There are so many ways to make money online, it seems as though on Quora, I have been asked this question well over 100 times. It’s like no one wants to work for other companies anymore. We are all becoming more independent, more self-efficient as we step into this digital age. We have technology at our fingertips and it is no surprise that so many want to make money online.
If you want to make real money you should no longer call the money you have coming in as income. Instead, you should be calling them assets. This also means that your outcomes are no longer outcome, they are now liabilities or expenses if you prefer.
Before you can make any extra income you should take a look at your liabilities (things that take money out of your pocket.) I recommend checking out this article as it will help you save money.- you should make sure you follow as many of the guidelines as possible in order to save money, you could potentially save £1626 or more per year if you follow every step.
5 Ways to make money online
1. Online Store
- Setting up an online store (selling products, software, etc) – you could use free platforms such as Facebook Marketplace, Friday ad and simply be paid via PayPal. If you’d prefer you could sell second-hand products on eBay or brand new items on Amazon – Start by finding a supplier, and dropship, if successful, then buy actual stock.
2. Become a freelancer
Become a freelancer offering services such as logo design, game design, music, video production, writing services, content creation, and other things you can do for customers online. If you have a skill you could be selling a service. You can list your service on a website called Fiverr and this short term will get you work, which yes will cost time. Later on, when you have some money behind you, you could build a niche related website to your service, you could outsource the work and get someone else to manage it and again you could simply profit on it, whilst automating most processes to create a near passive income.
3. Start a blog
Set up a blog, writing content or leveraging it to other writers. You can create a low-cost blog with WordPress, it will cost you around £30 per year to run and if you work hard enough you could be earning loads, the sky is the limit. Some people can turn over £2,000 or more per month with a blog. However, you shouldn’t be expecting this straight away, this is what will come with a ton of hard work. Your main goal should be to provide value to your readers, once you have done that you will be able to monetise through things like Google AdSense and affiliates. Find out how to start your own blog.
4. Make a YouTube channel
Similar to the above you could make videos on YouTube and earn money through adverts. How do I make money from Youtube?
You could become an affiliate for Carved Culture or Amazon. The way it works is that you sell products for them using an affiliate link and you can earn a commission of up to 10% per sale. Combine this with your own niche blog and you could make yourself a nice asset for the future.
If you have a lot of money behind you in terms of savings you could straight up buy a business that is already earning, keep everything running as it is and hire someone else to do all of the work, you will simply be profiting on it. You could also consider purchasing real estate and renting it out privately.
The bigger you build any of these assets, the more money you will earn. Its all about taking the time to build the foundations and once you have got it to a certain point, all of the work can be outsourced and you can successfully build your empire.
Why would you want to work for yourself?
Just like everything else on the internet, an opportunity is closer to our reach. Working on your own terms instead of obeying a boss as if you are a slave. Gives us much more meaning, and we are able to chase each opportunity freely.
You can work flexible hours, giving you more time to spend with your family, do more of what you enjoy, and if you are ill you can take the day off, you are in control.
When you are working for a company, they are making much more out of your work. Yet you are bringing home the same paycheque each month, which some may find safe, offering security. However, with your own company, you can bring in the amount that you have worked for. This could be exponentially a lot less or a lot more depending on your willingness for success.
Challenges when running your own business
One of the most difficult things is how strict you have to be with yourself. You are still working and should commit and develop your own company and keep it up. It can be very easy to put work on hold and just have fun instead. This will likely cause you to fail. There are of course tips and tricks that will help you get the sale, these all depend on what platform you are using. Here are some examples:
If you are selling on your website the main concern at the beginning will be getting enough traffic for your products to even be seen. After traffic, ensuring that you have credibility is important. (having reviews on products is a good way to start, make your company seem more legitimate.) Check the product is a good price, meaning that you are charging the right amount of money for the value to the customer.
eBay and Amazon
If you are selling via these platforms, your product will likely get tons of views. Traffic is not an issue here and neither is credibility. Not much of an issue anyway as people don’t feel that they are buying from you. They are buying from the big guys who have a well-established name. I’ve been selling on eBay for over 4 years and have improved my profits each month.
Stalls, markets, and boot sales
Selling at these places, you will, of course, need good products that people want. That solves a problem and is also a good price. The main problem here is to get your products to be seen, people will likely walk past them with a blind eye, so make them stand out. Spend a little time making your stall look good, dress it up and make it different to everyone else’s!
Facebook Marketplace & other platforms
Facebook marketplace is taking other online platforms by storm, it is the largest social media network company in the world and is continuously growing. Their newish marketplace is a great place to sell. You won’t need to take care of packaging and you can have local people come and collect from you. The problems? Because it doesn’t focus much on shipping, most items will be sold by people who are willing to collect. This will mean that you won’t sell as much as the other options, but you can still sell a lot. What you will need to be successful here, is great pictures of your product, a compelling description that is share-worthy.