There are so many ways to make money online these days and it seems like more and more opportunities are constantly popping up. Which is amazing, because there’s never been a more perfect time to take advantage of this and build solid online asset that we can rely on to bring in steady income each and every month.
Maybe you offer a service of something you’re great at to people, or you sell those adorable baby hats you love to make online, or perhaps you have started a blog but aren’t quite sure how to actually make money with it.
Whatever business you’re in or however you make money online, it’s so important to diversify your revenue streams. Don’t put all your eggs in one basket. What if something dries up one day? If you have multiple streams of income flowing into your business, you are more likely to always have money coming.
But don’t let this list fool you into thinking that it will be a breeze and that you can start making 6 figures tomorrow. If it was that easy then everyone would do it.
It takes hard work to create these revenue streams for your business and blog but many have the potential to turn into passive income. Not all of these monetization strategies will produce passive income for you, but many can when executed properly.
It’s all about front loading the work (and believe me, it takes work) in order to be able to sit back and reap the benefits later.
No matter what your business, there are always more ways you can make money online. Here are a few options that make people a boatload of cash on the side while they run their primary business or blog.
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“31 Ways to Make More Money with Your Business Website and Blog”.
Digital products are created once and sold over and over again. They are one of the best and most common ways to generate passive income from your business website or blog. Digital products are a multibillion dollar industry and that number is only getting higher. You create the product, make it available to access online to users, and then promote, promote promote! Ebooks, online courses, and membership sites are all very profitable forms of digital products.
While physical products do require consistent maintenance, the system can eventually be automated and set up to be fairly turnkey once you start selling higher quantities. Physical products require inventory upkeep, logistics, and customer service (among other things) but have the potential to be easier to sell than digital products. Whether you are crafting items by hand or getting items printed or manufactured in bulk, it can be a great stream of revenue to sell on your business website and blog.
Service products are typically paid by the hour or the job. This is great way to break into an industry and get yourself known, build relationships, and start generating some income. Since you only have 24 hours in a day, services do put a limit on the amount you can bring in but they are a fantastic way to sell your knowledge and your expertise to those who need you. As you get better at your services and offer more packaging options to your clients, many people choose to raise their prices (which they should!). Plenty of coaches and consultants charge hundreds (and even thousands) of dollars per hour, so this is not meant to discourage you from choosing a service option to bring in more revenue to your business.
Services you can offer include 1 on 1 or group coaching, small business consulting, event organization, and freelancing.
Some people think of marketing only as a stepping stone to generating income, but it can also be a direct way to put money in your pocket. While some strategies like building your list, guest posting, and starting a podcast may not lead you to money right away, these marketing tactics have some of the largest potential for revenue on your time investment. Affiliate marketing, offering direct advertising on your website, and integrating per pay click ads with your content are all ways to bring in some cash without actually having to “sell” your own product.
Networking streams of income revolve around exactly what it sounds like…networking. Whether you collaborate with someone else or join two others together, networking can lead to some major cash for you if you know how to do it right. A few networking ideas are to build a paid community, create a referral service, facilitate joint ventures, or set up a virtual summit.