Sell 477,000 apps in the App Store or 714,000 self-published books on Amazon’s Kindle; the choice is yours.
Either way you’ll be rich!*
Here are 10 clever ways to make $1 million online →
*We know revenue doesn’t always equal profit, but it does for the sake of these scenarios.
Average cost of a book sold: $2
Profits you keep: 70%
Million-dollar maths: For every $2 book sold, you keep $1.40. $1.40 X 714,286 books = $1,000,000.40
Who did it: Earlier this year, 26-year old Amanda Hocking was the best-selling 'indie' writer on the Kindle store. She was selling around 100,000 copies per month at $1 to $3 a pop which set her on track to pocket a few million dollars.
Average cost of an app: $2.26, but since Apple doesn't let people sell apps for that amount well round up to $2.99.
Profits you keep: 70%
Million-dollar maths: For every $2.99 app sold, you keep $2.093. $2.093 X 477,784 apps = $1,000,001.91
Who did it: Doodle Jump's Igor and Marko Pusenjak, Tap Tap Revenge and Peter Verterbacka of Rovio's Angry Birds
What it is: GetAround lets you rent your car to strangers for an hourly rate of your choosing. GetAround covers all insurance and other costs of operating the service, and renters are responsible for the gas they use.
There are no expenses beyond GetAround's 40% commission.
Average cost per hour: $8.00 per hour.
Profits you keep: 60%
Million-dollar maths: For every hour, you keep $4.80. $4.80 X 208,334 hours = $1,000,003.20
Who did it: No one yet. Be the first.
What it is: Skillshare lets anyone teach a class on anything they're good at. Teachers set the cost of the ticket, find a venue, and pick a day to host a class on a topic of their choosing. Skillshare takes 15% of all tickets sold and PayPal takes 3%.
Average cost per ticket: Tickets range from free to hundreds of dollars. According to a third-party source, the average ticket cost is $24 dollars. Classes have about 10 people in them. Teachers keep all cash aside from paying Skillshare 15% of the revenue and PayPal 3%, so they make around $196.80 per class.
Profits you keep: 82%
Million-dollar maths: $196.80 X 5,082 classes = $1,000,137.60
Who did it: No one yet. Be the first.
What it is: Sell anything you can think of for $5 on Fiver. 'Gigs' include 'I will get you at least 800 Twitter followers within 7 days for $5' and 'I will create a video of you producing a fireball using your own hand for $5'
Average cost per gig: Everything costs $5.
Profits you keep: 80%
Million-dollar maths: For every $5 gig sold, you keep $4. $4 X 250,000* gigs = $1,000,000
Who did it: No one yet. Have at it.
*Currently Fiverr only lets users sell 20 gigs per account. So you'd either have to make 12,500 accounts or go in on this with a whole lot of friends.
Cost per business plan: $111 (£68.00)
Profits you keep: eBay charges a $0.50 insertion fee, 15.0% of the initial $50.00, plus 5.0% of the remaining final sale price balance which leaves you with $97.45 per business plan sold.
Million-dollar maths: $97.45 X 10,262 business plans = $1,000,031.90
Who did it: Earlier this year, Samuel Katabaaz tried to sell 99,999 copies of his startup's business plan for £68.00 each. The idea was to fund his startup without giving up any of the equity. It's not clear how many items he actually sold.
What it is: Tweet out sponsored messages and get paid a few cents every time one of your followers clicks on the ad.
Average cost per click: Cost per click is different for every user based on a calculated MyLikes Engagement Score. The score is determined by the user's activity on Twitter, Facebook and YouTube. Over time, the score changes based on how many clicks the user generates per sponsored tweet.
MyLikes tells us for a person with a few thousand followers, the average earning per click is between $0.10-$0.25. If you have 100,000+ followers, you can earn up to $1 per click.
For the sake of this scenario, we'll put the average CPC at $0.25.
Profits you keep: 100%
Million-dollar maths: $0.25 X 4,000,000 clicks = $1,000,000. If 5 people click every sponsored tweet, you're looking at 800,000 tweets.
Who did it: Some of MyLikes' celebrity tweeters, like Snooki and Khloe Kardashian, have made $40,000 per month on MyLikes. At that rate, it wouldn't take long to hit $1 million.
What it is: Sign up to do freelance work at costs often below minimum wage.
Average cost per gig: In 2009, NYU professor Panagiotis Ipeirotis tracked all MTurk HITS (Human Intelligence Tasks) for two months and found the average value of HITS posted per day was $2,000. Most people, he estimated, use the site one day per week and earn about $20.
But most of the recent HITS we found only pay a few cents per completed task. Businessweek tried out the service for seven hours one day, completing about 15 jobs, and making just $0.63 per hour. That comes out to $0.31 cents per HIT. We'll use $0.31 cents/HIT for our calculation.
Profits you keep: 90% -- Amazon takes 10% commission of every final HIT payment with a minimum fee of half a cent.
Million-dollar maths: $0.31 X 3,225,807 HITS = $1,000,000.17
Who did it: We hope no one. It sounds gruelling.
What it is: Rent a room in your apartment to a stranger for an amount and length of your choosing.
Average cost per rental: Hosts can charge renters whatever rate they want per night. Costs depend a lot on the host's location though. AirBNB has a rate recommendation widget based on the host's location.
When we typed in 'Private Bedroom in NYC' it recommended we charge $98 per night. Even though NYC rates are higher than many other cities, we'll use the $98 estimate for our calculation.
Profits you keep: 97% of the total rent cost.
Million-dollar maths: For every $98/night rental, you keep $95.06. $95.06 X 10,520 nights = $1,000,031.20
Who did it: If no one has done it yet, a few AirBNB users are well on their way. Daren from London says he has made $100,000 via AirBNB. Jeff from Paris says he's made $90,000.
Cofounder Brian Chesky also decided to go homeless everyday for a few months, so he probably made some good money using his service during that time.
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