Tag Archive: Passive Income

  1. Make Money While you Sleep

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    Doesn’t it just sound amazing? Make money while you sleep! Well, it certainly is possible and not only that, its possible for anyone to achieve. Don’t get me wrong, there is a lot of hard work required and it may take some time but it doesn’t have to.

    Finding a source of income that makes you money without being there or continuously working is the key to having a steady income and still having time to enjoy life. It’s normally one or the other – have time but no money, or have money but no time. Its just too common in this day and age that people work loads of hours, get promoted and make a good bit of money and have a couple of weeks holiday to recharge the batteries before getting back into the rat race and going through the motions of basically making money for someone else. With bills to pay and mouths to feed, many people get stuck in this routine and spend their hard earned cash by purchasing the latest gadget or clothing to fill that invisible void. They just don’t have ‘time’.

    Related Article : Why you Should use a Business Mentor

    On the other hand, there are people who don’t have the career and income but have a lot more time on their hands. With a lack of funds in their bank account, they don’t have the opportunity to get out and do the things that they want, or to get on holiday.

    Wouldn’t it be great to have a steady income and also the free time to choose the experiences you want to enjoy in life?

    Now money doesn’t buy you happiness. I can certify that from my experience of becoming wealthy after a business success. But in this world system, money is required in order that you can have options to pay for the things and experiences that will supposedly make you happy.

    So, what can you do to make that passive income to get cash paid into your account even when you are tucked up in bed anywhere in the world? Well that answer depends on you and what you determine your passion and skillset is. By setting up a side business that truly excites you, you can create a service or product based on something that you enjoy. That way, it does not feel like a job. The key is to create something that you work on once and then receive payment many times thereafter.

    To skip forward a little, lets assume you already know your passion (if not please read my previous post Find the Passion Within You). You’ve found out what you’re good at and what you can share with the world and enjoy doing it. Here are 3 of my favourite online examples of how you can turn your ‘hobby’ into cash.

    1. eBook

    Get the laptop out and start writing. Write about something you are passionate about and share your experiences and advice. This could be a training course about knitting or how to improve your golf swing. Absolutely anything. There are good options out there of platforms that will sell your eBook for you, the most common being Amazon. Even with their hefty 30% commission, you can still make a nice return since they do have a huge audience. Once you have written your eBook and had someone review and edit it, you can easily create an account and list your masterpiece online. You don’t even need to spend any money at this stage, however you will want to consider some marketing online to attract buyers. A simple holding web page can be created that showcases your eBook with links to the online store. You can then place online ads to attract traffic to your webpage by using Google Adwords, Facebook or other social media advertising.

    2. Affiliate Marketing

    This takes some time to setup and can be a slow burner but if you set up the right product, attract the right audience and have the right structure in place, you can be earning a tidy sum in no time. I’ll cover this subject in a lot more detail in another post, so here is a short review for now….. Affiliate marketing is a type of performance-based marketing in which a business rewards one or more affiliates for each visitor or customer brought to the business. The key here is to collect email addresses from people who are genuinely interested in the topic/product that you are talking about. To do this you need to setup a website/webpage with appropriate content and a sign up form. To get more people signing up, its advisable to give away a free gift such as an eBook, product or video. Once you have your list of email addresses, you can use Mailchimp (or similar) to manage emails sent to your list which would contain offers on new products and services that you’ll receive a small commission on should any of your list click and purchase. As I said, it’s a small commission so the key is to have a very high number of addresses on your list to make it worthwhile.

    3. Create/Buy a product and sell it online

    The success is mostly in the purchasing! Buy the right thing at the best price. If you can create a niche product then fantastic but this could take lots of time not to mention the cost to develop the product. Therefore, if you can find a product in a niche market, preferably in something you enjoy, then you can really make this work. Alibaba is a good source of bulk products that you can purchase from places like China. Setup an online store on a platform such as Shopify or BigCommerce to list your product(s) and also embed the store into your own simple website. At a cost, you can arrange for a dropshipping company to hold the items and send them out when you get an order. This could take a big chunk of your profit but if you have your numbers right then it does take away all the hassle of handling the goods and lets you focus on finding the next big selling product! Since payments are made online you’ll need a merchant account (Paypal etc) which is relatively easy to setup and then you can look forward to seeing your sales reports!

    Related Article : Why you should take a Career Break and Travel the World

    In summary, to Make money while you Sleep is possible, but there is a lot of hard work required and also a good bit of research required to find a new niche with more profit and less competition. If you would like some help to set any of these examples in place, or to work out the product/service that would best suit your skills then please do get in touch and sign up to my newsletters.

    Peace and Good Vibes