Can you earn money while you’re sleeping? Is it that easy to make money? The answer is yes. That’s exactly what all successful entrepreneurs do. They decide to go beyond their primary stream of income and come up with ways to consistently make money without doing any additional work.
A 9-5 job is only good if you’re there from, well, 9 to 5. You’re trading your time for money. If you work hard and your manager decides to appreciate it, there will be an insignificant addition to your income. Your income is safe as long as you have a job and the organization likes to keep you employed.
Unfortunately, this can also create a false sense of security. As long as people put in their hours and get their salaries, they feel that they’re financially safe. When a job loss or furlough happens, they realize how vulnerable their careers – and lives – are.
By then, it would be too late for many to think of ways to make passive income.
What is passive income?
So, how do you earn money while you’re sleeping? By creating passive income. It’s a stream of income where you don’t have to actively work for it. You set it up and get it into motion, and then sit back. With minimal effort, it can earn money while you’re sleeping.
With passive income, you’re not just saying goodbye to the 9-5 culture. You’re leaving a system where you have to trade your time for money and where you’re always at the mercy of a superior.
Passive income gives you the freedom to not worry about the number of hours you put in every day. You don’t have to worry about working hard just to keep up with your colleagues.
15 passive income ideas to earn money while you’re sleeping
Just because it’s passive income doesn’t mean that there’s nothing you have to do to earn money while you’re sleeping. In the initial stages, you have to invest either your money or effort and in some cases, both. And if you’re wondering where to start, here are 14 ways to earn money while sleeping.
1. Invest in the stock market
This one requires some initial capital. So if you have some money lying around in the form of savings or from the sale of an asset like a home, you could pick the right stocks and invest.
It’s always good to diversify your portfolio with both risky and stable picks. Even if you don’t have a sizable amount to invest, there are micro-investing apps that allow you to invest in small amounts.
2. Start a blog
Do you have expertise in any field? If so, you can share your insights through a blog. You don’t necessarily have to be an expert in writing, but you need to develop a reader-friendly writing style.
Early on, you may not have a large audience. But all it takes is one noteworthy piece. You can earn money through affiliate marketing, where you earn a commission when your audience buys from a link you recommend. You can also make money by placing ads on your blog.
3. Create a YouTube channel
If writing isn’t your thing, maybe videos can help you make money while you’re sleeping. Think of a subject you’re passionate about and start making videos. It doesn’t require any expensive cameras or sets. You can make videos with the camera on your laptop or smartphone.
Start a channel on YouTube and consistently upload videos. Engage with your audience and incorporate their suggestions. Other than affiliate marketing, you can go for brand sponsorships to make money.
4. Rent a room
Got an extra room in your apartment? You can rent it through Airbnb and earn money while you’re sleeping. Of course, you would need to keep it clean and be a good host.
Once you start getting good reviews, you will have a steady stream of renters. The income that you earn can even help you make payments on your mortgage.
5. Write an ebook
If you believe you can add value to a topic, an ebook is an excellent way to make money while you’re sleeping. It could be on a topic related to your work or something that you’ve always been passionate about. It could also be a “how-to” guide on a topic that solves a problem for your readers.
You can self-publish through Amazon or Gumroad. Importantly, you don’t have to write a 300-page book. You can make money even from a 50-page book by marketing it through your social media pages.
6. Start dropshipping
Start a website and add products from manufacturers. Market your website through social media and drive traffic to it. When someone purchases from your website, notify the manufacturer and let them ship the product to the customer. That’s the dropshipping model, and it’s becoming increasingly popular.
Dropshipping is a viable way to make money while you’re sleeping because you don’t require any major initial investments and can easily scale your business.
7. Register and sell domains
This requires not just some initial investments but also imagination. It’s also a bit risky but the payoffs are excellent. Think of domain names that potential clients would be interested in buying. They could be tied to an existing business or could simply be new names that you’ve thought of.
You can list your domain names for sale on the marketplaces of internet domain registrars. If someone is interested in buying your name, you could potentially charge more than a thousand dollars depending on the uniqueness of the name.
8. Design and sell merchandise
Are you good at design? Then you can design your own merchandise, create a brand, and sell it through popular print-on-demand online stores like Threadless, TeeSpring, or CafePress.
You don’t have to spend any money on printing your merchandise. You also don’t have to handle its shipping. The site will take care of it and give you a commission from the sale.
9. Start a content subscription community
It’s similar to a blog in the sense that you’ll be writing or creating content and publishing them online. The difference is that you have a community of users who will pay to read your blog, see your photos, or watch your videos.
Sites like Substack allow you to build a community of paid users. Remember that even with 500 users who pay $5 monthly, you’re looking at more than $2000 every month!
10. Build an app
Good at coding? Use your skills to build an app and sell it online. If it finds users, you can earn money while you’re sleeping.
It’s also an excellent idea to team up with someone who has marketing skills. So, you could take care of the product part, whereas they can handle the marketing.
11. Create an online course
Online courses are a proven source of passive income. Several sites allow you to share your courses and find paying audiences. You don’t have to be an authority on a topic. You only have to explain it in an easy and friendly way.
Upload videos and make your content as interesting as possible. You can easily scale your online course without putting in any additional effort.
12. Sell stock photos
Are you good at photography? Do you have a collection of photos from your travels? You could sell them and make money while you’re sleeping, that too, without having to find the audience.
Several websites, blogs, and publications turn to stock photo websites for photos. By uploading there, you could sell your photo to these buyers and make money.
13. Get a high-yield bank account
High-yield accounts pay you higher interest when compared to regular savings accounts. See if your bank has a high-yield account and if so, transfer your savings into that account.
Keep in mind that most high-yield accounts require a substantial initial investment.
14. Rent your car
If your car is lying around, renting it out may be one of the easiest ways to make money while you’re sleeping. This is especially true if you have remote or hybrid work and don’t have to travel now.
You can list your car on websites like Turo. But make sure that they return it in excellent condition.
15. Start peer-to-peer lending
Not everyone who needs a loan can secure their funding through conventional lending channels. That’s where peer-to-peer lending comes in. In the early stages of peer-to-peer lending, it was difficult to analyze the risk and repayment potential of a borrower.
But now, with the help of technology, the platforms take care of the due diligence. Websites like PeerStreet also allow you to lend to individuals who’re planning to borrow for specific industries. You can lend money and earn interest on it.
In short
With some planning, effort, and persistence, any of these ideas can earn money while you’re sleeping.