What Are Some of The Best Ways to Make Money Online?
What are the best ways to make money online? This is a pretty common question in internet forums. There are basically four ways to earn online, namely:
- Selling physical products
- Selling digital (downloadable) products
- Selling or providing services to existing businesses and individuals.
- Membership sites
(a) Selling physical products: You can make money by selling tangible products such as T-shirts, vitamin supplements, DVDS, perfumes, books etc. The internet has revolutionized the way we shop and conduct business and we can now shop most of the things from the comfort of our homes; that is where you come in.
You can either handle everything yourself in terms of logistics and inventory or choose to work with a drop-shipping company.
What a drop-shipping company basically does is to handle all the logistics for you including the delivery to the recipient. You don’t even need to buy stock to sell. Only take orders and forward those to the drop-shipping company and you are done.
You can promote physical products as an affiliate of a company and enjoy a cut of the sale in commission. You can source such for affiliate products and programs at Commission Junction or Amazon affiliate program.
(b)Selling/promoting information products: This refers to downloadable products such as eBooks, software, videos, and audio files among others.
You can sell information products that you own or you can promote them as an affiliate marketer. Information products are inexpensive to create and produce and the commissions can be as high as 75% (or even 100% if the owner of the products is building a list or has multiple products)
Information products can be based on literally any topic as long as they solve an existing problem, eliminate a pain, meet a certain need or improve people’s lifestyle in one way or the other.
Many successful marketers combine both physical products (e.g. DVDs) with downloadable products such as eBooks but it’s up to you to decide your approach.
(c)Selling/providing useful services: You can either provide a service to individuals or to other existing businesses.
Some services provide for very good recurring income. For example, a web hosting Service Company provides an all year round service to webmasters and charge recurring bill each and every month. I personally pay a recurring invoice have my websites hosted and that's how the owner of the hosting company makes money online by providing a useful service to me.
As a professional, you can also make money on Fiverr by selling small gigs for $5 each. The site gives sellers the liberty to choose exactly what they want to offer.
(d) Membership sites
Still under this category of the answer to the question how do you make money online? There are also membership sites. These sites cater to specific needs of the members. There are membership sites on almost any interest such as resale rights, traffic generation,
Also under this category of how do you make money online? There are forums where members can share their knowledge and help each other towards their collective objectives and interests. Forums are basically web 2.0 communities that are devoted to a particular subject or subjects. There are now forum on just about any topic you can think of.
How you make money with the service you provide will depend on both your choice and the nature of the service. You can either charge for the service upfront or provide it free and monetize the traffic through advertising networks e.g. Google adsense, selling advertising space or selling/promoting other complimentary products
That gives a broad overview of ways to make money online and hopefully answers the question how do you make money online?