There are many reasons to start an online business, but it mainly boils down to money, interest and the pursuit of happiness. If you’ve fallen on hard times or simply want extra cash to spend, you’ll find a lot of these money making ideas allow you to make that extra cash in your spare time.
Some of these ideas can easily be made into hobbies rather than businesses, which takes care of the “interest” part. Lastly, starting your own business can free you from the pressure, stress and burden you may be feeling from your 9-to-5 day job. Now that you know a few different reasons that lead many to start their own online businesses, let’s get to our list.
This money making idea kind of ties into the last one, but they’re not always directly related. Selling digital products has become an important part of blogging and online business in recent years.
What I mean by digital products is ebooks, courses, music, apps, video games, photographs, artwork, and things like WordPress themes and plugins. If you’re a blogger, publishing your own ebook, online course or other type of digital product can become an extra revenue stream for you. You don’t necessarily need a blog to release one, but it would definitely help your marketing efforts.
This is one of the most popular money making ideas in existence. Blogging has become such a lucrative business that many top-tier bloggers are generating six figures every month in revenue. So, how do you get started with your own blog and make money publishing articles online? It’s simple.
Blogging, when done always, is more or less a service people don’t pay for in the traditional sense. People face problems in every niche, and they turn to the web in search of solutions to those problems. You could research for interesting keywords and your blog could provide those answers and solutions. Still, how does that allow you to make money?
Freelancing is not a new way of making money. In fact, it’s been used for centuries. However, the digital era has made it much more doable for a variety of industries. Let’s start with the basics. Freelance writing and editing are among the most popular responses when the topic of money making ideas is brought up.
This is because it’s one of the lowest-skilled forms of freelancing out there, and there are a million different ways of doing it. The most profitable way of doing it would be to write for magazines where publishers pay $1/word and thousands per article. An easier though less profitable method would be to write or edit for online publications and blogs.
A membership site can be a great way to make money online, and it may incorporate a few other money making ideas on this list. A membership site is a type of subscription service where you offer some sort of product to your subscriber and they pay a monthly fee for it.
The benefit of a subscription site over other forms of monetization is its ability to give you a predictable amount of monthly recurring revenue (MRR). There are two basic types of memberships. The first uses a “drip”format where the product or service you’re offering isn’t available yet but will be added over time.
The second type is the exact opposite where every product or service you offer is available to the subscriber as soon as their membership is approved. There’s even a third type of membership that incorporates both of these. A great example of the first type of membership site is a subscription service for an online magazine. Past issues are likely not available under the subscription model, so all the subscriber would have access to are upcoming issues. Online courses can also be a part of this model as some instructors drip their lessons rather than give them all at once. You can also blend ecommerce with this type of membership site by offering your own subscription box service.