The 10 Best Ways to Make Money Online
Today you have an enormous amount of opportunity to increase your income and make extra money every month. The easiest way to increase your income is to make money online. When I say easy, I don’t mean you can quickly choose a path and start making money right away. What I mean is you can get started without too much hassle or investment. Regardless of the venture, commitment, dedication, and taking massive action will determine your success.
The best opportunities to make money online are passive opportunities where once it’s setup it will earn you money month after month without too much effort. Here, we will list our top 10 “make money online” opportunities that we think are your best bet in today’s market to earn a passive income every month.
Why Aim for Passive Income?
Before we dive deep into these profitable ventures, let us quickly go over why you should aim for passive income. Passive income is, by far, the best way to earn money, at least we think so. Passive income allows you to be free to do the things you love, to get rid of the 9-5, and to live each day as you see fit. Earn money while you sleep, while you’re on vacation, while you’re out with friends and family, and every hour of the day regardless of your activities. Today, the best way to earn passive income is by making money online.
When you build an online business, your potential reach is to billions of customers. Currently, about 3.7 billion people use the internet with an increase in users each year. No other business model can allow you to have quick access to this number of potential customers. If you were only to receive business from 0.001% of internet users and you earned $1, in profit, from each one of those users, you would be a multi-millionaire ($3.7 million to be exact). We added these hypothetical figures to demonstrate the massive potential the internet offers to make money online. Of course, there are plenty of things to consider, but the opportunity is real.
Now, let’s take a look at what we think are your best opportunities to make money online.
1. Affiliate Marketing
Affiliate marketing is one of our favorite methods to make money online, and why it’s our first choice. It’s a simple process, choose products/services you want to promote, get your affiliate links, promote the products/services, and earn a commission from each sale. As simple as this may sound, it does take time and effort before you make your first dollar.
Affiliate marketing is one of the less capital-intensive ventures to make money online. You don’t need to build a product or service, you don’t need to be an expert, and you don’t need to build a page/site dedicated to selling the product/service. The only thing you need to do is promote it. There are plenty of different ways you can go about promoting and a couple of our other top choices go hand-in-hand with affiliate marketing.
Amazon has changed the game for those looking to write their own book. Amazon’s Kindle Direct Publishing allows you to self-publish your book to be visible to millions of Amazon customers making this an excellent way to make money online. Amazon isn’t the only place to self-publish your book, but it’s hands down your best option when starting out. Currently, Amazon has about 300 million users worldwide making it an attractive platform to self-publish your book.
Self-publishing is a great way to get started making money online. You can publish both non-fiction and fiction content, and you can build an audience that can lead to other avenues for you to earn more money online. There are many strategies you can use to self-publish your book, and some include hiring freelancers, or companies, to write the book for you. It can be a bit costlier than affiliate marketing but still inexpensive enough that anyone can get started.
If this sounds interesting to you, check out our post on self publishing!
3. Amazon FBA
Right now, Amazon’s FBA program, Fulfillment By Amazon, is the easiest way to sell products online. If you are not yet aware, most of the listings you find on Amazon.com are by third-party sellers, even those listed as Amazon Prime. Amazon FBA allows you to list your products as Prime, giving your listing a tremendous value to Amazon’s customer base. Not only do you have the benefits of having a Prime listed product, but Amazon also deals with all the hassles of shipping; the only worry you have is making sure your listing is fully stocked in Amazon warehouses!
Amazon FBA is a great way to make money online. It’s also extremely passive once it’s up and running. It’s more capital intensive and higher risk since you need to purchase products first before you can sell it. But the trade-off for greater risk is the potential money you can earn and the passiveness of the business model. If you have a good chunk of money to invest, this is an excellent opportunity to make money online.
4. Informational/Digital Products
Can you think of a better way to make money online than by doing something you love? Informational products are products that contain valuable information for the consumer. You exchange information for money. Informational products are usually in digital form, but in some cases, it can be DVDs, paper books/text, etc. You’ll want to stick to digital format to increase its reach and ease of delivery. If you have an interest in a specific area, field, or industry and have valuable information, you can easily package that into a digital product and sell it online.
Now, you don’t need to be very interested in a topic or have a passion for something to create informational products; research can suffice as well as long as it offers value to the end user. Information products are low entry, and anyone can get started making money online with it. You can also provide your own affiliate program where others promote your products and earn a commission!
Another way to make money online doing something you love. Write about your interests, lifestyle, adventures, and so forth and make money while doing it! Blogging is an excellent way to engage with people and build a following. Writing itself won’t make you money online, at least not on your blog, but it’s the traffic that you generate that can. A few ways to monetize your blog is by adding ads that make sense to your topics and bring value to your readers. You can also add affiliate links and promote products/services through your blogs. You can collect emails and send out promotions. These are just to name a few.
Blogging can be a bit more active regarding making money online since you’ll need to regularly post to keep your audience interested. But it offers a lot of potential. There are ways to turn your blog into an entirely passive income source by outsourcing the writing, but that’s entirely up to you! Again, low entry to get started.
6. YouTube Video Reviews
People love watching videos and most of the time prefer it over written content. Currently, video accounts for 74% of all online traffic, that’s a serious figure! Product/service reviews are an excellent way to make money online. Pick a product you enjoyed (or hated), create a video reviewing it, post it on YouTube, add an associated affiliate link in the description, and enjoy some extra money! Pretty simple, right? It can be, but it will require a bit more effort than that such as optimizing your video for search but overall pretty straight forward and only costs you the price of the product or service your reviewing (we assume everyone has a camera on their phone).
YouTube video reviews are a great source of passive income, it’s inexpensive and goes hand-in-hand with affiliate marketing. Thanks to Amazon’s Affiliate Program, you can write a review for just about any product and get an affiliate link for it!
7. Membership Site/Online Course
Similar to informational products, you can set up a site dedicated to teaching others and providing value for a particular niche. A membership site is a great way to make money online by providing regular monthly income in exchange for great content and information. Your membership site can be an online course that’s consistently improving each month, a focus group site with premium content, or any other creative way you can always add value to others.
Online courses fit in with membership sites since you can easily have your online course be membership based. You can provide monthly updates and contents thus enticing users to pay for your membership fee. Entry can be a bit more challenging and time-consuming but can be very lucrative. Similar to information products, you can provide your own affiliate program and have others promote your courses/memberships.
8. Consulting & Coaching
Consulting and coaching is a more active way to make money online. If you’re really good in an area, field, or industry and have results to prove it than you can start making some real money by providing consulting/coaching to others seeking help. There are ways to make this a bit more passive, but this is usually an active form of making money online. As you grow and achieve better results in your niche, you can start increasing your income by increasing your rate. Consulting and coaching can also lead to membership site/online courses, blogging, affiliate marketing, and information products which also means those particular ventures can lead to consulting and coaching!
You should be proficient in whichever topic you are consulting/coaching and should have a track record of your successes. Other than that, low entry as well.
Everyone uses some type of software to get things done, to seek information, or for social reasons. Today, software is everywhere, and if you can provide a solution to people’s problems in the form of software, you’ll cash in pretty big. Software may be one of the most profitable ways to make money online and can be very passive with only maintenance work. You build it once, or have it built, and release it to the world. There are many ways you can monetize your software; monthly subscription, one-time payment, ads, etc.
Entry for this is pretty high, you either need the skills necessary to write code or you need to hire someone, or a team, to do it for you. Software is the most capital and time intensive on this list but also the most profitable. Some of today’s most successful companies are software based.
10. Mobile Apps
The majority of today’s phone users use smartphones, and anyone using a smartphone is using apps. Mobile apps are a great way to make money online, earning you money month after month. You can monetize your mobile app through ads, in-app purchases, or one-time fee. There are a few apps out there that require a monthly subscription to use all its features.
Just like software, entry is high for mobile apps, requiring either the skills or hiring a developer/engineer, or team, to have it built.
These are, what we think, the best choices to make money online. We prefer passive income over active, and so most of our choices were based on that criteria. Other than coaching and consulting, you will find each one of these an excellent source of passive income when it’s up and running.
If you want to succeed making money online, focus on providing value to your customers. The more value you provide, the more money you make. Make that your primary focus and success will follow.
As always, let us know what you think about this post and share your thoughts or experiences with any of these make money online ventures!