These 10 ways to make at least $5K per month have low startup costs and high profit margins, and many of them are scalable beyond that $10K figure.
If your goal is to make at least $5K a month, you’re wise to start within these industries. Not only are they proven, but with no fixed labor expenses, they tend to have low startup costs and high profit margins.
1. Start An Agency
Discovering a talent for which other people are prepared to pay you is the essential first step toward establishing a prosperous service-based business.
Once you have clients, you will be able to construct processes that enable people to execute the work, allowing you, as the owner of the agency, to concentrate on making sales and expanding the business.
If you aren’t sure what kind of service you want to provide, you might begin by offering more fundamental services like proofreading, social media management, or acting as a virtual assistant.
All of these have the potential to develop into full-fledged agencies.
Offering a higher-level talent or service, such as coding or bookkeeping, at the same time enables you to build up your firm even more rapidly.
2. Create Your Own course
It has never been simpler to package up your expertise and offer it to others for purchase. Online course platforms such as Teachable, which make it simple to host and sell educational content online, generated revenues of more than one billion dollars in 2021 alone.
People are interested in gaining knowledge from specialists, even if such specialists are not well-known in the public eye.
Just because you aren’t the most knowledgeable person in the world doesn’t mean you should disregard this concept. Because these websites already have audiences that are interested in expanding their knowledge, developing a few courses and hosting them on platforms such as Udemy, Skillshare, and Coursera can be a source of passive revenue.
3. Start Your own blog.
One of the most typical ways for newcomers to make their first cash online is by beginning their own blog. Blogging, on the other hand, presents a robust business model with large potential margins of profit when viewed over the longer term.
And if you hire freelancers who are both skilled and reliable, you’ll have a firm that practically runs itself.
That does not mean that it will be simple. I always urge newcomers to plan on devoting at least ten hours per week to their business for the first year if they want the opportunity to make $1,000 per month once the first year has passed.
However, if you’ve put in the hours up front, it will be lot easier for you to move from making $1,000 per month to $10,000 per month.
The marketability of the skills you acquire while developing your blog is often overlooked as a benefit of beginning a blog; nonetheless, it is one of the most desirable outcomes of doing so.
Therefore, even if your blog does not bring in more than $10,000 per month (which is challenging but not impossible), you are still making significant investments in your professional future.
With these skills under your belt, you may either strike out on your own as a freelancer or position yourself for a job that pays more.
4. Create an Ecommerce .
The number of individuals doing their shopping online is at an all-time high, and it is projected that e-commerce sales will increase by 18 percent in 2021. Because of this, there are now enormous prospects available to all kinds of internet sellers.
The following are some of the most common choices for starting an online retail enterprise today:
Making money off of your own products. You have the ability to sell tangible goods on online markets such as Etsy.
Jewelry, handicrafts, and original works of art are among the items that have been selling particularly well on the platform.
Making sales of digital products Make money by selling digital downloads such as PDFs and downloadable graphics.
A personal trainer who sells customized fitness programs or a passionate home chef who sells meal planning templates are two examples of someone who might provide such services. Etsy, along with a number of other print-on-demand platforms, is one of several places where you can sell digital products (such as Redbubble).
The practice of shipping customers the products of other vendors. Dropshipping is a method of fulfilling orders in which you do not hold inventory of the things you sell. Instead, if you sell a thing, you buy that product from a third party who then distributes it directly to your buyer. This is done everytime you sell a product.
5. Investing In Real Estate
To get started, you are going to need some funds if you want to make $10,000 every single month through real estate investing and your goal is to do so. In most cases, this implies using money that has been borrowed, which introduces an element of risk.
However, the reality is that a significant portion of the wealth of many extremely affluent people comes from the passive income generated by their investments in real estate.
If one is willing to think creatively, there are other methods to generate money in real estate, even for individuals who do not already have the financial resources necessary to invest in property. A couple of examples of this would be getting a job as a part-time real estate agent or working as an assistant for an established real estate investor.
6. Start Your Own Channel On Youtube.
If they are successful, YouTube content creators can make millions of dollars. Take for example PewDiePie, who is among the most popular content creators on YouTube. It is estimated that he has a net worth of approximately $40 million.
When you first launch your channel on YouTube, your number of subscribers and video views will be quite minimal, which will limit the amount of money you can generate from it. You will be able to join the YouTube Partner Program and begin making money from the advertisements that play on your videos if you are successful in getting a sufficient number of views on your videos.
Although YouTube does not explicitly say how much money people make, various reports suggest that you can make anywhere from $0.25 to $7 for every 1,000 views your videos receive.
7. Digital Marketing Manager
Digital marketing managers are responsible for both working on and supervising various marketing efforts. If you have been searching for occupations that pay $10,000 per month, then this profession might be the right choice for you.
A bachelor’s degree in marketing, advertising, or a field that is closely related is typically required for employment in this sector. You might also get a degree in a field that is directly relevant to the job, such as business administration, information technology, or web design, for example.
Earnings for those in charge of digital marketing might range anywhere from $81,000 to $182,000 per year.
This indicates that you have the potential to make $10,000 or possibly more than that every single month.
Conclusion
Build a high-end service from your existing abilities that addresses a particular and pressing need, and then sell that service to those who have the financial means to pay for it (and, preferably, with whom you have previously established a level of trust).
