5 WAYS TO MAKE MONEY WHILE YOU SLEEP
Do you remember in the past we were warned to be careful about being in debt because interest never stopped charging us, interest never slept, never took a day off, never took a holiday. Well the reverse is true, as well.
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 5 ways that you can actually earn money while you sleep.
1. Start 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 that has helped small business owners with their taxes, then that could be your blog.
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 our site to monetize 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 your 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, like making under $20 per ad. But, you may eventually be able to charge triple digits. Again, your site must be quality.
Find sponsors. This is slightly different from just selling ads on your site. Sponsorship may be a one-off piece of sponsored content or permanent logo embedded in your footer. Millard Ayo, the young man from Tanzania, East Africa, is the living testimony of this
2. Sell 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 leg work is over, you can just set back and collect the proceeds. And if you are a speaker like me, make sure you record every speech and later on sell the DVDs.
3. Sell physical products.
Just like 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 eBay. 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 eBay or Amazon 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.
Related: 7 Steps to Start a Business Online
4. Invest 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.
Keep in mind that the stocks you invest in can change throughout the various stages of life. In Tanzania, again, there is a massive wave of shares being sold, you can take advantage of that. Vodacom shares have grabbed most people attention and seem to be promising.
Related: How to Buy Shares in Tanzania.
5. Hire 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 an event planning and management services or web design firm, but outsource the actual planning and management or coding to someone else. You’re much better doing anything except being the middleman who is in charge of marketing these services.