5 Ways Your Business Can Make Money While You Sleep

ID-100143988There are two basic ways to make money in business: passively and actively. The real magic happens when you start to figure out more ways of generating passive income, aka. ”Making money while you sleep.” Of course you can’t actually be working when you’re sleeping and I’m not talking about those few mystical accounts of entrepreneurs dreaming up famous ideas that they would later put into action.

This is substantially less glamorous but it works. What I’m actually talking about is creating systems and processes that support income generation during the otherwise dormant hours of your business.

1. Make Sure Your Capital Working For You

One of the things I would say when talking about a business is you want to make sure your capital is properly invested. We generally think of businesses exclusively generating active income, meaning you have people selling or servicing things or needing to actively do something in a business.  That’s not always the case.

Capital is an interesting part of a business. When you look at the capital that you have tied up in your business, how can you ensure it continually makes money during the night or when you’re not working the business?

One of those pieces of capital could be your investment in the building that you are actively operating your business in. That building is going up in value and when it goes up in value, your capital is working for you.

2. Create A Strategy For Excess Cash

If you have excess cash, where is it sitting? Is it sitting in the bank account at night collecting no interest or do you have a system in place where you have it properly invested so that you’re earning funds with that capital?

If you’re doing a lot of transactions internationally, are you hedging your foreign exchange correctly? Are you making money through your foreign exchange transactions or losing money? These are areas where the capital of your business needs to be looked at.

3. Think Outside The Box

I had a client that had a very good location but only needed it for 10 hours a day. They wanted to know what other business would be able to operate inside their business for potentially up to 14 hours a day.

To make a long story short, they were actually able to find a compatible business that worked in a different time zone and managed to work out a deal. Both businesses were able to cut down on rent while using the same facility, desks and telephones. That was a successful option that allowed the company to make money versus having the business just sit there over night and sleep.

4. Reconsider Your Marketing Approach

How do you make your business work while your sleeping? Simple. You make sure your marketing activities don’t stop. Your business goes to sleep with you at night if all of your marketing requires face-to-face human contact.

If you write a blog or an article, you don’t know when or who’s reading it. These types of activities support your business to continually work through the night while you’re sleeping.

5. Consider Potential Strategic Partnerships

Make use of strategic partnerships to enhance and leverage your efforts. If another business already has a good client base that matches your target market, perhaps their clients want a service you provide that is beyond the scope of their business. These opportunities allow you to leverage mutual, yet non-competitive markets between businesses.

Remember when Starbucks decided to partner up with Barnes & Nobles bookstores back in the early 90’s? The rest is history…

Make Sure Your Business Doesn’t Shut Down At Night

The bottom line is that you need to make sure your business is structured so it is in continual motion and doesn’t shut down when you leave.  Yes, you’re going to have peaks and valleys throughout the day but you don’t want it to end after you’re gone. The same goes for when you go on vacation – I wrote about this in my recent article, How I Left My Business For A Month & Made It Stronger.

The best way to accomplish this is by having other people working on your business or in your business. This concept was popularized by the E-Myth, a book that I would strongly recommend to anyone that hasn’t read it. If you haven’t read the book, read this article for now.

How does you ensure your business lets you make money while you sleep? Leave a message in the comments below.

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