Passive income is the Holy Grail for online marketers, making living on a paycheck is a lot more easier.
Published on November 23rd, 2018
There are ways to make money online whether you are looking for quick cash or long term sustainable income. What you require is knowledge and discipline. The knowledge of sources and ways of making money online and the discipline to persist in your action will together open the funnel to the constant income.
As noted above, discipline is the key skill to make money anywhere online or offline.
We are outlining below the seven pathways to building a solid foundation of generating income. Some of them will offer you instant result to take care of your basic needs like rentals and bills. This will help you sustain on to focus on some other ways of transforming your finances permanently.
There are two basic resources everyone is looking for: Time and Money. Time is more valuable of the two. Money comes, goes, and comes again. Time simply goes. Once it is gone, it never comes back. Time can buy money. Money cannot bring back the time gone.
Making money will seem like an impossible feat, if you do not have time. So you will need to steal time out of the wasteful activities after your 9 to 5 job to make money.
What we are going to teach you here is not some get-rich-quick gimmicks. If you are looking for them, this is not the place for you. It is only after years and years of real work online that you begin to make some decent amount of money.
If you are serious about generating full time income, then your focus should be on passive income not the upfront income. While the upfront income will help you survive, it is the passive income that is the key to your prosperity.
Here are the seven pathways to generating full time income.
1. Make the Best of the App Economy.
The app economy has the potential to address your immediate financial needs. There are some well known apps that might help you generate some quick cash. The global connectivity and the global sharing phenomenon of the app economy make the generation of income possible for even an average Joe.
- Uber, Lyft, Didi and Many more: You can easily make money driving.. The services of Uber or Lyft or China’s Didi are available in the most parts of the world. You have the freedom to work flexible hours which means you can work in your off time even if you re engaged full time somewhere.
- Delivery service for Postmates: There are a number of apps like Postmates available. These apps make it possible for you to earn some side income helping deliver goods. You don’t even need a car in some locations as a bike will suffice there to earn from this app
- Cash back rewards from iBotta: This app with over 50,000 five-star reviews helps you earn cash back rewards. All you need to do is buy featured products at major retailers. Go on adding rebates as you shop, take a snapshot of the receipt to earn a cash back.
- Performing Tasks for Task Rabbit: The Task Rabbit app is designed to help you make money doing some tasks instructed on this simple and straightforward app. There will be simple tasks like making some repairs. There may be complex tasks as well. if you have the skills, you will make money.
- Cash Back Rewards from Ebates: You get cash back out of whatever you are buying with the use of this app. You don’t even need to scan receipts. All you need is to click a link in the app that you will take you to a store, where you make your purchase. Cash rewards are automatically credited along with an email confirmation.
- Multiple Earnings from Swagbucks: There are several ways Swagbucks help you make money such as surfing the web, answering surveys, watching videos, and shopping online. In order to reward your efforts, this app gives you gift cards as well as cash back.
- Shopping and Surveying with Inbox Dollars: It is yet another app to make money online. It pays you for shopping, taking surveys and watching television. It is quite similar to Swagbucks and similar other apps.
2. Using Websites as Your Platform
There are a large number of websites that you can leverage to generate income. They are available both as the platforms to generate active or passive income. Using those websites you can sell your products or services.
You can for instance sell used products from one or more of these websites or you can showcase your design work that can be sold again and again. However, your focus should be on creation of some value that can bring you money on an autopilot.
These sites require skilled workers in the gig economy.
These sites may also have their apps which may be useful in longer term projects including web design, web development, graphic design, online marketing and in the fields like photography and art work.
Here are some sample sites to make money from. This list is indicative rather than exhaustive.
- Craigslist: This may be among the oldest sites online to make money from. You sell your products or services on this site. You may like to rent your apartment or even a spare room or sell your extra or used stuff. You may also sell your services such as marketing, designing, teaching or anything else.
- Upwork: This is a great site to sell your professional service. Once you become its member, you can begin selling your skill. You don’t need a website of your own or even your merchant account. There are open jobs on which freelancers bid competitively. The competition is stiff here.
- Cafe Press: If you can create excellent digital design this site is just for you. You will create digital designs that can be sold from this platform. For every sale you make, you get your commission. There are nearly two million designers whose products are displayed and sold online from this platform. It could turn out to be your passive source of income if you have graphic design skills.
- Fiverr: In 2010, the Israel based Shal Wininger and Micha Kaufam started out with this website that is highly popular today. You can sell any service online here. You start out with $5 gigs but scale it up with adds on and value additions. There are freelancers claiming to make six figure incomes from this site. If you can provide some serious value, you will make serious money using this site.
- Mechanical Turk: Owned by Amazon, Mechanical Turk involves doing human-intelligence tasks or HITs. The payment is miniscule for a given HIT but with enormous volume you tend to generate decent income.
- Flippa: It is a huge resource for buying and selling websites. There are websites that sell for over a million dollars on this platform. If you have a penchant for creating valuable sites, you can make enough money on this platform to last years. If you can do that repeatedly you can earn a fortune.
- Etsy: It is a great platform for online selling of handmade items. The company charges a small fee for listing your products on this site, while there will be a small cut from every sale you generate on this platform. You can sell digital products also on this site. For many sellers, Etsy is their primary money making source.
- iStockPhoto and Shutterstock: Those with a passion for photography can sell their works on these leading photography sites. It can be your wonderful source of passive income.
- Threadless: It is a Chicago-based site similar to CafePress. You can sell digital designs in hundreds of different ways including beach towels, mugs, phone cases, t-shirts and several other products.
- Zazzle: It is another money making site for those who can sell their products online. It is similar to Etsy and just like Etsy, a variety of products can be sold from here. Some of the examples of the products include handmade items, art, other customizable products and nearly everything else.
3. Try Your Efforts in the eCommerce Segment
You will need your own website to make more profits out of selling your own stuff. You need to be responsible, technically competent, and able to market to run your own website. You will need a website along with a hosting account. You will also need a merchant account such as PayPal. Next, you will have to design the site and build sales funnel and do the marketing.
There are lots of hassles involved in making and successfully running your website including fulfillment and ecommerce software, warehousing issues, refunds, customer service and more. But it’s just not going to work without a decent amount of traffic.
If it sounds too much to handle, you have the option of using the built-in system of Amazon. This could be the easier route for the beginners. This is a serious business and entails serious efforts.
- Shopify: This ecommerce platform can be the next best option for those that want to build their storefront and run from their blog. When you create a Shopify store, you will need to plugin WooCommerce. In addition, you will need a payment processor and an SSL certificate. Nevertheless, it is a faster way to set up your store and begin selling.
- Amazon FBA or Fulfilled-by-Amazon: Amazon is the largest online store on the planet that has a piece of pie for everyone that wants to make money off it. It’s not just super easy to set up your account but you will also escape the needless hassle of having to build your own infrastructure and to worry over the low traffic. Amazon will take care of all the processes that will be automated for you for a small commission.
- Drop-shipping: While Amazon offers the facility of drop-shipping to its sellers, there are several other drop-shippers as well. Once you close the sale, the task of shipping is handled by the drop-shippers like WorldwideBrands and SaleHoo among several more.
- Coaching and Consulting: If you own your website, you have the chance to sell your coaching or high ticket consulting. However, you will have to take the trouble of creating a website, hosting it, creating a merchant account, create sales funnel, payment processor, marketing and generating lead. However, your effort could be well worth the rewards for you have the chance to generate enough money from each client.
4. Become an Affiliate Seller
As an affiliate seller you have the opportunity to make tons of money. There are several companies to source the products from such as ClickBank, Impact Radius, Share-a-Sale, Rakuten Marketing, Commission Junction and several more. There are several big online companies that have their own affiliate programs. It will require some home work for the beginner to source the right product or service to sell. You get your cut out of each sale.
Some companies want to have you own an active website with lots of traffic before they make you their affiliate. It may not be easy to sell as an affiliate, if you do not have a good traffic but you can earn substantial amount with a large number of traffic visiting your site.
5. Make Money Blogging
Consistent blogging is the surefire way to hit the target of substantial income generation. It is not all that difficult and can be a sustainable way to generate passive income. If your blog is setup appropriately and you have identified the niche target you are aiming at you are already in the way to making a decent amount of passive money month after month.
Setting up a blog might appear arduous to a newbie. However, when you eventually take the right steps things will begin falling in place. Pick up a right domain and choose a profitable niche. Write unique contents and build your offers to sell ebooks, training courses or products.
6. Marketing through Email
A strong and targeted list is a money making guarantee. For someone wanting to go for online marketing, email marketing may prove rewarding. You will need to setup email software and build the lead magnet that will be used in your sales funnel. The list building comes automatically now.
It is reported that the average earning per subscriber a month is $1. Now supposing you have 10,000 subscribers you can easily rake in an average of $10,000 a month. Keep in mind to deliver value to your customers instead of pitching them in with every email. It should not be a difficult goal. .
How do you get people to your list? There are many ways. You can create lead magnets to attract the leads. For instance, you can create cheat sheets, checklists, white papers and ebooks. In addition, you can upgrade contents with additional resources such as training series videos. Focus on the offerings you can make to your audience.
7. Webinars and Training Courses
One of the most lucrative ways to rake in money is doing webinars. According to some of the experts, a seminar a week for a year can make you a millionaire. All you need is your audience and the training material you want to impart to them. You need to have an online presence for that including a website.
You can also take the social media route in the absence of a website if you have a substantial following on the social media. You will need to embed the product and sell it at some stage though.
In the end, remember that it requires discipline and persistent effort to replace your regular income with online income. This can come only with persistent and disciplined efforts for at least a year. You will in the process build a passive income that is simply irreplaceable and potent enough to fulfill your dreams.