It’s time to stop procrastinating and get your life on track. In this article, we will share seven proven strategies for earning $10,000 per month in 2024. It’s crucial to choose the right business model and strategy to achieve success. We won’t go into great detail about each business model, but we will provide recommendations on which models to consider as you get started.
Drop shipping
Drop shipping is a retail fulfillment method in which the merchant never sees or handles the product. In this business model, retailers act as intermediaries between customers and suppliers. It’s a convenient way for merchants to start an online store without having to invest in inventory upfront.
While this may not be a new concept, it’s important to choose a business model with a favorable risk-to-reward ratio. In the past, businesses have often spent large amounts on advertising without seeing much return. However, with the rise of social media platforms such as TikTok, Instagram Reels, and YouTube Shorts, it’s now possible to utilize free traffic sources to validate products.
It’s not enough just to find the right product; timing is also crucial. Don’t put all your eggs in one basket, and be willing to try different products to find the right fit. Avoid investing heavily in ads, as this is not a one-hit business model. Drop shipping can be a viable option for those looking to get started in e-commerce.
High Ticket Closer (Sales Representative)
Being a high-ticket closer, or sales representative, can be a highly lucrative way to earn money. Many companies and agencies need skilled salespeople. We have seen sales representatives make tens of thousands of dollars per month by effectively speaking with and selling to enterprise clients with more expensive plans.
As a sales representative, you will represent the company and educate prospects on solutions and offers, for which you will receive a commission. One advantage of this career is that it can be done virtually anywhere, and many successful businesspeople have started their careers in sales. Even if you have only a basic understanding of sales, it is a skill that will benefit you for the rest of your life.
YouTube
It is possible to make money on YouTube, especially if you have a unique skill set that you have been interested in and studying for a long time. Online coaching can be a lucrative avenue to earn $10,000 per month. While it may not be for everyone, if you have a solid strategy in place, you can make a good living through AdSense.
It’s important to understand that vlog channels may not be as effective as they once were, and the amount you can earn per thousand views can vary greatly depending on the industry. If you can create interesting and engaging content with compelling titles and thumbnails and keep your audience hooked, you have a good chance of earning a significant income on YouTube. Some people are even making hundreds of thousands of dollars per month on the platform. Even if you only earn $5,000 to $10,000 per month, you can still generate a good income by coaching others online in 2023.
Affiliate marketing
If you don’t want to spend years developing a product and building a company but still want to start an online business, affiliate marketing may be the right option for you. Instead of creating and selling a product or service yourself, you can help promote someone else’s product or service and earn a commission. Many companies have affiliate marketing programs, including Amazon.
To be successful in affiliate marketing, you need to drive traffic to your blog, videos, or social media platform, such as a Facebook group or Discord community. The best affiliate offers are often for software with a monthly recurring income. This way, you can generate a steady stream of income without having to invest a lot of time and money in product development and marketing.
Copywriting
If you enjoy writing and prefer to work behind the scenes, copywriting may be a good fit for you. This skill involves using written words to sell products or services to a wide audience, including e-commerce companies, software companies, and education companies. These businesses often have existing customers or potential leads who have already spent money to acquire them but are not being effectively marketed to.
By offering copywriting services, such as email marketing or social media content, you can help these companies generate additional revenue from customers who already trust them. You can structure the deal so that you receive a percentage of the sales, allowing you to earn a significant income without the need for public visibility in the same way that coaching or YouTube requires. This is a great option for those who want to make money without having to be a high-ticket salesperson or appear on camera.
Online marketing agency
As you start your online marketing agency, you may initially feel like a glorified contractor, handling all aspects of the business yourself. However, as you gain experience and hire dedicated talent, you can focus on providing the best agency experience for your clients.
One way to approach this business is to apply the Expedia model, using contractor arbitrage to sell marketing services to businesses. There are many ways to generate leads, including short-form content, email marketing, and sales, and you can structure deals to charge $1,500 to $2,000 per month or more, depending on the size of the company.
It’s important to remember that an online marketing agency doesn’t have to be limited to traditional options like Facebook ads. Consider offering short-form content, Discord moderation, customer support, or any other service you feel qualified to provide. The key is to take action and not get bogged down by perfection. Remember that imperfect action is better than inaction.