With advancements in technology and the digitisation of services, it is now possible to make as much as ₹1 lakh online from the comfort of your home. Today, many incorporate online opportunities into their financial planning to boost their income and generate long-term wealth.
However, you should note that this is not a get-rich-quick scheme. You still need to put in time and effort if you want to earn ₹1 lakh or more per month. This rings true even for
investment plansand options like stock market trading.
In this blog, we will discuss how you can earn one lakh per monthand the strategies you can adopt to increase your income – All online. Read on!
Earning ₹1 Lakh Per Month in India: Where to Start?
Invest in the Stock Market
Stock market trading is a popular investment strategy. When done effectively, it can make you a lot of money. However, you must remember that with any market-linked2investment strategy, there will be risks involved, and the stock market can be quite volatile.
This can be a good thing as you can profit from price increases, but it can also lead to huge losses if you lack discipline and do not have a proper strategy. It is also essential to set realistic expectations. Most traders lose money in the stock market if they go in blind.
Hence, research the company before buying stocks – if the company does well, so will its stocks; study the market, know your risk profile, avoid emotional trading and most importantly, be patient.
There is also no fixed income range here. Your profits will largely depend on 2market conditions and your skills as a trader.
For more information on investing equities, read our blogs on How To Invest Rs 10,000 In India For High Returns?
Start a Drop Shipping Business
Potential Income Range: ₹20,000 to ₹4Lakhs Per month
Drop shipping lets you open an e-commerce store without the need to maintain inventory of the items you sell. The process usually goes as follows:
- You receive an order for products listed on your shop-front.
- You forward the order to the supplier for shipping.
Many popular platforms like Amazon and Shopify let you do this.
Drop shipping businesses have low start-up costs and offer easy scalability. This can be perfect if you are a new entrepreneur. All you need to do is pick the right supplier, and if your online shop is popular enough, you can earn ₹1 lakh per month.
Become a Blogger
Potential Income Range: ₹10,000 - ₹1.5 Lakhs Per Month
If your strengths lie in the creative field, then posting your content on platforms like Wordpress, Wix, Blogger, or Medium can make you a sizeable income.
Part-timer bloggers can earn ₹20,000 - ₹30,000 a month and full-time bloggers with good SEO knowledge can make up to ₹1 - ₹1.5 lakhs.
It is very cheap, and you do not need to worry about learning how to design a website. Popular platforms like WordPress let you take your blog online in just a few clicks, and you can easily find hosting plans for as little as ₹150 - ₹6,000 per month, depending on your hosting plan type.
Affiliate Marketing
Potential Income Range: ₹19,000 - ₹9 Lakhs Per Month
Affiliate marketing lets you earn commissions by successfully promoting somebody else's product on social media accounts, website blogs, YouTube videos, etc.
You earn a commission from the product's sale whenever someone uses your affiliate link to buy the product (at no additional cost to the customer). Sites like Amazon let you become an affiliate and offer commission rates of 1% - 20% on the MRP on every successful transaction.
Other websites include eBay, EarnKaro, Clickbank, Rakuten Affiliate, GiddyUp, etc., where you have the potential to earn ₹1 lakh per month.
Freelance Your Skillset
Potential Income Range: ₹5,650 - ₹1,66,753 Lakhs Per Month
Do you have a niche set of skills that are currently in demand? If so, freelancing may be perfect for you, as it requires almost no initial investment. Moreover, depending on how niche or in-demand your skills are, you can earn a substantial monthly income.
Some popular freelancing options include content writer, graphic designer, digital artist/illustrator, translator, virtual assistant, etc. Popular freelancer platforms include UpWork, Fiverr and Freelancer.com.
The sky's the limit here as most freelancers can earn ₹1 lakh per monthor even more, depending on the quality of their services, authenticity, reputation, experience and expertise.
Become a Business Consultant
Potential Income Range: ₹72,177 - ₹74,038 Per Month
If you have a lot of experience, contacts and expertise regarding how to run a business, advisory roles/offering consultancy services to start-ups and growing businesses may be for you.
Business consultants help companies streamline operations, get licences and overall help them achieve results by offering insider advice on how to run a successful business.
You are also not confined to a particular field as a business consultant. You can be one if you have extensive experience working in any field. For example, fields like finance, IT, supply chain management, HR, marketing, engineering, etc., employ consultancy services.
Promote Brands on Social Media
Potential Income Range: ₹6,000 to ₹1 Lakh Per Month
Websites and apps like Instagram and Facebook allow you to earn money by promoting brands on your account through sponsorships or by creating brand awareness. Anyone with a smartphone and an internet connection can do this!
Many big and small companies use Instagram influencers to promote their products and services. They contact influencers with medium to large followings or ones with similar content to theirsectors.
This can take time, and being an influencer is only recommended for some, as income will be low for the first few months while you build your following. Moreover, it can be a stressful pursuit as it requires contact monitoring of trends, and your income can fluctuate a lot.
Sell Your Start-Up as a Product
There are several investors in the market looking to buy unique start-ups and businesses online. If you are confident and think your business idea has potential, selling your start-ups as products can be profitable.
The income here will vary and depend on how successful/lucrative your start-up is.
Conclusion
These were some of the most popular avenues to earning ₹1 lakh per month in India. Most people opt for these when they want to earn extra income or have a "side hustle" in addition to their day jobs.
You can even make a career out of strategies like freelancing or business consultancy if you have built a solid reputation/brand.
Remember, how much money you make from the listed ideas here will largely depend on how much time and effort you invest in them. There is no quick way to get rich. Any get-rich-quick schemes that sound too good to be true usually are.
