I want to commend you for taking the time to read the blog post “money making ideas that are proven and freedom based.” That shows that you’re most likely going to make extra money soon and more specifically, in a way that is freedom based. With freedom based, I mean that it doesn’t matter if you’re in Indonesia or at home, either way, you’re making money.
A couple of years back, I was in the same situation as you. I was searching on the internet for money making ideas. I know the feeling of confusion and scepticism. You might be asking yourself, what works? Or who can I trust? These are great questions that need to be asked and answered before you choose one of the money making ideas. Let me offer you these two answers:
- The money making ideas in this blog post are proven and will most likely work for you if you work on them.
- Trust the money making ideas that provide proof that the thing you’re thinking about starting works. With proof, I mean numbers, income reports or something else that is tangible.
Another tip that I can give you before choosing between any of money making ideas out there is is to make sure that there are people making money at present using that “method” and not years ago. If you’re looking for money making ideas on the Internet, you need to know that things change fast. For example, a couple of years ago, a lot of people were making a significant income building several niche websites. But then Google made a change which made that technique less profitable.
Now, there’s a lot of ways to make money online or in a way that is freedom based. People are less afraid to give away their credit card details on the internet or over the phone than they used to be. More and more people are spending money on the web, and that money is landing in somebody’s hands, so you might as well make sure that some of it end up in yours.
I have a few more tips and thoughts that I would like to share with you before we get into the money making ideas. Here they are:
- Follow a proven method. Preferably a step by step guide or course that will walk you through what to do. Why reinvent the wheel? Success leaves clues and as the saying goes, if you do what other successful people do, you’ll eventually get the same result.
- Commit to one of the money making ideas. There is a problem with trying a lot of different money making ideas at once. Make sure you master one before you move on to the next one.
- Be consistent. Brian Tracy, who has been studying success for most of his life, says that you should try something at least ten times before you pass judgement.
- Don’t be afraid to invest money or time into one of the money making ideas. I believe that this is one of the biggest reasons to why people don’t make money online. I’m guilty of this as well. It’s called an online business for a reason. It’s business, so treat it as such.
- Have goals. Create both result based, and process-based How much do you want to make? By what date do you want to make that money? Set your goals by using the S.M.A.R.T model. Make sure your goals are, specific, measurable, accurate, realistic and timebound.
- Create a plan after you’ve chosen one of the proven money making ideas. Simple, but a lot of people miss this one. Schedule when you will work and how you will work. Again, planning will be easy if you follow a proven step by step method.
- Be willing to change your plan, but never give up. If you decide to start with one of the money making methods in the list, be flexible. When we had begun with Kindle publishing, we had to change our strategies a lot. But eventually, we found a way that took us to our goals.
Okay so let’s get into the actual list of money making ideas. I will mention which of these methods that we’ve tried and had success with ourselves. You’ll receive some pros and cons to the different methods as well. Some of the money making ideas are active income, and some are passive income. Understand that this might affect the time and investment it will take for you to earn a decent amount of money.
Self-publishing is one of the money making ideas that we’ve made the majority of our money with besides the “making money over the phone” business. This income is somewhat passive since you create the product once, and then it sells over and over again. A lot of people have been able to quit their jobs through this method. Here is some proof that we’ve made and continue to make a lot of money through self-publishing:
As you can see one book alone has made us over $1000 from only paperback sales. Making that much money on one book is not the norm, but it shows you the potential of this business. We’ve written some of the books ourselves, but ghostwriters write the majority of our books. Let’s go over the pros and cons of this online business:
- One of the money making ideas that are easy and straightforward to get started.
- There are many courses out there that will show you how to set up this business.
- It doesn’t have to cost you anything to get started. For example, you can write the book yourself and also create the cover by yourself.
- It’s a passive income business.
- You can do it from anywhere in the world.
- You can easily outsource a lot of the processes.
- Self-publishing is one of the money, making ideas that have a low barrier to entry which causes a lot of competition.
- You’re using another platform which means that if Amazon changes their algorithm, your business can be affected.
We will be putting out a lot more information about self-publishing on this blog. We started with the Kindle course K Money Mastery, and that is a great course for anyone who’s looking to get started with self-publishing. The link to the K-Money Mastery course is an affiliate link. We could earn a commission if you buy the course by clicking on that link. There is, of course, no extra cost and we only recommend it because we’ve benefited from the program.
Drop shipping through eBay
The main benefit of drop shipping is that you don’t have to keep inventory or ship the products. We had a web shop for one year, so I can assure you that keeping inventory and shipping can be painful. For us, it was not only expensive to ship, but a lot of products got damaged in the shipping process as well. When doing drop shipping, you don’t have to worry about that. Here is the how it works:
As you can see, you’re the one taking the order. Then you forward the order to the source which is the manufacturer or reseller. Then they ship the product to the customer. You make the profit by selling high and buying lower.
Let me begin by pointing out that I’m by no means a drop shipping expert, but I know that there is potential in this model. We recently went through a course on Udemy called “eBay Drop Shipping with No Inventory Guide – Work From Home” by David Vu. We’ve now set up our drop shipping store, and we’re just waiting for the first sales to drop in. Let me be clear that drop shipping through eBay is only one way of doing drop shipping. You can also set up a website that you drive traffic to as well.
If you were to do drop shipping through eBay, you simply have to list products on eBay that are available on sites like amazon.com, walmart.com or lowes.com. You register the product for a higher price, so you make some profit. When you get a notification that you’ve made a sale, you just place the order on the source website. Instead of putting your address in the order form, you put the buyers address. I recommend that you search for a product on Amazon that is ranking highly and then find the same product on eBay if you don’t believe that this method works. Click on sold listings to see all the products that have sold for a higher price.
Now, of course, there’s a lot more to drop shipping than this. There are some technical aspects to this method that I will not cover now. But hopefully, this opened your eyes to what’s possible. There are people making thousands of dollars every month through this method, and David Vu is one of them. The pros and cons of drop shipping through eBay are:
- Easy to get started.
- The investment needed to get started with this online business is next to nothing.
- No inventory or shipping.
- Drop shipping through eBay is one of the money making ideas that leverage outsourcing.
- Low barrier to entry, so the competition is relatively high.
- You will have a limit to how many items you can list. (This will increase when you prove to eBay that you’re a reliable seller).
Making money by selling things over the phone
I had to add this idea to the list since it was the first freedom-based business that became successful for us. Making money by selling things over the phone is Not a method to which I can point you to a course or a proven step by step process. You’ll have to be creative on this one. Are there any services or products that you can sell over the phone? Search for other companies that are successful in selling things over the phone. Emulate what they do and begin your own business.
Now, this method requires courage and a never giving up attitude. You’re probably going to hear a lot of the word “no” before you finally get a “yes.” But one yes can be more than enough depending on what you sell. Here is what one yes over the phone got us:
Keep in mind that the currency is Swedish krona but it would be more than $10 000 in pure profits as a result of one yes. Now, this business model can be freedom based, especially if you did like us who only sold a service. I hope this opened your eyes to the possibility of creating your own freedom based business with the help of your phone.
I will mention that one thing that bothered me with this business was that it was 100% active income. If I stopped making calls, the money would eventually stop pouring in. However, this does not have to be the case. If you can find a product or service that is subscription based, then you’ll begin to create a passive income stream with this business model as well. So what’s the pros and cons of this money making idea?
- Low cost to get started compared to some of the other money making ideas.
- You’re the one in control which means that the more calls you make, the more money you can earn.
- You develop courage and good skills to have as an entrepreneur.
- Cold calling can be mentally tough sometimes (both a pro and con, since I believe you’ll be stronger because of it).
- It can be hard to find the right product or service to sell.
- May require some sales training before you’ll begin to start selling in large quantities.
What’s your passion or interest? What’s something that you can talk about all day without getting bored? What if you could build a blog around your interest and earn money by doing so? Is that something that sounds interesting?
I bet you answered yes with some scepticism. When I heard the word blogging a couple of years ago, I always thought that it was a diary that you write online for everyone to watch. While it can be that, I didn’t realize that blogging can be some much more than just telling others what you had for lunch today.
Blogging can be a way to make some extra money, earn a living or even become a millionaire. But you will not become rich through blogging alone; you have to know how to monetize it. But let me point out that the monetization should not be your focus in the beginning. Blogging is a long-term strategy that requires patience and a lot of value adding. That’s why it’s a plus to start a passion/interest based blog. There are two factors that you should take into consideration before you start your blog if you’re doing it with the purpose of someday making a living on it. Here they are:
- Make sure that other people are searching for the subject before you create your blog. Preferably several thousand people per month. You can check this by using the keyword planner tool from Google.
- Answer this question: are there any products or services around my niche that I can promote? An important question to ask if you’re considering monetizing the blog through affiliate marketing, which revolves around recommending other products that have benefited you.
Here are five other ways of monetizing the blog once it’s authority:
- Have an information product. Could be a course or an ebook.
- Create a membership site.
- Write paid blog posts.
- Banner advertising.
- Offer coaching and consulting.
There are much more ways to monetize a blog. But it all begins with putting out high-quality content on a consistent basis. You can do youtube videos or a podcast as well to get more visibility. Some people prefer to watch or listen instead of reading.
- Potential to earn millions.
- Can be a lot of fun if you build it around your passion/interest.
- It can take a long time before you begin to get visibility.
I recommend that you read our blog post called “How To Create A Blog With Bluehost and WordPress (Step By Step Guide)” if you want to learn how to set up a blog in just a couple of minutes.
Become a freelancer
Personally, I’ve never been a freelancer myself. However, I’ve paid a lot of freelancers, so I’m 100% confident that this belongs in a list of money making ideas. Freelancing is an excellent way to earn money if you’re particularly skilled in a particular area. It might be graphic design, writing, editing or narrating. Whatever it is, you might be able to earn money on it. Go to fiverr.com and you’ll see some crazy gigs through which people make money.
I recommend that you learn more about making money through fiverr.com or upwork.com if you’re interested in trying out this method.
- It shouldn’t cost you too much, other than your time.
- You can work with something that you enjoy.
- You might find it hard to get the first client that can leave a good review on your profile if you’re new.
- Not the most scalable business if you’re thinking about doing it all by yourself.
I recommend that you offer more value if you’re struggling to find that first client. Our best writer used this “technique” when we first hired him. We put out a job post that said that we were willing to pay $50 for a text. He offered to do it for $30 and then once he completed the job, he asked to be paid higher on the second milestone.
Create a video course
Creating a video course is one of the money making ideas that has the potential of making you a lot of money. We’re living in a day and age where more and more people realize that it’s no longer enough to go to university and then think that the learning start and stops there. Companies are now expecting that people learn things on their free time. This fact is A great opportunity for you. I think you know something that someone else would be willing to pay to learn. It might be:
- How to train your dog.
- How to build a following on social media.
- How to dance.
- How to create a website.
- How to (Fill in the blank)
You can become a course instructor on udemy.com for free. There are also possibilities sell your course through marketplaces like clickbank.com or Jvzoo.com. Do some more research on this subject and you’ll discover the opportunities of this method.
- Great potential to earn a lot of money.
- Passive income
- Can be a lot of fun. Perhaps you build a community with your students.
- Creating the product can be time-consuming.
- It can be a lot of technical aspects to take into consideration. For example, Udemy requires excellent audio and video quality to get approved.
Coaching/Mentorship can tie together very well with the video course. You can provide coaching or mentorship to the students who want the extra knowledge. You can also build up your authority as an expert by creating videos on youtube or blog posts and mention that you offer to coach them. It’s a win-win. You’re earning money, and they are learning something valuable from you.
- You decide what your time is worth.
- Excellent choice if you enjoy teaching.
- Coaching is not very scalable if you’re thinking of doing it alone. You only have so many hours in a day.
- You might have to spend a lot of time to build up your authority as an expert before you can get your first client.
Amazon FBA something that we eventually want to begin doing. From what I’ve understood, you can start this business without ever having to touch the inventory. So this qualifies as a freedom based business since you can run it from anywhere in the world. I also believe that a lot of the processes can be done by someone else once you’ve mastered them. There are people making millions through Amazon FBA, so I recommend that you research this further if you want to start a truly scalable business.
- Potential to earn millions
- You’re leveraging Amazon, who already has a lot of traffic.
- You can leverage outsourcing.
- The fact that you depend on Amazon can also be a downside. I would not worry about it too much, but it’s worth considering that you’re building a business on someone else’s property.
- Typically requires a higher investment than self-publishing or any of the other business models mentioned.
App development is another one of the money making ideas that we eventually want to do. There is potential in this business model. If you want to know more about how to build an app empire, then I recommend that you check out a guy called Chad Mureta. He’s not only made millions by selling apps himself, but he has also taught this to his students and together they managed to get over 300 million downloads in the app store.
- There is a lot of information of there on how to get started. Chad has created a proven system for starting your own app development business.
- Can be outsourced.
- It can be pretty expensive to create an app. It depends on the app that you’re thinking of building. A simple table-based app can cost anywhere between $1000 to $4000 to create while a game app can cost over $100K to produce. I believe that the cost of creating angry birds were around $120K – 190K
Real estate investing
Wait! I know what you might be thinking that this does not belong in a money making ideas list that is suppose to be freedom based. Stay with me; I’ll explain how it can be that. The second thing that might run into your mind is that it’s very expensive to begin to invest in real estate. Yes, that’s true, it could be, but some people have started this business without any investment at all. Now, this requires creativity. I’ll explain how they do it, in a moment.
Real estate investing is a business model that we were thinking about going into right before we started our self-publishing business. We were looking for real estates and got an OK to loan money from the bank. We looked for a property in late 2015 when our publishing business started to take off, so we eventually decided to focus on that business instead, but our goal is to get into real estate investing soon.
Ok, so let’s answer the first objection, which is that this is not a freedom based business. I mean what if something happens to the real estate? And what if the property has a lawn that I have to mow? Well, let me invite you to consider an idea. Do you think that Donald Trump or Robert Kiyosaki who are big real estate investors manage the properties by them self? Even a lot of small property investors do not mow lawn or deal with a problem regarding the property. They have property managers, or they contact a contractor to fix the problems. So that solves the freedom based issue. Let’s go into the money issue.
When doing real estate investing, you want to leverage other people’s money to create a positive cash flow. Here’s a quick example:
You buy a property for 100k. The bank loans you 80k, which you’re supposed to pay back in 50 years. So you have only invested 20k into this deal. You decide to rent out this real estate for a monthly cost of $1500. Your tenant is paying for the electricity and water. Here are your monthly expenses for the property:
- Bank loan and interest: $200
- Insurance: $100
- Property taxes: $100
- Maintenance and repair: $300
- Property Management: $300
Total cost per month: $1000
Total income per month: $1500
Profit: $500 per month.
Your investment results in a 30% return per year on the money that you invested. Try to beat that by investing in the stock market. Now, let’s say you don’t have 20k to spend. How have other people been able to invest in real estate without putting any money down? Well, there is something called owner financing, which means that the sellers loan you money. The seller benefit because they can get more interest on their money than they ever could through putting that money into a savings account. Owner financing typically works best with older people who have a lot of money. There’s a lot more to owner finance that I will not go into here, but hopefully, it gave you an idea that you can research more on if you’d like. Please note that this is not an every time deal, you probably have to search a while to find one.
- You can find some great deals if you have patience and creativity. For example, there might be someone who is lazy and in a hurry to leave the property. You offer to clean it up and take it over this weekend if you can get it for [this price].
- You can choose to invest for the long-term and create positive cash flow, or you can flip it which means that you buy low and sell high.
- High potential to earn a lot of money.
- It can be risky if you don’t know what you’re doing.
- It can take a long time to find a great deal.
- It can also require a significant investment. (I recommend that you search on Google for “how to buy a real estate with no money down” if you want to get into this business model, but you don’t have any money)
Thank you for reading the blog post “Money Making Ideas!”
What do you think of the money making ideas? I’d love to hear from you, so please leave a comment below. Perhaps you know some money making ideas that should have been included in this list as well? Thank you for reading and have a beautiful day.