Today, I want to share with you 5 legitimate ways to make more money by creating an online business that you are passionate about. And you can do this even if you have a day job or you only have a couple of hours a day.
Years ago, I got to know about online business for the first time from my then boyfriend (now husband). When he told me about making money online, my first reaction was that it could be a scam.
You see, back then, I didn’t know anyone who was making a living doing online business. To me, the only way to make money is to either get a job or do a brick and mortar business. When it comes to making money in ways that I am not familiar with, I immediately become very cautious and skeptical.
As I have read and researched more about online business, I became fascinated by the endless possibilities that it can bring. There are so many successful online entrepreneurs who are living their life the way they want, all thanks to the location independent business they have built.
And, they are just regular people like you and me.
What is their secret to success? It’s simple. They had a goal. Then, they made a plan to achieve the goal. Most importantly, they kept working towards achieving their goal.
So, the question becomes, if you are shown the way to create a freedom business, would you do whatever it takes to make it work so that you can finally get out of the rat race and live your life on your own terms?
Now, let me show you these 5 legitimate online business models:
What is affiliate marketing? Affiliate marketing means that you promote other people’s(or company’s) products/ services and earn a commission for each sale you make.
How it works is that you find an affiliate program that you want to join, then you apply to become an affiliate. Once they have approved you as an affiliate, you will be given a personalized tracking link. When people click this link to buy the product or service, they will know that this sale comes from you.
Typically, when you join an affiliate program, you will have an affiliate account set up and you can monitor all your sales and earnings from there.
So, how much can you expect to make?
Each affiliate program has its own payout structure and payment terms. Some gives a flat commission per sale made while others give you a percentage of the sale. As for payment, some pay you instantly because the product/service is non-refundable. But, if they have a 60 day money back guarantee for their products, then you will have to wait out 60 days before you can receive your commission payout.
Now, where can you find affiliate programs to join?
One trick is to type “the name of the product/service that you want to promote + affiliate program” in google search. It will let you know if they have one.
For example, if you are a beauty blogger, you can do reviews about skincare products and refer your readers to purchase skincare products you personally recommend.
Or if you are a blogger in any niche, you can talk about how you start your own blog and earn money by referring your readers to sign up with some of the web hosting companies.
Most bloggers promote Bluehost which pays a flat one-time commission of $65 per referral who signs up for their web hosting service. Here is how Michelle does it. From this single post, she has made hundreds thousands of commission from Bluehost.
There are also affiliate networks which you can join.
By joining them, you can access to hundred thousands of products that you can help promote. Here is the list of top 20 affiliate networks compiled by mThink:
Now, you know a bit more about affiliate marketing. Let’s take a look at one real life example of an online entrepreneur who is making a killing doing affiliate marketing.
Michelle is only in her 20s, and she has been making more than $50,000 a month in affiliate income alone consistently for years. In fact, just in March 2017, she made $86,255.36 in affiliate income. That is more than what some of us make in one year.
The advantage of affiliate marketing is that once you have made the sale, your job is done. You don’t have to worry about servicing the clients or shipping out the product.
The not so good part about affiliate marketing is that you are dependent on other people’s products/services to make a living. If they discontinue the product/service, you stop making money from promoting it. Also, most of your income would suddenly disappear if that is your biggest money maker.
Sell Digital products
If you have something to teach or if you have a solution that can solve people’s problem, you can create an ebook or an online course and then sell it.
It might take some time to put it together, but you only have to do the work once, then you can sell it over and over again. The best part about digital products is that you have almost zero cost and you don’t need to worry about inventory and shipping. Once your clients make the payment, they can access it by instant download.
But, would anyone actually buy ebook or online course? I used to worry about the same thing until I see their results.
Ramit Sethi has created a lot of online courses in areas such as entrepreneurship, careers and productivity. For example, his Zero To Launch course is about teaching people how to start an online business. It’s priced at around $2,000 and a lot of people still buy. From just selling digital products, he has made millions of dollars over the years.
Another great example is Eben Pagan. He is known as David Deangelo in the men’s dating world. What he does is that he teaches men how to attract women and get more dates. He started with just a simple eBook and a newsletter and slowly grew it to a 20 million dating advice business.
There are many more examples of people who turned their knowledge/expertise into income by creating an online course.
This lady called Caitlin Pyle has been making consistent 5 figure annual income doing freelance proofreading from home. After her husband convinced her to create a course to teach people, she decided to launch an online course called “Proofread Anywhere”. Her online course sold very well. Just over two years, she and her husband made 1.7 million online.
Online Consulting/Coaching services
If you don’t like creating digital products, there is another good(and faster) way to monetize your expertise/knowledge – offer consulting or coaching services.
For example, if you are good at Facebook advertising, you can offer Facebook advertising consulting services to businesses who need advice on how to effectively use Facebook to market their products/services. Or you can offer a coaching program to people who are interested in mastering Facebook advertising.
So, what is good about this business model?
First, you don’t have to spend weeks or months to create a product that you are not even sure will sell or not. Second, you can charge much more for coaching/consulting because you are offering your personal help.
Let me show you a good example. Frank Kern is a direct response marketing consultant. He charges his clients a recurring monthly fee of about $10,000 to continue working with him. What is so clever about this recurring revenue model is that he does not have to worry about getting new client at the start of each month. If he does an awesome job, gets clients results and makes them happy, they are going to stay with him for months to come (if not years).
Today, more and more millennials want to break free from their 9 to 5 jobs because they want to have more freedom and live their life on their terms. If you are also tired of being trapped to a desk job, you can probably consider becoming a freelancer.
To kickstart your freelance business, you need to first find an idea.
People always have the thinking that to make money, they must come up with the most brilliant idea or an idea that nobody has ever thought of before.
If no one else is doing it, there is a pretty good chance that there is no demand for it. If there are already people who are offering this kind of service, that is good news. That means it has a market for this type of service.
It is not a bad thing that you have competition. If you are smarter than them, provide a better service than them or market better than them or work harder than them, you can make more money than them.
Freelancers basically use their skills or knowledge to provide a service for a fee. The good thing about doing freelancing work is that you can start making money pretty quick compared to, let say, launching a product (it take very long to create the product, then you need to market the product and find buyers).
When you look around you, you will see that people make a living from selling their skills all the time.
For example, I have a friend who is a photographer. Photographers can make anything from a few hundred bucks to a couple of thousand dollars depending on the project. He regularly takes on 2 – 3 projects doing wedding photography every month and make 5-figures monthly.
Not only is he doing what he loves but he is making a living, not to mention a comfortable living. And the best part is that he does not see it as work. It is his passion turned into business.
Maybe you are good at playing the piano or the guitar. You could offer classes or private tuition to friends and family for a start. Then ask them to refer clients for your business. Giving lessons is one of the best ways to get a side income because your income will be recurring.
Or maybe you are good at designing. You could offer your services to companies who require designs on a regular basis. Designing is one of the most needed skill for companies because they will always need design works for their marketing campaigns.
What skills do you have that are sell-able? It could be anything at all. You can start from examining your own life and things that you do regularly. Then, find a skill that you are good at or an area you are an expert of.
Next, you think about how that can be translated into a service you can offer. Then do a quick google search to see whether there are always people providing such services.
If yes, that simply means there is demand for it. If there is google ads displaying at the top of the search results page, that is even better news.
If people are willing to pay money to advertise on google, that means they are making good money from offering such services.
Once you have decided what service you want to offer, the next step is to find paying clients.
There are a lot of websites where you can find freelance work. For example, Fiverr, Upwork, Peopleperhour and Freelancer. But, the problem with some of these websites is that it is very competitive.
Why so? Because a lot of freelancers from third world countries are willing to do the same work for very cheap.
If you want to get good paying gigs, you will need to find good clients who pay for value.
Amazon Kindle Publishing
Years ago, if you wanted to write a book and had it published, it would seem like mission impossible. But with amazon Kindle Self-Publishing, it has become very easy for anyone to publish a book(eBook & Paperback) and reach millions of readers worldwide.
In fact, it only takes less than 5 minutes to publish your book on Amazon. Then, your book will appear in Kindle store in less than 48 hours. For every book sale, you can earn up to 70% royalty.
I must say that this is one of the best passive income streams you can ever get. Once you have listed your book on kindle, all that is left to do is to promote your book. Everything else is taken care of by Amazon.
But, here is not so good part.
Although it is easy to get your books listed on amazon, it is not easy to have a bestselling book.