Bear in mind these methods represent ten years of working online, so I do not do all of them presently. At one point in my career however they were an income stream, and are still viable options for you.
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This is not an all inclusive list, which means there are plenty of other ways you can make money, no doubt many of which are potentially much more profitable or better choices for your own situation. Do your research and include this article as one resource.
Over the years I made changes to how I made money in order to get closer to what I really wanted from my business. To all methods of making money online you understand what I was striving for, here are my main criteria when deciding what methods I use to make money online with. Bear in mind certain options only became available as a result of previous experience. In a nutshell, this is the criteria I concluded are important to me — Can you make a solid profit margin?
As you will see in token decryption moment when I reveal my top ten methods, some income streams have very slim margins, which means you must push through a lot of volume in order to make significant income.
Be over-productive. Step up your game so that when all of this over, you have some potential leverage to talk to your bosses about trying a work-at-home life.
I look for income streams that do not require significant amounts of work to maintain. Is there potential to scale?
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As per the previous point, often the logistics of growth makes a method unappealing to me, however I do want the income streams I go after to have the potential to scale, and scale big. This means if you do discover something that makes you money, the possibility to grow it to a life changing amount of money is a reality, and you understand how this can happen.
Is there passive income potential? In most cases I prefer something that is more potentially passive than potentially scalable. You have to be careful to manage your desire to scale something with your desire to make it passive.
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Sometimes less is more because less gives you freedom. Can you create a sellable asset?
The final point is really important to me because I know that my interest tends to fluctuate. Every five years or so I feel like moving on to something new and leaving my main project. In the case of business, I want to ensure that there is a profitable exit strategy. The better you meet the previous criteria profit margin, automated, scaleable and passivethe more money you can make when it is time to sell. Eventually I added the card game Magic: The Gathering to the mix at about 16 years of age.
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All of these things were passions for me at various stages of growing up, but one thing remained consistent throughout each stage; I traded and sold toys and games I no longer wanted to make extra cash. In Brisbane where I live, before the Internet there was a newspaper called the Trading Post that was published every two weeks. It was an aftermarket for pretty much everything.
Eventually the Internet came along and the Trading Post no longer commanded the secondhand market like it once did though it did successfully transition online. It quickly became clear that eBay was the winner when it came to secondhand commerce online.
As a result my first experience making any money from the Internet was selling old games, toys and electronics on eBay. The best thing about eBay — the abundant traffic — is also the worst thing.
Barriers to entry are low on eBay, meaning competition is fierce. When competition is fierce, profit margin is slim. All methods of making money online spent quite a bit of time studying eBay, both as a business model and as a means to capture new customers because of how much buying traffic is there.
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However eBay is a fantastic way to make quick money, even just as a way to turn your old items into cash to start a new online venture. Sell products in forums, bulletin boards, classifieds and other community type sites The card game Magic: The Gathering was a big part of my life from the end of highschool to the beginning of university.
Although initially I was just a casual player and then tournament player, I quickly became a card trader and really enjoyed the wheeling and dealing. Although my interest in playing the game wained, most of my early projects online were connected with the game.
Before having my own website, I spent time reading websites, newsgroups, additional income on the Internet for women boards and forums about the game, and eventually started trading online. I managed to make spare change selling my cards through these sites.