This is not an all inclusive list, which means there are many other ways you can make money, no doubt many potentially much more profitable or better choices for your own situation. As a result, you should not base your decision on what method you use only on this list. Conducting research and include this article as a resource.
This list is not strictly commanded by my preference from top to bottom. What I have done is listed different things I do in the chronology of the time when I had them. It's not a coincidence but as we get closer to the present (the end of the list), the more personally I like the method, and therefore still using it. For years I made changes to how I make money to get closer to what I want from my business.
What My Ideal Way To Make Money Online?
To help you understand what I'm fighting for, here is my main criteria when deciding what method I use to make money online with. Remember only certain options become available as a result of previous experience. Some things can only do after you do other things as you build on what you have done previously.
In short, this is my criteria to conclude important to me -
You can make a solid profit margins?
As you'll see in a moment when I reveal my top ten methods, multiple streams of income has a very slim margin, which means you have to push through a lot of volume to make significant revenue. Although not always the case, in most situations to sell more require more work, more resources and more generally of everything, which produces the following rule violations ...
You can maintain the revenue with minimal labor and / or easy to outsource?
I am looking for a revenue stream that does not require a huge amount of work to maintain. If I need to drastically increase the amount of products I sell or my customer interest to make good money, and that require more time on my own to achieve, or can not be easily outsourced to others (often improve your workforce only to set outsourcer, so do not assume outsourcing is a magic solution), it is not a method for me.
Is there potential for scale?
As per the previous point, the growth of logistics often make the method does not appeal to me, but I want my revenue stream away after having the potential for scale and large scale. This means that if you do find something that makes you money, it is likely to grow to a life changing amount of money is a reality, and you understand how this could happen.
Is there potential for passive income?
In many cases, I prefer something more potent than potentially scalable passive. Obviously it's nice to have everything, but given a choice I would prefer an income stream that just works and can be automated so you can do other things. You must be careful to manage your desire to scale something with your desire to make passive. Sometimes less is more because it gives less freedom.
You can create a sellable asset?
The end point is really important for me because I know that my interests tend to fluctuate. Every five years or so I feel like moving on to something new and leave my main project. In the case of business, I want to make sure that there is an exit strategy that is profitable. The better you meet the previous criteria (profit margins, automated, scalable and passive), the more money you can make when it's time to sell.
I Look For The "Holy Trinity" Income Method
I've written before about my search for the holy trinity of the business model, one that gives what I consider the three most important result of the business -
You make a significant PROFIT
Revenue can be made as close to possible PASSIVE
You have PASSION about some aspect of the business
Or stated another way, I have to enable the following businesses -
Consistent Income
Free time (thanks to the automation of revenue, business models or the simplicity of a large capital gains)
Meaning and Purpose (development of your passion and reason for being on this planet)
So now you know my main criteria that have pushed me to test different income streams over the last decade. Now let me introduce you to what their revenue stream ...
My Top 7 Ways To Make Money Online
1. Selling On Ebay
During the pre-teens and early teens I went from playing with Transformers, GI-Joe and LEGO, for playing Nintendo, Sega and Game Boy. Finally, I added a card game Magic: The Gathering into the mix at about the age of 16 years. All of this is a passion for me at various stages of growth, but one thing remains consistent throughout each stage; I traded and toys and games are sold I no longer want to make extra money.
Brisbane where I live, before the Internet there was a newspaper called Trading Post which is published every two weeks. It is for almost any aftermarket. Whenever I get tired of a game or toy I will sell it through the Trading Post, usually in an attempt to make enough money to buy a new toy or game that has been in my sights.
Internet finally came and Trading Post is no longer commanded the secondhand market as it once (although it managed the transition online). It quickly became clear that eBay is a winner when it comes to former online trading. As a result, my first experience making money from Internet selling old games, toys and electronics on eBay.
EBay still I believe the best way to get the experience of making money from the Internet for two reasons -
You're pretty much guaranteed to make some sort of sale and thus experienced transaction
EBay has traffic, so you do not have to worry about marketing your product out create a good list, eyeball existing
The second reason for making eBay a great first stop because you will learn how to list something for sale online, how to take the money (probably your first experience with PayPal) and about the importance of things like titles and copywriting, if you spend the time to learn how to make eBay listing you convert better.
The best thing about eBay - traffic galore - also the worst thing. Low entry barriers on eBay, means fierce competition. When the competition is fierce, profit margins are thin. Unless you can find some form of competitive advantage through supply chain, how do you make a list, or you have the means to increase the volume, you will not retire rich thanks to eBay.
I spent quite a lot of time studying eBay, both as a business model and as a means to capture new customers because of how much buying existing traffic. There is no doubt that eBay is a fantastic site which represents a huge potential to make money, but in my case I was not keen to build up my business there, it does not fit my criteria enough.
But eBay is a fantastic way to make money fast, even just as a way to transform your old items into cash to start a new online business. If you are new to internet marketing and you do not know your PayPal from Clickbanks you, or your PPC from your SEO, eBay is definitely a great place to learn some basics.
2. Sell products on forums, bulletin boards, lines and other community-type websites
Card game Magic: The Gathering is a big part of my life from beginning to end highschool university. Although initially I was just a regular player and the player then the tournament, I quickly became a trader card and really enjoyed the wheeling and dealing. Although my interest in playing games wained, most of my early projects online connected with the game.
Before having my own website, I spent time reading websites, newsgroups, bulletin boards and forums about the game, and eventually began to trade online. Back before most search engines better every time I spent in particular newsgroup Magic, some are talking strategy, and some of which focused specifically on trade and / or the buying and selling cards.
I managed to make a dime selling my card through the site. The main reason I can make money is because I would win cards in the tournament, then I have a source of supply that will generate a good profit margin. Of course, this is not sustainable unless I continue to place well in the tournament, also not really scalable unless I started to buy cards from other sources.
I stopped using this method after I started the site a card game on my own (more on this below), but I still believe niche collections, especially in the market that you really love, is a fantastic starting point to gain experience making money online. Like eBay you can make money by selling used goods at community sites if you can find a way to source products at cost or below. This is not a model that has a lot of margin so again the challenge is to scale if you want to make significant gains.
3. Sell products on your own website
My first successful website is about the card game Magic: The Gathering. Originally the site was only a hobby with an article written by me and some friends. Finally as traffic grows I started making money with the site.
Because I've become a trader card it makes sense that I have a store site Magic Magic cards. At first I stocked up a website with my own card, and finally add retail "sealed" (unopened packs of cards) to purchase products at wholesale from a company in Sydney.
It was a very simple card shop consists of a text list of my card had to be sold, the quantity available and the cost per card or per pack. I maintain my own inventory of the room, sorting and register the card online by hand using plain text. I do not use any software, and most of the payment I received when it is by check or postal orders. Some children will even send money and even coins (!) In a letter to pay for their purchases.
My business is doing quite well, despite the intense manual labor. Maintain a list of inventory, packing the card into an envelope and a daily trip to the post office is not always the most enjoyable way to spend my time, although I enjoy having my own small business while at university.
Unfortunately my store hit by credit card fraud when I was a fool to sell a large number of products to people who are not well known in Thailand. This experience was enough for me to decide that I've simply run the store Magic and it was time to move. You can read about the experience of credit card fraud here - Yaro Starak Timeline - Part 2
Sell Products Online Is A Great Opportunity
My first three experiences of making money from the internet all involve some kind of physical product. Online commerce is clearly a great opportunity to make money online, and have your own product or passion for a product that you can source can lead to huge profits.
You can sell products from your own website store, through community sites and lines (like Craigslist) and of course eBay and collectively make good money. The challenge, as with any business, is to define what your competitive advantage and can you come up with a model that meets your needs. For me selling a physical product is a great proving ground, but I finally learned that the benefits of the information model is better if I want to fulfill my goal of the business.
I will leave it in your hands to decide whether physical trading is the way to go for your situation.
4. Sponsor ads on content sites
After the card game sites I managed I started researching how to make money from it. I sell the cards first because I already know there is a market for it and I have a card, but I am also aware that if I have an audience I can sponsor the cost of money to advertise to them.
Thus began my love affair with banner ads.
Although challenging at times to find a sponsor, I was quickly able to bring a few hundred dollars per month advertising revenue by directly approaching an online company that I consider good targets for my readers. I emailed them and asked if they want to pay a monthly fee to put a banner on my site. Some say no, but some say yes and I finally had some loyal sponsors.
Banner earnings will prove to be very reliable over time as long as I keep doing what I'm doing to maintain and build readership. This continues today, where some sponsors pay a fee to advertise their products and services to you, the readers of this site.
Banner ads, when it set up to use the system as I am currently using, it can be very off hand - even for me it is completely passive - assuming there is an audience that sponsors benefit from advertising to. It is difficult to make lots and lots of money just on the banner unless you have significant traffic, but it is quite easy to make money out of it and once you do, it generally proved very reliable unless you stop updating your website.
I would recommend this method to you if you have some sort of content-based sites or community sites that attract enough traffic to make it worthwhile for the sponsors. The best thing about the banners is that they do not have to replace other income method you use, you can use this income stream together with other people.
5. Sell the services you provide personally
At an early stage in my career when I was not consistent income online, I was part of a business grant program run by the Australian Government designed to help businessmen with money to pay for the necessities of life so that you can focus on your business thrive. The idea is that when your business is successful, you will eventually employ people and pay taxes, so the government reap a return on investment.
Grant ran for 12 months and I was under the assumption (wrongly) that I should show consistent revenue growth to maintain my qualifications for the program. My income at the time it was always decreased around Christmas / Summer in Australia. To solve this problem I decided to teach English face to face with people in Brisbane to hopefully improve my reported income.
To advertise my guidance services are marketed using the offline posters and eventually set up a website and marketed in classified sites as well. I was charged $ 15 per hour and finally have some Korean clients. This idea eventually ballooned into a full-on English language schools with a real world that I managed for eight months prior to the closing. Turned out to be an experiment that taught me I much prefer online business to brick and mortar.
My day English lessons short-lived, but that does not mean selling some types of services that you personally deliver not still a viable option. The Internet is a fantastic place to market your services for free. Similar to what I'm talking about the first three points, you can use the online community site, classified, forums and your own website to market your services.
The drawback with this model is that you are still trading hours for dollars, which is a violation of my holy trinity concept. This is not always the worst option - and many people enjoy the life of consultants highly paid very much - but it has inherent limitations that the service is not replicated unless you personally do it yourself or hire someone to do it for you, both activities take time and / or resources power.
If you are good at something and enjoy assisting / teaching / working on other people's projects, sell what you do online is worth considering.
6. Selling services provided by others
The next great success after my card game site is an online proofreading business. For this business I want to focus on selling something that does not need workers either myself or the source of some kind of physical product.
Business began in a very simple fashion. I make my personal website and advertised two services - English proofreading and translation service. I know how to find a proofreader contract and also have access to an online database of language translator. When work comes through I will arrange a quotation, slap on the margin for yourself and then return the quote to the client.
For years I was very smooth this business. I brought assistant, simplify services, cemented pricing models and learn the best marketing methods to bring the client what kind. The end result is a full time income for me and barely a few hours of work to maintain it.
This is the first time I find a business that meets all of my main criteria - except one - I'm really not that excited about the industry. Initially I enjoy being an entrepreneur, vibration making money and automating business as much as I could, but after a few years my passion wained. I ended up selling the business, get paid good in the process, making this one of the most personally satisfying of my projects.
Selling services is a real option to make money online. The challenge is a source of good people to do the work, to learn what is offered specifically to make it to market, how to distinguish yourself so that you get a good margin, how to market what you have to offer and how to automate the entire process so that it becomes a passive income stream.
7. Paid reviews
For a brief period in my blog, I invite people to send in their products, services or websites for a paid review. This means they pay a fee (for my site was $ 250) and I will write an article about what they delivered. I will not accept just anything for a review, I have to look at the angle made for content that is relevant to my audience. Also not paid the promise that I will write positively about the subject - I would highlight the good points and bad.
Initially I did not mind writing paid reviews as revenue fairly well in terms of how long it will take and how much I received. I can make as much as $ 250 per hour, which is great at first, but as my motivation is more focused on freedom and less on money, even this becomes perverse incentives. Plus I never did as I was told what to write about rather than choose the subjects I enjoy.
The challenge to you, if the method is relevant to the stage of your growth, is to create a website where you can order the price to be paid reviews which make it worth your time. Traffic is up significantly, charging over $ 50 for a review is not realistic, so you need to build your website first asset.
Combining What Works For You
In my case forward through various methods, to find out what I really want out of the business and then combine the different methods in order to maximize income and personal satisfaction I have worked the best.
I suggest you follow the same path to build your own business. Figuring out what you like to use the above options and other resources online, begin testing to see what works and learn more about what you enjoy, and keep at it until you find what "floats your boat" and is very benefit as well.
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