In light of the growing number of COVID-19 cases and the increasing restrictions implemented by governments around the world, many people are looking for ways to make extra money. There are several ways to earn money online during this time but before we begin, let’s take a minute to discuss the pros and cons of this option compared to other ways of making money.
Pros
One of the major pluses of making money online is that you have the opportunity to work remotely. This is particularly advantageous for people who are unable to go to work or school due to COVID-19 restrictions. Having the ability to work remotely can also help you save a great deal of money you would otherwise spend on commuting. In times like these, remote work can be a real money-saver.
Another major pro is the amount of time that you can potentially spend working. While you’ll certainly need to put in some hours to see decent results, you can literally sit and work at your leisure. This flexibility is invaluable and can give you a significant competitive edge over people who have to work regular hours. Many people are even able to supplement their income by working remotely part-time during the week and going to school or work remotely on Saturdays and Sundays. This gives them the ability to earn two or more salaries, and it is also a way to learn while making money.
Some people may consider affiliate marketing to be a way of making money online, but in reality, it’s more of a marketing strategy than a direct make-money-type approach. That being said, affiliates can be a source of recurring revenue and it’s definitely a steady stream of income. The downside is that you need to have a significant following to make any real money. It’s also a saturated market and the competition is incredibly high. For that reason, if you’re looking to make money online, find a way to do so through another avenue.
Cons
There are several cons to making money online. One of the biggest is that you have to be committed to learning how to do so. To truly make money online, you’ll need to learn how to utilize several different platforms and tools. Some of these tools can be a little complex to learn, but again, it’s a viable option for those who are determined to make extra money. The other big con is that you’re competing for attention with everyone else who is trying to make money online. Despite the advantages that come with being online, the truth is that there are just as many people trying to make money online as there are those who are searching for ways to earn extra cash. You can be sure that whenever you post, another person is going to respond with a similar offer or suggestion. This is part of the charm of being online, but it can also be a little frustrating when you’re looking for ways to make money. Remember: competition is always good, but it can also be a distraction when you’re trying to focus on your goals.
Different Ways to Make Money Online
To wrap things up, let’s discuss some of the different ways that you can make money online. There are several ways to make money online, but for the sake of this article, we’ll cover five. Most of these ways can be used to make money online as a way of life and some of them can even be monetized.
The first way is to become a digital nomad and tour the world. If you’ve got a talent for copywriting, you can develop lucrative relationships with online marketers and businesses who are looking to promote their products online. You won’t get rich from this option, but over time you can build up a small portfolio of projects and use it to fund your travels. Once you’ve tasted the freedom that comes with being a digital nomad, it’s hard to go back to a 9-5.
The second way to make money online is to start a blog. There are several reasons why this is a viable option. First, a blog can be pretty self-sufficient. You can literally farm out all the content generation to a content mill and focus on growing your audience. When you have a sizable audience, you can then consider selling and/or publishing affiliate products. When you’re starting out, it can be tricky to make money from affiliate marketing, but this is one of the surest ways of making extra cash.
The third way to make money online is to develop your own online store. If you’ve got a talent for design, you can create your own online store. You don’t need a lot of stock to get started. It can simply be a basic photo album or a store where you sell and promote your own designs. You could even do both.
The fourth way to make money is to become a social media influencer. This can literally be anyone with a large enough audience. The key here is to find your niche and then to specialize in that niche. For example, if you have a large audience on Instagram, consider making videos on Instagram stories promoting products and businesses within your niche. When you have a sizable audience, you can then consider making money through affiliate marketing or by selling and promoting products and services within your niche. Even if you don’t consider yourself to be an influencer, you can literally become one through affiliate marketing or through a blog. The important thing is to find a way to make money and to not focus on the money at the expense of the quality of your work.
The fifth way to make money online is to develop your own app or website. If you’ve got a talent for design, you can put together an app or website that allows users to buy and/or sell your designs. If none of these options appeal to you, then you can develop affiliate relationships with brands and businesses within your niche. The sooner that you start making money, the sooner that you’ll be able to quit your day job and live your best life.
Final Takeaway
To recap, the pros of making money online are that you have the ability to work remotely, which can be advantageous during this time of heightened restrictions. In addition, you have the opportunity to work at your leisure, which can provide you with some financial freedom. However, the con side is that you have to be committed to learning how to do so, which can be a time-consuming process.
Hopefully, this article has helped you realize the various options that you have for making money online. Despite the pros and cons, the truth is that there are several viable options for those who are looking to make extra cash to support themselves during this time of uncertainty. Sometimes, it’s worth stepping out of your comfort zone to achieve your goals.