These are all the things I’ve tried on my pursue to earn money while I sleep 🙂
Keep in mind that your chosen path might be different than mine as we all want different things. What really matters is that you choose one path and start building your assets today.
You’d be promoting other people’s products or get paid on a per lead basis. All you have to do is sign up for one of the many affiliate networks (like clickbank.com or peerfly.com), then you’ll get a unique affiliate link that you need to use when promoting products.
Every time someone clicks on your link and buys the product then you will earn a commission that can be a few bucks or thousands of dollar per sale, it all depends on the price of the product you are promoting. Want to learn how to earn money online without paying anything, read this detailed article.
Why I don’t do affiliate marketing anymore?
In summary, because I wanted my time to be spent on building my own business, when you do AM you’re basically growing someone else’s business.
I remembered the days when I finally was making some made decent money, out of the blue, I got a call from my affiliate manger saying that the brand owner was cancelling the offer, meaning I had to start over and I didn’t like that feeling.
Now, if you own the traffic, i.e. if you have a website with visitors then is a different story, but I didn’t so that was it for me.
AM is great for cash flow and yes there are people making BIG money this way. It’s a matter of personal preference, the good thing about doing business online is that YOU get to decide what is it you want to do.
My advise is, if you’re going this route then build a website and control the traffic, it’s not a short term strategy but is the most promising long term.
This is very similar to affiliate marketing but instead, you’d be selling physical products.
This is how it works: you find a supplier that offers drop shipping then promote/sell their products, when some buys from you then you place an order with your supplier and they do the shipping for you, the cool thing is, you don’t even get to touch the product. For more details about this path, check out this more detailed article on dropshipping.
This is why dropshipping was not my chosen path.
- Profit margins tend to be thin as the competition can be fierce, remember, this path has a low barrier of entry so lots of people are doing it this.
- Customer complaints/returns: delayed shipments, defective products, incorrect items sent to customers, these are things you can’t control since your supplier is doing all of it and this eats into your profits.
- Similar to AM, you’re growing someone else’s business instead of your own.
- Suggestion: if you’re doing this, niche down, meaning choose a market that is very specific, don’t try to put up a website that competes with Walmart or Amazon, instead, find a passionate market, say accessories for Labrador dogs, or trout fishing items. This will make your marketing so much easier and will also increase your chances of success!
This is what I’m doing right now and yes there are also many ways of doing eCommerce. This is not recommended unless you have at least a couple of thousand dollars to invest, ideally I’d say five to ten thousand dollars.
In my experience, I didn’t really start to see any real profits until I stated selling more than $10 per month, typical margins are 15% to 25% when buying wholesale and 20%-40% if you’re selling your own brands.
You’d really see the money rolling in once you past the $40K per month in sales, at this level you can be making $4k-$6k in profits.
You can create and sell your own brands or you can sell known brands or a combination of both, different from drop shipping, you’d be buying from wholesellers and actually taking possession of the inventory.
I recommend that you start selling on ONE marketplace first, choose Amazon, eBay, open a seller account and learn their platform before spending money on products.
Warning: Amazon is very serious about keeping their market place fair and free of fake products, any infraction in this regard with get you banned right away. So, stay away from DVDs, Games, etc.