The Best Advice I Ever Got: "How To Make Money While You Sleep"
It’s great to live in a world where you can engineer things to run on their own – automatic email replies, payment systems, automated voice machines, etc.
If you’re one who likes to take on new projects and innovate I suggest you adopt a model in which you have the ability to make money while you sleep. The process leading up to it can be a little tedious but so worth it. It gives you a great piece of mind knowing that you have the possibilities of making money while not doing anything. What more can you ask for?
It goes back to a project I was working on with Johns Hopkins Medicine that involved setting up an online store to sell merchandise. The Senior Director of Development would always reference to me a system that “makes money while we sleep”. From then on those words stuck to me like glue. To this day, I constantly ask myself “How can I make money when sleeping.”
Go ahead, say it to yourself once and tell me you’re not going to think about it again and again. I call BS on that one…
Today, many businesses have adopted this model thanks to the internet. It knocks down all geographic barriers, never closes for holidays or weekends, and allows you to manage customers easily and inexpensively at the click of a mouse.
The best example I can think of off the top of my head (that isn’t driven by the web) is RedBox. RedBox just works. It’s an intelligent system that bumped Blockbuster off the map. The RedBox app even takes it a step further (which is driven by the web) but the company has millions of those little red boxes everywhere, and the expense of it all? Practically nothing. It just runs well on its own, even while you sleep.
My company is on the verge of launching our much anticipated mobile app (which I will not reveal here because of pending legal documents), but the thing I am most stoked about is waking up every morning and checking to see the number of downloads from the past day. A $4.99 app like ours can catch a lot of momentum and go on a viral spree since it’s the first of its kind to hit app stores – not to mention we have a nice marketing plan attached to drive it through the roof (optimistically speaking).
If you have an idea act on it! Now is the time, especially if it’s a digital product. The internet will drive it further than your eyes and mind can see.
At Valeira, aside from regular business services, our revenue model includes:
– Digital Books; and
– Online stores.
All which have the ability to sell on their own at all hours of the day and night.
Don’t get me wrong, it does indeed go outside the internet for those such as successful gas stations, restaurants, membership programs, etc.
What does your “Make Money While You Sleep Model” include? Share a little with us, please. But don’t reveal your mojo.