So how can you make money whilst you sleep?
You may have seen on my front page that the generally accepted model of earning money is to work for a salary, monthly wage or hourly wage. You go to work, do the jobs, go home; rinse and repeat until you retire on a pension which is either a percentage of your earnings or money you’ve saved over your working life.
The internet has changed everything. It is now possible to generate books, online courses, marketing yourself online to give talks and more in order to gain a fee for what you do.
Coaches, therapists and healers often charge an hourly rate but many are charging for a package of sessions or generating courses and workshops which in turn gives the average person on the street a different way of looking at life and their money mindset. You buy a package of support, and commit more fully to your healing process and in turn the coach or healer delivers the support, often times available between sessions for a quick check in depending on how they work.
I’ve alluded to this elsewhere in this blog but let’s take a look at the different ways to earn money using the internet which are all legal, ethical and whilst not entirely easy are possible. This blog that I’m currently writing is one source of income as it grows in popularity. You too can make a blog but make sure it’s something you are passionate about. I’m passionate about value for money and that is mostly what I write about, along with saving money and making money.
Passive income is essentially earning money from something you’ve created once and yet earn over and over from it.
You can generate an online course, write it out over time and sell it for say GBP50. If you sell it to 50 users, you have made GBP 2500.
There are renowned tutors who will write a hypnotherapy course which can essentially be delivered online over say 20 days, so that’s 20 units of content. Using the scenario of a face to face workshop, and sacrificing 20 days over a period of time, ensuring that the entire workshop has been verified and accredited with a professional body, can command upwards of £3000 per student. Add in some ongoing support over a period of time, 20 students and you can see that would generate a sum of over GBP 60,000. Add in other little exercises like talks etc. or an online membership site for a one time fee and if you have a following or a devoted tribe together with additional willing administrators or contributors, your financial health is pretty much guaranteed.
A healer who wants to deliver a workshop at low cost, wants say four – six students, charging GBP40 each makes up to GBP240.
It’s not difficult to work out the sums. These two examples are not entirely passive but the content is created once and redelivered each time. Perhaps minor amendments are carried out from time to time.
An online marketeer wants to create a booklet to help therapists market their business. They create the content, upload it to Amazon using self-publishing methods (see Amazon Kindle Create) and sell it for a nominal charge. If marketed effectively to a wide, interested audience this could reach thousands of people. If in addition the author creates an online facebook group, for example, they can “grow their tribe” and ask them what content they’d like to see next. You then have an engaged audience that is happy and willing to purchase whatever you put out.
A great example here is Genevieve Davis. One day a book popped up on my facebook feed Becoming Magic: A Course in Manifesting an Exceptional Life (Book 1). At the time it was a free download, telling the story of a woman who was utterly broke, working all the hours, in debt and how she turned her life around completely, now driving an Aston Martin, in a wonderful relationship and living in an amazing house. She doesn’t share all her secrets and of course she’s now put the price up to £6.99 but this is still an accessible book if you have some money spare. It talks about ways in which you can become more money savvy and more utterly aware as to where your money is going.
She wrote under a pseudonym and in time I found out in part how she managed to turn her life around but that will be for another time.
Anything of this nature takes hard work and dedication; as I write this I am mindful of being in the process of writing the finishing touches to several courses. I have spent the past two months creating this site and putting together some ideas which I hope you find useful.
So you’ll either need to part with some money before generating your passive income, or a whole lot of time. Starting with the obvious:
- A blog. This requires minimum investment (see my other post on starting a blog) but a whole lot of time. Pick a niche and write! Check out this site for ideas on what to write about and the most financially rewarding subjects, and what earns what depending on the size of the audience. But I stress, you need to be passionate about it. The blog initially earns money through strategic placement of (sometimes annoying) ads. As you increase your subscribers, the ad revenue increases. You can also use your site to sell online courses, books or workshops. You can start with a free wordpress site (www.wordpress.com) and then move it over to your chosen domain name which can either be your name or the title of what you’re blogging about. I signed up with GoDaddy for the domain name .99p upwards for the name) and use smart hosting for the hosting (around £35 annually).
- On Jamie’s “Make a website” he also talks about Crowdfunding – in this case crowdfunding real estate. Crowdfunding has taken off lately, so take a look and see what you think. He lists further ideas on his site.
- As above, write an ebook. It is now so accessible to all, you can either write a short novel, or write about some of your experiences. Ensure it is properly proof read and grammatically correct however. There is an excellent group on Facebook dedicated to self-publishing. The creator, one Katharyne Shelton has also created a great set of templates “Tangent Templates” that will help you in your book creation. At the time of writing the cost is USD59 which is a snip for the amount of content provided.
- You could also record an audio book. Pick a topic and speak your content! It could be on anything you choose that perhaps has helped you, so you in turn can help others. Check the sound quality after you’ve recorded, ensuring that you’re in a quiet space!
- Airbnb or spareroom.com are places where you could think about listing a room for rent or bed and breakfast. Airbnb has been expanding rapidly over the years.
- Affiliate marketing. See other links around this site that talk about affiliate marketing and making money through promoting books from Amazon for example.
- Online surveys etc can help make you pennies and may keep you occupied for hours but I’ve found the income you can generate is minimal, apart from Prolific.
These are just a few ideas but there are many more where you can use your knowledge, time and expertise. Put in a spot of hard work and you can be earning on autopilot. It’s not always easy but not insurmountable and can be extremely rewarding once you are your own boss!