At one point or another, most business-minded individuals have thought about the demanding requirements of entrepreneurship and have thought to themselves “Why can’t I just make money while I sleep?!”
So, more often than not, the thought of making money while you sleep has definitely crossed your mind.
However, as cliché as it might sound or as unattainable as it might seem, actually making money, literally while you’re sleeping, is not only possible, it’s most certainly doable.
However, to most who set out to achieve this goal, getting there isn’t simple nor is it straightforward and most people eventually give up. But the truth is that a passive income such as this can start out as a side-hustle and even eventually replace your full-time income entirely.
There are likely numerous ways you can make money while you sleep, however, we have compiled seven core strategies that will get you where you want to be in the passive business scene.
1. Offline Webinars
Webinars that are not live are a great way to make money while you sleep. Automated webinars run day and night. To create one, you need something to offer. Webinars are great for high-ticket digital product sales.
They also work well for selling things like coaching and consulting services. But, to fully automate your income, it’s best to sell a digital product.
Find a niche market and write a great ebook. The jackpot here is 60 to 80 pages long of gold-nugget-filled content.
While you could easily sell this on a platform like Amazon’s Kindle, you’ll fare better by selling it through your own channels like on a blog or as an offer after a lead magnet.
Ultimately, you’ll make more money that way.
However, if you’re not a seasoned online marketer, going the Kindle route is a far simpler approach to selling your ebook. The threshold is low and you won’t have to do all the marketing of the book on your own. Amazon will simply pay you out monthly for the sales.
Ecommerce is exploding. It’s not just Amazon that’s taking the entire pie here. People are snatching up product offers all over the place and most of this is being done as a drop-shipping arrangement.
That means that as the store owner you never actually have to touch the products. It’s warehoused, labeled and shipped in your name. You incur none of the overhead. You simply push the order through when it arrives, pay the fee and it’s shipped.
Drop-shipping, when automated the right way, gives you the freedoms that you wouldn’t normally experience while running a physical product store or having a brick-and-mortar location.
You can build your own ecommerce store with Shopify or you can buy products from AliExpressand sell them as an Amazon FBA store. Or, find another drop-shipping company willing to handle the work.
4. Online courses
Online courses are a great way to earn income, day or night, and require little to no maintenance once they’re launched aside from updating content that might get stale or become no longer relevant.
There are tons of places you can build online courses such as Kajabi, Udemy or Teachable. You could also build your own membership-based courses on sites like ClickFunnels.
It is quite important that you stick to what you know because if you absolutely don’t know what you’re talking about, it’s going to come across and your sales will suffer because of it.
It’s probably one of the most reliable sources for making money on autopilot. While creating a popular blog is arduous work, the benefits are long-lasting, along with the potential for passive income.
When you run a popular blog, you can make money in a variety of ways, most of which are passive. You could sell virtually anything in your niche on autopilot.
Find something that fits your blog’s audience and sell it. Or, if you’re really looking to reap the benefits, build content or digital products that fits the same audience and sell it directly through your own systems or sales funnels.
Grow the blog over time by consistently creating valuable content that really helps your audience with a problem or fills a need.
6. Traditional real estate rentals
While traditional real estate is more cost prohibitive to enter into than d products, real estate rentals are always going to be a great producer of passive income.
People will always need a place to live and to work. With long-term rentals, you can secure the tenant, then sit back and collect the cash every single month.
While there might be a small amount of maintenance due to repairs, the income will largely be passive. You can make it fully passive by hiring a property manager as long as there’s enough positive cash flow.
You could also opt for purchasing a duplex and renting out the second unit of your home if money is tight.
7. Affiliate marketing
In the world of online marketing, affiliate marketing offers one of the fastest and most profitable forms of income with very little investment of time. Of course, you can’t really become an affiliate marketer without reach or an audience to promote to.
If you already have an email list, then this works great. If you don’t, you could opt to do Facebook Live trainings or use YouTube as a platform to reach people.
Affiliate marketing is about delivering value. You have to find a way you can educate and inform while helping those out there with their goals or to solve a problem. If you can do that effectively, you can build multiple passive income streams as an affiliate marketer.