- Find it hard to focus on the right thing to make money online?
- Suffer from information overload?
- End up jumping from project to project?
- And still don't make any real money online?
Stop!
I have suffered all the above, and it gets you nowhere. It is time to focus. Pick a single method for making money online, and stick to it, follow it through, make no excuses and start the path to making real money online.
The following five methods are known to make money online, none offer a magic button where you can get rich over night for no effort, but all offer a real opportunity to earn a new and growing income stream. Pick one and run with it, please comment below to let everyone know how you are doing.
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| photo by Pedro Ribeiro Simões |
1. Make money selling your services
If you have skills that can be sold online such as writing, seo, web design, programming then you can sell your services through some very popular freelancing websites such as elance, guru and even micro services on sites such as fiverr.
Pros
- Well respected websites to promote your skills.
- Build a reputation as an expert in your field.
- Build a diverse portfolio.
Cons
- Often highly competitive.
- Difficult to build a reputation from scratch.
- No residual income, have to get more work to get paid.
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| Image by Martyn Saunders |
2. Get extra income from online surveys
Many online survey websites will pay you for your opinions, sometimes payment is via a voucher, not always cash. Survey can take from 5 - 30 minutes on average but you are always warned ahead of the size of the survey. Some online survey sites include: Swag Bucks, Global Test Market and i-say.
Pros
- A vey simple way to make money online - no special skills required.
- Collecting vouchers can be a great way to buy Christmas presents.
- Loads of websites to choose from.
Cons
- There are often small qualifying questionnaires which carry little to no reward before being invited to full paid surveys.
- Can be time consuming.
- No residual income.
- Some offer points and it can be hard to track expected payments.
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| Photo by Kristina Alexanderson |
3. Sell other peoples products with affiliate marketing
One of the most popular methods for earning money online is to become an affiliate. An affiliate promotes other peoples products and earns a commission on the sale. Some information products can earn an affiliate a massive 75% commission. Some popular affiliate websites are Click Bank, Trade doubler, eBay Partner Network and Amazon.
Pros
- Low barrier for entry.
- No need to have your own product.
- No need to have your own website.
- No customer service/support.
- Lots of very well respected affiliate portals to take care of tacking commissions etc.
- Get paid on time.
- Build up a residual income.
Cons
- You need to learn how to promote products online.
- You can miss a trick if you do it wrong.
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| Image by Leanne Boyd |
4. Create and sell your own information products
If you have something to share that others will benefit from then creating your own video, course, e-book or software can be a great way to make money online. Sites like Click bank and Amazon can be great resources for promoting and selling your information products.
Pros
- Sense of achievement and pride owning your own product.
- Ability to get others to promote on auto pilot.
- Can promote your own product for 100% commission.
- No inventory to hold.
- No postage or handling.
- Can update automatically.
Cons
- Need time to develop product.
- Product must be of suitable quality.
- Need to develop promotional material to attract affiliates.
- Must have a strong sales page.
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| Photo by Tesla314 |
5. Sell your own physical products
Selling your own product or your own private label products online can be a lucrative and fully automated online business, if done right. You can sell products online from your own website or from eBay, Amazon and many others.
Pros
- Selling a real, physical product just feels more legit
- Ability to build a brand
- Very current and lucrative opportunity
- Can automate with Amazon
Cons
- Cost to develop and source product inventory
- Cost for imports
- Still have to promote to sell
- If sitting on inventory then storage costs could escalate (although low)
Conclusion
Based on the above overview and looking at the pros and cons of the 5 ways to make money online, the conclusion is split into two parts:For beginners...
For a beginner, looking to earn their first $100 online; the pros of the affiliate marketing route, and the commissions on offer, seem to outweigh all other options.
You don't have to invest in a product or pay for inventory, you are not at the mercy of your customers or controlled by the quiz master, you are free to build a residual income with a near non existent barrier for entry.
For experienced online entrepreneurs and product owners...
For an already established internet entrepreneur, or for someone who already has their own product to sell, then having your own information or physical product is a great and perfectly legit way to make money online.
If you have an information product then get it on click bank and sit back while experienced affiliates promote and sell it for you - the ultimate in residual income.
