members.
One of my favourite examples in the US is Timothy Sykes who makes more than $100 000 per month (close to R1,5 million) in passive income through his membership community, which discusses how people can make money in trading penny stocks.
5Install an autoresponder
Another common online business model is using autoresponders to sell services, products or memberships. This is where people leave their email address on your site and then they’ll receive an automated email containing the link to download products or quality information you have to offer, as well as follow-ups with a series of emails.
You’ll a need service like OptinMonster to make this possible.
If you’ve put in the time and effort in building a website and you’ve gained a lot of traffic, you may be able to sell it to an interested party by listing on marketplaces like Flippa. I’ve bought and sold a lot of sites here and made a lot of money.
7Sell physical products
As with a blogging site, there are several ways to earn a passive income by selling physical products. Probably one of the best known ways is by selling your old junk on Gumtree. But even if you don’t have anything left to sell you can start drop shopping. This is where you sell products for a company on Bidorbuy, and they’ll take care of the rest, including shipping.
You can also launch your own eCommerce store by using Shopify. They literally give you everything you need to sell products online from a complete online shop to including buy buttons on your social media channels.
8Invest in stocks or shares
When you invest in stocks you become a stakeholder. That entitles you to a share of their profits. Investing in stocks has been a popular way to earn a passive income for years, and thanks to the Internet, it’s easier than ever to research and invest in stocks on your own.
9Rent out property
Thanks to Airbnb, you can rent out your home while on vacation or your vacation home when not in use. You can also rent out your garage, parking space, or unused office space. It’s a nice supplemental income without really doing anything except placing an ad.
10Hire a middleman
This is also known as arbitrage and is basically where you have someone else do the work for you. For example, you could start a dog walking service or web design firm, but outsource the actual dog walking or coding to someone else. You’re much better doing anything except being the middleman who is in charge of marketing these services.
This article was originally posted here on Entrepreneur.com.