I’m glad you made it here to part 2 of this blog post. If you missed part 1 to this post then check it out here:
12 Business Models to Add Multiple Revenue Sources to Your Online Business (Part 1)
Then come back and get back to reading the conclusion of this epic blog post. If you don’t remember we covered the following business models in part 1 of this post:
- Niche Marketing
- Freelancing (Selling services for a fee)
- Affiliate Marketing
- Network Marketing
- Digital Product Creation
I just want to remind you to not get overwhelmed as we go forward. The goal of this post, and this blog for the most part, is to introduce you to the virtual cornucopia of opportunites there are for you to make money from home via the internet. So read these posts and then visit some of the links I recommend and choose one or two to start with or add to your current income stream. In the meantime, lets get started. We’ll start off with some easier and more unexpected ones first.
7. Online Game Testers
A game tester’s job is probably the most desirable of all jobs today. You play and you earn. What’s more desirable than that?
Did you know that you could play and earn? Game development is a multibillion industry, we all know about that, and game developers do not want to take any risks. That is the reason audience feedback becomes important to them. Just as movie producers guesstimate their prospects through the rushes they get, game developers guesstimate the prospects of their upcoming games through the feedbacks of game testers. Also, they come to know if there are any bugs in the game that need to be fixed before it can be released.
Get paid to do what you do in your spare time…in your spare time
Sounds scrumptious, doesn’t it? Well, a game tester’s job is really like that. There are both paid and free game testing sites, but it is highly advisable to go for the paid ones because there is big money involved there. You can choose your genre of gaming. Whenever there is a game coming up in that genre – which keeps happening all the time – you can apply for testing that. You will be then either given a download link for the game (it could be a demo) or you could be shipped a disk of the game. You play it and answer what they are looking for.
There’s usually a questionnaire to be filled. Of course, there’s a deadline which you need to strictly adhere to. Sometimes you will be playing under pressure, but who’s complaining?
The following links will be useful to you if you are looking at an opening as an online game tester:-
- Games Tester (http://www.game-testers.net/)
- Video Game Tester Jobs (https://www.vmc.com/games/GBTN_Testers/)
This is a highly legal activity, with an organization built to govern its functioning. This is controlled by the International Game Developers Association, where you can also find a lot of information about the profession. Also go to Udemy and read Video Game Tester Salary: How Much Can You Earn? to get more information about game testing and other ways to get into the gaming industry.
You can expect to be paid anywhere from $10 to $200 an hour depending on your reputation as a game tester and the company’s reputation. You need to make a start here to understand the vast potential that exists in it.
Confession: I’ve never actually attempted to make money with this strategy. I don’t spend enough time playing games, according to my kids (especially since I own a PS4), howeverwhen I discovered that you could get paid to do so I thought about all of the people who do. How many invites to play games do I get daily from people currently engaged in playing certain games? Too many, so I figured I’d include this one not necessarily thinking that you would want to use it in your business but so that you would be like,’wow…I can believe people can make money playing games online‘. When I learn about these odd little make money online niches my imagination gets fired up and hope yours does too. Here’s an idea: what about starting a online game testing agency? They might be out there already…but maybe not.
8. Survey Taker
There’s never a shortage of people in the world who want to share their opinions and experiences. The internet is no different. Imagine getting paid for offering your thoughts or feedback on a product, service, restaurant, movie…I think you get the point. You can get paid a descent amount of money and get free stuff as well, just for answering a few questions. Any questions???
Speak your Mind and get paid for it!
There has always been a lot of talk about online surveys being a veritable source of income. So how good are they? The fact is that online surveys can bring in money, but they won’t make you rich. If you are looking at a method of online income that can help pay some of your bills or buy groceries and maybe take care of utility or two then online surveys could be an interesting way to do it.
But why do surveys work in the first place? These surveys are a parameter for the manufacturers to improve upon their products. By the opinions people put in these surveys, manufacturers come to know what they must do in order to improve the prospects of their products. They come to know how they can increase the business potential of their products.
And for that reason, they don’t mind paying people who are willing to take the time to express themselves honestly. It becomes almost a research subject for them, on their own product, and it helps them immensely for their product betterment. A company that conducts a lot of surveys also develops better credibility on the Internet because they utilize the information they receive from the surveys to improve everything from price to packaging. Also businesses that conduct lots of surveys give the impression that they really cares for the preferences of their clients. It really helps in this world where viral marketing is slowly becoming the norm.
So, where do you get online survey sites where you can chip in your tuppence and get paid for it? The answer is – all over the Internet. Just do a casual search on the Internet and you will find a host of sites waiting for you. But be careful, if your opinion is coerced in any way leave that company alone. Only deal with companies that request honest feedback.
Here are two of the more popular ones:-
There are two types of survey sites – paid and free. The paid ones carry an assurance of better income and you can get surveys that better match up to your preferences and interests. However, to get into the swing of how they work, you could start off with a free site and see how it goes. Remember that this model is not going to make you rich, but will garner some income on the side.
Quick Tip: Regardless of the size of your business, a survey is one of the best ways to understand what your customers/clients/audience are looking for, how you can better serve them and what you’re doing right. I recommend that once you start building a customer base/audience you survey/poll them as often as tolerable to make sure you are providing the best products and services for their interests. Survey Monkey (http://www.surveymonkey.com/) is a great free resource to get started with.
9. Online Auctions
The most famous of which is ebay.com but regardless of what website you use to sell your products, using online auctions is an incredibly profitable way to make money online. This is not just for selling your old stuff, but also brand new top of the line products as well.
Going once, going twice, sold to…just about anyone anywhere!
As the name suggests, online auctions are conducted over the Internet. These auctions are places where you sell items to the highest bidder. It works just as a real auction. A product is showcased to the audience and its features and benefits are spelled out. Then a minimum bid is marked. People who are desirous of laying their hands on this product are supposed to bid at an amount higher than this minimum bid. The auction then sells over the product to the highest bidder when the bidding time is over.
You could easily become a member of an auction site and buy and sell products for a profit in most cases simply by signing up. The profit comes in as the bidders will bid for sums higher than what you bought the product for. Here you need to have a discerning eye to determine the profitability of the products you buy with the attention to sell. The margins can be equal to if not better than retail, if you have a keen eye; which is really the right tools.
There are many online auction sites nowadays because this genre of home business has become really popular. eBay (http://www.ebay.com/) can be classified as one too.
Some other popular auction sites are:-
- WeBidz (http://www.webidz.com/)
- EBid (http://www.ebid.net/)
- uBid (http://www.uBid.com/)
- CQout (http://www.cqout.com/)
- Shop Goodwill (http://www.shopgoodwill.com/)
Note that some of these sites cater to particular niches of products or are available only in a particular geographical area. Do some research on the sites before you decide which of them you want to go ahead with.
Some online auction sites are highly secure and may require approval before allowing you to join as a member. But this is a good thing because you can be sure your interests won’t be compromised on the site too. The payment is usually prompt, but some might pay at the end of the month for the products sold, subtracting their cut from the sale.
Besides selling good stuff that you’re just not using (like my PS4 that I don’t make time to play) you can also engage in a process called “Retail Arbitrage”. Basically, you buy profitable items in brick and mortar stores and sell them online for a profit. This is a really profitable way to make money with auctions and products can be very easy to source using smartphone apps and online tools like www.terapeak.com/. Pay close attention to your profit margins. Depending on which site you go with there are fees involved. At the time of this post Ebay charges upwards of 10% +fees per sold item in some cases and if you use paypal to process your payments you’re looking at an additional 2.9% + fees. Absolutely do not let this discourage you, there are some amazing deals out there, you just have to know where and how to look.
Quick Tip: I just experimented with Retail Arbitrage last Christmas Season and made $1000’s of extra money. I utilized Black Friday prices to get some deep discounts on products, which I then sold on Ebay and Amazon. The great thing is I didn’t even have to leave my house, many of the Black Friday deals were online and in stores. I ordered ten each of the most profitable items that were already selling on Ebay and got such good returns that I was profitable after selling the first couple items. If you read this before the Friday after Thanksgiving then do your research and get ready. I’ll cover this strategy more in depth in a future post as the day approaches.
In a word, or two, brokering is the art of playing the middle-man. You link up an issue with a resolution and get paid a fee. Brokering is the art of finding people with a need and providing a product or service to fulfill it.
The Go-Between|The Liaison
Why would you want to be a broker? Well very simply put you get paid to make a connection and that’s it. You don’t need to produce a product, have a particularly marketable skill or training, all you need is the ability to recognize an opportunity and networking skills.
I gave you a real world example in the Freelance section in part 1 of this post, so here’s a hypothetical. Brokering is basically the agency model. For instance, my company is Blaze Abroad Marketing Solutions, Inc. and we specialize in internet marketing for local businesses; especially those still using the yellow pages and direct mail exclusively. However, we don’t exactly do all of the work in house. For instance I may find a company in desperate need of a new website and offer to do that for a fee. Then I fine a web designer to create it for less than the fee I’m charging the company. My fee – Web Designer fee = My Profit
Everyone is happy. There’s really no need to complicate things. The best part is you don’t need to understand either Web Design nor what the company actually does, all you need to know is what the problem is and where to find the solution.
The joint venture partner brokering is another subset within this main theme. Here you bring about joint venture collaborations between different marketers. These collaborations are the spine of most online businesses. People come together to make up for what they lack. If you become instrumental in getting the right people to partner with each other, there are various ways in which you can benefit. You can get paid for your services, you can actually get a share of the business and/or receive a per sale commission.
Here are some sites where you could learn more about brokering and even join into the opportunities.
Brokering may not bring you a large amount of income, but you may see large lump sum payments here and there depending on how you setup the deal. There is a lot of networking involved and you need to have some contacts, or at least put in the time to build contacts. However, it is a great opportunity – and a moneymaking one too – if you are able to devote the time and the effort for it. Ultimately if you stack it in with your other business models and always keep your mind preset to recognize the opportunity to connect problems and solutions you can create brokering opportunities naturally while you run other aspects of your business.
Quick Tip: Know who your competitors are and make them your allies. Most partnerships of any value rose out of sheer competition. For example, I noticed that a fellow internet marketer’s address at the bottom of his email was located in a city not 20 minutes from where I live. I shot him an email explaining who I am and ask him if he’d like to get a coffee. This is how great JV partnerships grow and how connections are formed. In order to scale your business you have to be willing to take your online business offline and vice versa.
11. Software Sales
You do not have to be Google, Apple or Microsoft to make money with software. These billion dollar companies have their place in the world of software, however there are much smaller niches where software is needed for daily ease of functionality. In fact one piece of well designed functional and affordable software can make you thousands of dollars in a very short period of time. In short, if you know how to find a market with a need and can purchase the rights to sell a piece of software that fit that need.
Software is not hard
Selling software is one of the most direct routes to make good money on the Internet. People who use computers are always trying to make their jobs easier or to add more quality to their jobs. That is the reason they are looking for good software all the time. With high-speed Internet, it has become so very easy to provide software in downloadable formats and also that operate from the cloud. You promote a link from where people can download a particular software and allow them to access it when they make payment. They will pay and you give them the link to download the software.
There are 3 main ways to sell software:
- Brokering – As mentioned in the Brokering section, you can connect a customer with a problem or difficulty with a piece of software that can resolve that issue. This can be accomplished through affiliate marketing, acting as a consultant or even as a independent representative of a companies product (i.e. network marketing).
- Purchasing White Label/Resell Rights – White label rights products are products that have already been developed, created and in some cases sold that you can purchase and brand it to your own company and then sell it for 100% profit. Resell rights products means you purchase the right to sell the product as is and keep 100% of the profit. There are pros and cons to this method but it is by far the easiest way to get started selling software. You can modify these software applications to fit your needs or sell them as is with a new name, packaging and marketing.
- Develop the Product from Scratch – Now this doesn’t mean that you design, program and package the software. This just means that you find a group with a specific pain point they’re willing to pay for the right piece of software to resolve and get them to purchase a product that hasn’t been created yet. Then you utilize the money invested from the pre-sell of the software to pay a developer, designer, etc. to create this product. It’s a win-win situation for all involved. Deep market research, an understanding of how the problem can be automated via software and having access to the right freelance software developer is key.
As a online business one of the easiest software to have developed or purchases the rights to is WordPress Plugins. These small pieces of software can add various functionality to WordPress blogs from automatic posting of your blog posts on social media to turning your site into a store where you can sell digital as well as physical products.
There’s a niche for everything on the Internet. So, if you have made a software application that will help Grandma remember her recipes or made a software that will help a businessman with his end-of-the-year accounting, you are going to find people who will be willing to download that and check it out. The success lies in the promotion.
Many software developer/sellers gain interest in their products by giving customers demo versions of the software for free. This allows the downloaders to understand the quality of the product before they decide to spend good money on it. These demo versions generally have some features locked or they are timed demos which expire after a specified time. When that happens, people are prompted to buy the product to continue use.
Here’s the best part about software. You can charge a one-time fee or a monthly/yearly fee. So you can create a recurring passive income with this business model. You can also completely automate the process so that once you setup the sales funnel you can leave it untouched for months. Even if you update the software you can simply upload it to the download area and send a simple email to your customers to let them know to update their software. With WordPress plugins you can set it up so that when they visit they’re plugin dashboard in the backend of their blog they can automatically update from there. This business is not as hard as you may think.
One last thing to think about. Software can require some dedicated customer service because of non tech-savvy customers, personal computer issues and various other issues no fault of your own. Therefore, expect to get 100’s of emails in the first few weeks of launch and either take care of it yourself or hire a temporary virtual assistant to handle it. Believe me, a few extra hours and/or dollars to hire out is worth the windfall you could gain from selling software. Also, some white label and resell rights software actually are sold with customer service still being handled by the company whom you bought the rights from. So again, don’t allow the customer service aspect to be a deterent, get into software as soon as possible.
12. Membership Sites
Membership sites are websites where a person has to pay or be invited to join typically for a fee.
Recurring revenue on steroids
Membership sites are just what their name indicates – these are sites where you are asking people to become members of a site and in return you are providing them with a host of value-added services and/or products. The members of these sites is sort of an exclusive online club where they enjoy special privileges. On most membership sites, the members are provided with some free offers and downloads and some type of training. Many social networking sites are also membership sites. There, you become a member so that you can gain access to network with other people. There are dozens of game membership sites too, where the reward of becoming a member is that you can play games – which could be free online versions or downloadable versions that you can get at a lower price.
The basic concept of a membership site is that you keep your goodies hidden from the general Internet public and allow them access to it only when they have taken the action that you ask them to. This action could be filling out an online form, with or without payment, writing an email to you to express their desire to join the site, paying a fee and so on. Even if you don’t actively ask for payment, you are building a relationship. You are generating a list of leads, to which you can promote your other commercial efforts. Even free membership sites can be very profitable while providing incredible value to the members.
However, you must know that a truly worth-while membership site can take a lot of effort, but it doesn’t have to. You must design your membership around the niche. For example, if the membership is geared towards beginners in a specific niche then you may want to drip feed (distribute content at designated times) rather than giving them access all at once. You may want to have different levels so that beginners advanced and professionals can get the most out of your content.You have to have a unique concept to make your membership site a hit and you have to make constant efforts to provide high-quality stuff to your members. They are going to be disappointed otherwise and you are going to lose all the potential you have built up. A failed membership site is not one that has a high turnover rate but one that does not build a community where people are more than happy to pay you to be a member.
However, the community is the most profitable aspect of a membership site, outside of the monetary gain of course. You will soon be hobnobbing with a lot of people having a variety of tastes and interests that will help you create more and more products and services to help them. And, you will be making a good amount of money as well.
Confession: I love membership sites! Here’s an example of the profitability of a membership site. Let’s say you build a membership site with valuable training content and charge $20 per month or $197 per year or $497 for a lifetime membership. Let’s say your marketing brings in 100 people to join your site per month. The benefit could look something like this:
75 – $20 per month = $1500
15 – $197 per year = $2955
10 – $497 for life = $4970
Total = $9425 per month
What could you do with half or even a quarter of that per month. Once your site is built all you have to do is keep sending quality traffic to the site and adding great content each and every month and engaging your members at least once a week. Most membership sites, even the best ones, have a retention rate of about 3 months so it is important to create some type of recurring webinar, hangout or some other way to stay connected and engaged with your members.
Well we’ve done it. We have now gone through all 12 of the 100’s, yea, 1000’s of ways to make money online. Lets recap:]
- Niche Marketing
- Freelancing (Selling services for a fee)
- Affiliate Marketing
- Network Marketing
- Digital Product Creation
- Online Game Tester
- Survey Taker
- Online Auctions
- Software Sales
- Membership Sites
Again there are many more but these are some of my favorites, both for getting started and perpetual money makers. Stay tuned for more income streams that I will be introducting and outlining in upcoming posts.
In the meantime, please check out this quick video about creating digital information products from scratch called, A Quick Method for Outlining Infoproducts. You’ll also have the opportunity to sign up to get a free report as well. Get started today, as I mentioned creating and selling digital products is a really easy way to get started online and is an ongoing part of most online businesses.
Finally, don’t forget to sign up for our newsletter for more online business ideas and strategies to create multiple income streams for you and your family.