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Almost everyone dreams of making money while they sleep. But, is it completely viable? Well, actually, it is.
If you want to be financially free and live your life according to your conditions, making money while you sleep should be the main thing. But how? While some methods require initial work to create passive income, others get the money you already have to automatically increase while you sleep. And, yes, I realize I’m the billionth person to make that joke.
So, without further ado, let’s explore the top ten side issues that make you money while you sleep.
Related: Top 11 Income Ideas To Make Six Digits Online
1. Start a blog.
Yes. You can make money with blogging. But, you will not earn a passive income until you put in a lot of work. And, it can take months, if not years, for this to happen.
The good news is that it is very easy to earn an extra $ 500 to $ 2,000 a month in your first year of blogging. Plus, you can significantly increase your blog’s monthly revenue in years 2, 3, 4, and 5. According to Glassdoor, the average blogger earns more than $ 48,000 a year. But, it’s not out of the realm of six-digit blogging.
A blogger’s passive income may consist of:
- Show advertising. Ads run through networks like Adsense and are paid for each impression, click, or sale generated on your site.
- Affiliate Marketing. This is when you get a special link to use on your site for a specific company or product. For every conversion made through a link, you get paid. Even if the old posts were written weeks, months, or years ago, they could still generate revenue.
- Sale of courses. Bloggers who become authorities on a particular topic can create a course based on their experience. It takes a lot of work to create the course. However, it becomes passive as you can sell it indefinitely without much effort.
Before you start seeing cash flow from any of these sources, you’ll need to invest some time and energy. As a general rule, the more time and energy you spend on your blog, the higher the ROI.
Digital assets are products or pieces of media that can be sold and distributed over the Internet without replenishing inventory. These are digital files, such as PDFs, videos, add-ons, and templates that can be downloaded or streamed.
A user can buy something and receive it by email or as a download after purchase.
Among the many profitable digital products you can sell are:
- Music or art
- Digital images or graphics
- Stock photos or videos
- Membership sites
But if you already offer a service or product, you can also offer a digital product that accompanies it. For example, if you sell plants, you can sell a planting guide or access a paid site.
The process of creating and marketing digital products can take a long time, as with affiliate marketing. To build an audience that buys your products, you need to build value, trust, and build a relationship.
As it grows and more people discover it, you can earn a substantial amount of passive income.
There will be times when you need to upgrade your product or add new ones, but with digital products you can make money at any time.
Online education has become increasingly popular among students, professionals and managers as a means to improve their skills and become more attractive to entrepreneurs. You can turn any unique knowledge and experience into online course material, which you can monetize even more.
As already mentioned, it is possible to make money through online courses in many different ways. For example, you can charge a fee in advance for the entire course you offer on your site. Alternatively, you can offer the course for free but charge a fee for certifying or licensing each client who completes it.
Or, if a product or service is purchased and the course is offered free of charge, that product or service may also be offered. There are also subscription-based payment models and tiered payment plans.
The key is to make sure that this is a topic that you are familiar with. And you also want to put a good price on the course and market it through services like the Facebook market.
Similarly, you can create a webinar, charge a fee, and make money with recordings over and over again. People can sign up for automated webinars at any time as they are held day and night.
4. Start a YouTube channel and / or podcast.
Building a YouTube channel or podcast takes a lot of time, energy, and money, just like any other form of content creation.
You can earn money through advertising revenue, affiliate marketing, sponsors, and selling your own products through YouTube and podcasting. However, you can also offer premium content, courses, consulting, e-books, or physical products such as shirts or coffee cups.
Also, a YouTube channel podcast usually has a website where viewers can read or learn more. And, it is not uncommon to have both at the same time. For example, you can add a podcast clip to your YouTube channel.
Extremely lucrative monthly income can be generated from a YouTube channel or podcast. A successful YouTuber or podcaster could earn millions of dollars with their channel every month. Yes, you read that right, every month!
Related: How to get passive income in the economy of the developer
5. Rent your stuff.
Did you know that you can make money using the things you already own? While you can make money through a variety of side issues, selling your stuff is one of the easiest and fastest ways.
Of course, the first option that comes to mind is to rent an entire room or house on Airbnb or Vrbo. Of course, what you do will depend on your location.
But there are many apps and websites where you can rent almost anything. Some suggestions would be Fat Llama, Rentah or Loanables. There are also a few more niche options, including;
- Neighbor for storage space.
- Fetch is a peer-to-peer truck rental platform, while Getaround allows you to rent your car.
- If you have office space, sign up for LiquidSpace.
- You can rent baby equipment through BabyQuip.
- Splinster lets you rent your bike.
- With Honeygrain, you can rent any additional bandwidth.
6. Invest, invest, and invest again.
Passive investment income is a proven and true method. However, if you want a simple passive income, invest in mutual funds or publicly traded funds instead of individual stocks.
Although there is still some initial research, investing in the stock market is about playing the waiting game. In other words, once you invest, let it sit and let the compound interest take over. If you earn more interest on your investments, you will earn more interest. That’s why investing early and consistently is so vital.
But why stop at traditional investments? You can also explore alternative investments. Examples include real estate, REIT, farmland, an existing business, or peer-to-peer lending. If you really want to think outside the box, you can also invest in art, fine wine, mineral rights, or copyright.
7. Start an e-commerce site.
The three most common types of e-commerce websites are:
- Selling your own products
- Sell other people’s products
You probably earn the least amount by setting up a dropshipping site through Shopify in the beginning. But, it is probably also the most passive.
However, there are higher margins in the other two options. However, it may take some capital to get started.
So that begs the question. What motivates you to start an e-commerce site?
Through hard work and solid marketing skills, you can make good money if you firmly believe in a product or idea. You also have less overhead to manage with an online store, which means you generate more profits in less time.
As soon as everything is set up and running, an ecommerce site can become a passive source of revenue. In addition, some tasks such as filling out and submitting orders, running payment systems, and managing websites can be outsourced when money begins to flow in.
8. Flip websites.
Businesses and individuals today rely heavily on websites, which makes this a profitable endeavor. Buy a domain that you think has the potential to visit sites like Flippa, TrademySite, or Afternic. Then build it to make it more valuable. To get started, make it more appealing and make sure it has high quality content.
While this may sound simple, this is not for those who are looking to make money fast. You can earn a decent amount of money if you understand how the market works, what is fashionable, how buyers behave, and how to attract buyers. In fact, it is possible to make the website six-digit.
9. Start a vending machine business.
“Vending machines are by no means a new business idea; after all, they’re basically everywhere,” says Nerdwallet. But there’s a lot to like about the vending industry if you’re interested in starting a low-cost start-up business or agitation. In addition, vending machines generate more than $ 23 billion in revenue each year in the United States alone, and there are millions nationwide. That’s reason enough to explore how to start your own vending machine business.
Of course, what you do depends on your location, what you are selling, and how well stocked you are. Sure, there’s an initial job and you may have to replenish your inventory frequently, but this is literally a business where you can make money while you sleep.
10. Pay for sleep (literally).
When it comes to making money literally while you sleep, you can do so by participating in sleep studies or trying mattresses and bedding. Even NASA offers a bed rest study.
If you’re not shy with the camera, you can also stream it while you sleep on TikTok. For example, an 18-year-old earned about $ 10 by doing this, while a 24-year-old drove his Tesla “sleeping” overnight and earned $ 50.
Douyin, TikTok’s counterpart in China, drew 18 million viewers to watch a man sleep. His earnings amounted to more than $ 4,000. Why? Well, people not only like to see how to sleep, but also to talk to other viewers.
So if you want to make money while you sleep? Just transmit it.
Related: The best mattresses you can buy online
Steps to make money while you sleep.
The following are some important steps to start earning money while you sleep now that you know some of the top options. After all, you’re not doing everything at once, so it’s important to establish some sort of plan.
You don’t need to complicate these steps too much. That’s why I divided it into six painless steps.
- Before you make money while sleeping, you may need to invest some time.
- In addition to the time, write down the initial costs and investments you need to make to start working toward passive income sources.
- Research the topics that interest you.
- It sets out the steps you need to take to get started. Is it necessary to acquire a domain and build a website? Are there specific types of investments to consider? Is an LLC needed?
- Once you receive passive income, you can run parts of your side activity automatically. However, to maintain or increase your results, you will have to work.
- Follow the steps of other options for real income diversification. That way, if one option fails, you still have a source of income. Also, you don’t have to do all of the above. But, make sure you know what interests you and fits into your financial plan.