In spite of our challenging economy there are still ways to make substantial money to either support your current business – or become a second income for you and your family.
These different methods can create many passive streams of income that provide seed money to help your business’ cash flow or can just help you make ends meet personally.
If you have expertise at anything – there is someone out there that is willing to pay for it.
You see, people understand the difference between time and money, and in an effort to save lots of time and effort – they will pay the money.
Do you help your friends, neighbors and colleagues with your level of expertise? Why not get paid for it?
Consulting fees vary anywhere from $250 per month to $2000 per day. It all depends on your level of expertise and your audacity to ask for more.
Another beautiful thing about consulting is the profit margin – a whopping 94% (at least that is my profit margin).
Not to mention the money you make if you sell your expertise through workshops, eBooks, video trainings, etc.
If that doesn’t make you think about consulting – I don’t know what will.
Revenues: If you charge $495 – $795 a month – 10 clients will bring you over $100K per year.
Key to success: Expertise and having a passion to help your clients succeed.
2. Ecommerce Sites
Technology is advancing so quickly that there are many tools you can use to find where the untapped niches are.
For instance – did you know that there are over 2 million people searching for K Swiss sneakers and only 30,000 websites that sell them?
If that doesn’t make your mouth water I don’t know what does. And there are many other untapped niches out there just like this.
Ecommerce is also a lot simpler with new turnkey ecommerce sites that you can set up in less than an hour.
Also, drop shipping, which eliminates the need to hold any inventory – has made selling online a really simple process.
The best part about ecommerce for me is that if you find a niche and market it well; and you outsource the daily management to virtual assistants, or customer service companies – it will be a completely hands off venture for you.
You can either keep it as a source of income and spend your days traveling, or sell it for top dollar.
Revenues: If you sell $300 worth of merchandise a day you will make over $100K per year.
Key to success: Rank high on search engines for the right key works and deliver outstanding customer service.
3. Affiliate Marketing
There are plenty of experts, successful business people and outstanding products in the market place. Yet some of these people are looking for additional folks to sell their products and services for them.
The great part is that they pay handsomely – sometimes as much as 30% on the sale of their stuff.
So imagine, all you have to do is be exceptional at marketing their products and services and you get an instant 30% for what you sell.
The great part about affiliate marketing is that you don’t have to build a business, you don’t have to manufacture a product – you just have to be great at marketing and voila – you have a substantial monthly income stream.
What is even better is that if you create a website that ranks high on search engines you can just sit back and receive the commissions from all the traffic you get.
Then you will truly have a passive stream of income you can play with.
Revenues: If you make $300 per day (which is 3 affiliate programs or products) you will make over $100K per year.
Key to success: Rank high on search engines for the right key works and have very good sales website pages. Also having a strong database of customers and prospects – will make it very easy.
4. Membership Sites
Most people want to be part of a community. As a matter of fact, with the internet, groups (or tribes) are forming all over the place.
The guy in Kansas is now part of a group with the girl in Germany – and they are talking almost every day.
If you can create a community (or jump into an existing one) – and provide remarkable products, services or help – you will create a reason for people to spend a few dollars a month to be part of it.
Imagine, people pay monthly to be part of other groups – heck they give hundreds of dollars weekly to their local church. If you make it valuable enough – they will pay and they will bring their friends as well.
Revenues: If you have 100 members in your group and they pay $100 a month, or 200 members and they pay $50 a month you will make over $100k a year.
Key to success: Deliver over the top, outstanding, and world-class products and services – and a lot of them too. They need to feel like they are ripping “you” off.
Also, try to deliver it in a way that is less dependent on you, but that will still deliver high quality to your members.
5. Monthly Recurring Services
Products are great, but the benefit in providing services is that you can extend the relationship with your customer for a very long time.
If you can create a service that meets people’s recurring need, you will be able to create a consistent monthly income stream.
For instance search engine optimization or SEO is a recurring need and a nightmare to keep on top of. If you can provide these services at a low cost – people will run to your door.
Also, people like paying monthly for things – it fits into their environment (they pay bills, pay Netflix, etc. every month). If the price is low enough they won’t even notice the charge.
Revenues: If you get 100 people paying $97 a month, or get 200 people paying $49 a month you will make over $100K a year.
Key to success: Provide a service where there is a recurring need for. Give outstanding customer service. And put them on automatic billing.
There are many ways to make an extra $1000 or $10K a month. Some are a lot easier than others. But if you devote the time and effort to building it, there is no reason why you should not be making an extra $100K by this time next year.