The above image contains a quote by Warren Buffett, a man that I adore, according to him; "If you don't find a way to make money while you sleep, you will work until you die".

Now, let's talk about making money online, especially while sleeping. Obviously a friend of mine sent me a message yesterday, asking me to direct him to the best business to do online to enable him make money online.

At first, I wasn't shocked, because the world is changing and lots of things are expected to change, including the ways to make money, and to be careful about being in debt because interest never stopped charging us, interest never slept, never took a day off, never took a holiday.

But, is your money making money while you sleep? Does it sound too good to be true? Since we still live in the age of the interest, it’s not that difficult to earn extra money on the side.

Here are some of the best ways that you can actually earn money while you sleep.

Start a blog

Perhaps the most popular way to earn a passive income is by launching your own blog. It only takes a couple of minutes to setup and is cheap to start – just purchase your domain name and pay for hosting.

After that, start creating amazing content that people would be interested in reading or sharing. For example, if you’re an accountant that has helped small business owners with their taxes, then that could be your blog. I personally have my invoicing blog to help customers know everything there is to know about invoicing. This draws thousands of signups a month.

Make sure the topics you write about are popular. If you still love your pet rock, I doubt there would be enough people visiting your our site to monetize it. But, you never know.

Once you’ve gained a following, you can start making money from of your blog by:

Earning commissions as an affiliate

This is where you push other people’s products or services on your site. Make sure these products or services are relevant to your blog. For example, that accounting blog could become an affiliate for accounting or invoicing software. Once you find an affiliate partner you’ll be given a unique code so that whenever a visitor clicks that link on your site you’ll earn your commission.

Sell-advertising

If you’re site has the traffic to become an affiliate, then it may also be good enough for advertisers to purchase ads on your site. You may start off small, like making under $20 per ad. But, you may eventually be able to charge triple digits. Again, you site must be quality.

Find sponsors

This is slightly different than just selling ads on your site. Sponsorships may be a one-off piece of sponsored content or permanent logo embedded in your footer.

Sell your own information product

If you’re knowledgeable in a certain area, then you can start creating products, such as eBooks or videos, and selling them on your blog. It may take a lot of work to create and market your products, but once all the leg work is over, you can just set back and collect the proceeds.

Create a membership community

If you’ve proven yourself to be an authority figure, then you can create a membership community where you pay a monthly fee to receive additional high-quality content and information that’s not available to non-members. One of my favorite examples is Timothy Sykes who makes more than $100,000 per month in passive income through his membership community which discusses how people can make money in trading penny stocks.

Sell physical products

Just like with a blogging site, there are several ways to earn a passive income by selling physical products. Probably one of the best known ways is by selling your old junk on eBay. But even if you don’t have anything left to sell you can start drop shopping.

This is where you sell products for a company on eBay or Amazon and they’ll take care of the rest – including shipping. You can also launch your own eCommerce store by using Shopify.

They literally give you everything you need to sell products online from a complete online shop to including buy buttons on your social media channels.

Culled from Inc.com

Just five simple tips for women to start a Business | Photo credit: iStock

As time goes on, more and more women are starting their own businesses these days as more of them are getting aware of the opportunities in entrepreneurship. 

Although, not all of them have been put through to these simple tips on what to do to make it grow bigger and better.

But, here are some tips  for women who want to launch their businesses and who need to attract money to their business.

1. Talk about your vision. One way to get an investor to buy into your vision is to be able to sell your idea in short and clear sentences.

Experts say you need one or two lines that sum up your product or service. The key is to be able to get your success story out of your mouth in a clear, succinct manner. You may want to include a cogent example of how a customer would use your product or service.

2. Know your market/customers. To get a solid grip on the potential size of your customer base, ask yourself what niche am I trying to carve? Is it crowded area or am I blazing the trail.

The Managing Director of Wood etal, Mrs Omololami Ajani, speaks further on this, “Know your customers what they are willing to pay for your service/products and what do competitors charge. Also, know what your customers want and monitor your customer inventory closely. For instance in my line of business as a furniture manufacturer, I have come to know that many clients don’t like furniture made from white and bright colours. So, I don’t make them to showcase in the workshop no matter how I like bright colours. I will make such on demands. So, know clients and what they want.”

3. Be sure of your  current finances and financial needs. Know  the financial details of your business. It’s important to be able to answer questions such as ‘What are the capital needs of the business now and over time? What’s your profit over a period of time.?  Ajani  gives this advice. “ Do a weekly cash flow plan and then monthly and then annually. Know the expected sales and the actual sales. And remember, if you don’t have what you are doing in black and white (written down), you are not in business,”she said succinctly.

4. Don’t hesitate to ask people you know to invest. Men are more likely than women to tap networks of close friends and business acquaintances, according to studies. However, that is changing. For finance to start your own business, the C.E.O of Hatlab Ice Cream, Abuja, Mrs Latifat Balogun, said you most not wait for loans from banks. Leverage on your relationship with family and friends.

 “A lot of times, you don’t even need bank loan. Sometimes if you have a good relationship with family members and friends who can borrow you money, you can get funds. Sometime ago, someone borrowed me five million naira without collateral. Leverage on those you have around you and friends. But, you must pay back the debt,” Balogun enjoins.

5. Hire those who love what you do. Just like your real baby, you want to hire a nanny that loves your child almost as much as you do. That’s what fosters a healthy, happy baby.  The same goes for your business. Hire those who love what you do.

Again, outline the key people you need over the next one year and recruit them. They may work for you part-time until you get enough funding to hire permanent staff.

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