Many of my students ask me what they should do to supplement their income besides selling on eBay, especially when their sales are down. I would like to take this opportunity to address this common concern.
Currently, hundreds of thousands of people sell on eBay as their primary source of income. They’ve either quit their job to become an online entrepreneur or they have refused to work for anyone else or they cannot find a job. These are common reasons to start selling on eBay. For myself, I started selling on eBay because I got laid-off and decided to make money online.
With today’s uncertain economy, even selling on eBay may not be enough as a primary source of income, especially when there are so many other venues or ecommerce websites that sell similar products. Being competitive is very important and sometimes, sales can dip very low.
So, what can people do to supplement their online income? Have income from multiple online sources.
No one said that if you sell on eBay, that would be your exclusive source – absolutely not. Even manufacturers will let as many retail companies to sell their products as possible. Why? To have multiple sources making money for them.
As an online entrepreneur, one should consider learning how to make money from other sources such as:
- Selling your items on other ecommerce sites such as etsy.com or amazon.com
- Creating blogs to write about your niche and make money from Google Adsense. Put links to drive traffic to your eBay listings. This will also let your potential customers know that you are the expert in your niche.
- Creating a Channel on YouTube to talk about your niche and make money from Google Adsense. Put links to drive traffic to your eBay listings. This will also let your potential customers know that you are the expert in your niche.
- Sell complimentary products. For example, if you sell used Apple iPhones, consider selling accessories for them such as cases, skins or power cords, etc.
- Set up your own website to sell your products. No listing or selling fees. Set up ‘Buy Now’ buttons with PayPal and you have your own ecommerce site that can handle the payments.
The best and most common way to supplement your online income is to join a Network Marketing program. Famous entrepreneurs such as Donald Trump, Robert Kiyosaki (Author of ‘Rich Dad Poor Dad’) and many others, all suggest Network Marketing to be the best source of online income. Network marketing is a legal distribution model and should not be confused with illegal pyramid schemes. Here is an informative website that compares the difference: Click Here
With as little as $499 to sign up and a couple of hundreds of dollars per month to stay active, you will be provided a personalized website that will take orders and ship the products directly to your customers. No need to stock any inventory, unless you want to provide samples. Most advanced Network Marketing companies offer online training to teach you how to maximize and grow your business.
Network Marketing is a business and should not be taken as a hobby just because of the low start up cost. Where else can you start your own franchise-like business for under $1000? Most franchise cost anywhere from $50,000 to over $1,000,000 to start. People are making incredible income with Network Marketing, starting from zero and have created impressive 6-figure monthly income within a year or two. In fact, Network Marketing is by far the most popular home-based, online business to get involved in.
The beauty of Network Marketing is that once you work hard at it in the beginning, usually the first 90 days, future income will be passive and residual – meaning it will continue to grow and continue to come without much effort. Think of it this way, in the beginning, you work for pennies, but as time goes by, those pennies will compound and grow into dollars. Would you take a $1,000,000 right away or take a penny now and double the amount for 30 days? If you do the math, doubling the penny for 30 days will give you over $5.3 Million.
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