As I mentioned yesterday, over the next few posts I’m going to be talking about some of the best ways to make cash online in 2016, based on what I’ve learned pursuing online entrepreneurship for the last 3+ years.
Essentially, I’m gonna give you the lowdown on 5 different strategies/methods for making bank online.
Each have their Pro’s and Cons, which I may get into later but for now I’ll just keep it simple and cover da basics.
Today I’ll cover the first 3 of 5 different methods that I consider viable methods as of now to make bank online, and give a brief explanation of what they entail…
Drop-shipping is a method of selling physical products online, where the seller (you) doesn’t carry any inventory, and instead the supplier ships the product directly to the customer as each sale is made.
The customer pays retail price, you pay wholesale price to the supplier (or typically a bit more as a “drop-shipping fee”)
This is a very simple way to get started with very minimal upfront investment (as you don’t need to buy ANY stock before you start selling), especially if you live in the US where there are massive amounts of traffic and demand across various ecommerce markets (compared to other countries with much smaller populations).
I’ve tried drop-shipping myself previously, built a store and made a sale, however I goofed up the market selection so there wasn’t enough demand to take it any further (wasn’t enough traffic to buy).
I followed the DropShip Lifestlye program (which has improved massively since I went through it in 2014).
This is good way to get started if you’ve got more time than money on your hands, as each step of the process is relatively inexpensive all the way up to making your first sale.
I’ve met a lot of people who have made this work in a relatively short amount of time.
- Service Based Biz
This is a very broad category, but it’s pretty much selling some kind of service to others businesses and/or consumers.
This includes things such as:
- Web design
- SEO services
- Social Media Marketing
- Video Production
Essentially any service that other businesses or consumers need online, you can build a biz around servicing those people.
You can either perform the work yourself to the client, or hire a team of freelancers to take on the work for you
This is a very good way to start making money quickly if you’re willing to get out there and sell yourself, and has the potential for scale and automation once you get a team in place.
Not for the faint of heart, but this is a very lucrative path to take if you’re willing to stick it out and get through the initial grind.
I recommend checking out Timothy Marc’s Freedom Business Blog for more info about this kinda biz, he has a mastermind group of 500+ hustlers with a training program that opens once a year that teaches this type of biz model from start to finish (which yours truly is a part of).
- Kindle Publishing
This is how I make most of my money online as of writing this (April 2016).
The way I’ve done this is set myself up as a publisher, and I have a collection of 100+ titles on the Kindle store (under pen names) that I’ve hired writers to write, designers to design covers for, as well as a VA to perform maintenance in order to keep them ranking well.
This is very lucrative as of now, however the biggest drawback is that Amazon can (and do) change their policies whenever they feel like it without warning, which can result in a massive hit to income levels.
This is very passive once setup, however unless you’re gonna write the books and design the covers yourself, it does take a bit of upfront investment, or it’s gonna take a lot of hustle if you don’t have da cash to invest in writers.
I learned pretty much all that I know from two people, Jason Bracht & Karla Marie.
If you’re interested in learning more I’d recommend starting with this youtube interview and go on a link hunt from there.
That’s it for the first three today,
Tomorrow I’m gonna yammer on about blogging/information publishing as well as affiliate marketing.
So stay chooned my friend.
All the best,
Ryan “Make Bank” Kuchel