Make money while you sleep
It’s got to be the entrepreneurs dream – earning money while you’re busy doing nothing (or on the golf course). And it’s often not out of everyone’s grasp – there are many things you could consider that would make you money once you’ve invested the time initially.
Do you offer a product or service that has the potential for educational value? Could you serialise some downloads that are relevant to your business and then charge a small fee for allowing people to access them? For example, if you are a maths tutor, you could create a series of online blogs or vlogs (video clips) that explain common areas of misunderstanding. You might only charge £1 per download but if you get 67,000 all urgently needing to understand how to work out percentages, you’ll be very happy you took the time to do it.
Creating chargeable downloads isn’t just restricted to education obviously but if you are teaching someone how to do something they are keen to learn, and this could be anything – you could be on to something.
Another thing to consider is to expand the download idea into an actual book. Writing a non-fiction ‘how to’ guide, especially an electronic one, translates across many markets and once the initial work is done you may only need to review and revise it occasionally, depending on your subject matter. An e-book also has the attraction of being relatively free to produce once you’ve created the intellectual content.
Property is an obvious area for making money while you sleep. In theory, once you have done the painful part of buying the property and found a tenant, you can reap the rewards. Of course, maintenance, disputes and house prices will all impact on your leisure time but there is the opportunity to make money if you are ready for these challenges.
Does your business generate any by-products or have the potential to offer slightly different products as a result of your existing systems and processes and without the need for further investment?
Marmite is a famous example of this. Found by accident in our home town of Burton on Trent in 1902, it is the by-product of the brewing process. Just as an aside, it was included in soldiers’ rations in both World War 1 and 2. Importantly though, this random product has gone on to be used in crisps, cheddar bites, rice cakes and more – so it really is the gift that keeps on giving!
What is your businesses marmite? We are sure that most companies can take what they make, know or buy and add a twist to diversify easily and profitably. Challenge your staff to come up with ideas – after all they are the ones who might hear customers talking or speculating first.
It’s important to be realistic as often your great idea might already exist or worse still, exist free of charge. But if you can find a gap, even if it’s for a short time, and see a demand, it’s well worth pursuing. As with all new businesses, take the time to talk to us and we’ll help you navigate any potential pitfalls, including copyright, patents and protection of your intellectual property.