Do you like the sounds of making money without having to work?

That’s pretty much a rhetorical question. I am pretty sure that the answer is going to be ‘yes’ for the vast majority of people. Why wouldn’t you want to earn money without having to work?

But while you might not be able to get ‘something for nothing’, there is good chance that you can bring in profit that is vastly disproportionate to the work you do. And what’s more, is that you can stop ‘swapping your time for money’. And in fact, you can do all that quite easily.

What I’m talking about here is ‘passive income’. This isn’t ‘getting money for nothing’ but rather it means setting up a business model that can eventually sustain itself with little-to-no input from you.

That’s right: you create an automated system of selling or of publishing adverts, or of recommending products and from there, you can continuously earn money… indefinitely!

So you have put work in but once you’ve done that. You can simply kick back relax and let the cash come rolling in.

Selling a Digital Product Online

One of the easiest ways to start making passive income is to sell a digital product online. This is what Tim Ferriss calls a ‘muse’ – a very simple sales process that will bring in cash to fund the things that you care more about.

So where do you start?

First, you need to acquire said digital product. A digital product is anything that you can sell that doesn’t have a tangible aspect. A good example here is an ebook but video courses also work well, as do email courses.

Whatever the case, a digital product has the benefit of being completely free to produce (no overheads) and not requiring any delivery or storage. This means you can create it once and then sell it indefinitely. And you can also use a digital delivery system to take payments and then send the product.

To make this product, you can either spend some time doing it yourself (an ebook is just a PDF in most cases, which you can make with MS Word) or you can hire someone to do it for you. Writers and writing agencies are easy to find online and won’t normally cost you that much (a few hundred dollars often for an entire ebook).

You’re then going to create a sales page. This is going to be a single page designed to sell your product using persuasive writing and a smart layout. It’s very important that this page be well designed because you need to gain the confidence of your audience and look like a ‘real business’. There must be no concern in their mind that their payment might get lost in transit, or that you’re going to take their money and then never deliver the actual product.

It’s also very important that you make it as quick and easy as possible for people to checkout. That means they should be able to click ‘buy’ without having to worry about entering their payment information or sign up. Most sales are made on an impulsive basis and in order to take full advantage of that, you need to ensure your site allows for those impulsive purchases!

Finally, you’re going to use Facebook Ads in order to target your advert to the right people in a way that means you’re only paying when someone actually clicks one of the ads. You get to set how much you’re willing to pay for each of those clicks, which means that you’re going to be able to ensure that you’re earning more money overall than you’re spending.

In short, the right people get sent to your sales page, they get tempted by your sales pitch and they quickly and easily check out. 

  CLICK HERE to get the Passive Income Package and learn how to create multiple streams of passive income

Blogging 

One great way to start making passive income is to set up a blog. 

 Start a Blog in 5 Steps:

There are five main steps you need to do in order to start a blog. If you follow this guide exactly, you’ll have your own blog set up in 30 minutes or less.

1. Choose a great blog platform
2. Choose a web host for your blog
3. Set up a blog on your own domain
4. Design your new blog and upload content
5. Monetize your blog

Here's how to make money from a blog.

Selling other people's products for a commission

One of the easiest ways to start making passive income is to sell other peoples product as a commission agent which means that you take products on trust and after selling you give the owner of the products the revenue from the sale less your commission or markup

Online Store

One of the easiest ways to start making passive income without money is to set up an online store for people whose shops are not online and get a commission per sale 

How to sell on Jumia, Konga and Jiji?

Jumia, Jiji, and Konga are three of the most visited online stores in Nigeria. These three online stores have created a marketplace where sellers and buyers meet online and transact business.

Sellers are linked to more people to sell their products online. Buyers can also shop online from the comfort of their home using their smart phone or laptop   

    Benefits of selling on Jumia, Konga and Jiji

 3.     Infrastructure

       Disadvantages of selling on Jumia, Konga and Jiji

To set up shop with Jumia and Konga comes at a price. Your rent (permit me to call it that) is usually deducted from your revenue as a percentage on every sale you make. The rent of course, varies depending on which store you are using. It is best to find out this important piece of information before deciding on which store to set up shop. If your product margins are low, selling on these stores might not be a wise decision.

Just like offline marketplaces like Tejuosho in Lagos, Aleshinloye in Ibadan, a shop owner can easily get lost in the crowd on these online stores too. It might be easy to sell on these marketplaces but it sure wouldn’t be easy to beat other sellers in competition with you.

Know this: Jumia and Konga are not looking out for you. They are in this for themselves. Their focus is on the products and not on you. The page you own on their site is just an extension of their site and in actual fact, it distances the buyer from seller and so you almost unable to display and strengthen your brand.

4. Zero customer acquisition
Every seller knows the importance of having a repeat and an ultimately loyal customer. With Jumia and Konga, you can’t have that because they handle all customer information. None is passed on to the seller. If you have your own store, you will not only be able to gather important customer information, you will be able to use it in re-marketing.   

What You Need To Know Before You Start Selling On Jumia and konga

According to realmoneyng, these are the things you need to know before you start selling on Jumia and Konga ( marketplace)

·        Delay Payment – They are actually working on improving their payment system but nothing is as good as collecting your money immediately after sales. Jumia pay merchants for successful delivery on a weekly basis depending on your payment day of the week sha whereas Konga credit your wallet after successful delivery and the expiration of your return policy. God save you, you use 30 days return policy. 

·        Your product becomes Commodity – Every business must have a unique selling proposition but the moment you register as merchant to sell on any marketplace you will lose your USP. Your product becomes a commodity, every Jack and Jill can also register on the same platform to sell the same products at a cheaper rate. The challenge is, Nigerians are usually price conscious.  They will abandon your store for another store with cheaper price for the same product. 

·        Competition – Other sellers will copy you in selling the same product. If you happen to be selling a fast-moving products the chance of the platform selling the same products is high. We all want to make money, so if you are using my platform to sell a product and you are making good money, what stop the platform owner from selling the same product.  Remember, they are also into the business of buying and selling. We all want to make money and good profit. Just be READY. 

·        Price War – Marketplace is a battleground. Everybody wants to win. Everyone wants to sell and make money, so all sellers start a rat race of winning the customers with the cheapest price per product. Some sellers start selling counterfeit or fake product on the platform to beat their competitors in the marketplace to the price game. Buyers ignorantly head towards the cheapest price because they believe they are getting the best deal for the same product.

• Product Title, Image & Description – Whether you like it or not other sellers will hijack your product listing to sell their products. They will rip off your product photos and descriptions to list their product on the same platform. To make situation worse, they will be selling at a cheaper rate. So whatever you do, just be ready. 

• Fees & Commissions – The house always wins. The marketplace will always have superior hand over other sellers on the platform if you sell identical products because they will charge you commissions for using the platform. The marketplace (Konga & Jumia) are also in the business of buying and selling products like every other sellers on the platform. Competing with the marketplace owner for the same product on the same platform owned by them will lead you to bankruptcy.

•  Customers – People that buy from your store in the marketplace are not your customers, they belong to the marketplace. The marketplace have their details and can market other products on the platform to them anytime, anyway, anywhere and any day.  The marketplace is only lending you their customers to transact business with.

• Store Suspension– One of the major risk of selling on Konga or Jumia is that they can delist, suspense or delete your storefront anytime on their platform. If your business depend on the platform 100 percent what happens to your business when they delist or suspend your store.

 CLICK HERE to get the Passive Income Package and learn how to create multiple streams of passive income

Estate Agent / Property Manager

One smart way to make passive income is to become a property manager.  This is because once the initial work is done of signing up tenants annually you will receive commission from the rental income collected 

What do you need to 

• Do your homework, learn what it takes to manage a property,
• Legal Rental agreements for tenants
• Agency agreements with landlords
• Rental rates in your catchment area
• Other information needed to manage properties

• Create an introduction letter with your contact details detailing what you can do as a property manager
• Look for rental like houses under construction and connect with the owner
• Connect with landlord associations and distribute your letter
• Followup consistently and add more properties introducing more services like 
• Security guards
• Compound cleaning and maintenance
• House cleaning
• Domestic assistance placement service

Making Money From YouTube

This is something that a lot of people never think of as being ‘passive income’ but actually it can be if you approach it the right way. If you can create an evergreen video (meaning it will never become dated) and get it to the top of the search results for a popular search term, then you can generate a lot of traffic to that video on a daily basis without having to do any maintenance.

Potentially, a video in a popular niche can make you $20 a day – and if you have several of these then you’ve immediately made a living! This is a great option because you are at once getting to create your own channel – as you would do running a blog – and benefit from a distribution platform in the form of YouTube.

To make money on YouTube successfully, the key is to deliver value, to have great quality production values and to choose smart niches that people will search for.

This means investing a little money in your studio set-up first. Having a soft box that you can use to create some good lighting and a reasonable camera will make all the difference. And don’t forget audio quality – use a cheap lapel mic and you’ll make a massive difference for your viewers.

But the real tip is to make your videos shorter. YouTube actually says that it prefers shorter videos (because these tend to get watched all the way through) and making short videos will of course take you a lot less time!

If you can create some short YouTube videos, then you can massively increase the number of videos you have on YouTube and massive increase your consistency. Now even if none of your videos are very successful, the sheer number of them will mean that you keep raking in a lot of money.

You can then stop and leave your channel to keep earning money while you’re sleeping for years to come.

And the best part? Making money from YouTube is a lot of fun. This way, you’re going to have your own audience of fans that you can build a relationship with and you’re going to be making something you’re proud of, speaking in front of a camera on a topic you love.

Passive income makes you free and we’ve seen, it really is very possible when you know how.

CLICK HERE to get the Passive Income Package and learn how to create multiple streams of passive income