40 ideas for making money online with a budget under Rs 5,000
I can give you hundreds of ideas right away if you want to start a side business to generate a passive online income. However, you have to work hard to implement the money-generating business.
Idea #31 Tech blog
I am not giving you ideas for tech blogs in this article as my purpose is to show you the potential of writing a blog on any technology. If you have something in mind, do your keyword research and start a blog.
Just for your information, 720 people search for the keyword “blue screen error in windows 7” every month. If you consider related keyword volume, you can find millions of people who are looking for help in fixing Windows.
Shopping, deals, and coupons
Till a few years ago, there was no opportunity in e-commerce. Now, however, now Indians are comfortable buying everything online.
I am not sure if Flipkart or Snapdeal would be able to make a profit or not, but I am sure that you can make a lot of money in e-commerce.
See, more than 10,000 people search for buying mobile phones in India.
You don’t have to compete against them in the same segment. In fact, you don’t even have to start your own e-commerce portal. My suggestion is to take advantage of the existing players who have already built a platform for shopping online.
Idea #32 Sell on online marketplaces
You can sell anything and everything online with the help of marketplaces like Flipkart, Amazon, Snapdeal, and Paytm. You can start with a small quantity of a product from the market and label it with your brand in order to resale. Find easy-to-ship things like sunglasses, clothes, stationery, and fashion material.
Pick only good material stuff, or you will lose your brand even before its establishment. Once you learn how to sell and make some money (even without profit) you can negotiate with the factory to get materials at lower costs and make higher margins on bigger orders.
Idea #33 Start a deal/coupon/discount selling company
Deals and coupons are the primary motivation for Indian consumers to buy online. Although there are many players in the market who are selling online deals and coupons, you can still make good money if you know how to reach out to the right audience that is searching for deals and coupons.
Idea #34 Start shopping affiliate blog
You have to learn about starting an affiliate website and making money out of it. There is a lot of material available online if you really want to learn and grow. I can also write some articles on affiliate marketing. You can find some hints in many sections of this article as well.
Should I share the tips for finance? It’s my own domain of writing. You may become my competitor if you know more than me on the topic of finance.
Should I be afraid of competition or tell you how to build a strong online personal finance business?
Okay, I am not afraid of new competition.
- Because one day I will lose the traffic anyway.
- Nothing is permanent in the world and we should not be so possessive about our assets.
- You can build your business with your hard work even without my help. It’s better to help you and earn some good karma.
- You will be my friend if I help you. Friends are more important in life than money and traffic on a website.
If you are an expert in the field of finance, then the internet is full of opportunities for you.
Idea #35 Sell financial products
You can sell insurance, mutual funds, and home loans online like an offline agent. Banks are ready to share a commission with you if you send them leads.
As the number of options to choose from is very high, consumers get confused about which product they should buy and from where they should buy it.
Can you help people find the best health insurance, life insurance, auto insurance, investment policies, credit cards, mutual funds, personal loans, and home loans?
You can create a product comparison website which could help users select the product that best suits their needs. After you have helped the user select the product, you can even sell that financial product to your users online.
The estimated commission paid per sale
PolicyBazaar, Coverfox, and BankBazaar are running on this business model.
Idea #36 Start an income tax return filing website
Very few people understand how income tax in India is levied. Even if they understand, they don’t have the confidence to file their income tax returns (ITR) themselves.
90 percent of the people in India don’t file their ITRs, preferring to get them filed through someone else.
Now, here is the opportunity. ITR filing is mandatory for everyone, even if your income does not fall within the tax bracket. You can help people in filing income tax online. You can charge a small fee from the client for filing his ITR.
The estimated fees charged for ITR filing of a salaried individual is Rs 200–500. For business income, the ITR filing cost is Rs 5,000. You can sell more related services like company registration, GST registration, TDS returns, customised monthly packages, and startup packages.
ClearTax and H&R Block are running on this business model.
Idea #37 Blog/YouTube channel to earn through advertisements
Newspaper content is mostly written by journalists who have little knowledge about complicated financial aspects. This is one of the reasons why very few journalists write about complicated financial aspects and only cover the general news. It’s difficult to find high-quality unbiased content regarding financial management.
For the Indian audience, you can expect to earn around Rs 80–200 for 1,000 page views through a financial blog. YouTube can give you more income through advertisements.
You can also earn affiliate commission through the sale of products on your website.
Many successful blogs like ApnaPlan, Taxguru, and Relakhs are making a decent amount this way. I also earn money through ads and affiliate marketing.
Idea #38 On-call financial advisory
People face various issues with their finances — how to invest, where to invest, how to save tax, how to set your financial goals, and retirement planning being a few of them. Instead of helping them out, Google ends up confusing them further.
Google can split up articles on a particular topic but cannot make a personalised plan for anyone. This is where the role of the financial expert comes into play.
If you are a financial advisor, provide customised financial advice to people over the phone and solve all their queries. You can charge your clients on a per-appointment basis.
Financial experts usually charge Rs 500–1,000 per appointment. The duration of the appointment is usually 15–30 minutes. This works out to Rs 1,000–2,000 per hour and Rs 10,000–20,000 per day.
People like Nitin Bhatia and Karan Batra are earning money through this business model.
Karan says, “I provide financial advisory services at Rs 700 per appointment and I’m overbooked most of the time.”
Idea #39 Sell subscription-based premium content
The content currently available for free on the internet may or may not be well researched and may also not provide detailed insights. To solve this problem, some authors do detailed research and then sell it for a small fee.
If you can conduct research on financial products, you can sell reports and e-books for Rs 50–1,000. Subscription-based content is certainly picking up around the globe and has massive potential.
Jagoinvestor and Capitalmind are running on this business model.
Idea #40 A community of finance geeks
I would love to execute this idea sometime. I am a finance geek and look for more people who want to have in-depth discussions on finance, economics, and money. If you can think beyond retirement, investments, and money generation, you can understand my point. Money has a certain power but a very few people are able to use that power for the empowerment of humanity. Write to me if you have thoughts around this area, maybe I can become a part of your community.