5 ways to Make money in 2023: Making a passive income in 2023

 

1. Start dropshipping

To kick off our list, I'd like to introduce you to one of the most well-known methods of making money online: dropshipping. Google Trends has shown a recent increase in its popularity, indicating its potential as a viable business venture. Dropshipping success stories abound, with examples like an entrepreneur raking in $6,667 over eight weeks and a store owner making six figures selling a single product. These instances serve as proof that dropshipping is a legitimate way to earn money online. 

In case you're unfamiliar with the concept, dropshipping is a business model in which you sell a product to a customer, but the supplier stores, packages, and ships the product directly to your customer on your behalf. Shopify dropshipping provides you with access to a vast selection of products that you can easily add to your online store. By using Shopify dropshipping apps, you can hand-pick your product images, tweak item descriptions, and give your business a personal touch that will make your customers love shopping with you.

Wondering what the most effective method for making money through dropshipping is? Well, most entrepreneurs have been honing in on a few key marketing strategies, including running Facebook ads, leveraging influencers to promote their products, and sending direct messages (DMs) to potential customers on social media. If you're ready to set up a store but need to source products to sell, Handshake is a popular destination for online entrepreneurs looking to purchase products at wholesale prices.

2. Try print on demand

Print on demand (POD) has become a popular way to earn money online due to its lower overhead costs compared to other businesses. With POD, you don't need to carry inventory or ship products to customers, similar to dropshipping. However, there are a couple of differences. Firstly, POD allows you to create your own custom products, which is great for building brand recognition. Secondly, you can choose from specific items, such as t-shirts, mugs, and tote bags, rather than a wide range of categories.

To make money with your print-on-demand business, free marketing channels are your best bet. You can promote your products for free on Instagram and Pinterest, as well as leverage social media influencers who have a high conversion rate among their audience.

If you want to get a complete overview of print on demand versus dropshipping, you can watch a healthy debate between us and Wholesale Ted, where we discuss the pros and cons of each business model.

3. Make money with affiliate marketing

Affiliate marketing is a popular and stable way to earn money online. You can choose from a vast range of companies to partner with, such as Shopify, Amazon, Uber, and FabFitFun. With affiliate marketing, you promote other brands and earn a commission from sales, including retail products, software, apps, and more. Although each commission may seem small, you can be an affiliate for multiple brands and include several affiliate links on a single blog post.

To make money online through affiliate marketing, focus on content marketing. By creating a blog with high-quality content, you can strategically place affiliate links in your blog posts to drive traffic to your affiliate partner's website. Building out a blog with several pages of high-quality content is an asset that you can call your own and use to promote affiliate products effectively.

4. Start a YouTube channel

In addition to monetizing your channel with ads, there are other ways to make money on YouTube. One is through brand deals or sponsorships, where you collaborate with a brand to promote their product or service in your videos. You can also offer exclusive content or merchandise to your loyal subscribers through platforms like Patreon or Teespring. And as your channel grows, you can even consider branching out into other revenue streams like live events or creating your own products.

It's important to note that building a successful YouTube channel takes time, effort, and dedication. Consistency in creating quality content and engaging with your audience is key. Don't be discouraged if your channel doesn't take off right away - keep working on improving your content and promoting your channel through social media and other channels. With persistence and a bit of luck, you can turn your YouTube channel into a profitable online business.

5. Become an influencer

Becoming an influencer has become an increasingly popular goal in recent years, with the rise of social media platforms such as Instagram, YouTube, TikTok, and others. An influencer is someone who has established themselves as an authority or expert in a specific niche or industry and has gained a large following on social media. They have the power to influence their audience's opinions, behaviors, and purchasing decisions through their content.

If you're interested in becoming an influencer, there are several steps you can take to get started.

Choose your niche: Before you start creating content, you need to choose your niche or area of expertise. This can be anything from fashion and beauty to fitness and wellness, travel, food, or even pets. It's important to choose a niche that you're passionate about and that you have knowledge or experience in. This will make it easier for you to create content that resonates with your audience.

Create a brand: Once you've chosen your niche, you need to create a brand around it. Your brand should reflect your personality, values, and niche. This includes choosing a unique name, creating a logo, and developing a consistent aesthetic for your social media profiles.

Build your audience: Building a large following on social media is key to becoming an influencer. To do this, you need to create high-quality content that engages your audience and provides value to them. This can include creating videos, photos, blog posts, or podcasts. It's also important to be active on social media and engage with your followers by responding to comments and messages.

Collaborate with other influencers: Collaborating with other influencers in your niche is a great way to gain exposure and grow your following. You can do this by guest posting on their blog or social media accounts, co-creating content, or hosting joint events or giveaways.

Monetize your content: As your following grows, you can start monetizing your content by partnering with brands or promoting affiliate products. This can include sponsored posts, product reviews, or affiliate links. It's important to only partner with brands or products that align with your values and niche, and that you genuinely believe in.

Stay authentic: Finally, it's important to stay authentic and true to yourself as you grow your following. Don't compromise your values or niche for the sake of followers or money. Your audience will appreciate and respect you more if you stay true to who you are and what you stand for.

Becoming an influencer takes time, effort, and dedication, but with the right strategy and mindset, it's possible to turn your passion into a successful career. Remember to stay focused on your niche, create high-quality content, engage with your audience, and stay true to yourself.