When it comes to the best way to make money online these days, a very popular way is to use the internet. 51% of the world’s population is on the internet. That is 3.819 BILLION people. That is a lot of people!
Source: We Are Social Singapore
The amount of people on the internet provides you with an opportunity to connect with them. To help them find what they are searching for on the internet. And that is where the money part comes in.
No One Best Way to Make Money Online
The reality is, there is no one best way to make money online. I would be lying to you if I told you there was.
This is good news for you though. Having more than one way means that you have many ways to make money online. You have options to find the ways that best suit you, your interests and your preferences.
When starting out, it is important to choose the right direction for you and to stick with it until you make money. Once you get one way going, then you can add more strategic directions for ways to make more money. This gives you something to grow towards.
The best way to make money online is by offering solutions to someone’s problem!
Here are 5 strategic directions you can choose from:
- Recommend Products
- Recommend Services
- Allow Advertisements
- Sell Products
- Sell Services
There are different strategic directions you can take that can prove to be better for you if you are just starting out. You want to plan the strategic direction of what you will offer and how you will offer it, to make that money. Regardless of what way you choose, the goal is to offer a solution to your audience’s problems.
1. Recommend Products
One way to make money online is to recommend products.
This is called Affiliate Marketing. Affiliate Marketing is where an online retailer pays you a commission when you drive traffic or sales to their products. This allows companies to tap into audiences that they are not already connected to. YOUR AUDIENCE.
There are hundreds if not thousands of affiliate marketing programs available to you today. The advantage to recommending someone else’s products is that you don’t own the product. You do not need to buy it, store it, market it, re-sell it, handle payment options or ship it.
With affiliate marketing, you just market it. You promote the product for others to buy.
A common way to promote a product is to:
- Write review about a product
- Include a link to buy that product (using your affiliate link)
- Reads your review
- Clicks on your affiliate link
- Buys the product
You get a commission for that sale. You get money for that referral!
There are MILLIONS of products you can recommend. A few of these product categories are:
- Amazon Products
- Home Depot Products
- Etsy Products
- EBay Products
- Best Buy Products
- Apple Products
- NFL Products
- Nike Products
- Lego Products
- Victoria Secret Products
- Macy’s Wine Cellar Products (Yes, there is such a thing!)
2. Recommend Services
Another way to make money online is to recommend services. This is the same idea as recommending products. You get paid when you refer a sale to the service ordered by someone else.
There are thousands of services you can promote to your friends, your audience and your following. We all know people. We all have our own circles. Word of mouth marketing (e.g. getting recommendations from your friends) is still one of the best types of marketing today. It’s because referrals from our friends and people we know comes with trust. We automatically tend to trust recommendations from people we are already connected to.
A few of the THOUSANDS of services you can recommend are:
- Transportation Services (e.g. new drivers for Lyft, cruises, flights)
- Financial Services (e.g. loans, taxes, investments)
- Insurance Services (e.g. home, car, life, health)
- Legal Services (e.g. will, divorce, criminal defense)
- Home Services (e.g. alarm system, kitchen remodeling, plumbing, painting)
- Lawn Care Services (e.g. landscape projects, lawn care maintenance)
- Creative Services (e.g. logo design, website design, flyer design)
- Printing Services (e.g. invitations, business cards, flyers)
3. Allow Advertisements
A another way to make money online is to allow advertising on your website. This is where you designate areas within your website to display an ad. The ad can be from a company you know or not. Instead of writing product reviews, you just open up a spot to allow someone else’s advertisement. Instead of getting a commission for a sale of a product, you get a small commission for each click on the ad you generate.
Selling advertisements no different from the billboards you may see on the highway. An advertising company owns those billboards and that space. They charge money to allow other companies and businesses advertise their own ads within that space. Business owners and brands pay money to have their ads displayed to audiences they are not already reaching.
With a website that you build and host, you own that space. You can decide to sell some of that space to others.
The TWO ways you can sell advertising on your site are:
- Sign up with an ad network program
- Manually sell and manage online ad spots to businesses
The easiest way is to sign up for an ad network program. These networks manage all the actual buying and selling process of the ads. Your website just becomes a space for the ad network to display their ads. These ads could promote a wide variety of products and companies.
Example ad network programs are:
- Google Adsense
When someone clicks on the ad from your website, you get a commission for that click.
The harder way to allow ads is to sell ad spaces directly to people and businesses. You have to manage the entire process of selling the ad space, displaying the ad on your website and reporting on the ad performance to the company who bought the ad space. Before you can even sell the ad space, you must have a good amount of traffic coming to your website. No one is going to buy your ad space if no one is going to see it.
Selling website advertising space directly to companies is a very common process for newspapers and magazines. Magazines and newspapers are able to generate a good amount of traffic to their online website generate from their readership following with their printed mags and papers.
4. Sell Products
Another way to make money online is to directly sell products. You can choose to make the products yourself or buy someone else’s product in bulk. Either way, you are directly responsible for managing the product from storage to accepting payments to the shipping. You can make more money by selling your own products, however this way requires even more work and time than just recommending other people’s products.
There are many ways to get products to sell. The ways you can sell your own products are:
- Buy existing products directly from manufacturers
- Have your products made directly with manufacturers
- Make your products on your own
Some example websites that sell products created or bought by other people are:
A few of the MILLIONS of products you can sell are:
- Dog Collars
- Wall Art
5. Sell Services
Another way to make money online is to directly sell services. A service is a transaction where you don’t sell physical products, you sell a service of some kind. You use the internet to get word out about your services. You use your website to promote your services.
What services you sell are dependent on the skills you have. Although this may sound intimidating, the reality is you have knowledge and skills that can help other people.
A few of the THOUSANDS of services you can offer are:
- Business Development Consulting
- Graphic Design Services
- Web Design Services
- Marketing Campaigns
- Photography Services
- Personalized Fitness Training
- Accounting Services
- Legal Services
- House Cleaning Services
- Home Repair Services
- Home Remodeling Services
- Car Maintenance and Repair
I hope this helped clarify some of the many ways you can make money online. As you can see, there is no best, right or wrong way. It’s up to you to choose one way that you are interested in.
If you have questions, feel free to ask them below. I’d love to connect with you.