Welcome to 8 Businesses That Make Money While You Sleep in 2020!
Wouldn’t it be nice to make money while you sleep? Believe it or not, you can. This idea is called “passive income”.
Passive income allows you to make money without necessarily having to work for it. There’s always some initial work that goes into creating a passive income, but once it’s up and running you’ll be making money while you sleep.
Without further ado, here are 8 businesses that make money while you sleep!
Start a YouTube channel! Did you know that you can make money creating videos on YouTube? Thousands of people do it and you can too!
Start a channel and make videos about whatever your passion is. Try to make it unique, learn how to market, and stay consistent.
Your channel will grow and pretty soon you’ll be able to monetize it with advertisements. You can also get paid from sponsorships and from selling your merch.
Once you have your videos up and your audience established, you’ll be making money in no time.
You can start a blog, just like this one here. Similar to YouTube, you want to create a blog about your passion with content that is unique.
Grow your audience and then get signed up on Google Adsense and affiliate links.
You’ll get views and get affiliate commissions all while you sleep. Learn how to make $100,000 a year blogging with this book.
3. Ecommerce Site
Have you considered starting an ecommerce site? All you need to do is pick something you want to sell and create a website for it.
You can set up your store with dropshipping, affiliate links, or with your personal products.
Once your store is set up and your products are live, you’ll be set to generate passive income from your store. Learn more here.
Investing is a great way to make your money work for you. You should be investing part of your income every month!
Read more about budgeting with 10 Budgeting Tips for Teens! The money that you put in will only continue to grow and multiply!
Consider investing in dividend stocks to be paid periodically for simply being a shareholder. Once you begin investing, you’ll see your money grow exponentially for years to come!
Learn about common sense when it comes to investing with this great book!
5. Sell an eBook
Did you know that you can actually write and publish your own eBook?
That’s right! You can write a book about whatever you wish and have people pay to read it!
Once your book is published, you will have to advertise it. Eventually, you’ll be making thousands of dollars from 1 book that took you only a few days or weeks to write.
Check out these 8 steps to creating your eBook!
The true key to passive income is automating (outsourcing) as much as possible! Outsourcing allows you to put your time to better use and focus on growing and expanding your business.
If you already have a business, consider hiring more employees to do the “dirty work” for you. The dirty work is the work that takes the longest, is fairly repetitive, and is relatively simple. Outsource this type of work with new employees once you can afford it. Then spend your time taking your business to the next level!
7. Rent Out Your Items
Have you ever thought about renting out something that you own?
If you own your house, maybe rent out a room or two. You can add hundreds of dollars to your monthly income by renting out rooms that you’re not using.
If you can’t rent out part of your house, think about renting out other items you own. This could be a lawnmower, snowboard, or even a car!
Start renting out these items that you’re not using currently and bring extra income!
8. Lend People Money
Another passive income technique is to lend other people money. If you have some extra money lying around, have you looked at lending it to other people?
Choose someone trustworthy, like a close friend or family member, to get started. Offer to give them a small amount of money and then set up a deal for them to pay you back.
Give them a few months or years to pay you back and have them pay you back in small monthly payments. Charge a small interest rate that’s lower than the average bank loan.
This way, once you get your money back, you’ll receive some extra cash that you didn’t have to work for!
Pick a business from this list and start it! Stay consistent with it and watch as your money grows as you stay at home in your pajamas. Hope you enjoyed our 8 businesses that make money while you sleep!
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Disclaimer: We are not experts or certified financial advisers. Our advice for you based on what has worked and continues to work for us. If financial problems occur we are not responsible for them and advise that you speak to a professional. That being said, we believe wholeheartedly that the advice we give to you will help your financial situation greatly.