5 Legit Passive Income Ideas to Make Money While Sleeping
What if I told you there are ways to earn money every month with minimal to no effort at all?
It’s called passive income.
Passive as in no active work in producing the income.
This is the power of passive income.
Passive equals freedom.
The main reason to establish a passive income is so that your income is not tied to your time.
This means it requires minimal to no effort on your part to maintain the income.
This gives you the freedom to do other things with your time as you please.
If this sounds appealing to you, you are in luck.
Today, I’ll show you how you can create a passive income for yourself.
I have five solid passive income business ideas for you to get started.
You just have to pick one that interests you the most and put the work in to get things going.
If you are ready, let’s get started.
1. Create an Amazon Store
One of the best ways to create a passive income is to start an online business.
And one of the easiest online businesses is selling items on Amazon.
Thousands of people are already doing that successfully and earning income every month.
And believe it or not, selling private labeled products on Amazon is quite simple. In fact, some find it much easier than starting a blog.
With the right products, you can earn thousands every two weeks working only a few hours per week.
You can use sites like Alibaba to find popular products high in demand that will do well on Amazon.
Once you find the product that can sell well, all you need is to find a supplier and get products. You can get your supplier to ship your products directly to the Amazon warehouse.
Amazon will take care of the rest by shipping them to the customer once sold.
All you need to do is to promote your product in the beginner and keep track of your inventory as you start to sell.
2. Create a Digital Course
If you have something to teach, creating and selling an online course can be a great way to earn passive income.
And if you think you got no skills people would value and pay for, think again.
It may be your instant-worthy iPhone photos or top-notch baking skills. The chances are you can create a value-packed course to help others solve their problems.
And while it may sound complicated to sell your digital course online, it’s really not. Here’s how it works.
You create a course on a topic of your choice in a digital format whether it is videos, e-books, or emails. I’ve seen all types, but the most popular courses I know are videos.
Once you have a finished product, sign up with online course sites like the ones below to sell your course.
Here are some of the biggest ones you can start with.
They are constantly marketing to attract people with interest in taking a course. This is a great thing as a seller.
If your course is very attractive and high in demand, you may start to get customers to sign up for your course.
Rest assured. All purchases happen automatically and no work is needed on your part to deliver the course. These sites do most of the heavy lifting for you, so the workload is lifted off your shoulders.
This means you can sit back and enjoy your streams of passive income once the course is made and listed for sale.
Granted, there is a bit of work involved in creating a course. If you are new to the scene, a site like Teachable makes creating one effortless.
It takes you through the easy steps to set up your store, upload course materials, and create your course. Just on their site alone, instructors all over the world have sold over $300 million worth of course work.
You can start selling your know-how and build your passive income in your free time!
3. License Your Photos
Are you a photographer looking for more ways to increase your income without doing more?
I got great news.
If you love taking photos, you probably have thousands of photos in your memory bank.
If that’s you, you may be sitting on a pile of cash.
That’s because you can make money licensing your own photos on so many image sites. The steps are pretty simple and straightforward.
Each download nets you north of 25 cents in royalty. But generally speaking, more you sell, more you can earn per image.
Other sites like 123RF and Alamy give you more than 50% in commission, which can add up quickly.
To sell your photos there, you don’t even need to take new photos. You can repurpose photos you have already as long as they meet the quality standards.
This is a sure way to earn while you sleep if you have professional photography skills.
If you are considering photos with people, be sure to get their consent.
4. Purchase a Blog with a Steady Income
Starting and building a blog that makes money every month is not an easy task.
But what’s easy and effortless is running a site that already makes money.
There are night and day differences in the amount of work it takes to build or run it.
Obviously, the cheapest way to produce a steady passive income from a blog is to build it yourself. But if you want to skip the start-up phase filled with hassles, you can head over to Flippa and Empire Flippers.
These website marketplaces make it easy to acquire a site that’s generating money.
As a rule of thumbs, a site on average sells for 30 times the monthly net profit.
Before you jump on one, do the month to see how much cash you can expect from each site once you buy it.
Once purchased, all you have to do is to continue running the site to profit from it.
If you want to make it truly passive, you can even hire a web manager to keep up with the daily operation.
5. Rent Out Your Extra Room
Here is a solid option for passive income if you have a spare room.
This classic way of making income without doing work truly works and can be quite profitable.
Having to live most of my adulthood in a metro area, I never personally had a luxury of having an extra room. So my personal experience is limited to just summer rentals, but even then, I found it easy money.
Every time I went on a vacation or on a business trip, I listed my unit up for rental. I charged more than enough to cover my rent and more, and I kept the profit.
Whether you can rent it out all year long or just during the summer months, it sure is a good way to earn side income.
If you live in a condo or co-op, be sure to check the house rules regards to vacation rentals. Not all places allow it and always run a background check before renting it out.
To make transactions flawless, use an established site like Airbnb. They do the background checking and provide reviews on renters for better peace of mind.