What does the idea of making money while you sleep sound like? Not so easy to achieve right? No! Several years before now, executing passive income ideas would have been almost next to impossible; however, things have become easy with the advent of technology.
For SMEs in Nigeria looking to generate more income with their already existing businesses, there are ways to make money even in periods you aren’t lifting a finger. This is where passive income ideas come to play.
What is passive income?
Passive income refers to the money you earn while putting in little or no effort. It requires minimal activity on the path of the business owner.
Make no mistakes, that it is called passive income doesn’t mean you won’t have to do anything at all. Rather, you will put in all the work at the very beginning so your efforts can generate money in the long run.
Having a passive income in the background gives you room to channel your energy on your other sources of income. In addition, having a passive income gives you something tangible to fall back on whenever your main source of income gets affected.
Types of Passive Income
To start earning passive income, you have to go through one of two means. They are:
- Monetary investments
Monetary investment is a source of passive income in which you channel your money to generate more income. Here, your invested money does the work.
- Time investment
With time investment, you have to do all the hard work upfront in order to reap the long-term benefits.
7 Passive Income Ideas to Make Money While You Sleep
Having established the two major sources of passive income, here are some passive income ideas for SMEs in Nigeria to make money while sleeping.
- Invest in real estate
Over time, real estate has proven to be one of the best forms of investment. While it might require quite an amount to get started, the long-term benefits are always worth it.
Investing in real estate like rental properties can increase your cash flow over time. In addition, you don’t necessarily have to do some tedious work as you can always hire a property management company to manage the property on your behalf.
To increase your passive income even more with real estate investment, you can invest in more properties with the profits made.
- Sell eBooks
Do you have adequate knowledge in any field of study? The knowledge can be converted to money. All you have to do is share your ideas in a book and put it up for sale.
Publishing can be a great deal considering the amount of money that will go into hiring a publisher. To make things easier, you can always go the easy route of self-publishing and in an eBook format.
Once your book is ready, all you have to do is find a suitable online platform where people can place their orders and make purchases.
- Online courses
While this is another on the list of passive income ideas, a lot of work has to be put into it. First, you have to create a course which is like the most technical aspect. Ensure you create a course around a topic you are knowledgeable about, you don’t want to pass across wrong information.
After creating your online course, you can then go ahead to upload it on an online platform for people to make an easy purchase.
For SMEs in Nigeria, blogging is one of the most effective ways to make money while sleeping. Creating a blog that will in return generate profit takes a lot of hard work; however, it comes with lasting benefits.
You have to first find something you are passionate about, then start a blog around it. After establishing your blog’s audience, you can take it a step further by creating digital contents and products that will serve your audience and sell to them.
- Build an app
Building an app can generate a substantial amount of passive income for you over a period of time, perhaps years.
With the advent of Google Play Store, distributing your app online has been made easy. However, there is a need for you to build an online presence and invest in advertising to reach a larger audience.
In case you have absolutely no idea about coding, there are other means of creating an app that doesn’t require coding.
- Sell affiliate products
Affiliate products are products available for you to sell and make income from through commissions. If you are not up for writing a book or creating a course, this is another route to take.
For effective sales to occur, first find a product you want to be an affiliate for, then create a page and pay for adverts that will redirect audiences to your product page.
- Stock photography
If you are great at taking awesome pictures, then you can convert your talent into a stream of passive income. There are stock imagery sites that accept great pictures; some of these sites include Shutterstock, amongst several others.
For some of these sites, fees are charged after which they provide you with a revenue share for every picture you upload.
It’s time to put together those beautiful pictures you have laying idle on your phone or system and convert them into a passive income stream.
There you have it, seven passive income ideas to make money while you sleep. All you need do is choose one that works for you and begin to generate long term income without hassles.