7 Genuine Ways to Make Passive Income While You Sleep

7 Genuine Ways to Make Passive Income While You Sleep

#1. Sell an Audiobook

Recording an audiobook is more complicated than writing an eBook because it requires good speaking skills and some specialized equipment to record a professional audiobook.

 If you are not able to do it yourself, you can easily outsource it to professionals on a site like Fiverr or Upwork.

You can use the AudioBook Creation Exchange to distribute and sell your audiobook on Audible, Amazon, and iTunes.

#2. Rent Out a Room

Do you have an extra room in your house that you rarely use?

You can rent it out to travelers looking for a short-term rental on Airbnb. Millions of people, frequent travelers, and digital nomads prefer Airbnb to find a place to stay instead of staying at a hotel.

No matter what kind of room you have to share, Airbnb makes it simple and secure to host travelers.

So, if you live in a desirable place, a big city, or a vacation spot, you can rent out a room on Airbnb and make passive from home.

#3. Develop Smartphone Application

Smartphone users are using countless apps every day for entertainment purposes and to make their daily lives more comfortable.

The app market is huge. It’s growing more than ever before, and that’s why apps like TikTok gets a vast engaged audience.

If you have required coding skills, you can easily create a viral app using your skills and creativity.
If you have a valid idea, but you don’t know how to develop an app, you can hire an app developer from Fiverr or another freelance marketplace to help you design your app.

You can distribute your app to your target audience using the Google Play Store and the iPhone App Store.

To generate passive income, you'll monetize your app using ads, sponsorship, and in-app purchases. 

#5. Peer-to-Peer Lending

Peer-to-peer lending, also known as P2P lending, is the system of lending money to individuals or businesses who don’t qualify for traditional financing Companies like LendingClub, Prosper, and Upstart offer returns in the range of 4-7%, which are passive income and great alternatives to saving accounts.

#6. Buy an Existing Online Business

The benefits of having an online business are that it allows you to work from anywhere, and it can generate passive income. 

Starting an online business from scratch can take a lot of time, money, and other resources.
So, why not buy an already established online business?

You can easily buy a successful online business from websites like BizBuySell. It has hundreds of online business listings that are for sale.

Always consider buying an online business that you’re passionate about, and you have some experience with the industry.

For some online business, to make passive income, you’ll need to hire someone to manage the business.

#7. License and Sell Your Photos

If you enjoy snapping pictures of the world around you and you know that you’re an excellent photographer, then you can license and sell your photos online to earn passive income.

Most websites pay you based on the number of downloads. Once the photos are uploaded, you'll be earning passive income whenever someone purchases them.

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