Passive income is joked about a lot, but immediately rebuffed by many. Most people find it alarming to hear others talk about making money while they sleep.
They see them as simply lazy dreamers whom nothing good can amount from, but don’t realise that a lot of people around the world actually do earn a living even when they’re deep in their sleep.
While the standard income generation routine largely promoted by the society, involves toiling day and night in a job or business, a few others pursuing their dreams in a different direction earn a substantial income without leaving their homes and also when they’re fast asleep.
Trying to make money online or offline while you sleep isn’t a mirage, but happens after the right foundations have been laid. From selling information products to affiliate marketing and even peer to peer lending, here are 10 ways to make more money while you sleep.
1). Sell Information Products:
Information products are usually eBooks or videos curated and put up for sale by a person with a specialised skill in a particular industry.
For example, if you’re knowledgable about stock trading, you could write an eBook or make a video about it, then charge per download or view.
Even if you’re offline and out with friends for a snack or two, your eBooks and videos would continue to record sales without your attention needed.
By curating high quality information products for sale, you can make money online while you sleep.
2). Invest In The Stock Market:
The stock market, also known as the equity market, is a collection of people buying and selling the stocks of various companies listed on the stock exchange.
You can follow the stock market news, study the trends, talk to a stock broker, and finally make calculated investments.
When the value of a stock you purchase grows, the value of your investment grows. You’d also reap benefits from the periodic dividends sent to you by the company overtime.
Buying stocks in the stock market saves you the worry of having to direct the business affairs yourself. What you do is to make smart investments in companies that have a great leadership, a strong track record, and a high prospect for growth. Then you sit back and focus on your other activities.
3). Rent Out Properties:
Renting out a property is another way to make money online or offline without your presence needed. If you own a house, you could place your apartments for rent, or rent out the rooms in your apartment. This way, you earn passive income through house rent.
Another way to make money from rentals is by leasing your cars through ride hailing platforms like Uber. If you own a spare car, you can register the car on the Uber platform, get an Uber driver assigned to it, and earn a minimum of 40,000 Naira every week.
The better the fuel consumption of the car, the higher your income through the taxi hailing platform.
4). Affiliate Marketing:
When you run a blog, have a large email list, or have a large following on social media, you can earn substantial passive income through affiliate marketing.
According to wikipedia, “Affiliate marketing is a type of performance-based marketing in which a business rewards one or more affiliates for each visitor or customer brought by the affiliate’s own marketing efforts.”
This means that for every sale or signup you get for a website that offers an affiliate marketing plan, you’d get a commission.
If for instance, a company is offering an affiliate reward worth $20 for every sign up, you’d earn $200 for ten sign ups gotten.
5). Sell Stock Content:
Stock content like images, videos, music, footage, and more, are content generated by freelancers and sold as royalty free on popular stock websites like Shutterstock, GettyImages, and the likes.
If you’re a talented photographer or videographer, you can take high quality snapshots, and put up royalty free stock photos or videos online for sale. Every time your image gets bought on these platforms, you’d get paid.
This is one great way for creative photographers to make money online even in their sleep.
6). Build A Membership Website:
Membership websites like bookkeeping sites, social media management sites, VOD sites, and much more, generate their revenues through a monthly subscription plan paid by their subscribers.
If you have a great online product with a recurring revenue model, marketing it to the people who would subscribe monthly for its use can keep you making money even when you’re deep in your sleep.
7). Start An Online Store:
Starting an online store through an online marketplace that offers both warehousing and fulfilment services is one great way to make money online.
By stocking your items with an online marketplace like Amazon, Konga, or Jumia, anytime an item in your online store gets ordered, they’d pick it up from their warehouse, deliver it to the customer, and credit your bank account.
While stocking in their warehouses is a possibility, it usually comes at a premium. So most people prefer to stock in their own stores, and make them available for delivery when there’s an order.
8). MLM / Network Marketing:
MLM (Multi Level Marketing) or Network marketing are pyramid schemes where a person with a large list of downlines can earn a commission off every single one of them monthly.
The initial stress is largely at the level of getting a lot of really active people to register under you and register much more people under them. The larger their downlines grow, the larger your downlines and revenue equally grows.
Some popular MLM companies in Nigeria are Helping Hands International, GNLD, Forever Living Products, and a couple of others.
9). Get Involved In Peer To Peer Lending:
Peer to peer lending is simply a system where a person in need of money visits a peer to peer lending site to request a loan, and gets paired with someone who has the sum.
The person who provides the loan then gets it repaid during a certain period with interest. Some popular peer to peer lending websites around the world are Harmoney, Lending Club, and Prosper.
10). Build A Mobile App:
The success of popular mobile apps and games around the world has led a new startup revolution. Millions of people download and play mobile games.
Some games that have rocked the world and left a mark are Angry Birds, Temple Run, Candy Crush, and most recently, Pokemon Go.
These game studios built their games and monetized them through in-app purchases and ads. Some even grew to the point of generating over $3 million dollars in daily revenue.
If you successfully build a hit indie game like Flappy Bird or a popular mobile app, you can earn revenues daily, and most especially when you’re fast asleep.
11). Build An Online T-Shirt Printing Business:
Starting an online t-shirt printing business can be a lucrative business idea in many countries around the world. There’s a great chance to run it as a part time business or turn it to a full time business if it is executed right.
What you need to start a t-shirt printing business:
A Heat Press Machine: This is the only high-end investment needed in the business. Getting an affordable heat press machine that can produce more products with accuracy and quality prints will determine how customers view your service and how successful your business could end up.
Transfer Paper and Clothes: You’d need clothes for t-shirt and transfer paper for printing on the t-shirts.
A Website: Lastly, you’d need a website where people can place orders for T-Shirts online.
There are several popular video tutorials and blogs on this t-shirt business guide available at online. Perhaps, planning for a t-shirt business can be your next goal if you are passionate about it.