This pandemic has taught us that contingency plans are a necessity in life! If you were not laid off because of the pandemic, you may have had to work remotely from home during the mass lock-down.
Having numerous income streams can act as a buffer for life’s curveballs. They can also allow you to build your wealth or provide the flexibility for a lifestyle unlike the nine to five.
The internet has become a necessity. Building an online business or two is a great way to generate passive income. Revenue straight into your bank account even while you sleep. Here are five of the best ways to generate income. And yes, even while you sleep.
1. Teach online
Have an area of expertise or passion you’d like to share? Providing information is a powerful, cheap, and effective way of making money. It is the single most powerful tool for internet sales that exists.
Entrepreneurs can make THOUSANDS of dollars per day selling information to others. Teach through written courses or webinars. From salsa dancing to writing a novel, there are countless “How to” courses.
Load them up on these most popular platforms.
Writing on subjects that interest you is another way to generate income. All you need is a computer, wifi and host such as Bluehost. You also need to remember that in order to make money from it you need to write with an audience in mind.
People are not going to read what you write unless it solves a problem they have. You can write through:
3. Sell Products or Services
Whether it’s t-shirts or notebooks, setting up an online store is another way to make money online even while you sleep. There are many people that make a full-time income selling stuff on e-Bay or Etsy.
Whether you want to sell your vintage clothing, cool new jewelry, or anything else, one of these venues could be the way to do it.
f you don’t want to make the products or sell used merchandise you can act as a middle man and sell products made by others. This is called Dropshiping.
There are tons of online sites that allow you to create a free storefront and be a drop shipper. You don’t have to do anything but get the customer. The rest is taken care of by the provider such as Shopify.
4. Promote products and services
If you want to be able to promote a wide range of products from various companies then affiliate marketing is the way to go. In a nutshell, affiliate marketing is when you get paid a commission for promoting products and services for other companies.
You promote these through your website, through articles or blog posts, YouTube, and other forms of social media. You’re the middleman. The person connecting the customer to the product or service.
Find a niche you’d like to which you’d like to market and build around it. Parenting, financial services, personal development, dating, and online marketing are popular niches. Find a niche that resonates with your values and you have a keen interest in.
Instead of reaching out to individual companies, find them through affiliate networks. Clickbank, CJ Affiliates, and Shareasale are some of the largest affiliate networks.
5. Buy dividend-paying stocks
The internet is not the only way to generate income. Owning dividend-paying stocks in solid companies is another way to generate passive income.
A dividend is the distribution of some of a company’s earnings to shareholders, as determined by the company’s board of directors. Invest money in companies that have a long history of paying good consistent dividends.
Large companies such as banks and utility companies tend to be solid, well-run blue-chip companies that earn high revenues, and those pay dividends every quarter.
The amount you receive is dependent on how many stocks you own in those companies. Build an investment portfolio with large dividend-paying stocks and high-grade bonds and earn passive income.
Before going to bed.
Not working a nine-to-five job can give you tremendous freedom and flexibility. If you choose to go that route, cash flow planning is key.
You MUST plan next month’s revenue today. Your business demands you get a calendar and plant financial seeds for next month and further out.
I gave up my regular job to launch my own online businesses. It has given me the freedom to work and travel wherever I want. While the first few years were challenging, I have never regretted this decision.
This article contains affiliate links. I may receive a commission for items purchased (at no addional cost to you).