How to Make an Extra $1000 a Month & Create a Business
Updated on June 17, 2021
What would you do with an extra $1000 a month?
For some, it can help make difficult financial times a little bit easier, while for others, it allows them to treat themselves to a bit of luxury.
Whatever your reason for wanting an additional source of income, the benefits are obvious. What’s difficult is working out how to get that extra $1000 a month.
One search for making money online and you’re going to be bombarded with a million and one different ways to make extra money. To avoid this information overload, we’re only going to focus on the best ways to make extra income.
These tried and tested methods can even be scaled up to five figures a month. If you don’t believe us, take a look at our marketplace to see business owners that have done the same. This should be all the inspiration you need.
How to Make an Extra $1000 a Month
We’re going to be focusing on opportunities that take place online. This gives you the ability to work from anywhere in the world with an internet connection and a laptop.
Starting a website
A website can be started with a relatively low investment.
For less than $200, you can buy a domain name and a year of website hosting. WordPress can be used for free to build the design of your site, which gives you everything you need to own a slice of the Internet.
From here you can create what’s known as a content site. This is a website that aims to write all the content on a specific subject, such as power tools or laptops. Monetizing this type of website is incredibly easy thanks to affiliate marketing and display advertising.
The idea of blogging is appealing to many, getting paid to write about something that you love. But you want to make sure that your blog is set up to be a money-making venture, not just a part-time hobby that never satisfies your financial goals. If writing isn’t your passion then you could hire a freelance writer to create the content for your own blog. This becomes more feasible when you start earning money as a blogger.
It may sound technical and something that only millennials can get their heads around but we’ve seen all types of people make money from home in this way, from stay-at-home moms to retirees. A
Affiliate Marketing
Retailers will allow you to promote their products and earn a commission every time someone clicks a link from your site and purchases a product.
If you’ve ever looked up a product review, chances are you clicked on an affiliate site. Creating a blog that posts product reviews is one way to use your website to make money with affiliate marketing.
Many retailers have affiliate programs that you can sign up for. The most well-known of these is Amazon’s affiliate program, Amazon Associates. This allows you to promote products from Amazon with your own unique product links and earn a commission anytime you generate a sale. Another popular affiliate network is Shareasale, which represents the affiliate programs of numerous big retailers, many of whom you would recognize.
Affiliate marketing is one of the most popular ways to make money with a website. To see what we mean take a look at our affiliate website marketplace.
Affiliate marketing isn’t the only way you can make an extra $1000 with your website. Display advertising can also be placed on the site to boost your earnings.
Display advertising
Signing up to an advertising network means they will place adverts on your site and split revenue from the advertiser with you.
The most well-known of these advertising networks is Google Adsense. Anyone with a website can apply to be a part of it, and if you meet their terms and conditions and have a good amount of content on your site, then it’s likely you’ll be accepted.
Once you’ve been accepted, Google will give you a line of code that you have to copy and paste to your website. The best part of this is when this is done, Google will optimize the adverts for you. Ensuring that only adverts that are relevant to your audience will appear.
While the ease of use of display advertising will certainly be appealing to many, the amount of traffic your website drives will be the largest factor for success. Revenue is earned on a cost per click basis; every time someone clicks an ad, you earn money.
This means that earnings can be low if you don’t have many visitors to your site. Adding display advertising can be done in the early stages of building your site in preparation for more traffic. Thus, using search engine optimization to increase traffic will be a very valuable skill to learn.
Google Adsense isn’t the only advertising network; there are many alternatives. Two popular choices are Mediavine and Adthrive, which have minimum traffic thresholds to be accepted but are reported to have higher payouts. This should give you something to work towards and help you not just make an extra $1000 a month, but potentially a lot more.
Looking at the display advertising websites currently for sale will be a great motivator if you still need convincing of the earning potential.
Digital products
When you have a website up and running, it can be used as a platform to make money in a variety of ways. Another method to make money is to sell digital products.
Digital products are anything that can be downloaded by a customer. This includes PDFs, e-books, templates, spreadsheets, and anything you can think of that will be valuable to someone.
If you can create something that solves a problem for someone else, then this might make a great digital product. Maybe it’s a template that allows people to track their fitness progress or a spreadsheet that makes working out personal finances easier. Whatever the idea, if you can market it, then you’ll be onto a profitable business opportunity.
We’ve shown you three ways to monetize a website that can easily be combined into one business. Starting a website from scratch can take a lot of work in the initial stages if you’re doing all the work by yourself, but it has the potential to become a business model that eventually runs in a hands-off fashion and creates an asset that’s sellable.
Dropshipping
Another popular online business model that many people have used to create a second income is dropshipping.
This is an attractive model to use because it allows you to set up an online store without holding any inventory. Instead, you arrange with a supplier to have the products sent directly to the customers or a third-party logistics provider who will store and send the products for you.
The idea is to find cheap products and sell them for a markup, keeping the profit. To do this, many people source products from China and sell them in a more affluent market such as in the United States. Another tactic would be to buy at wholesale price and sell for profit.
Shopify is a platform that will help you build your own storefront. Similar to WordPress, but specifically for e-commerce, it takes the technical knowledge out of creating online stores.
There are also sites that will help you source products. AliExpress, Oberlo, and Modalyst are some of the most popular providers and are integratable with Shopify, allowing you to easily display products in your online store.
The idea of owning your own store is appealing to many people, and it’s easy to see why. It can be a great way to make extra money thanks to the scalability potential. Shopify is the best place to start but once you’ve started making sales there’s the option to diversify to other platforms such as eBay and Etsy.
To help you get a better feel for the dropshipping model, take a look at some dropshipping businesses for sale.
Creating a Service-Based Business
Maybe you could build websites for people or what about a copywriting service that provides SEO content.
Both of these are services that a service-based business could offer. If you can sell these as packages, then people can buy them and cut the work out of doing things themselves. Even if you don’t have the skills to offer a valuable service, maybe you could hire someone who does.
You can market these skills on a website through freelancing sites, groups, and social media. If you set up a website with search engine optimization, you could get customers coming in month after month with little cost to acquire.
Like the other business models mentioned, a service business is also highly scalable. Once you have the procedure down, then you can concentrate on getting as many customers as you can handle.
To see how valuable a service-based business can be, have a look at how much service businesses are selling for.
Creating an Info Product
An info product is anything that teaches someone how to do something. This is now commonly seen in video or webinar form.
It could be tutorial series teaching someone how to play guitar or how to learn job-specific skills, such as content marketing. It’s become popular because it gives consumers the ability to learn from the comfort of their own home, in their own time.
Platforms like Teachable take the technical work out of creating an online course and allows you to focus on marketing. Once the video content is created, you have a business that’s ready for the market and will require minimal work to maintain.
To see some info product businesses that are already making money take a look at the info product businesses we have for sale.
Freelancing
If you’re looking for quick ways to make an extra $1000, then freelancing or getting a second job might be for you.
While it’s likely to take you a while to earn $1000, this idea gives you the potential to start earning something relatively quickly. Freelancing will often pay on a per-project basis, meaning you can get paid when you’ve completed the task.
Sites like Upwork, Fiverr, Freelancer, and even Craigslist are job boards that post freelance work ranging from one-off projects to full-time jobs. Instead of marketing a business, you are marketing yourself. You need to convince people that you are the person for the job.
Some popular niches of work are freelance writing and becoming a virtual assistant. Both of these jobs can be done with little experience, although entry-level jobs will have lower payouts.
If you’re not adept with with working online then why not setup a side job in your local area. Babysitting, Uber/Lyft driver, pet sitting and dog walking, to name but a few. If you’re willing to put the hard work in then you’ll have a side hustle that can earn you an hourly rate. Some of these jobs might pay on the lower side but they’re very versatile, if you don’t have a lot of time then they can slot in around your own schedule. If you like the sound of being a dog walker/sitter then take a look at Rover which connects dog owners with people who want to earn.
This is the downside of freelancing; you have to keep putting in the same level of work to get results. The other ideas that we talked about are business models that have the potential to become passive income, where you may put more work in at the start but the return is greater.
This is why we think building your own business is the smart move to making an extra $1000 a month.
Why You Should Create an Online Business
If you’re going to put your time and effort into making money, then you want it to be worthwhile.
In this article, we’ve given you a brief introduction to some online business models. We did this as you should consider not just making an extra $1000 a month side gig, but creating something that could make you a life-changing amount of money.
Not only do these business models have the potential to be scaled up to five figures a month, but they can become a sellable asset. Once they start making money, there are investors out there who will pay good money for your business. This gives you the option of cashing in and selling your business.
Whether you need money in an emergency or you fancy planning an exotic trip, having a small business that not only earns you a monthly income but is valuable is a smart decision to make.
If you’re working on creating one of these businesses then check back in with us to use our free valuation tool, so you can see how much it’s worth.
Maybe you have some capital to invest. Take a look at our marketplace to see what’s on offer. You can also set up a call with one of our sales teams if you have any questions.
Getting into the world of online business might be exactly what you need to make that extra cash.
