In this article you will know about to make money with 5000 dollars in 12 ways. The strategies listed below have been proved to work, and people from various walks of life have used them successfully. However, there is no magic button or guarantee; you will need to put in the effort, research, and commitment to persevere with a good mindset.
That being said, let’s begin with one of my favorite ways to generate passive income and extra cash.
Create a specialized website
Building a specialty website is likely the most popular strategy, and it is one that you can begin doing nearly immediately.
If done correctly, you might be producing extra money within a year.
You’ll need a domain name and hosting, which will cost you roughly $100 for a year.
Costs vary, but a specialist issue will usually cost you nothing but study. Plugins and themes will cost roughly $150, and you may start with a free autoresponder plan.
Here’s what I would do with the rest of your money.
- Purchase a membership to Brandon Gaille’s RankIQ (see our RankIQ review) to receive a list of keywords with low competition (this will save you a ton of time researching keywords and ranking in Google)
- From the keywords, create a list of at least 30 articles to write.
- Take $3000 of the remaining funds and employ writers at 5 cents per word – each article should be roughly 2000 words long.
- Post a job posting on the ProBlogger employment board looking for writers that specialize in your specialized area.
- Include the content on your website.
- Create an email list
- Continue to add content and monetize via affiliate links and advertisements from Google AdSense, Ezoic, and others.
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BUY AND SELL ON EBAY
You have 5000 dollars, so you will spend some of it on things to resell on eBay for a profit.
The first step is to conduct market research to determine the type of goods you wish to offer. It’s a fantastic idea to start with a niche market and then research the things that people want.
When you’ve decided on a product, look for a manufacturer who will sell it to you at cost. Then add what you wish to profit from.
You can get some wonderful prices on Alibaba and AliExpress depending on the product, but make sure to check the sellers before buying and investing any of your money.
When your things are ready to ship, take some beautiful images and post them on eBay.
You’ll get access to eBay business tools, and you can build a shop to benefit from lower fees, free listings, and other perks.
The key takeaway from buying and selling on eBay is to start small to test the waters, and then raise your inventory if the goods sells.
CREATE AN ECOMMERCE STORE
This small business technique is similar to creating a specialized website, but the emphasis is on selling a specific sort of product(s) in a specified niche market.
You can also use subscription-based eCommerce software like Shopify or BigCommerce.
These solutions provide outstanding capabilities, and you may quickly and easily create an online store ready to sell your products.
You would spend your $5,000 to buy things to sell for a profit and to cover the fees of the website or eCommerce software solution.
BUILD AN ONLINE COURSE
If you do your research before developing an online course, it can be extremely rewarding. The idea is to create a course that your target audience wants, which you can achieve by polling them.
Email your list and ask them what the biggest issue is that keeps them awake at night and what would solve that problem.
Then you may go ahead and make a course based on the most popular answers.
If you don’t have an email list or want to clarify your pre-launch research, look at what’s already selling and put your own twist on it — and add what other courses are missing.
Increase your efforts if the course begins to sell. For example, you can try purchased traffic on Facebook and Google AdWords with a few hundred dollars.
For inspiration, look for courses in your chosen specialty.
If you have $5,000 to invest, I recommend Teachable. It costs roughly $29 per month and includes fantastic features like drip-feeding content, a custom domain, content and video hosting, a payment processor, and more.
Flipping websites can be profitable if you know how to pick a good offer and employ smart growth strategies.
You can then utilize the same strategies to establish a niche website and increase your monthly income.
MotionInvest will examine the vendor and offer proof of earnings, ensuring that the website you purchase is legitimate.
The following is an explanation of the strategy:
- Learn about flipping websites and content marketing by listening to the Niche Pursuits podcast, which offers conversations with a number of site builders and website flippers. This is an excellent way to get started.
- MotionInvest allows you to acquire a website for a price that is lower than $2,000.
- Create a list of keywords with low levels of competition to use while marketing the new site.
- Invest $2,000 in hiring twenty independent writers to produce twenty articles of 2000 words each depending on your chosen keywords.
- Invest in an internal linking plugin such as Link Whisper to facilitate the creation of an internal linking structure in a short amount of time (great for SEO)
- You should either keep adding content on your own or reinvest any money that you make from the website.
- Build backlinks
- Develop the website’s presence on various social media channels.
- Create an email subscriber list, and then sell it after a year at a profit.
If you follow the steps outlined above, you will increase your chances of turning a significant profit when you sell your website. In addition, you will already be generating a regular revenue stream by monetizing your website through the use of affiliate links or advertisements.
START A PODCAST
You can monetize your podcast through advertising and sponsorship deals. You might also generate money by promoting affiliate links in the show notes to anyone who listen to your podcast.
The procedure is selecting a specialized subject matter to discuss and producing episodes on a consistent basis for your audience.
On addition to this, you will need to be well-versed in the topic at hand in order to hold the attention of your audience.
When you have the podcast up and running, you can establish a specialized blog , and then feature the podcast on the blog.
CREATE AND SELL AN EBOOK
Producing and marketing an eBook is yet another excellent method for turning 5,000 dollars into further cash. You could sell it on Amazon, or you could sell it on your own blog.
You can go either way with this.
- To begin, you can put some of the money from your cash flow of $5000 toward paying a freelance writer to produce a series of articles that are connected to the subject of the book.
- The second possibility is to write the book on your own by following the steps outlined in the first choice.
You either produce or acquire the content for each chapter, compile all of the chapters into one document, write an introduction and a conclusion, and the book is nearly finished.
You will, of course, need to have an eBook cover designed, which will most likely cost you close to one hundred dollars, and you will need to upload it to cloud storage such as Amazon s3 to enable downloads once it has been sold if you are not selling it on Amazon.
You will also need to shell out some cash for a reliable editor.
In addition to this, you may invest some of the money you have in sponsored traffic or in paying authors to add content to your blog that focuses on keywords with low levels of competition in order to increase the amount of exposure your eBook receives.
You could also hand out free copies of the book as an incentive to build an email list, which would allow you to generate money through affiliate marketing.
START A CONTENT AGENCY
Although content continues to reign supreme, it appears to be harder than ever to locate skilled content marketers.
Freelance writers are in high demand among business owners and creators of specialized websites, and these clients are willing to pay more for content strategy.
You will require a website, as well as a domain name, an autoresponder, a booking system, and web hosting. These will run you close to $750 every year, give or take a few dollars.
Additionally, it is a good idea to have a subscription to a keyword provider such as Ahrefs or RankIQ. Both of these services are quite helpful (probably both). An additional expense of around $1,600 per year is incurred due to the provision of these services.
Building an agency consisting of five to ten talented writers and concentrating in a specific market segment can fast lead to financial success.
You quote a price to the customer for the content, and then you have one of your writers create it for a price that is lower than the quote you provided to the client.
For instance, a customer buys $100 for a 1000-word article (which works out to 10 cents per word), you pay one of your writers $50 to write the content (which works out to 5 cents per word), and your profit on the post works out to $50.
The goal is to secure clients on a retainer basis and to provide other services such as keyword research. If you follow the recommendations, you will have Ahrefs or another tool comparable to it, which will make it simple for you to find keywords for your customer.
You are free to add a supplemental fee to the total cost of the service.
Naturally, you are going to require skilled authors, which means that you will have to shell out some cash to hire them and much more cash to attract customers.
A few of the strategies to discover customers are as follows:
- You should respond to advertisements posted on employment boards and guarantee your services.
- Put up some advertising on Facebook.
- Create a blog and focus on keywords connected to your specific market.
- Create a following on social media platforms.
- Make a limited number of clients eligible to receive free articles in exchange for their feedback.
- Create case studies.
And in order to locate writers:
- Conduct a search on Google for directories that feature freelance writers.
- Post an ad in the newspaper searching for someone to do freelance writing.
- Promote your business on Upwork
- Search Twitter
It is in everyone’s best interest to keep the customers as well as the writers satisfied; therefore, you should ensure that you test your writers for quality, conduct plagiarism checks, and set deadlines.
Blogancing is a relatively new concept that refers to doing both freelance writing and blogging at the same time. When applying for gigs as a freelance writer, you build a blog and utilize the articles you post on the site to demonstrate that you are capable of producing high-quality material.
Freelance writing and your own blog each contribute to the financial success of your writing career. The money you get from freelance writing will be available almost immediately, however the income from your blog will take a little longer to come in because you will have to construct it from the ground up.
The first thing you need to do is settle on a specialized subject matter for your blog.
You want the material that you create for clients to be connected in some way to the niche that you choose to work in.
Therefore, if you intend to specialize in writing about fitness for customers, you should create a blog that covers topics such as fitness for men, fitness for women, fitness for those over the age of 40, etc.
After that, you may put the instructions and suggestions for creating a blog that are provided in the first approach of this piece to use.
Before you go looking for freelance employment, make sure you have a few examples of your work posted on your blog. These will serve as samples.
You can find employment as a freelancer by visiting job sites such as the following:
AFFILIATE MARKETING (CLICKBANK)
Affiliate marketing is beneficial to the majority of people, so if you’re debating whether or not it’s worth your time, you shouldn’t.
Affiliate marketing is a fantastic method for generating revenue by selling goods or services that do not directly belong to you. You won’t need to be concerned about taking care of customers, developing new products, or processing payments.
Sending traffic to the sales page is all that is required of you to earn a commission when a customer makes a purchase from that page.
An good blueprint for developing an affiliate marketing campaign is provided in the following steps.
- Pick a product to sell in the ClickBank marketplace.
- Make or have someone else make for you a free report of approximately 5,000 words that focuses on one of the primary benefits listed in the bullet points on the sales page.
- Invest in a hosting plan as well as an autoresponder and a domain name.
- You can use click funnels or check to see if your autoresponder offers free landing pages to set up a landing page to advertise your free report (most do)
- Create five emails, a major download page, and a thank you page, or have someone else do it for you for a fee.
- You can send users to your landing page by running advertising on Facebook and making use of other free traffic generation tools (like learning how to create a poll on Facebook)
- Think about starting a blog as a means of driving visitors to the landing page you’ve created.
The procedure described above is an example of an affiliate funnel. After registering for your free report, the website visitor is then directed to the thank-you page.
This is the first time that the visitor will come into contact with your affiliate link. The thank you page instructs them to check their email for the free report, but it also offers the affiliate product on the same page.
After that, you direct their attention to the affiliate link contained within the free report as well as the five emails that you have crafted.
It’s all about zeroing in on a specific market segment and utilizing an autoresponder to pre-sell them on the affiliate product through the use of email marketing.
BECOME A COACH FOR LESS THAN $5,000.
Have you ever entertained the thought of becoming a life coach and assisting others in overcoming a challenge they are facing?
It is feasible to do so; first, enroll in a class, and then, after establishing a blog in which you provide specific individuals with life guidance, you may make money through internet advertising and by doing individual or group coaching sessions.
Becoming a life coach can be mentally satisfying as well as lucrative at the same time.
INVEST IN YOUR 401K
Putting some of the $5,000 into a retirement plan is the last option you have for turning it into more cash. Due to the fact that I’m not a professional financial counselor, I won’t go into too much detail on mutual funds, index funds, penny stocks, bonds, or trading on the stock market. On the other hand, in my opinion, a 401(k) has a low-to-moderate tolerance for risk.
In my opinion, the contribution from a corporation is somewhere between 3 and 6% of the total (ask them about it), which is a respectable return on investment.
You are not permitted to put your $5,000 into your 401(k), but you are permitted to utilize the money to make up for the additional contributions you make to your 401(k).
For instance, if you contribute an additional $50 per week to your pension plan, the company will reward you with additional money based on the percentage that they contribute. In this case, you would simply deduct this additional $50 from the $5,000, so that it would not come directly out of your own pocket.
After the five thousand dollars have been spent, you will be able to resume your previous payments. However, you should first discuss the specifics of this matter with your firm.
IS MAKING MONEY GUARANTEED WITH ANY OF THESE METHODS?
No, as previously indicated, work is required, and even then, nobody can promise financial success. Everyone is unique, and results will vary accordingly.
This is not intended to discourage you; that is not my objective. However, it is essential to understand that no internet money-making tip is guaranteed.
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