How to generate passive income online, so you can literally make money in your sleep
How to generate passive income online, so you can literally make
money in your sleep
No matter how you
finance your life (traditional full-time gig, odd jobs to make a burgeoning
side hustle work, entrepreneur, or something else), it’s possible to wake up to
more earnings after a night of doing nothing but dreaming about it. All you
have to do is share your passion.
Also known as passive
income, the money earned while you sleep can cultivate a sense of freedom,
empowerment, and opportunity. You can enjoy freedom to save, spend, or travel;
feel empowerment in your unique expertise and knowledge that you can create
even more; and then there’s the opportunity to share your intel with others.
How to generate passive income online, so you can literally make
money in your sleep
And in the online space
especially, passive-income opportunities abound. Think: e-books, online
courses, and membership sites. These options require work in the beginning
stages, but after laying the groundwork, they allow for content that can
forever generate income without you really needing to lift a finger or click a
mouse. Below are steps to get you started
4 steps for setting up a
passive income—so you can literally make money in your sleep. 1. Identify areas
in which you’re an expert and niche audiences you can serve
You have a unique set of
skills that makes you an expert in something—you just have to be able to
identify them. What is that people love to reach out to you about? Perhaps its
your amazing plant-lady skills, or your crunching-number talents, or your
baking chops. Something that comes more easily for you than it does for others
is what you can offer to an audience.
Your intended audience
should be as specific as possible. Think about who they are—location, age,
ethnicity, income, all the demographics. Also make sure you understand the
“problem” they want solved so you can appropriately provide the solution.
2. Choose your social
platform, build your database, and collect those emails
You can share your
expertise on YouTube, Facebook, Instagram, and/or Twitter. Start off with an
account, and a posting schedule—sharing your expertise on a regular basis is
key. Furthermore, building a blog or website is crucial, because it’s the online
résumé that’ll draw people off your social platform and onto your
website. WordPress and Squarespace are great options with simple
templates and a wealth of step-by-step videos to help you get your site up and
running. Once it’s live, blog consistently about your expertise to share what
you know with your audience.
Lastly, and I’d say most
importantly, connect with your audience via an email newsletter, using a
service like Mailchimp. This way, you can collect email addresses while sharing
your product.
3. Write an informative
e-book to detail your expertise
Now that you’ve
completed those foundational steps, you’re ready to cash in while you sleep.
After six months to a year of gaining the trust of your audience, one of the
easiest, most cost-effective ways to share your expertise with your audience is
to write an e-book.
An e-book is not a hefty
investment, and it introduces your audience to the concept of paying you for
your intel. A few ideas for how to structure your product include a how-to
explainer, a step-by-step guide, or a memoir/journey recounting of how you got
from point X to point Y. Most importantly, what you cover in your e-book should
take into account what you’re hearing from your audience.
Creating an e-book can
be done as easily as drafting it in Google Docs, designing it on Canva, and
hosting it on a platform like PayHip, Amazon, or Lulu. Once it’s all set, share
it with your dedicated community and, voilà—purchases will happen in no time.
4. Create an online
course
An e-book is just the
beginning, and an online course is the natural path to follow next. The process
of creating one, though, is somewhat backward: First think of the result you
want to provide for your audience (like “How to pot your first plant” or “Your
5-step system to budgeting like a pro“). Then, plan it, step-by-step, breaking
down how someone would get to their desired result. Write it down on a piece of
paper, and get to recording your videos.
How to generate "passive income" online, so you can
literally "make money" in your sleep
Throughout this journey
of making money while you sleep, you may endure bouts of doubt, feeling as if
you’re not the expert you thought you were. But if you can dream it, you can
achieve it—and smile all the way to the bank.
Shanna Tyler is a life
coach and business coach based in New York City who works with entrepreneurial
women. Listen to her podcast, The Self Soul Sport, here.
Here’s how to become a
financial grownup, according to Drew Barrymore. And forming these healthy
financial habits this year will pay off big time.
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