In a previous post, I shared 7 cool things you could do by making an extra $500 a month in passive income.
Today, I am going to share a lengthy post on what I feel are the best ways to make an extra $500 a month in income. This is not a be all end all list either.
This is THE LIST that has all the ways that I PERSONALLY make a living on the internet and have for over 9 years. One thing I want to mention as well is all of the models can be expanded into WAAY more than $500 a month.
I personally hate when people are teaching things that they are not qualified to be teaching. Don’t you?
We have too many people out there teaching people how to make money that have no business doing so. I am not going to be doing that in this article.
Here are a list of the business models that I PERSONALLY make a living from and will be covering in this article. They are in no certain order of importance.
1. membership site
2. info products
3. online network marketing
4. affiliate marketing
5. google adsense
6. offer a service
7. consulting or coaching
Before we begin, I feel there are some things that you should know about AND take care of BEFORE you choose one of these business models. I want you to be successful and these are the things that I would tell my best friend if he called me up for advice.
Are You Ticked Or Broke Enough To Make More Money
That is an odd question to ask and even seems counter productive right?
Let me explain…
Now, I am not a goal setting expert by any stretch (just a college drop out who has figured some things out). Remember, I am only going to teach you what I personally use to make money and be successful.
When I was 23, I was in Bible college and I had no idea what I was going to do for a living. I just knew I wasn’t going to be a “broke loser” when I was 30. I didn’t have have to drive a vette or have a mansion, I just knew I wanted to marry a good woman who was smart and attractive (I got what I wanted).
To marry an attractive and smart woman, I needed to have a good job. I couldn’t work at 7/11 and get what I wanted.
This desire I had was VERY strong – still is 10 yrs later.NOTHING was going to stop me from being successful.I was not going to quit.
So what does this mean to you?
You have to be ticked off with your job enough…
You have to be broke enough…
You have to be persistent enough…
….to make $500 or more per month in passive income.
Don’t focus on the money. Focus on WHAT it will do for you.
2 Simple Exercises To Do Before You Begin
If you feel comfortable, I would love to have you write in the comments area the answers to the exercises if you would like to share.
1. Please write down any and hopes, wishes, and dreams that you want to see happen when you start your business. Be very specific.
Note: I break my life up into projects. I have a website that pays for different parts of my life (mortgage, retirement,debt). I kind of got that thought process from Tim Ferris who wrote The Four Hour Work Week.
2. Please write down 5 things that you can do between today and tomorrow that will help you get closer to your dreams
By doing these two simple exercises, it will help you stick with your business long enough to see success. I would maybe write the dream list on a card and take it with you.
You Don’t Have To Be A Technical Geek
One of the other things I want you to know about is you don’t have to be a geek to start an internet business. You can hire geeks like I do to do it for you. DO NOT let this stop you. Building a website is much easier than it use to be.
Here are nine business models that anyone can follow to make an extra $500 OR MORE and that don’t require much money to get started. Again, this list is in no certain order but they all work very well.
1. Start A Membership Site
Membership sites are great because usually the income is reocurring and comes in each month. I say usually because a membership might just have a one off payment. There are many ways to do it.
I have a membership site that has a monthly membership where members get a monthly resale right product that they can sell and keep 100% of the profits. I let people try out the site for free by giving away a rare interview with Jon Leger on a 30 day website traffic blueprint.
The key to being successful with membership sites, and any other business for that matter, is to find out what problem people have that is so important or painful to them, that they will pay money for it.
I have had several membership sites and have charged different prices. You don’t have to know everything about everything. In fact, you can outsource your entire membership site if you want. I teach you how here.
5 Membership Site Ideas You Could Use Right Now
I would like to get your wheels spinning so here are some ideas to get you started.
1. Car Club – You take a certain car or vehicle and start an online membership for that group. I own one of only ten thousand Saturn Sky Redline’s and I plan to start a site for people who love this car. I may only charge a yearly fee for this site. You could do this for any niche. Another example is Indian motorcycles. I got that idea from the show American Pickers.
2. Weight Loss – I sold a membership site that only targeted people who wanted to lose 30lbs or more. I niched it instead of being generic. Another idea is maybe women who want to lose weight after having a baby. It is really important to focus on a certain market.
3. Tool – Create some sort of tool that people need for their business and charge a monthly fee for it. A great example is the email service I pay $19.95 a month for called Aweber.
4. Hobby - Find a hobby that a lot of people enjoy as well and create a resource membership site filled with tips.
5. Animals - People spend a TON of money on their pets. I know we do. You could start a membership site on a certain type of pet or breed. Give the pet owners tips and techniques to take better care of their pet.
2. Create An Info Product
This is one of my favorite ways to earn money. There are a million sites on info products so I am not going to repeat what has already been said. What I am going to do is share the two models that I use, give you some examples, and give you some tips.
There are a lot of ways to create info products. I have done ebooks, reports, downloadable videos. I have charged high prices and low prices. It just depends on what the topic is and the extent of it. I typically create very specific products, only targeting very specific problems. Also, my products are usually small and step by step.
Like I just mentioned, I follow really two models. They are Jimmy D. Browns’ The Copy System and Josh Spauldings Info Product Success Formula. I have found HUGE success using both. I am a huge fan.
Here are a few of my very successful products
www.MostConnectedMarketer.com – This is a great example using Josh Spauldings Info Product Success Formula
www.FreeDownlineBuilderChecklist.com – Another great example using Josh Spauldings Info Product Success Formula
Here is a really powerful tip for you. One of the biggest mistakes I see newbies make is they are focused on all the wrong things in their business. Here are the only three things that you need to work on to build a very successful online business (Taken right from Jimmy D. Brown’s course)
- Traffic Generation
- List Marketing
- Making Offers
3. Online Network Marketing
One of the ways that I make a living online is through network marketing or direct sales as some call it. I have an online greeting card mlm company that I have promoted since 2007.
I have been very successful with the company and was able to pay cash for my dream car using the money I made from the business.
It wasn’t always like that though. I had joined 6 other companies and did not have any success until I did two things.
1. I joined a company that fit ME. – Not every company is for everyone. I found a product that I believed in and have stuck with that same company since 2007.
2. I also started to learn how to generate leads online. I built my downline up to about 150 people using the internet. The key to making network marketing work is being able to talk to enough people to find the players.
By the way, I am not against marketing offline as well to generate leads for my business but I have gotten very good at meeting people online.
If you want to promote your mlm online, then you might want to download my free 6 step checklist that I follow even to this day to generate free leads.
Extra tip: Typically 1 out of 5 will join a business. Set a goal to try and do one presentation per day M-F. Take the weekends off. You should be able to recruit 4 people per month into your business. By following my 6 steps, this shouldn’t be a problem.
4. Affiliate Marketing
Affiliate marketing is basically promoting other people’s products and services and receiving a commission for it. You can promote just about anything on the internet and get a commission for it. Many people start out this way because they feel putting together their own product is a lot of work. That is a myth by the way.
I have a buddy that has a site on vacuum cleaners. He writes reviews about them and people click on his affiliate links to get more information. Some of those people buy online. He is making over $10,000 a month with this model. That is just an example of what is out there.
You could put up a site about your digital cameras or gardening and there are a million products that you could promote. There isn’t a cost to start selling the items. The great thing about it is that you don’t have to ship anything. They do it for you.
The biggest tip I can tell you about making money with affiliate marketing is try the product that you are promoting and write honest reviews or articles about the product.
By doing this, your story and experience will pre sell people into buying that product.The biggest affiliate checks that I receive are the ones where I have personal experience with the product.
Let me give you a real life example of one of my biggest affiliate products that I promote.
I am a HUGE fan of Dr. Evoy’s SiteBuildIt website building software. I have a travel site that pays my mortgage each month and has for a long time with very little work on my part. I used SBI to build that site and it gets about 2000 people per day to the site for free.
I wrote about my experience with SiteBuildIt and discussed the seven reasons why I think someone should use it for their business. All I did was share my experience with SBI and that one blog post leads to many affiliate sales.
Another tip is to offer a bonus to your prospects if they buy through your affiliate link. This has worked VERY well for me. You an see an example of how I do it here.
5. Google Adsense
Many people know about my travel site called www.CoolestPlacesToVisit.com. It is a site that I started in 2007 as a research project to show people that you can make money online with no special connections.
The cool thing about my site is i haven’t even worked on this site in 2011 and yet, I have received a check from Google on the 28th every month. It REALLY is passive income.
The key to making money with adsense is having enough traffic to your website. You will need about 500-1,000 visitors per day to your website to make at least $500 a month. It is VERY doable though so don’t let that scare you away.
There is a great free report by Josh Spaulding called The $5 Formula that I suggest you download if you are interested in this particular model. Josh is a good guy and this short report really does give you a step by step model. The way he teaches in the report is you only need 17 visitors per day to hit your goal.
This is a VERY simple model to follow.
All I did was…
1. Decide on a niche
2. Do keyword research to find out what content I was going to have written
3. Write an article on each keyword or have a ghost writer write it for cheap like I did.
4. Publish the article on your site.
If you want a rinse and repeat model then this might be the model for you.
6. Offer a Service
If you asked me what is the quickest way to make money online, I would say offering a service is the quickest.
There are all kinds of services that you could offer online and make $500 extra per month.
7 Services People Are Paying For Right Now
Below are a list of services people are paying for right now. Think about something that you could offer.
1. Ghost writing
2. Virtual Assistant
4. Website Design
5. Graphic Design
6. Affiliate Manager
7. Backlinking Service
This is only a small list of possible services that you could offer. The great thing about offering a service is that there is very little, if any money involved to get started and only your time invested.
7. Start Consulting or Coaching
If you enjoy talking with people, you might want to consider starting a coaching or consulting business. There are some people who would rather go to the source and hire an expert on the topic instead of buying their information product.
One great thing about coaching is it would be fairly easy to hit your $500 a month goal since getting personal help would obviously cost more than a book.
The above picture is a picture of my clients Jordan and Steve. I helped them get to $4,000 a month in residual income by coaching with me. Another cool thing about coaching is the since of accomplishment when your clients have success. There is nothing like it.
I do coaching a couple different ways.
1. Phone Coaching – For people who want personal help, I offer a package that involves 4-7 hours. This is obviously the best way to go for someone wanting quick results.
2. Email Coaching – For people on a budget, I offer email coaching where the client can email me one question per day M-F. You an see how I do it by going to www.CoachingWithDave.com.
One big tip that I can give you is DO NOT be afraid to walk away if you don’t feel like there is a good fit. DO NOT be desperate.
There is plenty of business out there. Don’t beg for business either. It NEVER works. Just because someone has money to hire me, does not guarantee them a coaching spot with me. I want to know more about the person. I usually do a small session with someone to find out a few things about them first.
- Background information
- What are they trying to accomplish
- What are they expecting to get out of my coaching
- Do I feel like they are action takers (I look for people who will take action with what I teach them)
If you feel like starting a coaching business, think about a problem people are having and consider offering them a solution to their problem.
Here is a cool tip for you. Be sure and use stories to sell people into your coaching. Stories sell and facts tell. One of the ways that I do it is I interview my clients and give the call away for free. There is no sales pitch on the call. I ask them questions on what I taught them that helped them so much. People love it. I use BYO Audio to record my calls or skype.
8. Create a 4-6 Week E-Class
Ok how could I not use this picture?
One way to make some good money is by having an e-class. It is a class that is taught online for a length of time, usually 4-6 weeks where the students get lessons and coaching from you. You an charge from $297 to $997 and people will pay it to have that personal coaching from you.
One way I have done it is with my network marketing info product. Although, I shared everything my prospects need to build a network marketing downline using the internet, people still wanted more.
I created a 4 week class where I fleshed out my report into 4 weekly lessons and offered one on one coaching. I charge $297 for the class and people have enjoyed it.
Consider doing the same thing and charging $497. All you need is ONE student per month! You think you can do that? I think you can.
My Best Advice For You
You now have several proven business models to choose from and successful examples that you can follow. What I suggest that you do is pick one model and follow it from start to profit as my friend Lynn Terry says to do.
One of the things that I teach my elite 12 coaching clients is to focus on making $2000 a month in six months and think about starting one project every six months for two years. You could have four projects making a total of $8,000 a month which is conservative.
Ask Me One Question And I Will Answer
If you would like some free coaching from me, please ask one question below in the comments section that you feel you need help on. I will answer each question personally.
What you might want to consider is “What is your BIGGEST challenge in making an extra $500 a month?“.
I hope you found this article helpful. Please let me know your thoughts.