11 Types Of Income Streams You Can Start Today [PART 3 OF 3]
Among all the different types of businesses one can start, information publishing is the best and most profitable income stream.
This is one of the easiest businesses to get into because it’s based around information that can be sold in any digital format – written (PDF), audio (MP3), or video.
It can also be packaged as hard-copy physical products such as CDs, DVDs, books, paper-prints, and in a USB memory drive.
Here are some of the other key benefits as to why this is considered the best business of all.
- It’s easy to create information products
- There are no big capital expenses. You can get started for as low as $20.
- You have full control of every moving piece in your business (products, customers, sales processes, pricing models, etc)
- It’s 24/7 online. You can make money while you sleep.
- It’s automated
The biggest benefit of selling information products is it generates passive income.
You can set your information business up once and let the income roll in.
If you choose the right niche and create the right products that solve your client’s problems, then you will never be short of money.
So in this PART 3, we talk about the different ways of how you can become an information publisher and how you can start to build your residual income.
9. AMAZON SELF-PUBLISHER
It is said that everybody has a minimum of one book in them.
Amazon is the world’s biggest online marketplace to buy and sell things.
It’s a platform with 300 million active customers worldwide. With that amount of customers, why wouldn’t anyone want to gain leverage from this platform?
Especially now – with the rise of digital technology and the internet – people are more interested in buying e-books. That major interest is one of the biggest reasons why Kindle, CreateSpace, and Audible exist and are constantly in-demand. The traditional way of book publishing is gone.
In fact, more independent, self-published authors are jumping on this train and taking advantage of the growing demand.
Thanks to Amazon Kindle and Jeff Bezos (the creator), people from all walks of life can now take their ideas, write a book, and publish it themselves. There are now more than 3.4 million self-published independent self-publishing writers on the KDP platform. And both established and new writers release countless books and non-fiction books every single day.
Even though novels are popular on Amazon, most of the money is made in fiction books. There are countless amounts of success stories that prove this self-publishing model to be lucrative – I just couldn’t pick one to feature in this blog post.
Summary of Online Business: Self-Publishing Business
Start-Up Costs: Zero. If you want to get a great cover designed, then you’ll need to spend around $20 for someone on Upwork to do it for you. If you want an editor to go through your book, then that would be a $100 cost. Plus, if you want to advertise your book, that will be another $100 investment. That is an entire investment of $220 to write, publish, and market your book.
Income Possible: A single successful publication can make you anywhere from $100 — $500 a month. A successful series of books could earn you up to $50,000 a month in your first year.
Success Story: Dave Chesson is a prosperous publisher with several books under his belt. He blogs regularly with tips for self-publishing books and has also generated Publisher Rocket. It will allow you to find the very best thought for your first (or next) publication.
If you want to learn how to get started the easy and fast way – you can check out Chandler Bolt who does an awesome job of being a mentor to up and coming authors. He has a very cool course that you can check out in Self Publishing School.
10. TEACH ONLINE COURSES
Online courses are a booming market worldwide.
It’s a digital version of a regular learning class you would physically attend to learn about something.
Online courses are education and knowledge via the internet.
And for the majority of the world, online courses allow us to learn from the comforts of our own homes, without the hassles to commute to physical classes.
Want to learn how to train your dog? There’s plenty of online courses where instructors show you how to do this and that.
Want yoga training? Online courses in this niche are available too.
Almost anything you want to learn about is packaged in online courses by thousands of different instructors, teachers, and experts around the world.
You can be an online course trainer too.
- Do you have a skill you can teach online?
- What is something that you’re passionate about and very good at?
- Do you have a passion, a hobby, or some sort of knowledge in a specific area where you can create an online course out of?
If you’re interested in sharing your skills, ask yourself what are your interests and skills?
It could be anything.
- How to use Adobe After Effects, or
- How to build a website
You could be a highly effective presenter. Maybe you know how to execute a narrator’s voice. Or perhaps you can teach others how to train their dogs.
Don’t underestimate what you have.
Your skill might be considered a bit more valuable than you realize.
You’ll be amazed to learn about niches where people want to learn which cat foods prevent vomiting; how to survive in the wild-life; how to stay motivated in life, etc.
What talents do you have? What exactly are you passionate about? Let your mind ponder on this and think about it.
Online education and lifelong learning will always be one of the most trending demands amongst old and young generations. Therefore, if you want to another source of passive income coming your way, jump on this online course train.
Online courses are fast and easy to create as well. You don’t need to fork out lots of money to get started.
Once you’ve created your very own online course, you will then have a product that can be sold for an unlimited amount of time.
Summary of Online Business: Teach Online Courses
Start-Up Costs: This depends on how you want to present your online course. If you made a course through something like Udemy, your startup costs could be zero. If you want to make your website sell courses or videos, then you’ll need to spend just a little bit of money on a web hosting service and your domain name.
Income Potential: The income for online teachers can be huge. $1500 a month is extremely achievable. Personal tutoring niches do better. $30-$50 an hour is potential. If you automate all your classes where they run on the web and have a massive crowd, you might be taking a look at 6 figures per year.
Success Stories: Listen to Khalid Farhan, another successful entrepreneur who went from writing $1 articles to running a site that teaches people how to generate income on the internet.
11. BECOME AN INFORMATION-PUBLISHER
This is one of the most lucrative ways of making money online – selling information products.
Others may know this as selling ‘digital products’.
One of the big benefits of selling information products is this:
When you create it once, you can sell it many times over and over again.
With info products, you don’t have to deal with the problems you find in traditional businesses – such as inventory, employees, being confined to a single location, and big startup costs.
Info products, on the other hand, face zero of those issues.
Because info products are automated.
They’re digital products delivered through the internet.
Everything to do with processing payments and invoices is already handled by your payment gateway and shopping cart processors.
Info products cost almost nothing to produce.
And there are multiple ways you can package information.
- Ebooks (PDF)
- Audio (MP3)
- Video (MP4)
- Online courses
- Membership sites
- Email coachings
- Interviews & Podcasts
- Mentorship / Group Coaching
- One-on-One consultation
Those are just some ideas for the product.
Here is a brief overview of the core fundamental steps in this online business model:
- Find a niche with a demand
- Create a product that solves a problem in that niche
- Set up your conversion funnel
- Build your relationship-building email sequence
- Drive traffic to your funnel
The steps outlined above is a simplified version of the process. If you want to learn more about selling information products and how to get started, click here.
Summary of Online Business: Become An Information Publisher
Start-Up Costs: The fastest and easiest product you can create is an ebook. This can be done with any word processor, a few hours of your time, and also some stock graphics. Your production costs are a maximum of $20. Once that is done, the rest of your time should be focused on marketing and selling the product.
Income Potential: Successful digital product creators can earn up to six-figure income. This depends on the pricing of their item, how many people they can attract into their funnels, and also including additional offers they sell in their backend.
Success Stories: Nick James is one proven marketer in the information publishing industry right now. He’s also published his information publishing book called “How To Earn Six Figures A Year With Information Publishing.” I would recommend you read his guide, as he’s simplified the info publishing business concept so it’s easy for anyone starting to follow through.
Which Of The 11 Types of Income Streams Best Fits You?
So there you have it.
Those are just several online businesses you can start.
They are all well-known business models.
This does not mean this is all it.
Of course, there are other ways to make money online – starting a sociable networking company, wholesaling goods for retailers, higher-level web-development. I’ve decided to leave them out of this list because they are not ideal for the startup marketer or individual.
So which is the most ideal business for you?
It depends on where your talents and your passions intersect.
You like helping people do things, consider starting your own virtual assistant business.
If you have a skill, knowledge, or something you’ve mastered and able to teach, you might want to look at starting your online course or publish your information product.
If you want to start a store online and sell physical products, you may want to look in either starting your own Shopify shop or running an Amazon FBA business.
Review the online businesses we’ve covered in all 3 articles on this topic.
Identify which one interests you and what would you be happy to pursue as a business.
Another thing you can do is look at where the demand is online.
What are people interested in or investing time and money in?
Is there an opportunity for you to jump in and profit from?