Making money while you sleep isn’t exactly a new concept – making money while you sleep can be achieved in a few ways, but all of these techniques can be put into one category; passive income. Generating passive income is something most people can work towards. However, you can’t expect to do a little work, go to sleep the same night, and have thousands in your account. Like anything else, it takes research and time – especially in the beginning. Here, we’ll go through a few ways you can do this and things you should know before you dive in the deep end!
Starting Your Journey With Passive Income
Starting a journey to generate passive income is always exciting. However, you need to wait before you dive in gung-ho. You need to consider how much money you have to get started, your current expertise, the time commitment you are willing to put into the venture, and more. Something may sound like a good idea to you, but if you don’t have the startup capital or the time, then you need to find something else that resonates.
Addressing your mindset is one of the first things you should do if you want to start your passive income journey. Most people have a block to making more money, and that’s the reason they don’t make it – not because they’re not smart enough, determined enough, or because they don’t have enough startup capital. It’s because of their mindset, pure and simple. Focusing on mindset shifts and why your beliefs may not be true will help you to break through any barriers you’ve put up.
You want to go from thinking negatively to positively. You want to go from feeling like you’re in a scarcity mindset, to an abundant mindset. Of course this is hard work and you can’t just say you’re abundant and be done with it, but it’s always worth working on this before attempting any passive income ideas.
Changing your mindset will take more than this, but below you’ll find an idea of the sort of things you should be aiming to do more than anything:
- Add lots of value rather than simply make money
- Be authentic in your approach
- Give more than you receive
- Value integrity above all else
- Be vulnerable
Now, let’s discuss some of the techniques you can use to make money while you sleep:
Sites like Udemy allow you to create, upload, and sell courses. When you sell your courses, you usually make around 50% of the profit. The great thing about making a course is that it allows you to share knowledge that you have, while continuing to make money having only put the work in to make the course once. You may need to reply to students to help them improve, but other than that, it’s fairly simple.
Alternatively, you could consider a webinar.
Drop shipping is great, because it takes very little monetary investment. You simply pay when the buyer pays, and pass on their details to the wholesaler. You don’t have to stock items or worry about buying items that won’t sell. You simply have to create your brand and list your chosen items.
Find your niche, or again, share your expertise and write a great ebook. It just needs to be 60-80 pages long, and ensure the content you include is high quality. You can then promote it through various channels. However, if you’re not a pro 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 just pay you monthly for the sales.
Start A YouTube Channel
YouTube channels are a significantly bigger time investment because you need to be consistent to build a following. However, when your videos are out there, they always have the potential to make you money. This is probably one of the most reliable sources for making money on autopilot, as YouTube is one of the most popular search engines out there today. Your channel is something that can stand the test of time, and even help you to generate passive income in multiple ways. For example, you can monetize your videos, as well as use them to become an affiliate – which we’ll talk about next.
Affiliate marketing offers one of the fastest and most profitable forms of income with very little investment of time. You do need an audience to promote to, though, which is why having a blog, YouTube channel, or even a large social media following is important if this is going to work. It can work really well if you have these things, but you do still need to put a focus on delivering value to your audience. You need to educate and inform them, while helping them solve a problem. Don’t just throw links at them and try to push them to buy.
Things To Remember
It’s all well and good starting a passive income stream, but there are a few things to remember. You need to:
- Maintain Your Source – all passive income streams require maintenance. You can’t always do the work once. For eBooks, for example, you will need to market them. The same with courses and webinars. It should be minimal compared to the initial time investment, but it’ll help you to continue earning.
- Repeat The Process – millionaires have many sources of income, and a lot of it is not active. There are only so many hours in the day, so how will you spend yours? Keep finding new things to invest your money and time in, but do try to master one stream of passive income first. Become a master rather than a Jack of all trades. Keep turning that wheel and you will see your wealth increase.