Ask An Entrepreneur – What can I do to make money online?
Here’s a text message I recently received from someone looking to start an online business
Question) What can I do to make money online?
I get this question a lot. Whether people are in-between jobs or just not loving their current job, they wonder if they should start figuring out how to make money online.
First – the answer is YES – you should look to add multiple streams of revenue, especially if you have the drive or interest to ask a question similar to this one.
I know money can be made online, I just can’t guarantee that YOU will put in the work required to make money online. It’s all up to you and what you are willing to work for.
And those of you in this Night Entrepreneur community know that I am not a fan of the “get rich quick” mindset of entrepreneurship. Everything worth building takes time.
I like how Tai Lopez breaks it down. First – just try to make $10 per month in online income, then after you accomplish that go for $100 per month, then $1,000 etc. Seems simple but it helps to have the right mindset.
Now in the case of this friend who texted me about struggling with what to do with his life after leaving his day job, I know that money is really the goal in the short term. So let me give you my fastest path to making money online, but know that it isn’t one that is long term sustainable.
Sell Stuff You No Longer Want
In a pinch, if you want to make money online fast, one of the best ways I know is to sell your old stuff on eBay. Don’t laugh. Our kids are grown and my wife sorted through their old kids clothes, shoes, and toys that they have outgrown. Between eBay and yard sales we made $2,000 off of stuff we didn’t need or want anymore!
Gary V gives people this challenge, I bet you have at least $500 of stuff or more if you really look.
Besides making some short term cash, this will teach you some important entrepreneurial lessons like
- Assessing market demand
- Pricing your products
- Advertising (listing creation)
- Fulfillment and customer service
BONUS: Once you make a sale on eBay you will likely be hook on this entrepreneur stuff and stick with it!
In fact, I sort of feel like everyone should sell something on eBay before they go and start their online business. If you can’t do the tried and true basic stuff, it will be harder to jump into the more complex stuff like acquiring customers through social media advertising or building an audience.
The downside to this business model is it is not sustainable or scalable, meaning once you sell all the stuff you no longer want, your are out of inventory to sell.
That is also why I like finding products to sell through eBay and Amazon FBA either by private labeling which is what I do most of or by doing some retail arbitrage and finding some deals on products and essentially “flipping them” online.
I have a course that walks you through the 6 steps to selling products on Amazon FBA here ==>
I hope this was helpful and as I get more questions I’ll answer them here for you. If you have a question for me join the FREE “Ask an Entrepreneur” course on this blog and you will then have access to the Ask and Entrepreneur Forum.