16 Easy Ways To Make Money While You Sleep [2023 Guide]
Imagine you are waking up in the morning, as the first thing you notice is a healthy bank balance that increased last night while you are sleeping. Sounds amazing right? This is completely doable, and many people have done it as well.
Making money while you sleep is a representation of passive income. It is where you have to put some initial efforts at the beginning and ultimately, gain cash flow automatically, with less time for maintenance required. The ways of income presented in this article will take you a long way towards your financial goals.
Below Are The Easy Ways To Make Money While You Sleep,
1. Drop Service
In simple terms, the drop service is the online business practice of selling a service to a customer for a certain price and hiring someone else to provide the service for the client at a lower price. You will not do the service but by another person. This is a similar business idea to dropshipping, but there is less involvement with physical products.
Drop service is the method of selling services (e.g. logo design, copyright, software development, UX design, etc.) to customers for a certain price (e.g. $500). You have to then find a person to provide the service for the customer at a lower price (e.g. $400). You will enjoy the difference (e.g. $500 – $400 = $100) as the earnings of drop service. Customers will not know that you have outsourced the project. You will be the intermediator between your customer and the outsourcing party.
2. Real Estate Investment
Real estate is a lucrative business from the good old days to the current years. The market revenue size of the Real Estate Sales & Brokerage in the US is $202.6bn this year. This is a huge market with growth potential.
There are many different ways for you to earn from real estate passively, while you sleep,
- Rental Income from Residential Property
Residential property is specific for living for individuals or households. This could be a single house in the land from an apartment in a big building. The US residential real estate market is poised to grow at 5.77% by 2026 (source: mordorintelligence.com). As an example, one of the most expensive monthly apartment rentals is in Los Angeles USA, which has an average of $2,545.
- Property Value Appreciation
The monetary value of the property appreciates in any country. Property value is skyrocketing day by day but the value. The United States house prices grew 18.1% YoY in Sep 2021, following an increase of 16.8% YoY in the previous quarter (source: ceicdata.com).
- Commercial Property Rental
Commercial property refers to a building/land that accommodates businesses intended to make a profit.
- Home Renovation Flips
Property flippers specialize in buying a house, modifying/renovating it in a short time, and then selling them with a good profit margin. Flipping is a lucrative business and you need to know how to find properties to fix up.
3. Book Publishing
This is one of the best passive income business ideas for you to earn while you are sleeping. You need to be a bit of a creative writer with some subject matter knowledge to hit this market. You have to invest your time and low cost to write and publish a book.
4. Vending Machine Business
We all have used a vending machine even once in our life. Vending machines are usually available in parks, industrial facilities, stations, and crowded areas. The cost to start this business is with buying the vending machine and buying the inventory to fill it. This business has surprising passive profit potential which can bring you thousands while you are sleeping.
5. Stock Market Invest
Investing in Stock Market such as NYSE, NASDAQ, or AMEX is a good option to earn a good passive income. You can benefit from the stock value increase of your investment as well as from dividend payouts. Companies usually pay a dividend for their shareholders yearly/quarterly, and this will be passive earning steam for the shareholders to enjoy their investment growth even when they are sleeping.
6. Facebook / Instagram Influencer
This is one of the best passive-earning business ideas. Facebook / Instagram influencers advertise certain products based on the high level of faith that they have built up with their follower base. A decade ago, the influencer audience was only developed by celebrities. Nowadays we have seen many new social media influencers rise with a growing audience.
You can promote products like home appliances, food, restaurants, clothing, beauty related products for your follower base. You will get a significant growing commission income after you post those on Facebook / Instagram, even while you are sleeping.
7. Sell Your Stock Photographs / Videos Online
Photography is a creative skill among us. Most of us do photography in our day-to-day life using smartphone cameras, or else using DSLR cameras. All you need is to buy a good camera and accessories to upload your stock photos/videos for others to buy.
8. Start A Blog Website
If you love writing, blogging is the most suitable passive earning idea for you. The best thing about it is that it can be turned into a lucrative income source to earn thousands of dollars per month, despite you are sleeping or actively working. The best thing is you can use your spare time for blogging and also this is one of the relatively easiest small businesses to start.
9. Start Youtube Channel
You can grow your audience using streaming platforms like Youtube. You can demonstrate your skills and knowledge about various things like technology, personal development, beauty, education-related, personal finance, etc. using these platforms.
It is possible to earn a good passive income from your content on display advertisements, product endorsements (affiliate marketing), and get traffic to your website. People will watch your videos and you will earn a commission even when you are sleeping.
10. Rent Your Car
You can consider o put your car on rental and earning some money if your car is sitting around idle. You can get support from various car rental dealers to find a rentee for your car. Or else there are mobile applications to facilitate this.
The retail business model is remade with the growing demand for eCommerce businesses. Dropshipping is an online reselling business practice where the producer ships the product to the consumer on behalf of the retailer. The retailer acts as the middle man to sell the goods to the buyer and place the order with the manufacturer on behalf of the buyer. The retailer can enjoy zero inventory cost with a profit margin.
12. Create an Online Course
People are heading towards more to get knowledge from online courses, rather than physically attending. You can create a course from the subject knowledge, skill, or experience you have. Udemy, Pluralsight, Coursera, Udacity, are some examples of online course providers which you can contact to publish your course on these websites. You will have to put some effort to publish the course and then you can enjoy the passive earning. You will enjoy the course enrolment income from your customers, despite you are working or sleeping.
13. Rent a Room or Annex
You can earn additional income if you have excess room or annex in your house. There are various streams for you to advertise your service. Online platforms like Airbnb are a good way for your to register your room or annex so that people can find them as vacation rentals.
14. Open a High-Yield Savings Account
A high-yield savings account typically pays a higher yield on your money than a standard savings account or checking account. While you take on zero risk with high-yield savings, you can grow your money daily basis on the pile the cash and earn a good interest income.
15. Publish a Mobile App
There are more than 3 million applications published in the google and apple app stores. Mobile application publishers usually earn more than $10,000 per month passively from these applications. There are 2 ways to earn money through mobile apps. You can show ads on your app and also you can enable users to conduct in-app purchases.
People will use your mobile app globally, even when you are sleeping for you to pile up your bank account with thousands of dollars.
16. Sell on Amazon FBA
With the service provided by Fulfillment by Amazon (FBA), you can store your products in Amazon’s fulfillment centers, and Amazon will pick, pack, ship, and provide customer service for these products.
You can create your white label products using sites like Alibaba for a very low cost, and then store products in Amazon FBA. Conducting an advertising campaign for the product is essential to gain customer attraction. You don’t have to worry about packing and shipping your products since Amazon will handle it through FBA.
Want to Start Your Own Business?
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