Whether you’re looking to pay off a debt, leave a job for self-employment, retire or save more money, making an additional $100 a day would push you closer to achieving that dream. Chances are you’ve gone through multiple other articles promising to show you how to make more money without delivering.
While making $100/day will take time, discipline, and patience, the actionable techniques shared below will get you on the right path to financial freedom.
1. Create an Online Course
The easiest and fastest way to learn something today is to go online. Whether it’s via YouTube or a simple Google search, more and more people are turning to the internet to improve their skills and knowledge.
As an entrepreneur looking to increase your revenue, consider teaching what you know best by creating an online course. Statisticians expect the global e-learning sector to grow by approximately $38 billion within the last four years to 2024.
With so much money in the industry, the only thing keeping you from enjoying a piece of the pie is you don’t have a course – yet.
You have two options for hosting your course – self-hosting or online course marketplaces. Self-hosting means you make more for every course purchase. However, it also means you have to spend more time and money to market the course.
On the other hand, online course marketplaces have thousands, if not millions of customers looking through their courses every day.
The downside of course marketplaces is most have predetermined pricing for specific courses, and they charge you a percentage for every course purchase. For instance, Udemy, one of the most popular online course marketplaces pays instructors through a revenue share program.
So, how can you make $100/day with an online course? According to research, the average conversion rate for online courses is 1.5% to 2%. The same research shows that courses costing less than $100 sell more than expensive ones.
To make $100/day, you would need to bring in at least $3,100 each month. The table below shows the sales you would need for differently-priced courses and the average conversion rate at each price point.
|Price||Monthly Sales Needed||Average Conversion Rate|
These are average generic figures to paint a clearer picture of what you would need to do to get $100.day with an online course. So, to stand a real chance of hitting your target, it means you would have to reach the following number of people:
|Price||Monthly Sales Needed||Average Conversion Rate||Target Reach|
From the numbers above, you’re more likely to reach your goal faster if your course is not too cheap or too expensive. In this case, a $100 course will require less effort as you need to reach a smaller audience to convert enough to reach your target revenue.
2. Invest in Real Estate
As rents and home prices continue to climb in the US, many investors have turned to real estate as an additional revenue stream. According to aggregated statistics by Market Watch, house prices have gone up by approximately 13% in the last year alone. Rental prices for 1 and 2 bedrooms also increased by approximately 24% and 21% respectively.
While that may be good news for sellers, it means that buyers, including investors, have to spend more today to invest in real estate. This makes the entry barrier for real estate investors even higher than ever before.
Still, the same industry data shows that prices in the sector are expected to increase by anywhere between 3% and 16% by the end of 2022 before normalizing in 2023, which means there’s still money to be made.
Some of the best ways you can invest in real estate and stand a chance to earn $100/day are through the following methods:
- Renovation flipping – this is where you purchase a rundown house, renovate it, and then put it back on the market. Typically, most real estate investors prefer this model for ‘fast’ cash. However, if you’re new to the real estate market, you’ll want to proceed with caution as choosing the right house is essential for success
- Short term rentals and AirBnB – are best for tourist hotspots. Unlike renovating and flipping, which can take weeks or months to sell, short term rentals are on the market as soon as you furnish the units, which could be a day. However, the sector is highly regulated, so it’s essential to find out your city’s short term rental regulations
- Long-term and commercial rentals – are ideal if your unit is not in a tourist hotspot or is in a commercial zone. Unlike short-term rentals where you may have days without customers, long-term rentals will often have a tenant for at least 6 months. Long-term rentals provide a more stable income than many other real estate investments
- Contract flipping – this model is great if you have limited funds. You only need to find and bring together a distressed seller and a motivated buyer. Technically, contract flipping is somewhat similar to what a real estate agent does
If you have a home near a tourist hot spot, you may want to invest in short-term vacation rentals. The average rate for short-term rentals in the US is $275 per night with an average occupancy of 4 nights. That translates to approximately $1,100 per booking.
To make $100/day, you’d need at least three bookings every month or about 12 nights of occupancy each month. Short term vacation rentals are an easy way of earning from the real estate market as often, you only need to rent out a portion of the house you already own.
3. Invest in Mutual Funds
Mutual funds are investment vehicles that pool investor money together to invest in a variety of shares including bonds, stock, and other securities. You need to consider multiple factors before investing in a mutual fund, including:
- How much money do you have to invest
- How long do you want to invest
- What type of fund do you want to invest in
The goal of a mutual fund is to match or exceed the market index. Therefore, there are two types of mutual funds – passively and actively managed. Passively managed mutual funds mimic the market while actively managed funds try to beat the market.
As a result, actively managed funds tend to cost an investor more load fees as they have more overheads. According to research, passively managed mutual funds have proven to be better for long-term investments.
Unfortunately, unlike real estate where you can set prices yourself, investing in mutual funds means you have no control over what you make. Instead, your investment’s growth depends on market factors beyond your control.
Typically, mutual funds earn you an average annual return of 10%. However, you don’t get it all as most have annual operating expenses of up to 1.5%. Therefore, you would need to invest approximately $400,000 in a mutual fund to earn about $100/day after paying 1.5% in expenses, assuming you get a 10% annual return on your investment.
4. Become a Virtual Assistant
According to statistics, companies that hire virtual assistants save up to 78% on salary and overhead costs. As a result, reports indicate that approximately 80% of companies in the US are looking for ways to transition to a more flexible workforce in the future.
Research shows that despite regular employees getting a full-time salary, their productivity only equates to an average of 3 hours of work a day. Virtual assistants, on the other hand, get paid based on their productivity.
So, as more and more companies hire remote workers, it provides an opportunity for you to earn at least $100/day. According to Indeed, the average salary for a virtual assistant in the US is $20.25/hr. That means you only need to work for 5 hours a day to meet your target.
With platforms such as Upwork listing tens of virtual assistant jobs a day, the only limitation is your skillset. If you decide to pursue a virtual assistant career, below are the most in-demand virtual assistant services in 2022:
- Administrative support
- Social media management
- Digital marketing and graphics design
- Content writing and SEO management
5. Sell Handmade Goods Online
Few things are as satisfying as making money selling your crafts to people who love them. While many handmade goods are unique and niche, the American Marketing Association in an article noted that consumers value handmade products more due to the love and attention the creator puts into them.
Therefore, the artisan’s ‘essence’ adds to the prestige that comes with custom handmade products, compelling consumers to spend more than they would on commercially made products.
Handmade products are especially popular among people looking to buy gifts for a loved one. Fortunately, with platforms such as Etsy, one of the most popular marketplaces for handmade and craft goods, you can set up a virtual shop and start selling your crafts in minutes.
For instance, a scented soy candle in an 8 oz. jar on Etsy, something you can make easily at home, sells for approximately $26. At that price, you would only need to sell 5 candles a day to make $100 and have enough left to pay Etsy fees.
Even something as simple as a plain wooden photograph frame costs at least $10. Depending on how creative you can get, you can even sell a frame for well above $30. Assuming you’re good at woodwork and create rustic frames for $30 a pop, you’d need to sell only 4 frames a day to hit your target.
6. Provide Freelance Services
According to statistics, there will be approximately 70.4 million Americans working as freelancers by the end of 2022, a trend expected to continue growing for at least the next 5 years.
That’s over 40% of the American workforce. The US freelancing industry brings in over $1 trillion annually, which is a testament to the opportunities available. If you have a skill, there’s probably someone online who’s willing to pay for it.
According to Upwork, some of the highest paying freelance jobs in the US include:
- Data analyst
- Web designer and web developer
- Social media manager
- Media buyer
- Public relations manager and business consultant
On average, these jobs pay about $20 an hour. However, some freelancers such as media buyers, PR managers and business consultants can make more than $100 an hour.
If you have a skill you can offer business owners, you can start your freelancing journey by visiting platforms like Upwork. Review the services other freelancers provide to help you determine which of your skills your can package and sell as a freelancer.
With most hourly jobs on freelancing sites paying an average of $20, you’d only need to work a minimum of 5 hours to get to the $100/day mark.
7. Start a Blog and Sell Advertising
Starting a blog and selling advertising is also a great semi-passive way to grow your revenue. However, unless you’re an influencer with a huge following, you’ll need to put in extra time and effort before your blog is viable to sell ads.
A blog is only viable to sell advertising if it has high, consistent traffic. The higher your traffic, the more advertisers will want to advertise on your blog. So, how do you attract more traffic to your blog?
The easiest way is to create high-value content that’s not only informative but also actionable. Similarly, consistency is key – posting valuable content regularly keeps your readers coming back for more. With 70 million posts being published on WordPress each month, your content must be exceptional to stand out.
If you manage to grow your traffic significantly over time, start evaluating the types of ads that would thrive on your blog – Google Adsense, affiliate links, or sponsored posts.
The average conversion rate for affiliates is 0.5% to 1%. On the other hand, the average commission payout among some of the highest paying affiliate programs is $100. With these figures in mind, you would need between 100 and 150 visitors a day to convert 1 and earn $100.
Adsense, on the other hand, is vastly different from affiliate marketing. Typically, publishers get $1 to $1.5 per 1,000 impressions. However, this only happens if your traffic is from the US and most of Europe. Traffic from Asia and Africa often gets a lower CPM.
Assuming all your traffic is from the US, you would need at least 100,000 page views per day to earn $100 from Google Adsense. However, your CPM is also determined by the topic of your blog. A finance blog will typically get a higher CPM than a ‘how to make money online site’.
With the right skills, dedication, and patience, making $100/day is possible with any of the investments above. However, there is no guarantee on when or whether you’ll hit that target. Some, like being a virtual assistant, may have the lowest entry barrier and highest chance of success. Nonetheless, how profitable most of these ventures are is dependent on factors beyond your control.
The best you can do is choose the one you’re good at and run with it.