5 Ways To Make Money Online For Beginners 2023

 If you're considering starting an online business, looking to supplement your brick and mortar store's income, or maybe you've already started an online venture but feel stuck, you've come to the right place. In this video, I'm sharing my top five ways of making money online, rating them out of five in terms of ease of starting, maintaining, and scaling. It's essential to have an educated guess when choosing the right business model that resonates with you, so you can move forward confidently.

Whether you're drawn to physical products, digital products, coaching or membership packages, freelance services, or affiliate marketing, understanding the challenges and opportunities each model presents is crucial. With this guidance, you'll be better equipped to decide which approach will work best for your business and personal goals.

Key Takeaways

• There's a diverse range of business models to explore for making money online
• Ease of starting, maintaining, and scaling varies for each type of business
• Choose the business model that resonates with you and aligns with your goals

Physical Products Business Model

Difficulty to Start

Starting a physical products business, such as selling on platforms like Amazon or eBay, can be quite challenging. I would rate it a 1 out of 5 in terms of difficulty to start because initially, you have to identify the product opportunity, source, and ship it to the country you're selling in. Moreover, it's crucial to understand the advertising platform to stay competitive in an increasingly crowded marketplace.

Ease of Maintenance

Once set up, a physical products business model is relatively easy to maintain. Amazon provides a seller central account, helping in smooth business operations. However, it's crucial to consider logistics and ensure you have enough stock to meet the demand. I would rate the ease of maintenance a 4 out of 5, as long as you are mindful of the logistical challenges.

Scalability

The physical products business model offers excellent scalability potential. If you have a competitive product with a great market presence, it is straightforward to scale. Brands with physical products are also attractive to external investors or those looking to acquire a brand. I would rate the scalability of this model a 5 out of 5.

Opportunity Score

Considering the difficulty to start, ease of maintenance, and scalability, I would give the physical products business model an overall opportunity score of 10 out of 15. There is a massive potential in this business model that could resonate with you if you're willing to navigate the initial challenges and focus on offering a quality, competitive product.

Digital Products Business Model

Difficulty to Start

When it comes to starting a digital products business, I would rate the difficulty as medium, giving it a 3 out of 5. This is because it does require a significant amount of upfront work to create the digital product you will be selling. However, it's quite affordable and doesn't involve too many moving parts.

Ease of Maintenance

In terms of maintenance, I would give digital product businesses a 4 out of 5 for ease. Once you've created the product, the business model is mostly hands-off. You may need to answer some comments or update the product over time, but overall, it's relatively low-effort to maintain.

Scalability

For scalability, I would rate this business model a 1 out of 5, making it very hard to scale. This is because you need a sizeable audience to sell your digital products, and often these products are low-ticket items. As a result, you need to sell a large number of copies to generate significant revenue.

Opportunity Score

Based on these factors, the digital products business model receives an opportunity score of 8 out of 15. While there are definitely opportunities for success in this model, having a large customer base and audience is crucial for achieving that success.

Coaching or Membership Business Model

Difficulty to Start

Starting a coaching or membership business model can be quite easy, especially compared to creating a digital course. You don't need to have everything built out up front, and you can build it as you go. I would give it a 4 out of 5 in terms of difficulty to start.

Ease of Maintenance

The ease of maintenance for this business model depends on the type of coaching or membership you're offering. If it's one-on-one coaching, it would require ongoing effort from you, as you're trading your time for money. I'd give it a 3 out of 5 in this aspect.

For membership models, it's a bit different. You can create and share recorded content with your members, along with course materials. But you still need to update and maintain the platform, so keep that in mind.

Scalability

When it comes to scalability, I would say it's not as easy as some other online business models. You do need a larger audience to scale up your coaching or membership business, but the benefit is that you can charge more for these services. I'd give it a 2 out of 5 in terms of scalability.

Opportunity Score

Based on the factors discussed above, I give coaching and membership business models an overall opportunity score of 9 out of 15. There is potential for growth, but you need a solid customer base and a good handle on providing valuable content to your members.

Freelance Service or Done-for-You Business Model

Difficulty to Start

Starting a freelance service or done-for-you business model is relatively easy if you have a skill. I would give this a 5 out of 5 for ease of starting. All you need to do is create an offer, and you can get started almost immediately. You can even promote your services on platforms like Upwork or Fiverr to gain some traction.

Ease of Maintenance

In terms of maintenance, I would give this a 2 out of 5. It can be quite challenging to maintain because it requires continuous and ongoing work from you. You are still trading your time for money, and if you don't work or implement the service for your customers, they won't see any value for their money.

Scalability

Scaling a freelance service or done-for-you business model can be somewhat difficult. I'd give it a 3 out of 5 for scalability because you can charge more for your services, making it a high-ticket offer. You don't need to sell too many high-ticket services to scale your revenue, but you still need an audience to sell to.

Opportunity Score

Taking into account the difficulty to start, ease of maintenance, and scalability, I would give freelance services and done-for-you business models an opportunity score of 10 out of 15. There is potential for growth and success in this type of business model, especially if you are skilled in a particular area and can attract a dedicated audience.

Affiliate Marketing Business Model

Difficulty to Start

Starting an affiliate marketing business can be relatively easy, which is why I give it a 4 out of 5 for difficulty. However, it's crucial to do some research and make sure to promote a product you genuinely believe in and ideally have used yourself. It's essential to maintain your credibility by offering quality products to your audience.

Ease of Maintenance

I would rate the ease of maintaining an affiliate marketing business a 5 out of 5. Once the initial groundwork is set, it can be almost 100% passive income. You promote someone else's product, so you don't have to worry about creating the product or handling the fulfilment process. It is essential, however, to continually check the products you promote to ensure they remain high quality.

Scalability

In terms of scalability, I give affiliate marketing a 1 out of 5. It can be tough to scale this type of business if you don't have a sizeable audience. To be successful, you need to grow your audience or leverage other influencers' audiences to sell your affiliate products effectively.

Opportunity Score

Based on the factors discussed above, I give the affiliate marketing business model an opportunity score of 9 out of 15. While this business model offers the potential for passive income and ease of maintenance, it can be challenging to scale and requires careful product selection to maintain credibility with your audience.