Today, having a side business income has gone from being a luxury that used to be a bit like you just earned extra income to what it feels like now. It’s pretty much a necessity for most people, so without further ado, let’s get into the 12 ways I’ve found to make great website income online. I’m not alone just saying these are great, but there isn’t some way to rank or rate or rate different things, so first thing, I want to walk you through how I determine what’s a good way to make money online and maybe not.
I have some criteria here. The first is how long it takes to start making money, some of the ways you make money online can take months to actually make your first dollar. But there are other ways you can make money online, and you can literally make your first dollar today. Therefore, we will discuss the following.
The next one is the startup cost. How much does it cost to start doing something that will help me make money, some things you can start for free or very close to it, but other things will require some kind of upfront investment before you can make money out of it.
The next one is Time ROI stands for return on investment. Basically, from a financial standpoint and a timing standpoint, it’s just when you start earning more than you put in, so some things you might start earning your first dollar today, but the return on your investment is either Still negative for a while, or just very low. So in order to be able to get a substantial return on investment, it actually takes more time than you might think.
The second is ROI. How much do you get back for every dollar you put in?
I’m scoring each one of these sorts on a one to ten so a 10 is good and one is not good right. The amount of ROI the higher the number it means the more you’re making back for every dollar you put into it.
The next one is outsourcing potential. Now I included this because oftentimes with side hustles you can start doing it but it’s time-consuming and so to be able to actually like keep this hustle going you’re going to need to get somebody else to start doing some of the legwork for you and so that’s one of the criteria I use is how easy is it to be able to put some sort of a system or process in place and just get somebody else to do that part for you for like a base fee.
The next one is how passive is this from a Time perspective can we do. Some work up front and then mostly leave it alone and just check in on it every now and then and continue to make money or is this something where we’re going to have to actively be churning and doing the work to be able to continue to earn a good income from it.
Lastly is the success probability. What is the likelihood that you’re actually going to make more money from this than what you spent? So we’re going to give each of the different 12 methods one of these scores.
Now I’m not going to go through every number here if you want to see all of the numbers. I’m going to invite you to check out this blog post I put all the numbers in a table but also I’m going to go through each of the 12 ways and each of the criteria and give a little explanation for why I scored it the way that I did. I want to highlight the key things from each of these 12 different ways to make money online either the thing that makes me really think it’s a good option or in some cases may be the thing that prevents me from wanting to do it so without any further Ado.
Facebook Reselling
Let’s talk about Facebook Reselling. What I’m talking about here is using tools like Facebook of Craigslist.
If there are other um sort of like listings classified listings where you live to be able to use those to identify things that people are selling that they’ve undervalued and that you know something about so you can take that purchase it and resell it. In some instances, you can literally just buy it now list it and resell it for more in many other instances you’re going to buy it and maybe make some improvement to it maybe clean it up maybe refurbish it a little bit if you have those skills and then go resell it for a more substantial profit and it’s a huge opportunity and the thing I like most about this is the time to your first dollar and the time to where you’re earning a return on investment and that is just how long does it take you to buy something and resell it for more. It could literally be today. The best thing about this it’s kind of like Facebook Arbitrage.
Arbitrage is when you see that something is undervalued here and you can buy it and you can sell it here for more. Now with Facebook, you might think how is that possible if it’s really undervalued wouldn’t somebody else buy it up immediately. That’s where kind of the legwork comes in because you’re going to need to be identifying some of these opportunities quickly right when they come up. But also sometimes people don’t know what their stuff work. If you can make a purchase like they haven’t done a good job of pushing it out to the Right audience they haven’t done a good job of talking about it and because of that you recognize what it is, you purchase it and then you go and you put it in front of the right people. You categorize the product properly you give it the right explanation in the right description and that way somebody else is going to Value it much higher now.
Selling Your Own Products
The second way that I want to talk about is making and Selling Your Own Products. Now you might wonder what it has to do with online. That’s because the internet enables us to make products and then sell them all over the place. You know let’s say you make some sort of crafty product, you can sell it on Etsy, you can create a Shopify store, you can continue to use Facebook Marketplace and sell locally.
But using the internet to do your marketing for you. It’s so much easier today to sell stuff. If there’s something that you’re good at and something you know how to create, you can go ahead and make it and go ahead and sell it. Some of the things I like about this is again you can start making money fast, maybe not quite as fast, because you have to go get some raw materials, you got to make something and then start selling. It’s so you’re probably not going to make your first dollar from it today. What I don’t like about this though is just it can’t really be passive. In order to make a buck, you have to sell you have to create something and then sell it whereas there are some other businesses that we’re going to talk about here. Where you can do the work once and you can continue to earn money from it for a very long time.
Affiliate Marketing
The next one is affiliate marketing. Affiliate marketing is one of those that can be fairly passive but it just depends on how you’re doing your affiliate marketing. The way this essentially works is I become an affiliate for somebody else somebody else’s products and you can link to products from your social media accounts you can link to it from a Blog, or YouTube videos. The method that we like best is to build our own websites and create blog content that drives traffic and then use affiliate links as one monetization strategy for those blog posts. We do the same thing with YouTube videos. Now what I love about affiliate marketing is there’s like no startup cost and there are no products for you to deal with or anything. You’re simply using the influence you have to make recommendations to other people and then earn a commission when they use your link to go purchase the product.
But you’re going to need an audience first, which means that it takes a little while before you really start earning good money from this. It’s just an amazing income stream and pretty dang passive once you finally get there.
Info Products
The next way to make money is through informational products. We call these info products. Essentially what you’re doing is you’re taking some information that you know about and you’re packaging up that information in a really helpful format for people. The kind of most basic form and the one that’s perceived to be probably the lowest value is the ebook but I mean you don’t have to write a full big book. It can be fairly short and you package up some information in that format and then we sell it you can sell them on Amazon
But also this doesn’t have to be in the ebook format, audio guides and video courses. There’s one of the best ways to put out an info product. What I love about this is it’s your product so you get to keep all the income from it, but the cost of each incremental sale is like zero dollars because you create the product once and now it’s digital and you can sell it to as many people as you want without it having any more cost. It’s again just going to take a little bit of time or some other effort to be able to build up some sort of an audience that you can push this info product.
Consulting
The next one I want to talk about is Consulting. Again the internet makes it so easy to connect you to people that want whatever it is that you know something about.
If you can build up an online presence using social media use your LinkedIn, YouTube, Blog or use any of these different formats and these different platforms to be able to connect with people. As you do that you can then start offering consultations with people, the beautiful thing about consultations is you can do them live where people schedule a time to physically meet with you well physically virtually or over the internet.
But you can also do these asynchronously when they submit their questions or their concerns or whatever their situation is and then you provide them with your consultation with your input on their situation separately. So what this usually looks like is they purchase a survey fill out the survey send it to you and then you can either write an answer or record an audio or a video response to them and then they receive that feedback. I did this a lot before doing courses and it was amazing because what it did is it helped me to know what questions people were asking and what issues they were running into so when it came time for me to create an info product of some kind or an online course. I was ready and knew all the answers to exactly what questions they were going to have and exactly how to help them and it made my courses better.
Freelancing
The next one maybe you’re like oh but I don’t have like huge expertise in anything that’s fine. The next one is freelancing. There are some amazing platforms where you can take something that you do have some skills in maybe you’re good at customer support, you can reply to emails and maybe you’re a good copywriter that you can write a good blog post or a good article.
Well, there are platforms like Upwork for writing, there’s the ProBlogger platform and there’s Fiverr where you can take whatever skills you have and do that work for other people on a freelance basis where either one you can get paid specifically for the one thing that you do like one project. You can do ongoing work on a freelance basis, freelancing is an amazing way to take whatever skills you have and make those skills available to other people.
Book Publishing
The next is book publishing. Now I have gone through the process of publishing a book selling it on Amazon and all of that stuff. It is a hard process and it can be difficult to make a lot of money with it. It’s, not one that I can provide you with a lot of instruction on it. But it is one way that you can make money especially if it’s something that you do know about or if it’s something you’re highly interested in and you can dive into it and just learn everything you need to learn.
Maybe you’re a great writer and you’re just dying to get your novel out there and you could help other people to write, edit and publish their own non-fiction book, there are a lot of people who will write a book and it’s not necessarily meant to be a New York Times bestseller. It’s almost meant to be a very long business card, it’s sort of like a credential to give them a little bit more Authority in whatever industry that they do their work in this.
Create Apps
The next one is if you have a skill set in computers, particularly in coding development or even if you just have the skills to use the software other people have created to create your own apps or frankly. We say apps and software, even just made online tools by using things like Google spreadsheets where we do all the calculations and stuff for a specific purpose. If you can create anything like that making these kinds of products and then selling those can be a fantastic way to make make a great income. Again you can develop your own audience and then sell those tools to your own audience, but also you could develop these tools on a freelance basis for other people who already have an audience. So there can be many many different ways to reach other people what I love about this type of product is once again it’s your product you created if you’re selling it yourself to your own audience the incremental cost of each sale is zero. You just make money every single time that a sale is made it is literally just infinitely scalable.
Online Courses
The next one I alluded to a little bit earlier but there is a little bit of a distinction and it is to create online courses. The reason I distinguish it from other info products is that many other info products I’m going to want to sell directly on my own site or allow other people who have a website and an audience to be able to sell my product and earn a commission for every sale that they make that all work great. With online courses, there are numerous platforms that exist that are out, there that host online courses and so you can literally just create your online course and Market it through those existing platforms to make it a lot easier you don’t even have to build up your own audience. That said if you can build up your own audience, you’re going to be able to make a whole lot more money from this online course that you create than if you’re going to rely on somebody else’s platform to do a lot of that for you.
YouTube Channel
The next one is to create and grow a YouTube channel. Now having a YouTube channel directly doesn’t necessarily make you a bunch of money but there are numerous ways to monetize a YouTube channel some of which we’ve already talked about.
You can create your own info products or your own online courses, and you can do affiliate marketing but also you get to earn money from the YouTube Partner program which is essentially where they show ads both before your video as well as they display ads during your video and then you make an income just from those ads. When we add up all of these different ways to make an income online and we do those through our YouTube channel, the power of that the amount of income that you can earn goes up substantially and knowing how to make a good YouTube channel just isn’t that difficult.
Podcasting
Along those lines but for those people who are like I just don’t want to be on camera. Podcasting is a terrific way to make a great income. Now podcasting is a little bit different with YouTube, YouTube is an amazing discovery engine, they’re going to push videos out to the people that they think they’re relevant to so as long as you make a good video and as long as the videos on your channel seem to fit a particular audience YouTube’s going to promote it to them.
Podcasting doesn’t provide the same sort of discovery engine. There’s no place where people go and browse podcasts. You don’t listen to one and your podcast players here are some other podcasts you might be interested in it. Just doesn’t work the same way as YouTube, that said when you do have a podcast and you get it in front of some people, the reach that you have to those people the time they spend sitting there listening to what you have to say and getting your message across, you have a much more captive audience than we get on YouTube. Where people are kind of jumping from channel to channel to look at the video that, they’re most interested in watching next. So all it takes is getting started having a good topic and then making good content, you have a message to get out to the world no matter what the topic is a podcast can be a great way to do that. Then we monetize it again through many of those different ways that we’ve already talked about.
Blogging
Finally, I want to talk about blogging. Blogging much like YouTube and much like a podcast is a great way to build an audience to Captivate that audience and then monetize it through all of these different methodologies, such as through info products to selling your own physical products if you have them affiliate marketing, doing consultations for the people that come to your blog, you can make and sell apps and other software that you created if that’s something that you know how to do you can make an online course.
So many different things we’ve talked about can be done through a Blog and blogs what they’re doing is they’re using the power of search engines, so what we do is we craft content that fits searches that people are making and then they find our content they read it and now we have an opportunity to earn an income from them at very very least blogs are earning good incomes, it just from the ads that display on their website. If you’re interested at all in earning any income on the side, there are many of these methodologies are going to work really well for you, like some of them are requiring you to build up an audience or gain access to somebody else’s audience to be able to sell that product or to be able to do that form of monetization. Others of these don’t require any audience at all, Facebook reselling selling products on Etsy, all sorts of things that we can do without building up any sort of audience. So you pick the path that’s going to work for you and to help you do that I’ve created a tool that I want to give you for free.
Let me show it to you here. This is the same table that I showed you in the blog post. The difference is this table is going to help you figure out which of these monetization methods and which of these income streams is going to be the best one for you to start with the way that it works is here along the top we’re going to give each one of the criteria we talked about at the beginning of a score from 1 to 10. So let’s say I want to make money as soon as possible and I give the time to the first dollar at 10. But I don’t really care how much it starts and how much it’s going to cost to start up because I’ve got some money set aside I just wanted to make money fast and I want to earn my money back quickly.
So I give the time to ROI on a 10, I want the amount of ROI to be a 10, I want to be able to Outsource this I’m going to give that an eight, I want it to be fairly passive to give it a seven and I want to like guarantee that I’m going to make money.
When we do this, I get these scores and you can tell several of these pop up with a dark green, the darker the colour the higher the score and then as we look at the number we can see Facebook reselling, that’s the one that best fits what I want.
It’s all going to help you on how to make Good Money Online and all the ways you need to try it. Please share this article with your friends on social media, and get more people to understand how to make money on the internet.
Title: 12 Ways to Make Good Money Online
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