3 Cool Ways to Make Awesome Money Online
My wife often wonders why I keep my attention on my computer’s screen. Afterall, I’m not playing games or scrolling through Facebook. I’m not watching videos on YouTube (well, not always) or checking out memes.
Mostly, I’m learning about new and crazier ways to make money online.
My first business was a success
In April 2015, I started an Amazon business flipping books found at garage sales. Six months later, I started private labeling and creating my own products. That business model helped me find an investor and ensure that I’d never have to work a 9–5 gig again.
Two years after founding my Amazon store, I’m still on the hunt for the next awesome thing. Last week, I spent a lot of time researching and came up with a few that I might give a whirl.
Full disclosure: I either haven’t jumped into these yet or I’m just getting started myself. Please use your own discretion.
#1 — Affiliate marketing for digital products
Affiliate marketing is a system where you promote another business’s goods or services in exchange for a commission. For example, the Amazon Associates program allows its members to post links to Amazon products on their blog or webpage, and when a sale is made, Amazon pays 5–8% of the total sale.
I started a book review blog last year.
Its chief source of revenue was going to be Amazon Associate affiliate marketing. I’d review a book and post a link and hope to get some sales. I didn’t see immediate success, so I abandoned the project after a month or so. Logging back in this week, I noticed that I’ve been earning roughly $5/month every month just from that old, dead blog. So affiliate marketing does work. You just gotta grind.
Enter digital products
Recently, I’ve found that there’s much better sources of commission from affiliate marketing. Digital products often pay 50–75%. It’s not surprising since there’s relatively no overhead with digital products.
Tons of businesses offer affiliate marketing opportunities
The affiliate marketplace Clickbank.com has hundreds of options for affiliate marketers to choose from, and often pays 75% or more on $40-$90 products. Online opensource learning site Udemy.com pays 50% for directing students to their classes.
With a well-structured, reliable blog, one can easily start earning quick money through affiliate marketing links.
#2 — Creating digital products to be sold by affiliate marketers
While I was doing research on affiliate marketing, it occured to me that while the affiliate marketers might be making awesome money, the people really taking away the big bucks are the ones actually selling the products. Sure, the affiliates might get the higher piece of the pie, but the product-creators are winning the volume game. And usually on only a handful of products.
Build sites geared towards high conversions
Most of these digital product creators use the marketing funnel strategy to drive sales. Combined with affiliates promoting their wares, these entrepreneurs not only drive high conversions thanks to their call-to-action-heavy site designs, but have others preaching the gospel for them.
Of course, creating a digital product isn’t easy.
Even a 50-page eBook takes time and dedication. Good thing it’s super simple to outsource the writing to a freelancer on Fiverr or Upwork. For as little as $100, you can have someone create all the information you’re selling for you. In fact, some will even design the entire product, site, and help set up initial marketing channels to drive sales.
All you have to do is market and collect money.
#3 — Create an online course and sell it on Udemy
I love Udemy. Udemy is an opensource learning site, where users create 3+ hours of videos and lectures and charge a small fee. You can learn everything from Mandarin to Marketing to Muy Thai. A lot of my skills come from their extensive course library. In fact, I’m currently working my way through a master’s class in Photoshop.
Udemy pays pretty handsomely
You earn 97% of everything you bring in yourself, 50% of what Udemy brings you and 25% of what affiliates bring.
Recycle the content you’re already producing
A blogger — a video blogger especially — could easily build a strategy towards creating a class on Udemy. They’ve already got the content. Just package it into a class format and post. Then market to drive sales there. Easy passive income.
These are just a few of the things I discovered while researching making money online. As a stay-at-home dad whose main business more-or-less runs itself, I am constantly on the hunt for new opportunities.
What methods are you using to create passive income online?