The 6 Best Strategies for Beginners
Imagine waking up to discover that your bank balance increased while you were sleeping. Wouldn’t that be an unforgettable experience? Billionaire investor Warren Buffett once said, “If you don’t find a way to make money while you sleep, you will work until you die.”
Making money while you sleep is simply another way of saying that you are earning passive income. Passive income is money that you have to work for in the initial stages, but once it’s established, it doesn’t require a lot of time, attention or effort to maintain. Passive income streams are becoming more and more popular among entrepreneurs. Many people find them to be a better option than active income streams which provide them with less work-life control. If you are looking to build your own passive income streams here are a few core strategies to help you advance towards your financial goals.
1. Create an Online Course
Online courses are an excellent method to earn money while you sleep. Creating materials for the online course might take time. However, once it is launched, it requires minimal maintenance besides occasional content revision (to ensure relevancy).
From Udemy to Teachable, there are many websites where you can host your course. Alternatively, you can also launch membership-based courses on websites like ClickFunnels.
You can teach anything from SEO to photography, coding, or anything you are confident in. Just be sure that you are well-versed in the subject so that your sales won’t be negatively affected on these platforms.
2. Start a YouTube Channel
Are you a content creator? Then why not start a YouTube channel? A YouTube channel (though not a traditional choice) is one of the most reliable ways of making money while you sleep. However, the amount of money someone earns wildly varies depending on the niche and the channel.
It takes lots of time, work, and effort to launch a YouTube channel. However, with good content, you can earn money via sponsorships and ad revenues. Moreover, once you gain a good channel following, you can take breaks and still earn money.
3. Do Peer-to-Peer Lending
Peer-to-peer lending is one of the most effective ways to earn a steady passive income and make money while you sleep. It enables you to borrow from individual investors, cutting out the middleman (banks and credit unions).
Depending on your investment, you can reap a sizable income. This is because when the risk is greater, the potential reward is also greater.
Lending platforms such as Zopa, Lending Club, and Prosper help you invest your money while minimizing risks.
4. Start Affiliate Marketing
One of the best ways to earn money while sleeping is through affiliate marketing. Affiliate marketing is a marketing method wherein others plug their products or services on your website for a cut of the sale. In addition, you get a referral fee when someone buys a product or service using your link. The best part of all, you need not bother about storage and shipping.
That said, affiliate marketing has the potential to bring in substantial income in due course. However, it requires a little more time and effort than any other income stream; i.e., you should have a social media account, store, or blog with significant traffic.
One of the most common and popular affiliate marketing programs for content creators and bloggers is the Canva Affiliate Program. Users (myself included) tend to promote Canva Pro’s 30-day FREE trial in blog and social media posts to readers.
5. Do Drop Shipping
Drop shipping is a popular business model for new entrepreneurs due to the ease of building an eCommerce store. It allows you to shop without considering the associated costs and hassles.
ECommerce website operating in the drop-shipping model doesn’t keep the products in stock. Instead, the drop shippers take care of everything from the inventory to packaging and shipping. Then, all you have to do is market the products.
The best part of drop shipping is the print-on-demand products, meaning you can offer customized products such as T-shirts, coffee mugs, and other items via drop shipping. On the downside, you cannot ensure the quality of the product.
6. Sell Stock Photos
Do you enjoy photography? Do you have high-quality photos sitting idle on your computer? Then, why not convert your hobby into a passive income stream?
Go through your old photos; chances are you already have many unused images you can sell online.
Upload to stock photo libraries like Getty Images, Shutterstock, Picfair, and Pixabay, select your price and let it make money while you sleep. Ensure that you ask permission from anyone in your photos.
Unfortunately, the royalties for stock photos are pretty low. So, you will have to build a library of pictures before you start seeing any sizable income.
Conclusion
While there’s nothing wrong with a 9-5 job, it is not always feasible in the long term. Having a steady source of passive income is the first step toward financial independence and being able to make money while you sleep. However, it is not as simple as that. It requires some out-of-the-box thinking and a whole lot of patience.
Remember, you will not wake up richer than the day before. Instead, it is a culmination of multiple passive income streams, and your saved-up money that makes a difference.
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Suggested Readings
- How to Make Money Proofreading (Top 6 Websites to Try)
- How to Make Money with Canva (Top 6 Methods for Beginners)
- How to Make Money Blogging (5 Tips for Beginners)
- 5 Online Side Hustles You Must Try to Earn Extra Money
- 6 Unique Digital Products to Sell Online
- 6 Mistakes Sellers Make on Etsy
Disclaimer
The above blog post contains affiliate links for Canva. These affiliate links support content creators like me and enable us to deliver informative content to you for free. The complete Disclaimer for this website may be found here.
~ Digital Creator Domz
