Setting up an online business has become one of the most popular methods of earning passive income. Unlike other businesses, an online business requires less startup capital, making it a great option for aspiring entrepreneurs. In addition to the low cost, there are many platforms that will help you start your online business that do not require any coding or any other specialized web design skills.
You can start an online business from anywhere and all you need is a good internet connection, an idea, and a computer. We can’t help with the internet or computer but here are some good ideas for earning online.
- Building an Affiliate Website
Affiliate marketing is one of the more popular methods used to make money online. With affiliate marketing, you are promoting others products and on every sale, you make a commission. If you make around $10 per sale and have made 10 sales a day through your links then you would be easily making around $100 every day.
You can use your website to promote products that you genuinely like and place relevant affiliate links for your readers to take a look at the product and make a purchase if they are interested. Affiliate marketing can make you some serious cash once the website is getting a steady flow of traffic.
Many affiliates have raked in enough cash to buy their own supercars and luxurious houses, so yes, that is the power of affiliate marketing. You can join any affiliate programs for free and easily become an affiliate. A few affiliate programs are Amazon affiliates, Rakuten, ShareASale, etc. Many online businesses use affiliate marketing as the only technique to make money online and it has been doing them well for years now. If you are looking for residual income and don’t want to deal with clients of your own, affiliate marketing could be your golden ticket.
- Flipping Websites
Like traditional real estate flipping, many people buy, improve, and sell websites for a profit. Websites are generally valued based upon the traffic and more importantly, revenue that they generate.
Let’s say that a site is making around $100 per month but you manage to scale that up to a couple thousand dollars per month, you can easily sell the site for 10 times monthly revenue once you have established a steady revenue stream.
The best ways to ramp up traffic and revenue include:
- Search Engine Optimization
- Social Media Posting
- Pay Per Click Advertising
- Niche Site/Forum Interaction
- Q & A Site Posting and Engagement
Using one of a combination of these tactics can generate the traffic you need to increase the value of, and ultimately flip a website. Once you have done it once, simply rinse and repeat.
- Selling Your Own Product or Service
There are many people who have monetized their online business by selling their own products online. It is one of the best ways to make money because unlike affiliate marketing you get the full profit and not just the commission. While the profits are nicer, it does come with some additional work like, packaging, shipping, quality control, and returns.
You can skip the selling physical products part and sell eBooks or online services that can be potentially lucrative. Selling online training courses has become very popular “digital product” and can be a great way to earn money if you have expertise to share.
There are many services like photoshop, writing skills, video making, accounting, etc. that you could offer through your website and make a nice living in the process as well. In order to build trust and increase the perceived value of your services, investing into a well-designed website is a worthwhile expense but if you absolutely can’t afford to pay a professional, DIY platforms like Wix can help you setup a nice looking website to get started.
- Domain Flipping
Domain flipping is another way to earn money online. Although, this may sound easy you need to do your homework before buying a domain to determine whether or not people would be interested in buying it. Keyword rich domain names, short brand-able domain names, and domains that were once another quality website are all good places to start your search.
Once you have purchased a domain, you need to wait for the right time to sell it and that can differ based upon why you purchased the domain in the first place. If you find a domain that was formerly a prestigious news site and has a lot of great links still pointing to it, selling it to an SEO company ASAP could net you the greatest profit. If on the other hand, you are sitting on a domain with keywords focused on a product two years from release, now is not the time to sell it.
If you opt for new domains the registration cost is cheap (around 10-$15) so you are not risking a large amount of capital if that next big thing doesn’t pan out. On the other hand, domains from auction with pre-existing links can go for hundreds or thousands of dollars (or more) so be sure to read up before picking one up.
- Becoming a Blogger
Blogging is a low risk business and as such, it is one most common methods of earning online. The great thing about blogging is that you can write about almost any niche you are passionate about and make money in the process.
In order to profit from blogging you will need to monetize your blog. As mentioned above, building an affiliate website is one way to do this, but far from the only way.
Another common method used native advertising. Sites like Outbrain allow you to place a piece of code on your site and with that code, they are able to display ads to people who visit your site. Similarly, Google AdSense allows you to display ads on your site and they display those most likely to get clicked by your site visitors. Each time they click, you get paid.
If your blog becomes well-known in a niche or industry, you may also start to get contacted by individual advertisers seeking placements on your site. These often have a better payout than AdSense and may be locked in as recurring revenue, if you choose to do so.
The key in making each of these methods works is having the confidence in yourself to take action. Far more businesses fail from inaction each year than from making mistakes. I encourage you to pick a method that sounds interesting and then take some time to research it, make a plan, and