Lucrative Online Income Streams, That Could Create Financial Freedom

The beauty of making money online is that you have the ultimate freedom. You can work from from home or anywhere you are in the world as long as you have internet access. You are your own boss and work as many hours as you wish. Not only that, but if you manage to create multiple passive income streams, then you are on the way to financial freedom too. Most online entrepreneurs and people, who built money making ventures on the internet, don't just rely on a single income stream. It is highly recommended to create multiple streams of income in case one goes down or isn't really profitable, then they have other places, where earnings coming in on a weekly or monthly basis. Here are some very profitable and scalable business models, that worth to consider.

Selling Online Courses

If you are an expert or passionate about something or you think you are good enough to teach, you can build a steady passive income online, by creating courses. There are many different types of courses you could create, but for a passive income opportunity, the video courses are the best ones. If you can create comprehensive video lessons, you just have to upload them to websites like Udemy, Skillshare or Teachable. These three sites are the most popular ones. The beauty of this business model is, that you only create the course once and whenever somebody signs up to your course you get paid. These three websites get huge amount of traffic every month, but you can promote your course in different ways, like blogging or on YouTube.

Promoting Online Services

This business model is related to affiliate marketing. If you don't have a service for sale, then you can promote other people's services for a commission. These are usually monthly recurring income opportunities and as long as your customers remain subscribed you get paid every month without even doing anything. Some services to promote for recurring income are:

• Web hosting services, like Hostgator or Bluehost

• Video streaming services, like Disney+ or Hulu

Selling Digital Products

This is more like traditional selling and creating a product, but instead of selling a physical product, like a book or a DVD, you are selling something digital like an eBook or software. The main way to sell digital products on the internet is using platforms like Amazon Kindle or iTunes, but you can also use your own website and create affiliate links to products you recommend.

Affiliate Marketing

Affiliate marketing is a great way to promote other people's products and services and build a passive income online. What you do is you go to different online market places and find products or services, that you think your readers would be interested in. Then, you get the affiliate link for that product or service and promote the product on your blog. If somebody buys the product through that link, you get a percentage of the sale price. There are a lot of different market places you can promote products on, like Amazon, Clickbank, Share A Sale or Commission Junction. Affiliate marketing works with both physical and digital products.

Freelancing

If you have extensive skills or you are a skilled worker, you can attempt to sell your skills on freelance markets places like Fiverr or Upwork. Set your price and if someone hires you, you accept or not. The amount of money you earn on these sites is usually per project, rather than a steady monthly income. However, these markets places have grown significantly over the years and you can find many buyers or clients on there. Some of the best seller services are:

• Graphic design

• Logo design

• Virtual assistant for social media accounts

• Writer

• Website design

It might take some time and effort to get decent income on the above opportunities, but they all have the potential to become a full-time earner.

Dropshipping

Dropshipping is a great way to start a passive income business. With dropshipping, you create a website, that sells products from online wholesaler stores. All you have to do is create an account with the store, then, you list the products on your site with your price and description. If you have a sale, then you order the product from the wholesaler and get it shipped to your customer. You keep your profit. The beauty of this business model is, that you never hold any stock and you never have to ship anything to your customer. Your online store can be created by Shopify or WooCommerce. These are the most popular ones and you don't have to have website design skills, because these sites come with build in templates.

Ebay and Amazon both are also good places to sell products via dropshipping. Just make sure the wholesaler store is legitimate and not a scam.

Print On Demand

The POD business model works similar to dropshipping, the only difference is, that you have to have designs either designed by yourself or order some designs from a freelance graphic designer, then you upload the designs on print on demand sites, like Printify, Zazzle, Teespring, Redbubble or Gearbubble. Then you pick your desired products, such as T-shirts, hoodies, mugs, leggings, cushions, hats and many more. Once you have an order, then the print on demand company will print the design on the product you sold and send it to your customer. They have a base price for the blank product. You set your price just like with dropshipping and keep the profit. POD businesses typically offer products for kids, women, men and unisex. Most websites offering POD products have a shopping cart web system.

Digital Publishing

Digital publishing businesses are very similar to POD businesses, but these sites offer eBooks, music, videos, software and a lot more. You can create your own digital products and sell them on these market places. For example you can publish eBooks on Amazon and sell them there. As you know Amazon Kindle is the most popular online store to buy and sell eBooks. There are hundreds of eBook publishers, so you have to make sure you do your market research and find which eBook market places your potential customers prefer to buy from. You don't even have to be a novelist to write books. There are other types of books you can create very easily for free. These are called no content or low content books. This means you create for example lined books with a nice cover design and sell it as a notebook or a journal. These are very popular on Amazon. Once you have determined the market places your business should be on, then you can start creating your own digital products and selling them. There are many design tools and materials you can use to build your business. These include, but is not limited to: Canva for example, where you can design nice book covers and interior pages for a journal for free.

I hope you liked this article and let me know which business model would you try or have tried before.

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