Hi. Jude here, and I am the founder of BYTETODC, a resource I created to help people get started on their journey of online entrepreneurship. Today, I want to introduce a way where you can make money online without a high upfront cost or risk.
Is this good for you? If it is, let me first share with you what are the ways you can make money online and then explain why my method is the best.
Trading is one of the popular ways to make money online. However it is quite risky as you can lose a lot very quickly if you can’t get your emotions under control. And even if you are self-controlled (meaning you don’t chase trades), the chance of you making a loss at the beginning is high as you lack experience and tend to enter/exit the market wrongly. In addition, there are many types of financial instruments to choose from and this adds to the steep learning curve. Many gave up halfway.
I won’t go into full details of trading here but some interesting instruments include Binary Options and Forex Trading. If you really want to go into trading, my advice is to focus on Forex Trading first. You should research for a proper online course, and learn from a reputable mentor. I would recommend John Paul of Daily Trade To Win. I am his student and can vouch for his integrity and teaching methods. As opposed to all the testimonies of people making big profits through trading, there are many scammers out there with fake testimonies and those who are really consistently profitable follow a system and trading plan.
Cryptocurrency or “Bitcoin”
This list won’t be complete without mentioning cryptocurrency or digital currency. It is a big thing and leading the charge is Bitcoin and very recently, Bitcoin Cash. I won’t want to confuse you with my half-baked knowledge but here’s an article from Nate Kidd who is an authority on Bitcoin.
You can read it here >> Buying Bitcoin Cash – What You Should Know
There is no doubt Bitcoin is capturing the wildest dreams of many with its explosive growth. Even the recent fall in price didn’t really dampen the spirits of investors. Everyone wants a piece of the action and profits.
I am not into Bitcoins…YET. And probably never since the growth phase (in my opinion) is mostly done and I may be just another late entry. At one point, it reached a high of over $19K and currently is settling at $14K. Will it continue to charge up like before?
I don’t know but if you want a piece of the action, be prepared to fork up serious cash because it is not cheap at the moment.
If you are into product selling, Amazon FBA (stands for Fulfilment By Amazon) is a good option as it takes care of all the fulfilment needs such as product delivery and after sales support, freeing you up to focus on your product research, marketing and sales.
Personally, I like this type of business model and Amazon is a gigantic marketplace. The catch is that you need to be prepared to put up quite a fair bit of money to stock up your inventory as most suppliers (Ali Express for example) will only accept bulk order. If your item cost price is $5 and you are ordering 100 units, that is $500 upfront cost. On top of that, you pay a monthly fee ($39.99) to become a Pro Merchant (seller) on Amazon if you are selling more than 40 items per month.
I call this the cousin of Amazon FBA. Instead of holding stocks in Amazon warehouse, you are the owner of a website promoting products. Visitors can order products directly from your website, upon which an order will be sent to the supplier and the supplier will deliver to your visitor’s given address. In other words, you are the intermediary and do not hold any inventory.
A very popular variant of drop shipping is retail arbitrage, where you buy a product for a lower price (usually at special sales promotions) and resell them at a higher price for a profit. It seems like quick money and people who enjoy scouting for such deals may enjoy this type of business model or do it part-time to earn some extra cash
Is it ethical? Big topic which I can’t cover here. Let’s put it this way. It is a legit business as you are basically making available products at their full price and pocketing the profits in between. Sometimes a product may not be selling well in a certain region, is unable to ship to other locations and thus it is being priced much lower in an attempt to get it off the shelves. Through drop shipping, you connect the distant customer to it. Product is offloaded from the shelf, the customer is happy. Your profit is the value you bring to both sides. This is purely my opinion by the way.
Finally, this is my top recommendation for anyone who is interested to earn an online income.
Question: What is Affiliate Marketing?
Affiliate marketing is when you take a product and review it. If people buy that product through your affiliate link, you get a commission at no extra cost to the buyer.
THE PROCESS OF MAKING MONEY ONLINE IS STRAIGHTFORWARD. PUT SIMPLY, IT IS TO HELP OTHERS SOLVE THEIR PROBLEMS.
WHEN YOU DO SO, PEOPLE WILL TRUST AND BUY FROM YOU.
Question: What is the cost of starting an affiliate business?
Your startup cost is kept to a low. All you need is a website and its associated costs include subscriptions for domain name and web hosting, which is no more than $40 per year if you go with a service like Bluehost. There are many services to choose from and I have a post that discuss that. That’s how affordable it is. With other Making Money Online (MMO) options, you probably will be investing much more money before you see any coming back to you.
Question: Is affiliate marketing over-saturated?
There are a lot of affiliate websites promoting all kinds of products. There is no doubt that you will have competition but compared to the fast-growing affiliate industry, there is enough for everyone to work on. In fact, the industry is poised to grow to 6.8 billion over next five years and more companies are offering their own affiliate programs. I guess this really puts things in perspective and makes it worthwhile to invest your time.
Question: How do I get started?
There are three things you need in order to begin.
- A Website
- A Niche
- The Right Education & Tools
If you are keen to begin, click here for my recommendation of the online course cum platform that will enable you to:
- Build 2 free WordPress websites
- Host these 2 websites for free
- Access to the best online training course that guides you on the ins and outs of affiliate marketing (Remember: Your goal is not just to become another affiliate but to be a successful one! With this course, you get to learn from industry veterans who know what it takes to get there and they are SHARING their knowledge)
- Support community of over 1000,000+ members and they do respond readily when you ask or even post your success story
All of the above is provided in the Free Membership and the training course is available to Premium Members but we are throwing in a special arrangement. For the first 7 days, you have access to 10 premium training videos.