The best ways to make money from home in 2023 (6 high-income streams)

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Thanks to the internet, it's now possible to become wealthy from home.

You might be tired of working 9-5. Long commutes and dealing with projects you don't really care about can become tedious.

Many people have untapped potential to become successful entrepreneurs.

If you're scared to take a leap of faith, you don't have to quit your full-time job. Start with something that interests you as a side hustle to test the waters.

The most attractive thing about online business is that there are many ways to make money without needing a large amount of cash.

Ready to learn more? These are 6 ways to earn a lot of money from home.

1. Dropshipping

This is by far the easiest way to sell products online.

You don't need a warehouse. You don't need to buy a large amount of stock. You don't even get involved in packing and shipping orders.

How does it make money?

This ecommerce business model is simple. Find a reliable supplier that offers a dropshipping programme, such as dropshippingXL. .

Once you sign up, there is a fee to subscribe and become an official seller of their products.

You get to focus solely on marketing and advertising your products to customers. Your dropshipping supplier handles order fulfilment. This includes storing the goods and sending your customers' orders.

Is it technical?

A misconception is that dropshipping needs expert technical skills.

That's not the case! You don't need to be a website developer, coder, graphic designer or have experience in an advertising agency.

Many dropshippers that have seen their ecommerce store take off are self-made entrepreneurs.

How much money can I make?

This online business model is highly favoured for its ability to generate impressive profits.

Dropshippers that find a bestselling item can make anywhere from $10,000 to $50,000 per month.

Want to know how to make it work? Read our blog post: You need these 4 skills to be a successful dropshipper.

2. Become an influencer

YouTube, Instagram, Twitch, and TikTok are the homes of extremely wealthy influencers.

The crazy part is, you don't need a large following to earn a tidy profit.

Nano influencers, content creators with less than 100,000 followers, can earn up to $600 per Instagram post, according to Business Insider, 2022.

Is it just for Gen Z?

No, there's more to TikTok than teenagers doing dances in their bedrooms.

You can find doctors, dentists, dermatologists, vets, scientists, and psychologists that share professional advice and education.

Even if you're not a doctor, you can share something you are passionate about.

You don't need to reinvent the wheel. You can choose a niche others are doing but add your unique personality.

How does it make money?

All influencers make money from advertising. YouTubers, for example, take 55% of the revenue made from ads on their videos. YouTube takes the remaining 45%.

Start earning from YouTube ads by applying to the YouTube Partner Program.

YouTubers will need at least 1,000 subscribers to be accepted and to create an AdSense account.

Brand deals and sponsorships are also a way to earn from social media.

Instagram influencers can get paid $50-3,000 per sponsored post, depending on their number of followers.

3. Blogging

Blogs are still popular today regardless of the popularity of video content.

One of the best things about blogging is that it generates passive income with very little effort.

What's involved in blogging?

The concept is to create a blog and start affiliate marketing.

Affiliate marketing means including links to relevant products (such as Amazon) and if your readers make a purchase, you make a small commission.

Consistency is the way to make sure your blog is a success.

The only downside is that making a profit from blogging takes some time. It is a long-term business idea but once it starts to take off, it's worth it.

Can I make a lot of money?

Once a blog has gained a sizable following, it can make a comfortable salary.

According to Indeed, in 2022, bloggers earn on average $39,186 per year. This is provided that the blog posts regular content, there is an SEO keyword strategy and high-quality photography.

Bloggers that also post on social media can improve their chances of reaching a wider audience, achieving high traffic to their blog, and boosting their salary.

How else does it pay?

Besides affiliate marketing, bloggers are paid for sponsored posts. Brands will pay to have their products mentioned and promoted.

Similarly, advertising agencies reach out to bloggers.

Agencies pay bloggers to publish SEO posts. These are posts written by an advertising agency with specific keywords.

In contrast to sponsored posts, these articles don't openly promote a brand or product. They work as part of an SEO strategy the agency has for a client.

Bloggers can be paid at least $50 per SEO post.

There's also banner advertising, where brands pay to have their ads featured on your blog.

4. Create a course

Selling a digital product is another simple way to enter ecommerce.

When creating a course, you don't have to worry about selling a physical product.

There are no warehouse issues to consider. Packing, shipping, and customer returns are not problems you need to face.

What do I make a course about?

It might be that you are extremely knowledgeable in a certain area of expertise. Perhaps personal finance, setting up a business, cooking, how to have confidence, psychology, dating advice, marketing or rules of etiquette.

Courses typically involve video content not freely available on other platforms.

How do I set it up?

Sell and make online courses accessible to users by creating a website.

Alternatively, platforms such as Instagram allow social media influencers to set up "premium access" for paying subscribers.

You will need to find a way to protect your content from being openly accessed. This is done by establishing a monthly subscription service or an upfront fee per course.

Videos will need to be uploaded to your website directly and not on open platforms such as YouTube.

Other ways it can generate income

To maximise profits from courses, sell additional products. This could be 1:1 coaching sessions, course certificates or downloadable course materials.

5. Sell ebooks

If you don't have enough content to create a course, write an ebook.

Ebooks can be about any subject and are low-cost to put together.

The biggest investment will be the time needed to write an ebook. It could require hours of research, rewriting, and proofreading.

However, once your ebook is ready, it can be a lucrative source of passive income.

Where do I sell an ebook?

Selling ebooks on your own website will allow you to save money on commissions to third parties.

It will require some extra work to get traffic to your website but with the use of social media, this could drive huge crowds to your ebook.

To access a larger market, try using an online marketplace. Amazon and Google Play are popular platforms for purchasing ebooks.

Kindle Direct Publishing is another option. They allow you to earn a 70% royalty on every book you sell.

How much money can I make?

This all depends on the quality of your ebook and the success of advertising your product.

Ebooks can range from $10-30 but the typical price point is $25.

Another option is to sell digital guides. These are PDF documents with just a few pages. These are sold anywhere from $2-20 each.

If you reach a wide audience through advertising, you could earn thousands per month.

6. Work freelance

Photography, writing, graphic design. If you have a skill you can sell as a freelancer, you could earn more than working for an employer.

For those that have years of experience and a high level of mastery in their field, consulting is a wise option.

The benefit of freelancing is the opportunity to hand-select high-paying projects.

As opposed to working for a company, freelancers keep the profits from a project for themselves. The time taken for each assignment is usually the same, so their return on investment is increased.

Is it high-earning?

Freelancers can quickly snowball their income by gaining repeat business and a loyal clientele.

Word of mouth also helps freelancers attract business without investing much in advertising costs.

Even if the annual salary isn't jaw-dropping, working freelance is another opportunity to increase your number of income streams.

This money can be used as capital to invest in other online business ideas.

To round-up

Finding multiple ways to earn an income online is not something to miss. These home-based ecommerce opportunities have the potential to make big money. With smart use of time, investment of your resources, and dedication to your entrepreneurial dream, you can enjoy the rewards of your work in less than a year.

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  • The advantages of having multiple income streams
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