Who doesn’t want to make extra money? Whether you’re a student that’s looking for a way to support yourself on the side while you focus on your studies, or you’ve got a 9-5 and you’d like to see if it would be possible to earn a little extra income on the side – then you’ve made the right choice to decide to click on this article today.
When it comes to making money, there’s a lot that goes on behind the scenes that many people aren’t always aware of. For starters, the monetary opportunity that you take will not only need to fit in with your current means of income, but it will also need to be something that matches your skills and interests you to some degree – because you’re going to spend a lot of time invested into it.
With that being said, then, even though it can be all good and well to say that you have grand plans of starting a side hustle, in reality, finding an opportunity and flipping it into something that starts to earn you money can be a little easier said than done – but this is where we come in to lend you a helping hand.
In this article, we are going to be talking you through nine purchases (yes, you read that correctly) that you can make today that have been tried and tested to be very lucrative. No matter what your budget, time capacity or skillset is – there’s something on this list for everyone.
All you will need is some money upfront that you’re willing to part ways with, a drive to succeed, and the willingness to invest your time making your side hustle of choice a success.
So, no matter whether you’ve got your eye on something that you’ve wanted to treat yourself to for the longest, or you simply want to increase your monthly earnings via the multiple income route – read on for nine purchases that you can make today that can bring along a steady and consistent money flow. Let’s jump right in!
Top Things To Buy That Will Bring a Steady Stream Of Income
If you’ve already started to do a little bit of research on how to make money from the things that you buy, then you might have come across the term “flipping”, which is a term that refers to the act of purchasing something, sprucing it up and then selling it on for a profit.
In a nutshell, this is exactly what you do when reselling something, and each idea that we share with you below is based on the basic principles of flipping. Besides being one of the simplest ways to make money, it is also one of the most common and well-known ways to make money, you’ll just need to have time and the willingness to put time and effort into your business idea in order to make it a profitable success.
Just think about it: flipping is a lot more common than you might have first thought – just take clothing stores, for example. Manufacturers and clothing companies will usually buy large quantities of clothing in bulk for a below-market, wholesale price and then sell it on to customers for a much more expensive price than what it’s actually worth.
It’s a tried and true method that is used on both the small and large scale, and there’s nothing stopping you from starting your very own flipping business, too. This brings us to our next section! Let’s uncover some of the best ways that you can make money from your purchases below:
Option #1: Buy Artwork and Sell It On
Kicking our ultimate list off, we are first going to be talking you through one of the most effective ways that you can make money – and that’s via the method of purchasing artwork and then selling it on to a client for a marked-up price.
Now, keeping it totally transparent with you, even though this method is a super popular one and has the potential to be very lucrative – it’s very important to keep in mind that this method isn’t likely going to bring in any fast money.
Instead, this money-making method is definitely one that airs on the side of being a slow burner, but the long-term benefits are extremely fruitful, and that’s precisely why it’s made it to the top of our list.
If you’re interested in this business idea, then it’s important to keep in mind that you’re likely going to need to make quite the investment (especially in the beginning) to help get you established and have some artwork under your belt that you can then begin to sell to clients.
Nevertheless, artwork is a very lucrative sector to get into, and it is well known that investors, wealthy clients, and art collectors are prepared to pay ridiculous amounts of money for original and even famous pieces of artwork.
To give you an idea of the amount of money that we’re talking about here, rare pieces of artwork are often known to go for millions of dollars, with one of the most expensive pieces of all (a Pablo Picasso) going for just under 107 million dollars.
It doesn’t stop there, either, because as time goes on these types of rare and original pieces will only increase in value and demand – and that means that they’re only going to come with a higher price tag as the years go by.
Sure, while it might not be possible for most of us to go and buy a super rare piece of original artwork, there are a variety of more affordable options that will still catch an art collector’s eye.
If you’re interested in getting involved in the artwork flipping business, then we recommend that you do a little bit of research to familiarize yourself with the world of artwork dealing, visit local galleries to gain an insight into what art collectors are looking for, as well as make sure that you’re well aware of artists that are both popular and upcoming before you begin investing in a few pieces. Who knows, you just might hit the jackpot.
Option #2: Website Flipping
If you’ve already familiarized yourself with the world of side hustles, then we’re almost positively certain that you’ll have already come across the words “website flipping”. However, don’t worry if you’re not overly sure of what it actually means, as it is still a relatively new hustle to get into.
In a nutshell, website flipping is essentially the act of purchasing an old website and giving it a makeover. This can be done in a number of different ways, but the most common way that many people choose to give their outdated website a makeover is by giving it a “facelift” (aka, a new site layout) as well as making sure that it is full to the brim with up to date, relevant content that will land itself high up in Google’s ranks thanks to keywords and other SEO-focused methods.
Once you have purchased the domain and brought it up to speed, you will then be in the perfect position to sell your website to a person that is looking to purchase a domain in the specific niche that your website has.
And the best part? If you make sure that you flip your outdated website properly and professionally, you can bet that you’ll be able to sell it on for a much higher price than what you initially first paid for it! It’s no surprise that website flipping is slowly but surely becoming one of the most popular ways to earn money on the side, and even as a full-time income for leaders in this area.
So, what’s the catch? The truth is, there isn’t one. As it turns out, website flipping is a pretty foolproof way of making upwards of thousands of dollars, but that doesn’t mean that it’s necessarily going to be perfect for you.
For each website that you decide to purchase with the intention to flip, you’ll need to pay an upfront fee that can range anywhere from a few hundred dollars to a few thousand dollars (or sometimes even more than that).
For this reason, we strongly recommend that you take the time to consider whether or not you’ll be suited to website flipping, as the last thing that you want to do is to break the bank on a website, only to discover that you don’t enjoy it or just aren’t suited to website flipping.
For the most part, you’ll need to have an in-depth understanding of how to use SEO-related marketing and tools, understand HTML, and also be willing to put in the time and effort to create great content that will not only pull in internet surfers but also stand your website in good stead of making it onto Google’s first page.
Luckily enough, there are a variety of different books and courses out there that you can take to bring you up to speed if you’re not a website whizz, and there are even marketing agencies out there that you can pay to write the content for you. The more you know!
Option #3: Sell Large Instagram Accounts
If you’ve never heard of people making money online by selling large Instagram accounts that are no longer in use, then where have you been? If you’re not overly familiar with this way of making money, then rest assured that it is far more simple than you might think.
Just think about it: even though it might look easy enough, growing an Instagram account to a sizable amount of followers doesn’t only require lots of time and effort, but when done organically, it can take upwards of 10 years or more before you can have a following that feels truly established.
With the rise of entrepreneurship and the power of a social media presence, many up-and-coming brands will often purchase an Instagram account that is already established with 10,000 followers or more in order to give their brand a flying start on Instagram.
If you’re interested in selling these types of large accounts to wannabe influencers or even to a business owner that’s looking for an Instagram account shortcut – then it’s important to keep in mind that you’re first going to need to make sure that you have great accounts to sell on to them.
The best way that you can go about purchasing an account from another person is by going through a reputable website that will allow you to make the purchase through them. Even though we’re sure that many people will approach large accounts in the hope that they will trade them in for an attractive price, we don’t recommend doing this as the risk of being scammed is far too great.
Instead, by opting to purchase large accounts through tried and trusted third-party websites, you will have peace of mind and confidence while parting ways with your money in exchange for the website. Once you’ve got it, you can then spruce it up and sell it for a higher price. It really is as simple as that!
As a side note, selling on large Instagram accounts is a side hustle that is becoming increasingly more popular – so if you really want to succeed, you’re going to need to make sure that you’re selling accounts that brands and influencers are going to genuinely benefit from.
It’s no secret that there are a variety of “large” accounts out there on Instagram that are full of fake followers and get little to no engagement – and these are precisely the types of accounts that you want to make sure that you’re steering clear of. Instead, you should make sure that you are optimizing your brand by only selling on accounts that are full of organic followers, and preferably have a niche, too.
One of the best parts about selling Instagram accounts is that buying large accounts from other Instagram users isn’t the only option available to you.
If you have an eye for marketing and the ability to draw in a crowd, then you could also opt to offer your services as a marketing manager or curator for brands that are struggling to build an online presence, and this can also be a very lucrative freelancing opportunity that you could fit around your day-to-day life and any other work commitments that you might currently have.
What’s more, this particular method of making money wouldn’t actually require you to make any upfront investments – all you’re going to need is a stellar pitch, and a great social media presence showcasing your marketing work. It’s as simple and as easy as that!
Option #4: Flip Domain Names
If you’re not interested in flipping websites or selling on large Instagram accounts, then another option that is available for you to try out is something known as domain name flipping – and it’s way less complicated than flipping a website. Let’s take a look at what flipping domain names consist of below:
In a nutshell, flipping a domain name is a little different from flipping a website – but the principle is more or less the same. Just in the same way that many people will decide to purchase a website, spruce it up with new content and then sell it on to a client looking for a website in the particular niche your site has, you can also do the same thing by purchasing a domain name.
If you’ve ever tried to purchase your very own domain name in the past for a blog or a business, then we’re sure that you’ll be very familiar with the fact that domain names are highly sought after – which is why most companies that sell domain names will offer you extra security and protection to protect your domain name from being stolen.
With that being said, then, it should come as no surprise to hear that the business of domain name flipping is nearly as lucrative as website flipping is, and the best part? All you’ll have to do is purchase the domain name and keep them for a rainy day until a client wants to purchase it from you – there will be no need to go to the trouble of setting up the site with fresh content, or having to go to the trouble of getting your head around confusing SEO tools.
If you’re interested in trying this method out for yourself, then we’re sure you’ll be pleased to hear that there are two options available for you to choose from. The most common way that you can go about flipping domain names is by simply purchasing a variety of different domain names that you feel will be very popular, and then keep it until you are approached by a customer who wants to purchase the domain from you.
On the other hand, if you don’t want to take the risk of purchasing a domain that might not bring along any profit, then another option you have available to you to choose from is to simply approach the owners of the domain you feel will be lucrative and offer to buy it from them for a price.
Keep in mind that, if you’re interested in going for the latter option, it’s likely that you will need to pay a higher price up front, as you’ll need to convince the current domain owner to sell the domain over to you. Needless to say, this latter option is far more reliable for those looking to strike gold, as these types of domains can often be purchased by the current owner for a relatively reasonable price, and then sold to a customer for a marked-up price point.
Option #5: Sell Pre-loved Designer Items
Moving away from the tech world, another great option that can bring in the big bucks is deciding to sell pre-loved designer items! The pre-loved designer market is as thriving as ever, and thanks to selling platforms such as Depop, eBay, and even Shopify – it means that anyone at all can set up their own pre-loved designer business and turn it into a profitable success!
If you’re interested in trying this method out, then it’s worth keeping in mind that you’re likely going to need to have quite a bit of capital upfront that you’re willing to spend, as you’ll want to have a catalog of items on display to help show prospective customers that you are established.
In order to do this, it means that, unless you happen to have a tonne of designer items that you no longer want sitting in your closet, you will need to source some pre-loved items from other sellers – and that’s going to require an investment.
Luckily, if you know where to look, you should be able to find a ton of pre-loved designer items at a reasonable price, and that will then mean that you are able to sell them on for a higher price to your customers and make an attractive profit from it.
With that being said, we recommend that you source items from reputable sellers such as Vestiaire Collective, as all of their pre-loved items, go through an authenticity check to ensure that all of the items that they sell to customers are completely authentic. Most of them will even come with their certificates of authentication, dates codes, and other documentation to prove that they are the real deal and not counterfeit items.
As a side note, if you are interested in getting involved in the pre-loved designer business, then it’s important to make sure that you are purchasing items that are authentic. The last thing that you want to happen is to spend hundreds or even thousands of dollars on a designer item, only to find that it’s a fake!
Or even worse, accidentally purchasing a pre-loved designer item, selling it on to a customer, and then getting a bad review from them which could potentially impact your business’ reputation. For this reason, if you are interested in starting up your very own pre-loved designer business and you want to make sure that it turns into a success, we recommend that you do plenty of research into how to spot an authentic item from a fake – and there are plenty of resources available online for you to choose from.
Youtube is a great place to start and has plenty of educational videos made by those within the designer community on how to make sure that you don’t get scammed into buying a fake designer item.
Option #6: Become a Sneaker Reseller!
If the pre-loved designer business doesn’t sound like something that you can see yourself getting into, then why not consider becoming a sneaker reseller? If you’re a sneaker fan, then we’re sure that you’re already well aware of what a sneaker reseller does.
However, if you’re not, then in a nutshell, a sneaker reseller will essentially source a variety of different popular and rare sneakers that are sold out online for a price that is usually either the same as the original RRP or slightly more expensive – it all depends on the reseller.
For the most part, more sneaker resellers will purchase sneakers in bulk when they drop and then sell them on for a slightly higher price in order to make a profit. In addition to this, it is also becoming increasingly more common for clients to work with sneaker resellers to “source” sneakers (and sometimes even other items of clothing/accessories) that are out of stock online or just very hard to come by.
We highly recommend that you consider extending your services to sneaker sourcing alongside reselling, as it means that you will be able to then sell all of the items that you have sourced to your clients for a much higher price, due to the time and effort you have put into sourcing and locating the item(s) for the client you are working with.
Interested in trying this method out for yourself? If you want to try your hand at sneaker reselling and want to ensure that it’s a success, then you’re going to need to make sure that you have a great eye for marketing, as well as the ability to grow and hold a social media presence.
For the most part, your chances of becoming a successful sneaker reseller will greatly depend on “word of mouth” so you’ll want to make sure that you offer a great service to your clients, have a great brand identity, and sell all of your sneakers for reasonable prices.
Always remember – no one likes a sneaker reseller that prices their sneakers up far too high – you’ll have a much better chance of success if you opt for a more modest profit that you can build upon over time.
Alongside all of that, to ensure that your sneaker reselling business is a success, we recommend that you put plenty of time and effort into creating a clear and concise brand identity across all of your social media platforms, host giveaways to help pull in more customers and build your following online, as well as ensure that you maintain a consistent rapport with your customers (both online and offline) to help create a loyal customer base that will return to you – time and time again.
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