7 Legit Ways to Make Money Online by Dan Lok

If you are also one searching for the legit ways to make money online then you are exactly at the rights place. Today I am going to tell you 7 Legit ways to make money online by Dan Lok in his words. Dan Lok is an Entrepreneur, best-selling author, philanthropist, and the world’s #1 influencer business strategist. This post has a lot of value. So stay till the last.

7 legit ways to make money online!

I think when it comes to making money online, most people make it so complicated, right? They make it so many steps, and so many business models, and so many different strategies, and different tactics. Today I'm going to give you some clarity.

1. E-Commerce

So seven legit ways to make money online, way number one, and that is eCommerce. eCommerce I'm referring to selling. Let's say on Amazon, Shopify, right? You're selling a physical product. Maybe you get it from China, you get it from Alibaba, even when you're selling products on eBay, right? That's the eCommerce business model. It's one of the most profitable business models online.

However, it also is the one that requires you the most amount of capital and experience. Now you're dealing with customer service, right? You're building a team, you're fulfilling the product. You are dealing with the image, the photo. You're driving traffic, maybe through the search engine, right? You're doing paid traffic. You are trying to tweak your eCommerce site so that you get more sales, right? And then maybe you do some affiliate deal. But your margins are usually not very very high because you're selling a physical product. A B2C model, business to consumer. So what it means that you need to sell a lot of volume in order to make any significant amount of money.

Related: How To Make Money From Home Online? 

 

2. Drop-Shipping

The second legit way to make money online and that is dropshipping. Now, what if you don't have a product to sell? What if you don't have a lot of money, a lot of capital to get started? Then what do you do? Well, dropshipping is another model. There a lot of people making a decent amount of money with this model.

Now with this model, you're basically working with a wholesaler or a distributor, where they have all the products and they would do the fulfillment. What you do, you're actually acting as a marketer, right? You're driving the traffic through social media, email, marketing, your website. You can set up like a virtual storefront where you take the order and then you send the order to a wholesaler or a distributor, they would ship it for you. Typically they would charge you money, and sometimes they charge you kind of a handling fee, could be a $2, $3 or $5. And that's how you make money. 

Since you are selling one item at a time, your margin is very low. You have to be very careful knowing how much you can spend to acquire each customer, to drive traffic. How much you can spend to acquire each visitor to your website.

So your metrics, you have to know very very well, because this thing, you could spend a whole bunch of money, and if you don't make those sales, you're the one that's taking the risk, right? The wholesaler, the distributor, there's no risk, right? They only fulfill a product when you make a sale. So as a marketer as a dropshipping business model, you're the one that does all the marketing. You have to front end a lot of marketing costs, and you only get paid after you make a sale.

3. Affiliate Marketing

The third legit ways to make money online and that is affiliate marketing. I love the affiliate marketing model. That's actually how I (Dan Lok) made my first fortune on the internet. My first bucket of gold.

Now, what's beautiful about the affiliate marketing model is you're acting as a middle person, right? It doesn't require you to have your own product. You can choose a handful of good products that you believe in, and you don't have to deal with the inventory, you don't have to deal with fulfillment. All you need to focus on is being a good middle person to sell these products online. And you can test different traffic sources and you can pay traffic or free traffic, drive them to the affiliate offers and from there, that's it. And you measure and track the performance and then you'll be able to get a commission check every single month. Even after all these years, until this day, for the work that I did two, three, five, eight years ago as an affiliate marketer, I'm still getting paid. It still provides a nice stream of income point for the work that I did so many years ago. So I love the affiliate marketing model, but there's one catch. In order to be a good affiliate marketer, guess what? You have to be a good marketer. You have to know what you're doing in terms of doing online type marketing, right? You have to know what is it that you are working on. It is not an easy thing, but it is easier than other types of ways to make money online.

4. SaaS (Software As A Service)

Legit way to make money number four is SaaS, or software business. Now, the software business is a huge business online. It is a model that is absolutely scalable if you know what you're doing and you can see companies making millions of dollars,10s of millions of dollars, hundreds of millions of dollars. I'm talking about Infusionsoft. It could be ActiveCampaign. It could be GoToMeeting, right? It could be even hosting, tracking software, a software that solves a problem in the marketplace.

Now this model, why this is so powerful, it's because it doesn't matter if you sell that piece of software to one customer or 10,000 customers. It is the same product that gets replicated that many, many, many users can use at the same time. And that's why it's such a powerful business model. And when it comes to technology now, you can hire developers, you can hire programmers to develop that software for you.

The problem is, a software not done right, you could burn hundreds of thousands of dollars, millions of dollars before getting a return. But if you know what you're doing, software on the internet absolutely one of the most powerful ways to make millions of dollars online.

5. Google Adsense

Number five is Google AdSense. Now Google AdSense is an advertising program that allows you to run ads on your website or blog or YouTube videos. You get paid based on CTR (click-through rate). The ads are generated from businesses that use the Google AdWords account.

Now with Google, you need to have a lot of traffic. Maybe you can create some kind of blog. Maybe it's a YouTube channel, but you need a lot of visitors to make any significant amount of money. Now the good thing is, it's FREE to join. It doesn't cost you anything to join. But the downside is you need to create a lot of content in order to create a decent amount of income or to maintain a good income. I have a friend of mine who used to make a ton of money with Google AdSense. At his heyday, he was making over a million dollars a year with just AdSense and now guess how much his blog's making him? Less than $30,000 a year. So, it's one way to make money, but it's not as good as it used to be.

6. Expert Business

Legit way to make money online number six, and that is what I call the expert business. Now we're talking about packaging your expertise, your skills, your knowledge, your passion into some kind of a product. I'm talking about online courses, I'm talking about training programs. I'm also talking about the services that you could provide. Maybe you are a digital marketer, you are running a social media agency. You are doing any types of programs that enhance people's business, enhance people's lives. That's what I call the expert business. 

7. YouTube Channel

Number seven, the last legit ways to make money online, and that is through YouTube. Now with YouTube, you think about YouTube could put everything together for you. Let's say you have an eCommerce business, you could create demonstration videos and upload them to youtube and in the description, you can drive all the traffic back to your eCommerce site. You can do also tutorials teaching people how to use your products on YouTube as well. Or if you're in the dropshipping business, it is the same thing. You can have various keywords, different types of videos on YouTube that people are searching for right now. And they watch the video, they like the product and then click the link and they could go to your website, your virtual storefront and buy from you. And then when you get an order, you can send that to your wholesaler and they can fulfill the order for you as well.

And remember, we also talk about the affiliate marketing business. Now, because the affiliate marketing business it's so competitive. It's not just you as an affiliate promoting that particular offer, that particular product. One of the ways you can make yourself stand out instead of just driving traffic to the offer directly, in between you can drive them to your email list. Where you are educating, informing your potential buyers, through YouTube, through videos, through content, building that trust. And then once they want to learn more about it, they click on a link, and then they could buy your affiliate offer as well.

AdSense, you can combine that, obviously, with YouTube because Google owns YouTube. YouTube is using the Google AdSense platform

The expert business, software, if you want to reach a mass market very very quickly, you can easily run ads on YouTube. And giving away maybe a free trial, the freemium model for your software and from YouTube, they can see it. You can reach millions and millions of people just like that. And from there, you can get a lot of users. Even you want to test out the product, you want to see how you like your software, that's one way to do that. And that's why I think YouTube if you have a strong YouTube channel, you can combine all these ways of making money into this one thing. If you have a strong youtube channel you will enhance any of these revenue streams that you have right now.

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Hey, readers! I hope you liked the post. And it would be helpful to you to get some clarity about how to make money online. These were the best, authentic, and legit ways proposed by Dan Lok (an Entrepreneur, best-selling author, philanthropist, and world's #1 influencer business strategist) to make money online. If you liked the post please do share it in social media. Comment how you liked the post. And please please please SUBSCRIBE to our Email Newsletter for future updates.