Five ways to make money online
Make Money Online Niches
1. Affiliate Marketing
What is Affiliate marketing? It’s selling products for a commission that are created by other people. One of the most popular affiliate networks is ClickBank, they offer high commission rates on the digital products. Other affiliate programs can be found at Commission Junction and Amazon Affiliates, these are popular for physical products.
Pros – You dont have to create your own products. Start up costs are very low. You can easily scale up the business and can operate the business from anywhere. No need to buy, ship or store products. Affiliate platforms have their own payment processing and customer support so you don’t need to worry about setting these up. There are NO LIMITS to the monthly sales. When you have a subscriber list that you have built a relationship with, e.g. your subscribers know like and trust you, the rewards of promoting a new affiliate offer can be huge.
Cons – The company you represent or have an affiliation with can go out of business, or suspend the program any time or pay less commissions. You need to find new offers to stay current. You are paid commission after your marketing costs on the initial sales, unless it is a continuity model. (Commissions on a monthly basis) If you are only referring people to the company they are not your customers.
2. Create a Product
If you are creative you can design your own product that you can market and sell online. Some good examples would be, a DVD information or training, your own e-book, monthly training program, if you are passionate about a subject you can create a product around that subject. Creating your own products means you get to keep more of the profits in your pocket, rather than it going to someone else.
Pros– Relatively low start up costs. No need to create huge quantities of physical product in advance. You control the quality of your products, you can ensure they live up to your and your customers expectations. You have the ability to control the price, and control your brand and marketing.
Cons- Creating your own products could be time consuming. It could be weeks or months before you have a product ready to launch. Your choice of product is limited to your own knowledge and skills plus the resources you have availble to produce and market the product. If your business or product takes off, you could have issues in fulfilment of physical items or it could prove difficult to scale.
3. Create a Membership Site
A great way of building an ongoing income year after year is to create Membership sites. To add authority to your site interview experts in your field. It can really give your Membership site some credibility and great content. Types of membership sites including ongoing coaching courses of 6 to 12 months. Education and personal development where access to membership content can be indefinite or until the person unsubscribes. Niches include health and fitness, wealth, relationships and education like music tuition, online education, and marketing training.
4. Flip Websites
Buy and sell digital real estate. This can be a lot of fun. Purchase a cool domain then build it into an amazing site, then sell it. What you make will improve even more if your site is earning a profit. Some top level domains can be sold for $5,000 – $10,000. Places to check for research are sedo.com, empireflippers.com, and flippa.com.
Pros – The sale transaction and transfer of the domain or web business is often quick and simple, its a lot easier than selling a brick and mortar business. High-traffic, high-revenue, high-profit web businesses command the bigger price tags, anything from $10,000 to 250,000.
Cons – If you are new to the online web business world there can be many pitfalls not all domains are appropriate for flipping. Brochure websites don’t make money and are only valuable to the business itself.
Another risk is a web business that is in an over served market niche.
5. Print On Demand – Dropshipping
Print on demand is a form of e-commerce, it involves physical products. However you don’t need to have a warehouse or even know how to create the products. There are a number of companies that you can partner with to promote niche products that are relevant to your business model or target client and customers. You might run a health retreat and already have a customer base of people who love Yoga, Personal development or the Law of attraction. By joining a print on demand, T-shirt manufacturing company, you can promote T-shirts and other apparel that would appeal to your market and clients.
Pros – Low start up costs, you never need to carry inventory upfront. You are not staking your money in advance of finding customers. No risk of having items you cant sell so low risk. You can manage this type of business from anywhere where you have connection to wifi. The drop ship partners manufacture, supply and fulfil your orders. You don’t need to have a merchant processing system set up.
Cons – There are high levels of competition, because dropshipping is low barrier to entry in the market place, unless you are very niche specific. Low margins on individual items sold mean you need to sell high volumes to make a decent income. You have to have your marketing budget for paid advertising set at a realistic level, or already have a market/ customer base that will love the products.
About the Author
Owner Manager of Student Rentals and Property Management Business for 10 years. Moved away from my home town of Sunderland 2015 to be with my partner Paul in York. Started an Amazon Prime Seller Account. Went out to Spain in April 2016 to oversee the work on our new Spanish home, and decided to sell out of Property Management and start over as a Digital Entrepreneur.