As an entrepreneur, you are continually looking for ways to make that extra dime. This is why you have a daily routine that you follow to the letter. You wake up early, workout, take breakfast, and ensure that you have opened your business by 8 am.
Without a doubt, your hard work will pay off sooner or later. As a successful entrepreneur, you need to devise ways in which you can make an extra coin when you are asleep.
Yes, you read it right. You can make money while you are still asleep!
Creating streams that generate passive income is not a walk in the park. But if you have a vision and work towards it, then there is no reason why you shouldn’t earn thousands of bucks every month without trading time for money.
Below are some legitimate things you can do to make money while you focus on everything else;
Rent a room in your house
Crazy, huh? As crazy as it sounds, this is one of the best ways to make passive income if you don’t have the time and resources to invest in other ideas that will be outlined later in this post.
If you have a large house, and there is a room that you hardly use, you can rent it out. In case you live in a tourist city, you can use the room as a holiday home for tourists and generate more income.
The money you get will not only help you pay bills, but it can also provide you with a nice way to pay off your mortgage.
Start a blog
Blogging is one of the best ways you can earn money while still asleep. Identify a less-competitive niche and start writing valuable content that will attract readership.
When your blog gains traffic and gets rewarded with high rankings, then you can monetize it and start earning from affiliate marketing and guest blogging.
With time, you might find yourself in the league of six-figure bloggers who spend most of their time on vacation and living their best life.
As long as you are consistent and you understand the needs of your audience, blogging can earn you enough money that you can use to pay bills, invest in real estate, bet on the Kentucky Derby contenders every year, and, most importantly, give your loved ones a comfortable life!
Create an online course
People are constantly looking for knowledge. But since they don’t have the time to attend physical classes, they are always navigating the web, looking for courses that can help them fulfill their desire to learn.
As a shrewd entrepreneur, selling online courses is one of the wisest decisions you can make. Of course, you will need to invest a significant amount of money to create a valuable course in an area you are an expert in. However, if you offer solutions to your prospect’s problems and provide the value they are looking for, then the lucrativeness that comes with this effort is worth every dime spent.
Invest in real estate
Real estate is a huge investment, but a lucrative source of passive income. Look – people need housing, and if you provide it to them, you can make thousands of bucks at the comfort of your vicinity.
There are various ways you can generate income with real estate. They include;
- Fix and flips: here, you purchase property that needs some repair work. Then, you fix it and resell it at a higher price.
- REITs: Real Estate Investment Trust (REIT) is a form of real estate investing that focuses on the lower market. This means that you sell property to average people. Since your property is sold at lower prices, you can make a lot of money while sleeping!
- Rental properties: you buy or build houses and rent them out. This will increase your monthly income without much effort.
In the words of Warren Buffet, “If you don’t find a way to make money while you sleep, you will work until you die.” This statement in itself is a painful pill you have to swallow as an entrepreneur. Therefore, implement any of the ways mentioned above, invest money and effort, and you will get a return on investment in no time.