How to Make an Extra $100 Daily – 6 Ways to Improve Your Cashflow
If you need a modest amount of extra money, it’s not that difficult to find ways to obtain it. However, if you need a significant sum on a regular basis – say, an extra $100 a day – you face a far greater challenge.
If you’re a business, you have the flexibility to change variables such as your terms of payment, but sole traders and freelancers have fewer options. Nevertheless, with a pound of persistence, a pinch of ingenuity, and a cupful of lateral thinking, the recipe for success can be yours. While it may be daunting to contemplate, there are many ways to earn extra money if you’re prepared to put in the effort.
Below, we’ll examine some of the top opportunities for making money, and how you can best take advantage of them. Let’s have a look!
1. Write a Book
E-publishing is easy and free – certainly when using a service such as Amazon’s Kindle Direct Publishing. If you can write a book or series that people want to buy, you can generate a steady stream of regular income.
In terms of what to write, fiction is a competitive genre – and from the huge numbers of discounted or free titles on offer at any given time, it’s clearly a challenging sphere in which to generate wealth.
However, there’s a much more lucrative and accessible market for niche ‘how-to’ and nonfiction books on a wide range of topics – hobbies and crafts, for example. To be found by your target audience, make sure the title contains the actual keywords that people will be searching for. For example, the titles for books on advanced crochet, Hawaiian cooking, or esoteric DIY should contain exactly those words.
Also, add words to the title that entice people to buy, such as “100 Great Ideas For…”, “X Made Simple”, or “The Ten Best Ways to…”. For the content itself, make sure your text is easy to understand, and use bullet points and photos to ensure any complex instructions are clear.
2. Launch a YouTube Channel
YouTube has grown into a huge marketplace where making real money is possible. For a start, it’s easier than doing the same thing on your website, because the whole YouTube structure is there to support you.
Of course, you have to be able to talk and perform on camera, and it will take some time and effort to build up a subscriber base. You’ll have to post regularly to maintain interest and get the loyal audience you need, but startup costs are minimal.
If you can generate enough interest in your posts, you can enable monetization – YouTube connects your channel to paying advertisers so you can earn money from ads, or commission from links to affiliate videos. You can also earn money from YouTube Red subscriptions (where members pay for benefits such as watching YouTube videos without ads), fan funding, or merchandising.
YouTube offers a wealth of advice via its Creator Academy, including a really useful guide to making money – and furthermore, we’ve previously offered our own take on how to get your content to go viral!
3. Create a Niche Must-Have Product
If you need substantial extra cash, creating a product to make people’s lives easier in some way could certainly help you to achieve that dream.
Firstly, you’ll need a great idea for a product or service that people will really want, and exploring desirability versus necessity is crucial for success.
You’ll also need to look for a niche that few people currently exploit, which means your own level of expertise is important. You’ll need to choose a market you already understand well, then commit to further research to ensure your brainchild meets an unfulfilled existing or potential need.
Given the vast market for apps and other web-based products and services, your product need not be something solid and three-dimensional – it’s equally possible that you might identify a digital gap rather than a physical one.
4. Do Something Better
This is known as the ‘build a better mousetrap’ option, because rather than thinking of an original product, you identify a preexisting product or service you could improve on, simplify, or make more cost-effective.
There’s an interesting Forbes article that argues products and services not only have to be better today, but also a good fit with what customers want to do in their lives. To succeed with a better mousetrap, your product or service not only has to actually do more than existing mousetraps, it has to be attractive to today’s picky and choice-spoiled consumer.
To start, identify elements of existing products or services that inconvenience customers by looking for negative product feedback on user forums or the maker’s website. From this, you can identify what’s wrong with it and how to improve it – but be careful not to breach copyrights! For further reading, you may want to check out the US Copyrights Office’s comprehensive FAQ?.
5. Monetize Your Blog (or Website)
If you have a blog with a healthy following, you can monetize it by using a ‘Pay-Per-Click (PPC)’ advert solution such as Google AdSense (the biggest player on the market).
Simply sign up, use the AdSense tool to build an advert code, and put it up on your blog or website. Of course, the amount you make depends on the amount of traffic your site attracts, and the number of people who click on the ads. However, you need to be really creative in creating great ads, if you want drive enough traffic to your blog or website.
Making money in this way (similarly to YouTube ads) gives you what’s termed ‘passive income’, which means you don’t have to actually make or do anything (apart from create content and maintain your site) to earn money. For an exhaustive list of other money-making blog and website ideas, take a look at this site, which offers all sorts of interesting suggestions.
6. Host Webinars
If you have identified an audience, and you have a solution to one of their key problems, you could try hosting a webinar – in essence, a live online seminar.
This option requires considerable thought, knowledge, time, and organization – not to mention potentially some investment – to succeed. Not only do you have to gather all the information required (and potentially pay experts to fill in the gaps in your knowledge), but you also have to market your webinar widely to draw in your audience. Furthermore, you’ll need to be able to organize the live online experience so your paying customers are happy.
There are a number of interesting articles out there looking at both the pitfalls and positives of webinars, and many others offer their thoughts on the requirements for a successful webinar, and how to make money from it.
Making an extra $100 a day may seem like an impossible dream, but in reality there are many options that can net you this much and more! You have to be prepared to work hard and think hard, but the potential is there to bring in regular extra cash for the long term.
Some good opportunities include:
- Writing an e-book.
- Launching a YouTube channel.
- Creating a new product or service.
- Improving an existing product or service.
- Monetizing your blog or website.
- Organizing a webinar.
Do you have any other ideas for making an extra $100 a day? Let us know in the comments section below!