I’ve seen fortunes made with this exact business model, yet most marketers are too scared to try it.
Here’s what you do:
Get an idea for a WordPress plugin. You can either find a need and fill it, come up with a great idea on your own, or look at what’s available and figure out how to improve upon it.
Once you’ve got an idea for your plugin, you might run it past a few people to make sure you’re not the only one who thinks it’s a winner. Or you can do some research and find out how well similar plugins are selling.
When you’ve finalized your idea, get a coder to create the plugin for you.
Yes, you’ll need to PAY the coder, or partner with them.
Once you’ve got the plugin, test it to make sure it works smoothly. Create your marketing for it and then sell it. You can package it with various rights, PLR, multi-site and so forth so that you have 2 or 3 different price points.
I know of at least 5 different marketers who consistently make 6 figures a year doing this, releasing a new plugin every month or two.
And at the right moment after they’ve made plenty of sales, they sell the rights to the plugin for 4 or 5 figures to another marketer, who often repackages it and re-releases it.
There’s a ton of money to be made this way. All you need is the right idea with good marketing and you can make a fortune.
Make Extra Cash on Etsy
This is a sweet little money maker that will put some extra mad money in your pocket, if you’re game.
The interesting thing about Etsy is price isn’t as important as on Ebay and Amazon. People are willing to pay more for something they really want on this site – or at least that’s been my experience. Whereas with Ebay and Amazon, people are much more price conscious.
Here’s what you do:
Find a local engraver. This could be a jeweler or a trophy shop. You’re looking for someone who engraves things like flasks, plates, cake servers and knives (for weddings) and so forth.
Strike a deal with her and get a price list of what she charges for each item. Odds are she already has the blank items. If she has professional photos of each item, use those. Otherwise, take your own photos.
Advertise the items on Etsy with personal engraving. Remember to mark up the prices for your own profit, and charge for shipping (or raise the price to cover shipping.) Put in your listing that items take a few days to engrave.
Take the orders and forward them to your engraver. Stop by the engraver’s shop once a week to pick up the items and mail them to your customers.
Pocket the difference.
This is so simple and obvious, but it’s a great way to make extra money. If you have a teenager or retired parent, you might even suggest this business to them.
Then be on the lookout for other items you can resell on Etsy. For example, watch for local craftspeople at fairs and such, and see if you can strike a deal with them as well.
You might assume they’re already on Etsy, but oftentimes they just don’t want to bother to open their own shop.
How to Make Money Selling other People’s Junk
Here is a nice little side business that can yield you some extra spending money.
I saw an ad the other day that read: “Do you have unwanted items you’d like to sell on Ebay, but you don’t want the hassle of listing and shipping? We can do it for you and turn your unwanted items into cash.”
Guaranteed there are plenty of people out there who would love to have you sell their stuff.
You can either split the profits with them 50/50, or simply buy their items outright and sell them on Ebay.
Either way, it’s a way you can turn quick profits while you’re building your online business.