5 Ways To Make Money While You Sleep

Have you guys heard the news? Passive Income is the big thing for 2013. More than ever before, people are striving to find a way to create income streams that make money all the time.

Before we go any further, we must really understand what passive income is. Most people think it’s an easy way to make a lot of money. They think you don’t have to work, but you still get paid for just launching something.

No, that’s not exactly what it is. Passive income is when you set up an excellent system that automatically acquires and services customers without you to spend long-term time on it.

Building the product or service that will automatically do this is step 1, but the far more difficult task is figuring out how to bring a stream of customers to your site everyday.

This article will share 5 ways to make money even when you sleep:

1. Mobile Applications

Great mobile applications can make a lot of money passively. In order to create mobile applications that create passive income streams, you must do the following things:

– Find Simple Apps To make

– Find Good Niches

– Find Niches With Low Competition

The quickest way to make passive income through mobile applications is to fill niches and voids. People are constantly searching for a variety of different things on their desktops and mobile phones.

With the mobile stores being relatively new, there are a lot of things users cannot find in the app stores. Finding these things and filling them with solid mobile applications is an intelligent way to make money passively.

2. E-Book Publishing

Another popular route taken by many younger entrepreneurs is to create a passive income stream through e-book publishing. You write e-books much like you would make mobile applications.

Find topics or niches that haven’t been well-covered by other writers in the book stores and write GOOD books on those topics. E-book publishing is relatively simple and doesn’t require much money (if any) to get started.

Once you write your book and get it approved into the book store, you simply have to ensure it has a good cover and ranks well in order to make money passively.

3. Courses

Sites like Udemy are also giving many users the opportunity to make a lot of passive income. They have a very simple model, which can be extremely profitable. You create a course or lecture on a topic and get paid a royalty each time someone downloads your content.

I know some publishers who have taken months of time to create their courses, but have profited well over time. You must be an expert on a certain topic with a lot of demand and craft a well-written course with videos and helpful resources.

After the course is crafted, spend some time ensuring that your customers will be satisfied with the output. From there, you publish it and make sure that it’s easily searchable for users looking for lectures on that topic.

4. Websites Filling Needs

One of friends in San Diego bought a site off Flippa for $4,500. The site had no revenue/sales coming in, but it had a decent amount of traffic.

I asked my friend why he bought the site since it wasn’t making any money and he always told me, “Just wait for it”. So I waited and waited, but I didn’t hear back from him for about 4-5 months.

Suddenly he told me he was making $5,000 a month off this site without doing any work. I couldn’t believe it and I asked him how? He told me he bought the site not because of the name or the traffic, but rather because of the search engine rankings.

The website ranked very well for a few select keywords. My friend noted down those keywords and found out what the users intentions were when they were searching these keywords. He created a small desktop program that catered to their needs and charged them $30 a sale.

It took him 6 months to create the software and get all the keywords where they needed to be. However, for the last 1 year he has been making $5,000 or so a month from this website without spending much time on it.

5. Affiliate Blogging

I have never tried this method myself, but I know a lot of people who have found great success with affiliate blogging. You start by creating a blog on a topic you have a large amount of expertise on.

From there, you can join sites like Commission Junction or ClickBank that allows you to cross promote your blog with other ones. Then you begin to promote it and as soon as you start getting a larger amount of traffic, you’re able to put up affiliate ads.

Once you create a steady stream of traffic to your blog, these affiliate ads will typically pay off with conversions of 1-3%, which is a solid way to make some passive income each month.

Conclusion

Passive income is a great way to earn money without working every single day of your life. If you’re a traveler, someone who has other hobbies, or simply wants some extra cash, creating a passive income stream is the way to go!

photo credit: Jeremy Brooks via photopin cc