In today’s world, being independent and self-sufficient is no longer a luxury reserved for the wealthy. Thanks to the internet and digital technologies, making money online no longer requires you to rely on a boss or bossy boss. You can do it yourself, from the comfort of your home or office. If you want advice on how to make money online, you’ve come to the right place. In this article, we’ll run down the best ways to make money online, along with the advantages and disadvantages of each method.
Create and sell your own products
The first way to make money online is to create and sell your own products or offer your own services. You can create products such as online stores, apps, or websites focused on selling a particular product or service (like beauty or fitness products). Or, you can offer your services online. For example, if you’re an experienced graphic designer, you can offer your services designing logos or websites. If you’re tech-savvy and tech-forward, you can create online tech support platforms where you provide assistance to customers with computer or internet issues for a small fee.
The advantage of creating and selling your own products is that you get to define the pricing, the quality, and the quantity. You have full control over everything, which makes this option very attractive. The disadvantage is that you have to do the research and development and have the initial investment whether you sell a lot or a little. If you want to make some quick cash, this route isn’t for you. But, if you want to make a living, definitely consider manufacturing and selling your own products.
Sell and Scale affiliate marketing
This is one of the most popular money-making methods online. Instead of creating products yourself, you “affiliate” with a company that manufactures and sells products, and when someone clicks a link or buys a product that you’ve promoted, you get a small commission. You can get paid every month or every other month depending on the company, and the longer you’re an affiliate, the greater your earning potential. Some of the biggest names in business today earn their keep by promoting products and services online. Amazon, Walmart, and eBay are just a few of the businesses that rely heavily on affiliate marketing to generate revenue.
The advantage of this method is that you don’t have to create any products yourself. You simply have to promote or recommend products that you’ve found to be valuable. Amazon, for example, buys billions of dollars’ worth of products each year and then uses a network of retailers to sell those products at extremely low prices. When someone clicks a link on their phone and buys a $5 Bluetooth speaker from Amazon, the company makes $2. The person making the purchase doesn’t even have to exist—Amazon just assumes they do because they’ve been so good at getting people to click on the links to their website. Essentially, Amazon gets paid whether someone clicks the link or buys the product as a result of your recommendation.
The disadvantage of this method is that you don’t get to define the pricing or the quality of the products you promote. But, as an experienced affiliate marketer, you probably already know what you’re doing. You’ll have to generate leads and find customers for the products you promote, but you don’t need to be a business genius to pull off affiliate marketing.
Monetise your blog or website
Another popular way to make money online is to “monetise” your blog or website. That is, you use a third party provider to allow people to pay you to read their blogs or visit their websites. You get paid for driving traffic to these sites. When a consumer goes to a monetised site and makes a purchase, the company that runs the site gets paid, and you get paid something, too. For example, if you run a popular blog for women and you’ve built up a following of 2 million readers, you could potentially charge 50 to 60 cents per person per month for your blog content. That’s not a bad living—if there’s enough demand for your content, you can make quite a bit of money from this approach. The downside is that the quality of the content is never guaranteed. But, if you have a solid eye for content, this approach can be lucrative.
The advantage of this method is that you don’t have to have a blog or website to make money. You can use a link building service to get started, which then monetises your existing social media presence. Essentially, this route gets you in touch with potential customers who are already online, so you can talk to them and encourage them to make a purchase. In the United Kingdom, one of the biggest platforms for doing this is Revue. You get paid for placing advertisements on other people’s websites. So, if someone visits your website and makes a purchase, you’ll get a small cut.
The disadvantage of this method is that you don’t get to determine the price or the quality of the products you promote. However, if you’ve built up a sizable audience on social media, you could potentially convince brands to sponsor your content. Sponsoring a social media influencer is a quick and easy way to get exposure and maybe make a few bucks along the way.
Join a freelancing platform
Another way to make money online is to join a freelancing platform. These are websites and apps where you can connect with potential clients and get paid for small assignments (or micro-jobs). Typically, you’ll be asked to write content for websites or to translate emails into English. Some of the bigger players in this space include Upwork, Fiverr, and Freelancer.com. The advantage of this method is that you don’t need a blog or a website to get started. You can simply connect with potential clients on freelancing platforms, and if they like your work, they’ll reach out to you with project offers.
The disadvantage of this method is that you don’t get to determine the price or the quality of the products you promote. But, if you’ve got a solid digital marketing strategy and strong writing skills, this route could lead you to a lucrative income. If you want to make some quick cash, this is a good option as well because you don’t have to go through the lengthy application process of getting a traditional job.
The advantage of this method is that you don’t need a blog or website to get started. You can simply use social media to get in touch with potential customers and make a quick connection. If you’re looking for a way to make money online without needing to create products yourself or manage websites, this is a viable option.
Start an online store
If you’re looking to make some quick money, you can start an online store. An online store is a place where you can sell your own products, whether they’re physical products (such as clothing or accessories) or digital products (such as apps, ebooks, or digital graphics). Shopify and Amazon both have free trial offers, so you can get a feel for their platforms before committing. If you decide that this is the right route for you, the most efficient way to make money is to use a dropshipping provider like Shopify or Uber Merchandising, which then handles all the back-end of the store, getting you time to focus on growing your business.
Shopify and Uber Merchandising let you choose your own products and customize your store’s design, making it easy to create an online presence that’s perfectly matched to your product offering. You get to set your own prices for your products and promote as many or as few products as you want, whenever you want. If possible, you should choose a dropshipping provider that offers affiliate marketing so you can get paid for promoting products on your website. As a bonus, you get to monitor and track your earnings from every affiliate sale.
The disadvantage of this method is that you don’t get to determine the price or the quality of the products you promote. But, if you’ve got the platform and the traffic, this is a viable option for generating quick revenue.
Offer your expertise to businesses
Another way to make money online is to offer your expertise to businesses. Instead of getting paid for promoting products, you get to be the resourceful person that businesses come to for advice. You can do this through online forums or Q&A websites, where you can answer questions from customers. Or, you can offer your services as a contractor for businesses that need help with tech support or digital marketing. You can find these kinds of opportunities by searching for online forums that require technical expertise, or searching through online job boards.
The disadvantage of this method is that you don’t get to determine the price or the quality of the products you promote. But, if you’ve got the platform, this is a viable option for generating quick revenue. The advantage is that you can use your specialized knowledge to help others.