You might not have even heard of Zappos, an online shoe store. Well, that goes to show how big the internet really is and how big your online business could be. Maybe it might even come to close to the acquisition of Zappos by Amazon for a reported $900,000,000.
Consider building a Shopify store. Shopify is a system built for ecommerce. With some basic web knowledge, you can set up a good-looking store very quickly, with a low-cost investment and with no coding needed. Shopify has a 30-day free trial too, so you can get started without spending a dime.
I’m really interested in the wave of productized consulting that seems to be swelling up recently. To put it in layman’s terms, an individual (usually a freelancer or consultant) who has a very specific skillset packages their services up in a way that makes it appear like a product. Some people are hesitant to work with individual freelancers, but if you look and sound like a company, they are much more at ease.
Selling on eBay successfully is not easy. You need to be able to able to target a niche where the profit margins are high and competition is low. If you pick the right product (particularly unbranded products) you have a chance to import items and make huge profit margins. SaleHoo is awesome for finding suppliers.
You can optimize your videos to rank higher by experimenting with attention-grabbing descriptions and previews as well as using relevant tags. You need to stand out and make people want to click on your video.
Through my years of experience and research, I’ve consistently found the following ideas have the best potential to create a steady stream of recurring revenue. They’ll take a lot of effort. But if you’re willing to put in the work, they could change your life, like they have for me.
Entrepreneurship has always fascinated me. I’m amazed by the pride and sense of accomplishment that comes with building your own business, and I respect the risks that come with working for yourself. Even if your venture fails, as a business leader you still learn valuable lessons that you can use to make your next attempt more successful.
My favorite online business idea is a service that solves a problem, gives back to the environment, and can financially assist any charity across the U.S. I started My Kid’s Threads, an online consignment service that features amazing high-end designer children’s clothing for purchase or consignment, after working 15 years in eCommerce for Fortune 500 companies. Busy families love the convenience of shopping online, saving money, and giving back to charities or earning some cash for their kids’ outgrown clothing.
If it’s not clear yet, information and expertise are two of the most consistent and lucrative ways to make extra money online. If you don’t like talking on the phone, you can sign up to get paid to answer professional questions on JustAnswer. There are thousands of questions being asked every month from people looking for help from lawyers, doctors, mechanics, vets, and more. To apply, you’ll need to supply your professional verification, resume, and a form of identification.
A virtual assistant is a great job to have if you want flexibility. You’ll be able to maintain multiple clients at once which mean you can easily fill gaps in your week or work overtime if you need to. A virtual assistant will generally charge £15-20 depending on the specifics of their job role. Expect to be assisting with tasks such as blogger outreach, product listings, research and responding to emails.
How do you get inspiration to strike? And what do you do to remember your ideas and put them into action? Share your ideas, or any other unique sites or businesses you’ve found. I’m always looking for strange and intriguing things.
And while freelancing might not be as scalable as some of the other ideas we’ve spoken about, it’s not uncommon for solopreneurs to build healthy six-figure freelance businesses for themselves. (In fact, I’ve interviewed tons of them on my podcast!)
Sure, some of them may be good for creating a few hundred or even thousand dollars in one-time revenue. But they’re not going to help you unlock financial freedom and achieve complete control of your lifestyle.
As you start regularly putting out content, you’ll hopefully start to build a bit of an audience. But to start seeing real money from YouTube you need to market your videos elsewhere. Share your channel on Twitter and Facebook. Distribute videos anywhere else you can think of. Also, interact with comments and build a community around the videos you’re making so people will share it with their friends.
There’s bound to be at least a dozen different events going on in your city no matter where you live, and participating in these events not only gives you the opportunity to develop your network and relationships. But every event brings you one step closer to learning directly from an expert.
If you design a wildly popular app (which is harder than it sounds), you might be pleasantly surprised with the income they generate. Offering one or more apps at the iTunes or Android app store gives your creations wide exposure to prospects. And income can be generated by charging for the app, displaying in-app ads, or charging for in-app features and upgrades.
Videos are becoming more and more popular. From Instagram and Snapchat Stories to Facebook Live video, videos will only continue to grow. If you’ve always loved the thought of being behind the camera, now is the time you can take an advantage.
Pitch to VCs/Angels/other investors: If you need some serious cash to grow your startup, you’ll want to put together a pitch deck and reach out to investors who might want to give you the money you need in return for a stake in your company.
You’ll also want to make your YouTube channel more easily found by adding relevant keywords under the “Advanced” section and picking your targeted country (where you think most of your viewers are). If you have a personal blog or site, add it as an “associated website.”
Not only is Airbnb a great way to make extra money online by renting out your spare bedroom, but you also get the benefit of meeting new people (if that’s your kind of thing). You can even rent out an entirely new apartment just to manage as an Airbnb.
With drop shipping, you’re effectively partnering with a manufacturer or wholesaler to sell their products. This way, you don’t pay upfront costs to buy inventory, aren’t sitting on unsold items taking up expensive warehouse space, and don’t have to deal with shipping the products yourself. You simply create your site, fill it with drop shippable products, and drive in customers, with almost everything else done for you.
Your platform should give you the flexibility you need to stand out, the data orchestration you need for operational efficiency and the low total cost of ownership that lets’ you reallocate dollars to marketing spend, not technology debt.
While YouTube recently changed its monetization program, if you’re able to hit their new minimum bar of 1,000 subscribers and 4,000 hours of view time in the past 12 months, it’s still an incredible place to make extra money online.
Please note that some of the links below are affiliate links and at no additional cost to you, I will earn a commission. Know that I only recommend products, tools and learning resources I’ve personally used and believe are genuinely helpful, not because of the small commissions I make if you decide to purchase them. Most of all, I would never advocate for buying something that you can’t afford or that you’re not yet ready to implement.
Set up a website for your business. ($30 – $60) Go to a hosting service, purchase a domain, find a nice website theme or find a designer. Setting up your first landing page is quick, easy, and most importantly, cheap. Total cost so far: $77
Now, it’s time to start creating and uploading content. Make sure you’re using a high-enough quality camera (most smartphones will work but I’d suggest at least having a tripod so your footage isn’t shaky), but don’t worry about being perfect at first. The beauty of YouTube is that you can continue to test out different content and styles as you find what works for you. Instead, stick to a regular schedule to build up your subscriber base.
The idea behind a niche website is to target a specific niche (for example, a specific kind of photography), rank on Google for the keywords related to that niche, and then turn that traffic into earnings through affiliate offers or through selling your own products.
With Amazon, you can self-publish a book fairly easily, and really make money from it. There are some simple and inexpensive guides like this one to help you write your book AND have it generate consistent income.
In 2017, there were almost 90 million pet dogs in the US. Which has opened up a huge opportunity to make money online as a dog watcher or sitter. Specialized sites like Rover or Care.com connect pet owners with pet walkers, sitters, and boarding houses to help look after their best friends when they’re at work or on a trip. If you’re an animal lover, you can make extra money and get to spend some quality time with a furry friend.
Once you’ve established yourself in any of the numerous freelance verticals online, spending your time focusing just on doing inside sales (booking freelance contracts with high-value clients) and then subcontracting your work out to other freelancers can be a great way to make money online.
Build up a following on your Instagram account and you could quickly be making extra money online. Major brands, gear companies, and even startups are willing to shell out $500-$5,000+ per post to get in front of your audience. While it’s getting harder and harder to build a massive Instagram audience, if you already have a solid niche and are posting quality content regularly, with a few small tweaks you can make yourself an influencer. Check out this awesome article from Shopify on how to build and grow your Instagram following to get started.