Their are hundreds of ways to make money online. Some opportunities are popular and have the potential to make big money. Other opportunities are less recognized and have the potential to make lesser amounts of money. This list represents the more popular and profitable ways to make money online. The opportunities on this list can be a consistent 5-8 figure yearly income, if developed and promoted the correct way.
Blogging has a low barrier to entry. It takes less than 10 minutes to setup a new blog. Since the barrier to entry is so low, their are millions of blogs on the internet. Some blogs get no traffic and make no money while others can easily make 6 or 7 figures a month. The thing that separates popular blogs from unpopular ones is the ability to publish good content, drive high volumes of traffic and monetize that traffic.
One of the best things about blogs is that you don’t have to write your own blog posts. Their are a lot of people online that will write for you, which will allow you to focus on marketing. As your blog grows it can be a launching pad for other websites or the creation of your own products and services. It’s low barrier to entry makes blogging a somewhat unappealing business opportunity. However, your ability to go out and find readers can set you apart from other bloggers.
Affiliate marketing is the promotion of other companies products and services for commission. People skilled in affiliate marketing can make millions. One way to promote affiliate products is on a website you own. Just post a banner or link to a companies product or service. If one of your website’s visitors clicks your link or banner and takes a specific action, such as making a purchase or signing up for something, you make a commission. The amount of money made using this method depends on the traffic volume of your website.
A second method is the Pay Per Click (PPC) arbitrage method. This is a method that you should study before diving in. This involves sending paid traffic directly to an affiliate offer or to a landing page that links to an affiliate offer. This is a more risky method of affiliate marketing because you are not guaranteed to make back the money spent on advertising. You could spend $100 promoting an affiliate offer and make $10 in commission which would be a $90 loss. On the other hand you could spend $100 on advertising and make $250 which would be a $150 profit.
It sounds easy but believe me it is not. Their are other elements at play like knowing where to advertising, tracking everything, keeping up with the latest trends, getting creatives designed, picking the right offers, etc. The fact that it is such a complex method with so much to learn is why it took me a year of testing campaigns and losing about $10,000 before I started to have success. Other people have struggled just as long or longer to have success. Even though this method is risky it has its rewards. It changed my life at 25 by helping me get out of debt and buy my first house. I know it has helped countless others reap rewards of 6 or 7 figures profit each month.
Compared to blogging and affiliate marketing software has a higher barrier to entry. Depending on what your software would look like and how it would function you could be paying from 4 figures all the way up to 6 figures for it’s development. In addition to the development costs, is the difficulty of finding the right person to do it. While setting up a blog can take 10 minutes, finding the right software engineer can take months.
The easiest software to have created is server based software. Usually referred to as scripts, they are installed on web servers. WordPress is a piece of software that fits into that category. Next is desktop software. An example of desktop software is Abobe Photoshop which is installed on a hard drive. The final software type is Software As A Service(SAAS). This is hosted software that allows people to access the software if they pay a recurring fee.
Most people like to avoid business opportunities that are difficult. Don’t be that person that runs away from software development because it sounds hard.
This another opportunity with a low barrier to entry. In fact you can sell and eBooks without every writing a word if you can find a person to ghostwrite it. Amazon is probably the first thing that comes to mind when you say eBook, but the people that make millions selling eBooks sell them on Clickbank.com. Clickbank.com is a marketplace that sells digital products like self help eBooks and courses as well as software and scripts. People that sell their products on Clickbank.com package their information in a sales funnel which allows them to sell many products rather than just one. Clickbank.com also has large base of affiliates. That means that authors have thousands of people that will promote their products for commission.
Even though creating an eBook can be simple, you still have to be able to drive sales. That is why many eBook creators start as affiliate marketers. Once they realize they can promote other authors eBooks and drive sales, they decide to create their own.
Selling Physical Products
Selling physical products had a high barrier to entry in the past. I think the barrier to entry is getting lower. Sites like Alibaba are making it easier to find things to sell online. Also, their is lower risk when buying items because companies have lower minimum product orders than in the past. Due to the lower minimums people don’t have to worry about having a basement full of stuff they can’t sell. Shipping is also becoming less of a hassle with sites like Fulfillment By Amazon (FBA) setup to ship items for you.
Even though selling physical products is getting easier, you still need money for inventory upfront. You also need marketing savvy so that you can drive sales.
As you can see their are many opportunities to build a full-time or part-time business online. The difficulty level of establishing a business in any of these areas varies. One thing that is a constant between them is the importance of promotion. No matter how good your website or product is you need to have the marketing skills to tell people about it. In the future I hope to expose you to different traffic generation methods that can be used to promote your websites and products.