Author of Undefeated Marketing and founder of Foolishness File
Ever heard the saying, “the average millionaire has 7 sources of income”? Well that’s what this post is about... generating those sources of income.
I’ve carefully selected 7 income sources that have a low barrier of entry. So let’s begin...
1. Binary Options
Worried about the risk of investing? Or maybe you don’t have enough capital to invest in any stocks?
Whether you have a full time job or not. Freelancing is a great way to earn money from home on your own terms. All you need is the willingness to work.
The number of jobs are limitless. You can do:
Step 1: Write down a list of your skills (e.g. logo design, blogging etc.)
Step 2: Create your portfolio on any of these job sites.
Step 3: Apply for jobs on those sites until you get some gigs.
3. Affiliate Marketing
Most, if not all affiliate marketers are bloggers.
If you enjoy connecting with others online and sharing your thoughts then affiliate marketing is a great way to earn an income. The best thing about blogging is the fact that you can work whenever and wherever you want... you’re the boss.
To get started with affiliate marketing you need to follow these steps:
Step 1: Pick a niche.
Step 2: Set up a blog.
Step 3: Sign up to affiliate programs.
Step 4: Start blogging and connecting with other bloggers in your space.
4. Sell Your Photos
Enjoy taking photos?
Good news. You can sell them online without much effort. There are sites out there that let you upload your photos, put a price on them and start selling.
You probably won’t make a six figure income from your photos. But, you’ll make a lot more money than just letting them rot on your memory card.
Here’s a list of sites where you can sell your photos:
5. Sell Your Knowledge
The education industry is worth over $100 billion and growing, making it a great opportunity for you to make some income.
People want what you know no matter how easy or not important it may seem to you.
The most common ways people sell your knowledge is through:
That’s not an obstacle. In fact, that’s good news for you because it shows there’s a market for what you’re teaching. The internet is a massive place and there’s enough space for another million people like you. Truth is, no two educators are the same anyway, every educator has their own angle and experience of things.
Dave Chesson from Kindlepreneur.com makes over $7,000 a month from his kindle books even though there are millions of other books on Amazon.
So, If you want to take a slice of a $100+ billion industry then selling your knowledge is a path you should take.
6. Mobile App Skinning
Most of us aren’t coders. Coding an app is time consuming and expensive. But, why code from scratch when you can just improve existing apps without writing a line of code?
Carter Thomas from bluecloudsolutions.com shows you how he created a $70/month app business from scratch.
It’s much easier than creating an app from scratch. Even if you do want to create an app from scratch, it’s best to test the waters with this kind of app. You’ll make yourself a bit of income maybe enough to fund the other app projects you wanted to work on.
7. White Labelling
Ever bought something from Amazon?
Well guess what, there’s a 99% chance it was a white labelled product.
Wait, what’s white labelling?
For the sake of brevity, it’s sticking a branded sticker (or label) on a generic product. If you thought Amazon products were unique then I hate to say this, but you’re wrong. If you read the ingredients and look at the packaging you’ll realize the only difference is the label. Even if you do see a slight difference, it’s because they both sourced their products from a different manufacturer. Almost no one on Amazon creates their own unique products from scratch.
But, you want to know why this business model is on this list? Because you can start your own ecommerce store with just a few hundred dollars!
Why you? Because Amazon relies on third party sellers and you could be one easily.
There you have it. 7 carefully selected sources of income you can definitely rely on.
The only thing getting in your way to becoming a millionaire now is your willingness to do the work. Don’t let “busyness” get in your way. Life is short and if you want to become a millionaire, you better start now. Assign a week to work on each one and you’ll be on your way to have 7 additional sources of income within 7 weeks.
Follow Zak Mustapha on Twitter: www.twitter.com/zakmustapha
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