An established international entrepreneur & expert marketer who has successfully built multimillion-dollar businesses. CEO of Mawer Capital.
Are you looking for more creative ways to boost your income online? While some income streams online require funds to get started, there are just as many opportunities with no (or a low) financial barrier to entry.
I have used the internet to generate income for myself in multiple different ways for nearly two decades. Over the years, I have experienced different ways to make money online and know just how easy it can be.
Why Have Multiple Income Streams?
Just as diversifying your investment portfolio is good practice for your finances, having a diverse income stream can be a fun way to make money and create a financial safety net.
Getting started with additional income streams isn’t as difficult as you might think. As long as you have a basic understanding of how to create content and drive traffic, you can begin tapping into the following six income streams. I have used each of these income streams to generate income for myself. Some take a little more elbow grease than others, but each of them can make money online.
Arbitrage: Buy Low, Sell High
I got my start as a teenager selling on eBay using the arbitrage method. Whether you’re a beginner or an experienced seller, arbitrage is one of the easiest ways to get started with e-commerce.
You can begin by researching viral or hot-selling products online that have been heavily discounted during sales such as Black Friday. Then, relist them for sale at a higher price on an online marketplace.
Additionally, you can take time searching through online marketplaces like Facebook, Craigslist, OfferUp, etc., and find listings set at a low price and relist them for a higher price.
The trick to starting this income stream at little to no cost is to only buy products for resale once you have a buyer for them.
Digital Products: Monetize Your Expertise
Creating digital products is a great way to monetize your knowledge and experience. You can sell online courses, start a podcast, offer coaching and more.
There is no limit to the amount of money you can make selling digital products. About 12 years ago, I sold more than 100,000 online fitness coaching packages, which generated over $10 million in revenue.
Digital products are the perfect choice for those with artistic or creative sides. If you’re a designer, you could sell social media templates or industry-related guides. Search online for more ideas of digital products you can create. The options are endless.
While this one may take more time to develop the product on the front end, it doesn’t cost anything to create the product and it can last forever.
Affiliate Marketing: No Product Development Required
The beautiful thing about affiliate marketing is that you can sell a top product created by an expert and you don’t have to do any work in developing or creating the product.
You can become an affiliate marketer for digital products by going directly to the creator and seeing if they offer an affiliate marketing program or by searching affiliate marketplace sites.
By creating content where you can promote their product with a link to the product, you can earn a commission percentage for each sale you generate for them. Make posts on social media, write blogs and incorporate affiliate links, or send an email blast with the link.
Freelancing: High-Demand Skills, Flexible Schedule
Curious about how you can earn extra money each month in your pajamas from the comfort of your couch? Online marketplaces for freelancers, like Upwork or Fiverr, are making it increasingly easier to be a freelancer by connecting contractors with people looking to hire them for their skills.
To get started, market your in-demand skill(s)—such as copywriting, graphic design, etc.—on these sites. You can set your own hours, make money and help people who are in need of someone with your skill set. Everybody wins.
E-Commerce And Dropshipping: Create A Real Brand With Real Products
Adobe Analytics data shows that online spending on Black Friday in 2022 reached $9.12 billion. More and more businesses are moving to online sales since more consumers are doing their shopping from the comfort and convenience of the internet.
Do you want to start an online store of your own? Dropshipping is a great way to get started, and you don’t need to store all of your inventory. List items from online wholesale retail sites for dropshipping and then send them directly to your customers to fulfill your orders.
Find an item that solves a problem and is something you would purchase for yourself. When you can understand its worth, communicating the value of your product to customers will be made much simpler through posts or advertisements.
This is a great way to get started and build a customer base before creating your own products.
Appointment Setting: Online Networking For Cash
Partnering with agencies looking for more leads can be an easy way to make extra cash. The gig requires reaching out to a business’s followers and building relationships. From there, you can book them on a consultation call. In my experience, people will pay anywhere from $20-$30 per appointment set. If you can manage to book five calls a day, that’s $100 in your pocket. Plus, for some partnerships, you can get a percentage of the sale if they close.
If you are good at engaging with people online, this can be an easy income stream on the side.
Get Started Earning Money
Whether you are looking to sell digital products, be an affiliate, freelance your talents, set appointments for agencies or open an online store, there are multiple opportunities to generate additional income online. It has been over two decades since I began, and during that time the ways to make money online have skyrocketed. The key is to find the right business model that works for you and your lifestyle.
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