I have always believed in diversifying my income streams and do as much as I can to find out some new sources of income that can help me make more money overall. It’s been almost close to a decade since I have been trying to make a fortune online and though I’m not anywhere close to that goal to claim that I’ve achieved it, yet I have come a long way from where I started. The journey has not been all straight up and included a few bumps along the way, but all in all it has helped me gain a ton of experience.
In the years gone by, I have successfully earned some extra income through a variety of sources, including selling coins on Ebay, affiliate marketing, Adsense, MLM, consulting and many more. Though I did not particularly enjoy each one of them (and I’ll probably write a post about which ones were the most interesting), they did bring in some extra profits that will help me push closer to my goal of reaching the million dollar mark. While I haven’t tried each of the methods that I’m going to discuss below, I have tried my hands on a majority of them, so if you’re looking to create multiple streams of income for yourself, you should check these out:
1. Affiliate Marketing
By far one of the most lucrative methods of generating some serious cash, affiliate marketing basically involves selling the products that others have created. Though it is not that easy to start, it can be quite rewarding once you get a hang of it. There are several networks like Clickbank, Commission Junction, Shareasale etc. where you can sign up to be an affiliate, choose the products that you think people might buy and then try to persuade others to buy them. The commissions will usually differ from product to product, ranging from 20% to 75%, which means you get a pretty good share from the sale of the product.
2. Selling on Ebay
Like I said earlier, I used to sell products on Ebay for close to a year. I had a hobby of collecting coins and I used that to make 100-200% profits through procuring and selling some old coins. It only took me a short time to become a Ebay powerseller, which is the title give to a seller if they have a proven track record of a certain volume of monthly sales.
If you have something to sell, you should also consider joining Ebay as a seller. Preferably, in order to be successful as an Ebay seller, you’ve got to be able to procure products regularly at cheap rates locally and then sell them for a profit on Ebay. If you want any more help regarding this, just shoot me an email and I’ll be more than happy to help.
Another one of my favorite part-time hustles. Not only do I love sharing my thoughts with the world, but I also earn a bit of money doing that. Not too shabby,huh ! There are literally tons of ways you can make money through blogging and once you work hard to create a quality blog with readership, the moolah starts rolling in pretty soon. It is also sort of semi-passive income, since you would only have to brainstorm, research and update your blog 2-3 times in a week with quality content, which might end up taking 6-8 hours at best.
4. Creating Products
If you think of yourself as an expert on a particular subject, and feel that sharing your knowledge with your readers would benefit them, you can considering creating your own products – podcasts, ebooks and so on. Not only can you sell them to your loyal readers but also through various other portals, including Amazon, Clickbank and others. The best part about creating your own products is that you get to keep a large chunk of the profits and once it is up on the market, as long as it sells decently, you will enjoy a nice passive income from the royalty of the sales.
Another pretty lucrative business for people who have a lot of knowledge in any one particular field. Consulting is an evergreen business which remains in demand irrespective of the market conditions. For example, with so many organizations wanting to optimize their websites for search engines, a SEO specialist, blogger or webmaster could provide his valuable suggestions on improving the search engine visibility of those businesses and earn a good amount of money doing that.
6. Starting a Small Business
If you have any interest in business, combined with a passion in any specific niche, you can always start your own small-scale business. With most people preferring to buy products online, you do not even need to invest money to buy an offline property. Just set up a simple website based on your business, offer your services/products and market it well. If you do it correctly, you can set up a nice extra stream of income that can have the potential to replace your full-time job later on.
7. Membership Sites
There are a plethora of sites that require members to pay a monthly/yearly fee to avail the products or services they offer. If you have something that you think might sell well and customers might be willing to pay a recurring fee for it, you can consider opening such a site. The best part about a membership site is that once it is up and running, the income generated by it is almost fully passive, requiring very little work apart from maintenance. Some examples of such sites are Netflix, Shareafile, Aweber, SBI and countless others.
8. Trading Shares
Although I wouldn’t recommend doing this aggressively, if you’re not averse to risk taking, you could try learning technical analysis of stocks and using your acquired knowledge to analyse the charts of individual stocks regularly and predict their movements on intraday or short-term basis. Though there are lots of successful traders who make a killing from dong this, when you’re starting out it’s best to trade on paper for a few months so that you can get to know how you’re faring, without having to lose your cash while doing it. If the paper trade goes well, you can start trading with small amounts and take it from there.
9. Freelance Writing
One of my favorite methods for generating some extra cash monthly, freelance writing doesn’t require any significant investment of either time or money. Since there are lots of opportunities available for freelance writers, if you have a knack of writing well and do not mind brainstorming a bit to come up with topics that might interest people, you can generate a good amount of income by spending just a few hours every week.
10. Virtual Assistant
With blogging & internet based businesses taking off big time in the last few years, there is a growing demand for people who can help the moguls manage their online empires. This usually involves doing some pretty routine tasks like social bookmarking, social media management, database entries etc. that do not have a steep learning curve. However the drawback of being a virtual assistant is that there is a lot of competition from people from the South-East Asian countries and the payoff is usually not that good, usually ranging from $2-$10 per hour.
11. Graphic Designing
I know a few friends who were quite creative at designing stuff (usually logos) and successfully managed to land some big clients over a period of a year or so, just by networking with some of the popular bloggers and webmasters, showcasing their skills on Facebook and setting up a website with their portfolios and a contact page for free quotes.
Tutoring has evolved into a full-time business in the last decade or so, and since my own dad is a teacher, I can certainly attest to the fact that it is a great way of making a decent amount of money, sitting at home and working at the hours of your liking. All you need to do is to find out what you’re good at (any high school subjects, foreign language etc.) and then ask friends and family to refer people to you who are looking to learn these. Since I can speak Spanish farely well and my grammar is in good shape too, even I’m thinking of giving Spanish tuitions in my area.
13. Website Designing
Though I cannot claim to be perfect at it, I have worked as a part-time website designer in the past, and have had a few happy clients for whom I developed ecommerce & basic HTML based websites. Even if you don’t have any experience designing sites, you can learn most of it through online guides and ebooks, and then try your hand at making it all work together. Another way of doing this is by using a software such as Dreamweaver. Of course you can also recommend clients to set up basic WordPress blogs, something which you’ll be able to do with minimal fuss.
14. Freelance Programming
If you are good at computer languages and do some decent coding, then you can use your programming skills to land software development and information system projects. There are many sites such as Odesk, Elance, Guru etc. where you can register as a member and bid on projects that are related to your field of interest. It’s always better to start out at low rates in the beginning, develop a reputation for good work and then increase your rates later on.
15. Translation Services
With the world being connected more than ever and businesses taking place between countries from all around the globe, there is a growing demand for translation services. Even though English is recognized as a global language, some countries (especially South American and Asian) are still lagging behind when it comes to English speaking populace. This is where translating services are needed most and if you are good at a second language, you can make a decent amount each month just by translating books, documents and texts.
16. Rental Income
Though I’m a big fan of rental real estate, I’ve purposely listed it at the last since it involves investing a large amount of money in a property before the payoff begins, something which most people are not in a position to do. However, it is a still an impressive way of earning pure passive income that doesn’t require too much effort once you’ve found the right tenants.
Although I have tried to cover almost all major ways of creating multiple streams of income, if you think you would like to add to this list, feel free to leave a comment and share it with our readers.