Making money from home sounds like one of those unattainable dreams. You read about it from bestselling business authors like Tim Ferriss, hear keynote speakers delivering talks about how to set up an online business that delivers enough passive income to ditch your day job forever.
The reality is that making money from home and earning a pass to permanently work in your pajamas is much more attainable today than it's ever been. With the right business idea, a solid plan of action and a lot of hard work, the great news is that it's not difficult to get started with making money from home.
5 Best Ways to Make Money From Home Doing What You Love
Choosing to start making money from home in the time outside of your full-time job, during the evening after your kids go to sleep, or in the hours you can squeeze in on weekends can be a powerful investment in your future.
Even more, if you select the right type of business, you could create the foundation for a full-time source of income that replaces your day job and allows you to make money from home for the years to come.
1. Find a Passive Income Stream
What's "passive income"? It's simple -- finding a way to earn money while you sleep, of course!
There's a saying in the corporate world: "Don't make yourself irreplaceable. If you can't be replaced, you can't be promoted." As an entrepreneur, this is still true in its own way. Let's think of "being promoted" as earning more and working less. You can raise your prices, but until you can remove yourself from being directly involved in doing the work that generates the income, there's always going to be a limit to how much you can earn, and it can only increase very slowly.
More on passive income here.
2. Do Affiliate Marketing the Smart Way
Affiliate marketing is sometimes touted as "get rich quick schemes" by shady sites offering pyramid schemes that promise quick cash for little effort. Make no mistake -- successful affiliate marketers put in a lot of effort toward building an audience and quality content that will bring in sustainable passive income. Expect to do a lot of legwork up front -- but if you play your cards right you can build a solid source of revenue over time
Learn to be a successful affiliate marketer here.
3. Build a Blog on a Specialty Niche
If you create a specialty blog that brings in a reasonable amount of traffic, you can enjoy income on ads you place on the site. One good way is to craft a specialty blog with product reviews and recommendations. Be sure to pick a topic that you enjoy and know something about. If you can't stay passionate about the topic, that will show, and it also won't hold your interest. Choose a narrow enough niche to be distinctive, e.g., bands from your city, left-handed guitarists, music for a certain kind of dancing, authors of a certain religion, books about arts & crafts, etc.
4. Make Money Doing Something You Love
You don't have to be a professional photographer to sell your photos for money. People are constantly in need of stock photography for websites, presentations, brochures and so on, and are willing to pay for the right image. People generally search for images on stock photography sites by keywords, not by photographer, so you have the same chance as anyone else of having your image picked. Just be careful that you don't have images of trademarked brands, copyrighted art or people's faces that are readily identifiable (unless you have a model release), but just about anything else is fair game, and I promise - you'd be amazed what people need pictures of, so don't make any assumptions. If it's a decent photo, upload it. Some sites to get you started include Fotolia, ShutterStock, Dreamstime, and iStockphoto. The great thing about this is that it's truly "set it and forget it".
More ways to make money online here.
5. Build an Information Products Business
If you have a knack for teaching or making complex material more digestible, consider the field of information products. You can create your own webinar or ebook using low-cost tools, such as Camtasia, YouTube, and Powerpoint. If you are interested in using the resources of a larger company, new educational startups like Udemy and Skillshare allow anyone to create and sell classes through their platform. Though they take a small percentage of your profits, you can take advantage of their built-in communities and marketing lists.
How to get started: Read our guide to information products.