How make passive income in your sleep: ways that work in 2021

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How make passive income

If you want to quit your current job, which takes most of your time – leaving you little or no time to treat yourself right – and want to gain financial freedom, you need to consider how you can make passive income. You can attain financial freedom if you have passive income streams.

When you earn passively, you will have more money and time to do what you want to do. But generating passive income will require plenty of effort, time, nights without sleep, and money at first to be able to create a successful online business.

There is nothing to worry about, provided you have a passion for your work; thus, you can quickly achieve your goals. All you need to do is put in the necessary effort and resources need at first, and afterward, you will start to earn in a manner that demands little or no effort to maintain your business that generates passive income. But, what is passive income?

Passive income is the opposite of active income. Here, you make money continuously from efforts performed once in the past. Passive income differs from active income because time is not traded for money; instead, it is an upfront investment of time or money to make more money.

In this post, I will introduce you to 17 legit ways to generate passive income. You can use any of the passive income ideas mentioned here to earn while asleep.

 

Create a Blog

Blogging is one of the legit ways to generate passive income, but the setup phase may require lots of effort and hard work. Before you can make money from your blog, you will need to invest some cash and three to six months to put your blog in order. To earn passive income from blogging, you can use affiliate marketing or add ads to your blog.

Currently, blogging is very competitive. To excel, you need to go for a niche you know of with less competition. Plus, ensure you can provide quality content that will be appealing to your target audience.

The more traffic you get as a blogger, the more money you make. But this may be difficult for you at first as a beginner. An excellent place to get traffic from while optimizing your site for search engines, like Google, is Pinterest. You drive massive target traffic to your site using Pinterest. 

 

Write and Sell e-Books.

To make a passive income here, you need to know what you want to write, and you will have to invest your time upfront. But once you have written an attractive piece, it can bring you lots of money day after day.

If you have the skill to write, this is an excellent option to try. Currently, publishing books is not a difficult task. You can publish your work online for people to read. You can easily publish your e-Books or paperbacks on Amazon. If you want to know how you can write and publish your book, click here to see Amazon’s book writing guide.

Before you dive into this idea, ensure you go for a profitable niche and promote your content through blogs, influencers, and social media platforms in that niche you wrote on.

Also, Amazon will take control and start promoting your book if you can sell hundreds of copies within the first week you launched your book. When this happens, you can earn passively from it.

 

Make passive income with your Podcast

Start a Podcast

You can use podcasts to attract more educated and wealthy people to you. Podcast offers a significant opportunity to build target audiences, share your knowledge, promote/market your business while earning passive income. About 32% of Americans, that’s approximately 90 million people, listen to podcasts every month.

The exciting thing about starting a podcast is that you can do so without paying a dime. Once you can get some targeted and loyal listeners on your podcast, you can earn via sponsorship, sell affiliate products, and sell your services and digital products.

 

Affiliate Marketing

One of the best ways to earn from the comfort of your home is through affiliate marketing. To get started, you need a PC and loyal visitors. Affiliate marketing requires you to promote products belonging to someone to earn commissions.

You can join platforms like CJ and ShareASale to get affiliate products. 

You can also join affiliate programs owned by e-commerce sites like Amazon. To reach your target audience, you can use a podcast, YouTube channel, or blog. Another thing to do to facilitate your earnings here is to create an email list. Once you are done, you can promote products as an affiliate using these platforms and your email list.

To make more money via passive income using affiliate marketing, make sure the products you are promoting and valuable to your audience.

 

E-commerce dropshipping FBA women

Start a Dropshipping Store

The good thing about dropshipping is that it takes away the worry or stress associated with manufacturing, stocking, and shipping the product. The only thing required of you is to pick a niche that will sell and create a dropshipping store.

An excellent place to find Dropshipping products is AliExpress. You can sell products through Amazon, eBay, and other e-com platforms. But I recommend using Shopify to create your site as it gives you total control over design and branding that can help attract prospective customers. 

You can also sell your downloadable digital products, instead of dropshipping, to earn passively.

 

Sell WordPress Plugins and Themes

Most WordPress users use plugins and premade WordPress themes to design and manage their website or blog. As a developer, you can create plugins or themes for WordPress, or still, you can employ a developer or design service to create a helpful plugin or attractive theme.

You can sell the theme or plugin on your site or use the WordPress marketplace, such as Themeforest. You can earn passively from selling themes to design professional, multipurpose, and responsive WordPress themes like Soledad or Avada.

Make passive income with a Youtube Channel

Create a YouTube Channel

Video marketing holds firm ground on content marketing in the future. Creating video content is an excellent way to market your online business because videos capture more attention than images or text. You can use this avenue to earn passively regularly once you can build an engaged audience. You can start a channel on YouTube if you fancy creating videos and share the things you know with others.

 

Create online courses

Teachers and niche experts can earn passive income by creating online courses. Online courses are usually straightforward, actionable, and organized; this is why people love them. So if you are an expert in your field, you can create an online course to share your knowledge with people who want to develop the skills you have.

You can add eBooks, videos, images, infographics, and emails with helpful information to your course. Anytime a customer pays for your online course, they will get all the tools and materials required to access the online course.

You can use your WordPress blog to host online courses using LearnDash. You can also host and sell your online course using Teachable. Skillshare and Udemy are also nice platforms to host and sell your courses online.

Make passive income with real estate

Real Estate Investment

One of the forms of earning passively that requires little or no effort is to have an investment, and a great way you can earn passive income while sleeping is by investing in real estate.

You can use Fundrise, which is a great crowdfunding platform for real estate investment. With as low as 500 USD, you can invest in real estate via eREITS. You can also invest in stocks or struggling businesses and earn passively as a silent partner.

 

Create a SaaS

Popular SaaS firms and products include Slack, Canva, Shopify, Dropbox, and Google Apps. SaaS, also known as Software as a Service, is a software distribution model that gives online access to software through subscriptions instead of buying the software and installing it on your device.

If you don’t know how to create a SaaS product, but you do have an idea for one, hire a pro designer, invest some cash, and turn that idea into a source for generating passive income.

Make passive income - buy a blog

Flippa.com

Purchase a blog

If you want to save yourself the stress of building a blog from scratch, you can purchase an existing blog that’s already generating passive income. A blogger may sell his/her blog because they don’t have the time to maintain it or provide fresh content, not making enough money from the blog, or are tired of blogging.

You can visit Flippa to purchase an already existing blog, or you can ask someone you who owns a blog to know if he is interested in selling. Before you proceed with the purchase, you need to consider factors like the blog age, the traffic it generates, and the money the blog makes.

Ensure the blog is SEO optimized, monetize, and receives a minimum of 10,000 visitors per month.

 

License your Photos and Sell them

If you are a professional photographer and love to take pictures of your environment, you can earn passively by licensing and selling your photos on the internet.

Most sites will pay based on the download number. Once you upload your photos on the site, you will start to make passive income anytime the picture is purchased. You can use any of the sites below to sell your photos on the internet.

  • Shutterstock
  • Envato Marketplace
  • Adobe Stock
  • 123RF
  • Getty Images 
  • iStock

You can also license and sell video footage, music, and illustrations to make money passively.

 

Purchase an Already Established Online Business

One of the advantages of owning an online business is that you can work from any location and make passive income. Building a new online business demands lots of money, time, and resources. To save yourself the stress of starting from scratch, you can buy an existing online business.

Sites like BizBuySell are a great place to purchase a successful online business. You will find lots of online businesses listed for sale. Once you have made up your mind to buy an existing online business, make sure you pay for what you have passion for and the necessary knowledge and experience required in that niche.

Sometimes, you may need to hire another to help you manage your online business to generate passive income. Ensure such a person has the knowledge and experience as well to run your business on your behalf. 

 

Peer-to-Peer Lending

P2P lending or Peer-to-Peer lending is a system that lends funds to businesses or people who do not meet the requirement for traditional financing. Firms like ProsperUpstart, and LendingClub offer returns between 4% to 7%, which is an excellent idea to generate passive income and a great alternative to a savings account.

Make passive income - build apps

Create Apps for Smartphone

How many applications do you have on your smartphone at the moment? Many smartphone users have plenty of apps on their devices that they use to make their lives comfortable, fun, and easy. The application development market is vast, and its growth is still on the rise. Imagine the number of people who have and use the TikTok app on their device.

If you can code, you can develop an app that will go viral using your creativity and skills. If you don’t have the expertise to create an app, but you have a great idea, you can hire the service of an app developer from freelancing platforms like Fiverr to design your smartphone application.

You can get your application across to smartphone users through mobile stores, such as the Apple store and Play Store.

You can monetize your smartphone app and earn passively through ads, in-app purchases, and sponsorship. 

 

Sell Audiobooks

Recording audiobooks is more complicated than writing E-books because it requires some specialized equipment and excellent speaking skills. You can also hire professionals from Upwork or Fiverr to do this for you if you cannot. 

With AudioBook Creation Exchange, you can distribute your audiobooks and sell them on platforms like iTunes, Amazon, and Audible.

 

Room Rentals

You can make money from this if you have an extra room in your home that you barely use. Using Airbnb, you can rent your place out to travelers in need of short-term rentals. Many people, digital nomads, and travelers prefer Airbnb in searching for short-term accommodation instead of staying in a hotel.

Provided you have a room to share, Airbnb makes it easy and secure to accommodate travelers. If you spare a room and live in a vacation spot, big city, or a desirable location, you can generate passive income from the comfort of your home by renting it out on Airbnb.

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