In a world where there is a lot of garbage information and fake news, it’s pretty hard to find real answers to the most basics of questions that will help you solve your problem.
Like many entrepreneurs, I have been scouring the web for answers on this topic, the fastest way to make money online.
As they say, there are a million ways to million dollars and as such, there isn’t a shortage in supply on the many different ways you can make money online but what are the fastest ways to make money online?
In this article, I will tackle just that but before you read further, let me tell you that the information you’ll find here isn’t fake guru stuff, nor are these get rich quick schemes. Like you, I simply got tired of spinning my wheels, taking course after course, and watching countless videos of the magic formula that makes money fast.
As of this writing, I’ve now been self-employed for around 8 or so years, so I’ve tried a lot of different ways to make money both off and online, and you might be surprised by what actually the fastest ways to make money online are and may actually be a bit surprised that these may not make you an overnight millionaire, but they do make money fast!
Table of Contents
Top 10 Fastest Ways to Make Money Online
Sell on Amazon
As you may know, there is a lot of hype around selling on Amazon, yes stop watching those YouTube ads from people touting get rich overnight courses on Amazon.
Selling on Amazon is a real business, it’s not a one-off race to $1,000 in a day nonsense. That being said, you have to know what you’re doing and recognize what the fastest way to Amazon profits is.
You may have heard of Amazon FBA and that private labeling is the way to go.
A word of caveat on private labels or on launching your own brands in Amazon. While lucrative, launching a brand takes time and will require an advertising budget. Why? because no one knows your brand yet when your inventory arrives at Amazon’s warehouse.
The fastest way of making money on Amazon instead of private label is simply selling brands that already exist and with existing Amazon listings that sell.
Amazon selling is nothing but a retail business where you buy and sell stuff in a store. Amazon is the largest retail marketplace on the planet, yes, even bigger than the biggest mall in your country. The good news is, it’s easy to open up a store in this humongous sized retail giant. The bad news is, simply listing inventories doesn’t mean you’re going to be profitable.
The key to making money fast on Amazon as a virtual retailer is by actually listing products that are already selling, products that are not being sold by Amazon themselves, products that aren’t sold by the manufacturer themselves, and products that has no more than 5 sellers in the US marketplace.
As a small retailer, you should aim for products that sell between 300 to 600 units a month. This is manageable with a small capital. Remember, your Amazon business is nothing but a retail business where you either ship the products yourself to customers or through Amazon’s FBA (fulfillment by Amazon) program where you store your inventories on Amazon’s warehouses and then they ship them on your behalf.
If you’re in the US where shipping is cheap, you may opt to ship products to customers to increase your ROI but in countries like Canada where shipping fees are sky-high, you’ll be better off shipping all inventories in bulk to Amazon’s warehouse and have them take care of the logistics for you.
If you’d ask me, I prefer Amazon’s FBA program any time of the day so you don’t have to worry about fulfilling orders and focus instead on finding products to add to your inventory.
The secret to making money fast with selling on Amazon is in buying the right products. In the US, products with best seller ranks below 15,000 will give you consistent sales on a daily basis and 10 of this product lines could easily turn into a full time gig in a matter of months.
The challenging part with trying to make money fast with Amazon is in finding the right inventory. Remember, you’re buying inventory first, which means you’re investing money in these inventories, I’ve made mistakes of buying slow-moving products that are still on Amazon’s warehouse since 2018. Some products I bought before can’t be shipped to all states and has been stranded in a prep center.
Using tools like Keepa, helps you avoid these costly mistakes as it helps you evaluate the pricing and sales consistency of a product on the Amazon marketplace.
Offer Gigs on Fivver
By now, you may have heard of Fiverr, probably not once but multiple times but for some reason, offering services for $5 bucks just didn’t really resonate to you as a viable source of income, hence may not help you make money fast online.
You may probably hire someone off fiver to write an essay for $5 before and thought what a sweet deal it was, mind you, those days are gone, Fiverr has turned into one of the largest online freelance marketplaces worldwide, and the bid for services has decently increased as well. Mind you, there are a lot of people around the world who make a full time living just off Fiverr gigs and there isn’t’ actually a shortage of people who makes more than $100,000 a year just from Fiverr.
You’ll be amazed by the stories of people buying homes and becoming financially free from their side hustles on Fiverr.
As an entrepreneur, Fiverr is one of my go-to places for services I need that can be delivered online and if you’re looking to make money online fast, freelancing is one of the businesses that you can start earning money right away.
If you can offer services that can be delivered digitally like graphic design, writing, programming, SEO, website development, you can break down each of your services in 3-tier packages with their own pricing, with the most basic package as a come-on.
Know something that others may pay to learn? From teaching math and reading to small kids to piano lessons to high-level subjects like programming, you can leverage websites like TakeLessons to offer lessons to people wanting to learn your skills and get paid on a per hour basis.
Teaching online is a lucrative career, with an average per hour rate of at least $15, you’ll realize that making money fast online isn’t that complicated after all.
Paid Traffic Affiliate Marketing
The problem with trying to make money with affiliate marketing through organic traffic such as blogging, niche websites, and YouTube, is that they take a lot of time and effort before you actually see some commissions trickle in.
Paid traffic affiliate marketing is one of the fastest ways you can make money online with affiliate marketing. The only problem with paid traffic affiliate marketing is that you can also lose a lot of money fast in paid advertising.
As you may know, there are two ways you can drive traffic to an offer, one is by investing your time and effort on building a blog, website, or a YouTube channel and the other is by simply paying for traffic.
The former, though slow has a lesser risk because you can actually just invest your own time and skills into an affiliate marketing project, the former can make you money fast but is a lot riskier if you don’t know what you are doing.
None the less paid traffic affiliate marketing is still one of the fastest ways most affiliate marketers make money online as you only have to drive the right traffic to products and/or services that solve their needs.
Like any business venture that involves capitalization, paid traffic affiliate marketing isn’t for everyone, simply driving tons of traffic to an offer doesn’t mean you’re going to make money.
Online media buying (advertising) takes skills and I suggest that you take the time to learn the skills first before actually embarking into the paid traffic affiliate marketing bandwagon.
Online Live Selling
Online live selling has been a lucrative opportunity to a lot of Filipinos, selling stuff locally and internationally. As an online live seller, you schedule a Facebook live session with your audience in a virtual auction style selling, featuring each item on a camera, with your audience claiming the product by typing the word “mine”.
The sold items are then shipped locally in the Philippines or in bulk through balik-bayan boxes if the seller sells live from abroad.
This is something that many Filipino sellers both locally and internationally have mastered and has turned into a full-time gig to most, with one lady who used to work in Japan, becoming a millionaire through live selling by selling high-end jewelry and name-brand bags.
Work from Home as a Digital Employee
The Covid19 pandemic has brought a lot of changes with how we live our lives and most employers have turned into having their existing employees work from home.
This new way of working isn’t new at all as most virtual freelancers have been working from home in the last decade and most big corporations are catching up fast for continued operations during the pandemic.
If your work entails working on a computer and you’re looking to make money online fast, you can convince your employer to trial remote work. This is both beneficial to you and the employer since the overhead costs related to housing employees to an office will drastically decrease.
As an employee, you no longer have to commute to and from work, which also saves you time, gas, and commuting costs. You can also save money on clothing since you’re working from home, and you may even enjoy the flexibility of working from the comforts of your home.
If you’re not employed at the moment and you’re looking for a fast way of making money online, working as a virtual employee is a fast way of making money online with no money. All you need is a reliable internet connection, which most households already have.
A simple search for “work from home jobs” on Google will bring both local and international work from home opportunities where you can get hired as a real employee for a company, yes, with benefits and stuff!
Offer Virtual Assistant Services
If you’re good with administrative tasks, you can offer virtual assistant services to executives, professionals, or entrepreneurs. As most administrative tasks can be done through a computer, virtual assistants work entirely on a remote basis.
As opposed to being a full-time virtual employee as suggested above, you can work with clients on an ongoing basis and still operate your own business as an entrepreneur.
This way, you can work with multiple clients and only work with clients you feel comfortable working with.
Rent Your Car Online
As a depreciating asset, you may not think of your car as a money-making machine but as a car owner, you can easily turn your car into a money-producing asset by simply renting it out on your downtime.
Turo is a peer-to-peer online marketplace for car rentals. It allows car owners like you to rent out their cars, much like a car rental company but with private car owners as suppliers.
Think of Uber, without the driver.
If you don’t like the idea of having someone else take the driver seat on your beloved car, you can also drive your car for money with companies like Uber but then, of course, it may no longer qualify as an online gig since you’re physically offering the service.
Become a Freelance Writer
I’m a slow writer, for that reason, I hired a couple of writers in the past to help me boost content production on niche sites and blogs I’m working on and I just realized how lucrative freelance writing gigs are nowadays, there are a lot of international writers whose writing skills are far from decent but commands near-native English speaker rates.
I was simply blown away by this. If you can write decent enough articles, you can easily command $100 per 1000 words as a freelance writer.
There are a lot of freelance marketplaces where you can offer freelance writing services. As a starting writer though, I would suggest that you mind your rates and price your service according to work quality to keep your customers on the hook.
You can also approach existing website owners and offer your writing services to them.
Rent Out Your Space
As I’m writing this during the pandemic, this may not be an option right now but could be lucrative in the future. Renting out an unused space inside your home in sites like AirBnB and HomeAway is something that can make you money fast since you already have the resource to let, you just need people who are looking for cheaper places to stay than a hotel room.
This is especially lucrative if you live in a place that’s often frequented by tourists since most hotels are often fully booked, peer-to-peer short term rentals offer these travelers the best alternative, and you can be one of these hosts offering this alternative.
My Personal Favorite
Among all these, I found selling on Amazon as the fastest way to make money online as it gives the fastest ROI and it’s simple. The difficult part is in finding the products with decent sales numbers and with low competition.
There are a couple of ways on how you can find inventory, you can source online, which is often referred to as online arbitrage, you can also source your inventories from offline retail stores, called retail arbitrage, or you can buy wholesale.
I prefer buying wholesale as it’s more reliable and it allows you to build a real and more solid retail business because you know you’re getting the best price for your inventory.
Buying low is crucial in any retail business and since you pay Amazon selling fees each time your items sell, you have to consider it in forecasting profitability.
Selling on Amazon isn’t a get rich quick scheme, it takes time to find products to build your inventory line but as I said, it’s basic. You buy a product that you put on Amazon’s catalog and you make a profit when it sells. When you have 10 product lines (that sells consistently) on your Amazon shelf, you can easily turn this into a full-time income source.
Should you decide to expand into selling your own branded products later on through private label, it’s entirely up to you but just don’t start with private label right away to minimize your risks.