If you have ever wanted the ability to work from anywhere globally, you’re in the right place. In this article, I will be discussing the best ways to make money online and how to choose the best online business model for you! Let’s get started!
Affiliate Marketing
Affiliate Marketing is when you make money by promoting a product or service by sharing it with other people. We are already Affiliate Marketers; we do it every day in the form of social media and reviews; you just weren’t getting paid for it until now. Suppose you have written a review and recommended a product or a service, such as a movie. In that case, you are helping the company that produces those products make money. Suppose you have a website, social media page or a YouTube channel. In that case, you can earn an income by sharing your experiences with a product or a service and earn a commission when people buy them after clicking on your affiliate link.
If you are ready to learn more about how to start earning an income online with Affiliate Marketing, I created a FREE 5 Step Plan that you can follow and start making money online today!
Remote Gigs/Remote Work
Remote gigs, otherwise known as Remote Work, are when you have a skill or service that you can offer and perform remotely. Essentially, you can provide your skills to customers and deliver without meeting them in person. Offering your skills on a Gig Marketplace is an excellent way to start making money online because it allows you to work from anywhere. In addition, there are many things that businesses and people want to outsource because it saves them time and money instead of learning how to do it themselves. So that’s where you come in. Suppose you have a high-value skill, such as Website Development or Graphic Design. In that case, you won’t have much trouble finding people to pay you for it on numerous Gig Market Places such UpWork or Fiverr.
You have many options for offering your services in the Gig Economy. For example, suppose you go to Fiverr. You may be surprised to see the enormous amount of creative services people provide, and you may even use some of them in the near future. In addition, you can make a lot of money selling your skills online, especially if your skills are difficult to acquire, such as singing, for example.
However, it would help if you kept in mind that the Remote Work Gig Economy is very competitive. And can be very overwhelming and not to mention time-consuming, Especially if you don’t have experience marketing your services and pricing your services appropriately. It’s not uncommon for Gig Providers to burn out or quit while keeping up with many competitors. It is not my intention to discourage you. Still, it is a reality for you to consider. Thankfully, I will be providing ways to reduce the risk of burning out in my upcoming posts!
Online Retail
Online retail is a category that includes two subcategories that often get confused. First, there is Drop Shipping and then there is Retail Arbitrage. Drop Shipping is an online business model. You have a website that sells products that you do not stock or manufactures yourself. When a customer buys a product from your store, you use the money to purchase the product from your supplier at a wholesale price and have the supplier ship it to the customer. In short, you don’t have a physical warehouse or storefront, and you don’t make the products yourself. Instead, you sell the product and buy it for a lower price from a supplier and have them ship the product directly to the customer.
On the other hand, Retail Arbitrage is when you buy a product for a lower price and sell it for a higher price. An example of this would be if you were to go to a clearance sale or even a garage sale, buy some products at a low price and sell them for a profit. Compared to Drop Shipping, this may not sound like you can run a retail arbitrage business remotely, but you can with Amazon FBA. FBA stands for Fulfillment By Amazon, a program that Amazon offers where you can buy or manufacture products and ship them to an Amazon warehouse to be sold on Amazon’s Marketplace. When a customer buys a product from your amazon store, the product is shipped via Amazon’s logistics system. In short, Amazon handles everything, and your only concern in this relationship is sourcing and marketing the product. Amazon FBA is a Digital Nomad’s version of retail arbitrage because you can run your store remotely from anywhere.
I love online retail personally. In fact, it was the first online business model I started with because you can completely automate your business. An Amazon FBA or Drop Shipping business can run on autopilot, meaning you can make money while you sleep or do things you enjoy. Once you make money with your first store, you can expand your earning potential exponentially by building other stores in other niches. Drop Shipping and Amazon FBA are great for creating multiple income streams without having to touch a product yourself.
Learning how to start an Online Retail business can be expensive. Still, if you have the money, time, and willingness to learn, it is VERY lucrative once you have your first store. I will be discussing the many options you have to learn how to make an income online with Dropshipping and Amazon FBA in the coming weeks, so sign up for my newsletter. I’ll keep you informed when it’s available!
Which Online Business Model is the best?
The best business model for you depends on your current financial situation, goals and the amount of time and money you can realistically commit to achieving them. For example, if you have about $5,000+ USD saved up, I recommend Drop Shipping or Amazon FBA. On the other hand, if you have a marketable skill, such as Web Development, Graphic Design, Video Editing, etc., I will choose Remote Work. While all three online business models have their appeal, I would select Affiliate marketing because it is easy to start. You can start making money online as soon as you have a product or service to share from any reputable affiliate program. The most important benefit is that you can learn all of the skills that will give you an edge to succeed in Online Retail and Remote Work.
Conclusion
Suppose you’re looking for the shortest, fastest way to earn an income online and don’t have much money to commit or a marketable skill set. In that case, I highly suggest starting with Affiliate Marketing. With the proper training, you can earn an incredible income online while building the skills you need to make money and expand into the other categories I discussed above.
Until next time,
-Kyle
