Earning money while you sleep? Not really. Other than inheritance or winning the lottery, there are really no effort-free ways to make money.
On the other hand, there are several ways that you can earn passive income. To be clear, these are not zero effort undertakings. Still, you can earn some cash outside of your small business or regular gig and you won’t have to put in nearly the same amount of work as you do pursuing your more active sources of income. If you’re interested in boosting your bottom line 2019, check out these 13 passive income streams.
1. Publish an ebook
You don’t need to be a famous author to make money from a book. Instead, of writing science fiction, consider the more pragmatic subjects e.g. business, marketing etc. If you publish an ebook that is targeted for a very specific audience, teaching a few highly-practical tricks, you can earn a few extra hundreds per month from just that.
2. Create an app
If you’re technically inclined, consider developing an app. Like an e-book, you can build an app to help increase revenue and engagement with your existing business. You can also develop an app to market directly to people on Google Play or the App Store. The key is to identify a need, then build an app that fulfills that need.
3. Vehicle wrapping
We’ve all seen those cars with magnets, window decals, or even full wraps advertising various products and services. Some people do this to advertise their own companies, but many others do so simply to earn a bit of extra income. There are businesses that will pay you to advertise on your car. Sometimes this is a simple monthly payment. In other cases payment comes in form of a commission when somebody calls or visits the website advertised on your vehicle.
4. Creating templates, online classes in other digital products
E-books and apps are just one of many digital products you can use to make money. If you have a skill to teach others, think beyond in-person classes & live webinars. Create an online class that people can pay to download or access online. If you write content or design websites, consider selling templates that you create for do-it-yourselfers.
5. Sell stock photos
Is the camera roll on your cell phone full of pictures you’ll never use? If so you can be sitting on a source of passive income. Try uploading these pictures to a stock photo website. Your images will be stored and indexed for others to find. If somebody decides to use one of your pictures, you’ll receive a royalty fee.
6. Sign on with a GPT website
GPT sites pay people in cash, crypto, or gift cards to perform simple tasks such as shopping online, signing up for free trials, searching the internet, or watching videos. These may not be entirely passive, but they are very little effort. There are even people who will play videos on unused devices just to collect a bit of money for doing so. This is known as phone farming.
7. Experiment with affiliate marketing and online advertising
If you have a website or blog that already gets a decent amount of traffic, consider online advertising or affiliate marketing. You can either sell space on your website to advertisers or you can promote certain products directly in return for a commission.
8. Try renting out your GPU
Purchased some fancy hardware for design and video editing projects. Well, your expensive gear can be rented out via the Internet for a fee. Scientists and machine learning specialists will gladly pay for you using your graphics processing unit (GPU) to run their research.
9. Open a turnkey business
If you have some money to invest upfront and want to start a more traditional business, there are some passive options for you as well. Coin laundromats, vending machines and self-service car washes are three examples of businesses that earn money without the owner being present.