That’s the dream, right?
Forget dragging yourself out of bed before sunrise, skipping breakfast, sitting in traffic, and selling your soul for a pittance of a paycheck.
That stuff is just so… plebeian.
You’d much rather wake up whenever you want, enjoy a delicious breakfast, then crack open your laptop to do some “work”. Plus have the freedom to take a vacation, spend more time with your family, and work from anywhere in the world.
Can I get a Hell Yeah!?
It’s a humble dream. A dream you want to be real. And yet… a part of you feels skeptical.
Why? Because a quick Google search for “how to make money online” returns more trash than a landfill.
Sites promising you easy money from starting an online t-shirt store, doing multi-level marketing (MLM), becoming a Nigerian prince, etc.
You wouldn’t believe how many people get caught in these scams.
And it’s all because they appeal to your desire for an amazing lifestyle. Even when you know better, a part of you desperately wants to believe it’s true.
But you’re not stupid. You know they’re lying. The problem is…
The truth is, making money online is not as easy as you think or as others make it seem. The concept is extremely simple, but the process isn’t easy my friend.
Now I know you didn’t come here to be disappointed and I certainly don’t want you to leave that way. So I have good news for you…
It’s 100% possible for you to make money online.
I didn’t tell you that in the beginning because I wanted to be real with you first. Otherwise our relationship would last as long as a celebrity marriage.
Now we can talk about how you’re going to earn a full-time living working from home.
Let’s jump in.
Understanding Technology, Mindset, & Math
If you haven’t noticed, technology is putting more people out of work every day. And while some people turn to bars for comfort, others are looking for ways to replace their income online.
Now obviously you’re in the second group. But being proactive is not enough. You need to change the way you think about making money – starting now!
Imagine if everyone in a cubicle existed online. Their jobs and lives would be no different. They’d have the same mindset and approach to everything just as they do now.
In short, they would be virtual sheep.
Harsh, but true.
You see there are two ways to make money online:
- You either work for someone or
- You work for yourself.
If you’re interested in the first option, this post isn’t for you.
But I’m guessing your dream doesn’t include a boss, otherwise it’d just be a nightmare. So let’s continue.
Focus on Providing a Service
There are plenty of people who have more money than time, or more money than skill. And they’ll gladly pay for yours – if you can help them.
Yes, the thought of making $50,000 a year on your own is both exciting and scary. But it doesn’t have to be.
In fact, it’s actually quite simple if you break it down. Take a look at the table below:
|# of People||Your Fee/Price|
Doesn’t look so overwhelming right?
If I said you could make $50k working for less than minimum wage you’d think I was running a Cambodian sweatshop.
Now, I know what you’re thinking… “It makes sense Alex but what will I sell and how do I find people willing to pay me all that money?”
I hear you loud and clear. We’ll get to the list of online businesses you can start shortly. Let me address the people issue first.
Believe it or not, finding people is the easy part. You probably doubt that but it’s true. For instance, in the next 60 seconds consumers will spend over $20,000,000.
That’s Twenty…Million…Dollars in 60 seconds!
And here you are wondering if you can make $0.095 per second. Do you see why I say it’s easy?
The reality is people pay for all kinds of stuff. So it’s possible for you to get in on the action. And you don’t even need that many customers.
For example, say you offered a product or service for $20 a month. You’d only need 167 customers to hit your yearly revenue goal.
Doesn’t that seem a lot easier than finding people willing to pay you $1,000?
Of course it is. And that’s the beauty of using a subscription pricing model for your product or service.
Now imagine what would happen if you got 1000 monthly customers.
At $25 each, you’d be making $25,000 a month, times 12 months equals…
Do the math and let your brain process that for a second.
Now that you know the numbers, let’s explore the business ideas that will help you live your dream.
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How to Make 50k a Year Online: 5 Best Online Businesses to Start
This isn’t going to be a list of 101 best online business ideas.
All that’s going to do is overwhelm you, make you quit before starting, and lead you straight to the bar of despair.
The businesses below are great ways to start your online journey. So make sure you read the details and check out the resources and tools that can help you be successful.
There’s a lot of confusion about who a consultant is and what they do. All everyone knows is that consultants make a lot of money. But that’s not helpful to you so let me simplify it…
A consultant is someone who gets paid to solve problems.
That’s all it is.
You can be a tech consultant, management consultant, spiritual consultant, etc. It doesn’t matter what your title is, your only purpose is to find solutions to people’s personal or business problems.
I’ll give you an example in a second but first let me address your concerns about doing this with zero experience.
Obviously it helps if you have experience in a certain field. But if you don’t, then you need to level up your life and get some skills.
I’m not talking about getting a college degree or MBA. That stuff is useless in reality.
I’m talking about becoming expert enough on a particular topic to help people or businesses.
Oh btw, if talking to people scares you, either get over it or forget about consulting right now. Because you’re going to need to talk to people.
Here’s a personal example:
I once joined a weekend accelerator where the goal was to launch a business in a weekend and get your first paying customer. Out of 22 people, I was the only one with zero tech skills. Everyone else had some kind of IT or coding background.
Compared to me, these people were geniuses. But I had something they didn’t… grit and a ridiculous work ethic.
I knew I could out-hustle them. And that’s exactly what I did.
While everyone else set about to build the next big app, I grabbed a pen, paper, my phone, and laptop. I had one goal… find high value businesses spending money on ads who were hungry for more customers.
So I picked a market (remodelers) and started cold calling businesses nearby.
Instead of boring you with the details I’ll just share the results…
After 4 hours of talking to local remodelers, I landed my first client. It was a 3-month Facebook advertising contract for $22,000. Most of that was for advertising and setup, while roughly $5900 was payment for my services. And the best part…
I outsourced pretty much everything except for 7 hours of my time spent reporting to the owner over the 3-month period. If you factor in the 4 hours of cold-calling, quick math puts my rate at $536 an hour for 11 hours of work.
In the end, mine was the most successful and profitable business to come out of the accelerator. My success even landed me a few clients from the accelerator. Ironic, isn’t it? I even added referral clients on retainer thanks to the positive results of my case study.
Still think you need to be an expert to become a consultant?
As I said, it’s all about your ability to solve problems.
If you want to become a consultant, here are three resources to help you:
- Getting Started in Consulting (3rd Edition) by Alan Weiss
- Flawless Consulting: A Guide to Getting Your Expertise Used 3rd Edition by Peter Block
- Breaking the Time Barrier by Mike McDerment
2. Teach English
How’s your English? If it’s your first language or you can read, write, and speak it fluently, then you can make a living teaching it online.
Right now there’s a huge demand for English teachers in China. As the country’s level of wealth rises, so does its appetite for quality education.
In fact, education has been a major focus of Chinese culture for decades. All technology has done is give the Chinese better access to it.
However, although the industry is projected to exceed $100 billion in the future, the lack of quality teachers is a problem.
There are less than 100,000 qualified North American English teachers in China. And with a population of almost 2 billion people, you can imagine how great the demand is.
But technology is changing that. Online platforms like VIPKid exist to connect Chinese students with English teachers in North America.
Now, you might be thinking that you’re not an English teacher, or you don’t have an English degree. Well you don’t need either. In fact, here are the requirements for VIPKid:
- You need to be a resident of the US or Canada
- Some basic teaching experience (formal or informal), e.g. tutoring or coaching
- Have a good computer, reliably fast internet connection, and headphones/mic (optional)
- You need a Bachelor’s degree (any field), or at least an Associate’s degree in Early Childhood Education
If you meet those qualifications, then you can sign up to be a teacher at VIPKid.
As a teacher, you can expect to earn between $7 – $11 per lesson. Each lesson takes about 25 minutes. So you do the math.
Good teachers earn anywhere from 50k to 75k depending on their success on the platform. However, you should expect to start at the lower range as a newbie. Unless you’re a noble English laureate or something.
Click here to learn more about VIPKid.
Stick a Pin in It
Enjoying the post so far? Think it’s been helpful? Wanna do a good deed today? Then save it to Pinterest so other people can experience it too!
Freelancing is one of the most popular ways to get started making money online. And it’s easy to see why.
It checks all the boxes for your dream lifestyle: flexibility, independence, and virtually limitless earning potential.
Another benefit is the fact that you don’t even need a high school diploma to become a freelancer. You just need a desirable skill.
Don’t believe me? Then consider this…
Two of the most profitable freelance gigs are Direct Response Copywriting and Writing.
However, businesses hiring for these gigs aren’t looking for astute English majors (some are). They are looking for experience and results.
Take direct response copywriting for example…
You can have a degree in Monkey Business and it won’t matter!
Freelance copywriters can earn a lot more than $50,000 a year. They can earn that by writing a single sales letter.
That’s because copywriting is all about using written words to get someone to take a specific action.
“What if I don’t have any copywriting or writing skills?”
Ugh! There you go again with your skills question.
If you can put sentences together to form competent paragraphs after researching a topic, that’s enough to get you started right now.
You can do something simple like writing articles for websites.
As for copywriting, that too requires research but the sentences are sales driven, less formal, and personal. You’re going to be writing to an audience as if they were your friends. Specifically, you’re going to be writing like you speak so you can sell like hell.
Now I’m not saying these are the only freelance careers available. You can do web design, graphic design, app development, and more. But those require technical skills. And if you have them, then you should start with those.
The reason I chose copywriting and writing is because anyone can do it. Assuming you can read and write English, of course.
And you don’t have to be an expert to start either. Like with most things in life, you’ll get better with practice.
Remember, there are lots of people who have more money than time, or more money than skill. And they’ll gladly spend it on you.
If you want to become a freelancer, here are some helpful resources:
4. Start a blog
Surprise, surprise, surprise! Another person telling you to start a blog to make money online.
Trust me, I was reluctant to add this due to the sheer volume of misleading information around the topic.
Everyone and their chihuahua has been on the blogging train in recent years and there’s no end in sight.
Blogging is the most desirable way to make money online because you can make a tremendous amount of money doing it.
And because it’s so easy to get started, everyone gravitates to it. Ironically, that’s the reason why so many people fail to make money blogging. It’s just too easy.
You see, the blogging lifestyle is portrayed as a “rags to riches” opportunity by people who blog about blogging. They dazzle you with their monthly income reports and extravagant lifestyles because they know that’s what you want.
So you get motivated to start your own blog. But eventually you realize it’s not as easy as they said so you give up and quit after your first month.
Well you can avoid that if you do two things:
- Change your approach to blogging, and
- Treat it like a business.
Your approach needs to value-driven. Your number one goal should be to… help others by fulfilling their need for information. You can do this by asking questions, researching problems, or sharing your own experience on a particular topic.
For example… you can blog about your journey to become a copywriter. So anyone who’s interested in the career can learn from your success and failures. Even though you’ll be learning, your experience will make you an expert on the topic and people will love what you have to share.
That’s the value-driven approach.
The business side of it is where you dawn your CEO cap. It’s when you start creating digital products for your audience. Things like courses, ebooks, or even software, that can help people achieve their goals.
Making money blogging is 100% possible. But it definitely requires a different mindset. You have to be a giver first before you can receive the rewards.
And if you’re wondering about things like design, traffic, or best blogging tools, none of those things matter.
You just need to decide what your blog will be about, create value-based content, and then promote that content to the right audience.
5. Invest in an existing business
Why start a business when you can buy one? After all, not everyone wants to start something new.
If you’ve got the means to acquire another business, then you can purchase an income generating asset immediately.
Shopping for online businesses is a lot easier than buying a brick-and-mortar store. You don’t have to worry about stuff like building maintenance, staff, or being limited to local customers.
Online businesses provide simple, predictable streams of revenue that you can earn form anywhere in the world.
Now I know what you’re thinking… “Why would anyone sell a dream business like that?”
I don’t know. Why do people spend loads of money on worthless diamonds?
All jokes aside, owners can have multiple reasons for selling their online business. They may be trying to raise money for a new investment, they may be tired of working on it, or they could be consolidating their portfolio.
There are lots of reasons but none of them matter. What matters is that there are motivated sellers that you can purchase from.
As for the types of online businesses you can purchase, here are a few:
- An affiliate website
- A software business (web apps or mobile apps)
- An e-commerce website
- A website that sells services
Alright so you have an idea of the different businesses, but where do you find them?
Well there’s no chamber of commerce, billboards, or For Sale signs for online businesses. But there are a few online marketplaces where you can find businesses to purchase.
Two of the most reputable online business brokers are:
The Bottom Line about Making 50k a year online
Is it really possible?
Absolutely! It’s gonna take more than hard work though…
It gonna take purpose.
Yes, you can become a consultant. Yes, you can teach English. Yes, you can become a freelancer. Yes, you can start a blog. Yes, you can buy a business. And the biggest yes…
You can fulfill your dream of spending time with your family, making money online, working form anywhere in the world, and doing whatever you want to do!
You just need to invest the time, skill, and capital to achieve your dream.
Don’t waste your time trying to be perfect. Before you know it, you’ll be old and wondering what you did with your life.
The biggest advice I can give you is to just get started.
I know you found this post helpful because you’re still here. And if it helped you, it could help someone else too.
So can you do me a favor and share this post? All you have to do is click the buttons below and you can help someone else pursue their own dream.
Go ahead and do that now.