But recent research has painted another picture. Scoring a place in the top 3 percent of most-viewed channels could bring in ad revenues of just $16,800 per year, according to analysis for Bloomberg News by Mathias Bärtl, a professor at Offenburg University of Applied Sciences in Offenburg, Germany. If you quit your job, that's barely enough to break through the poverty line.
Join a startup accelerator: Another great option is to apply to a startup accelerator like Y Combinator, 500 startups, or TechStars, where a group of investors will help coach you, connect you with potential partners, and provide startup cash in return for a small stake in your company. The competition is tough to get into these, so don’t rely on them as your only path forward.
You have likely heard of subscription boxes such as Birchbox and Julep. While almost anyone can start a subscription box service, they can be incredibly labor-intensive and the profit margin usually isn’t so great for those operating on a small scale. Did you know you could start a subscription for your knowledge that’s almost pure profit? With sites like SubHub, you can offer a monthly membership offering anything from meal plans to workout plans to crocheting patterns and beyond. The sky is the limit. You do need to provide new content on a consistent schedule to keep your customers happy. But if there is something your friends are always looking to you for new ideas, you may have an easy little side business on your hands.
Fiverr: Israeli-based Fivver was started in 2010 by Shal Wininger and Micha Kaufam. It's a great resource for selling just about any service online. You can offer gigs as low as $5 but also get paid much more for upgrades and add-ons. There are plenty of providers earning 6 figures on Fiverr so it's definitely a worthwhile cause for generating a healthy income. Just ensure that you provide some serious value.
If you have a propensity for writing and you can slay with your prose, consider writing an ebook. While the market has certainly become saturated as of late, books that help teach people about a technical topic still sell extremely well. This is a great source of passive income but does require a large amount of effort at the outset before any money is generated.
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Once you have that problem or need nailed, the next step is to validate that idea and make sure you’ve actually got customers who will pay for it. This means building a minimum viable product, getting objective feedback from real customers, incorporating updates, testing the market for demand, and getting pricing feedback to ensure there’s enough of a margin between your costs and what consumers are willing to pay.
Drive for Uber or Lyft: If you're in a locale where you can find Uber or Lyft (or even one of the many competitors around the world such as China's Didi), you could easily make a respectable income. The hours are flexible and you can work as you see fit, making it perfect even if you currently have full-time employment but are looking to make some money on the side.
In a recent FlexJobs study, they found “Sixty-seven percent of freelancers report that the amount of work they’ve gotten online has increased in the last year, and 64% of freelancers found work online, up 22 points since 2014 according to the “Freelancing in America: 2018” report. The percentage of freelancers who earn $75,000 or more annually has increased 15 points since 2014.” That's awesome news for those looking to make money from home.
Need more ideas on how to make money online? Another strategy is using webinars to market your product, service, or course. I’ve done webinars to promote my financial planning practice and to drum up interest in my online course for financial advisors. With a webinar, you’re basically offering a lot of tips and advice for free — usually in a live format. At the end though, you pitch your paid product or service with the goal of securing a few deals.