How to Make Money From Home for 11-Year-Olds

Picture it, you wake up one day and decide to try something new. You want to make money from home, but you don’t know how. You don’t have money to spend on expensive marketing materials or expensive ads on social media. So you decide to ask people on Fiverr what they think about your product and how you can make it better. Within minutes, you get 5 bids from independent contractors offering their services for the project. You pick the cheapest one and begin work. By the end of the day, you’re tired but pleased with your accomplishment.

Fast forward 11 months, you log on to your Fiverr account and notice some unexpected charges. You did some shady business with some Russian accounts, and now you owe them money. You try to negotiate but they’re not having it.

You’re staring at a huge financial hole you could have easily avoided. Never again would you think about trying to make money from home. That was a dark moment. You felt like a victim of a crime. However, if that had been your only mistake, you’d just be human. In reality, there are many ways for an entrepreneur to make money from home. You just have to learn how.

1. Create a profitable niche

When you’re first learning how to make money from home, one of the most important things to do is to look for a profitable niche. For example, Dog Walking and pet sitting are 2 very profitable niches. If you’re able to specialize in taking care of animals, you could potentially make hundreds of dollars per day. You don’t need to be a professional dog walker or pet sitter to do this. You just need to be personable with pets and know how to take care of them.

By specializing in one area, you can then begin to find clients who are looking for that particular service. This reduces your competition and allows you to charge more. It also means you’ll have more control over your daily schedule. You can’t be everywhere at once, so if you have a specific niche, you can become the go-to person for that service. You’ll be able to set your own hours and be selective about the clients you take on. You’ll never be at the mercy of a client who doesn’t pay or wants to change the terms of the contract.

2. Use your skills

Another important thing to do as a new entrepreneur is to use your skills. If you have a specific skill, such as design, marketing or sales, you can use it to create a product that provides value to others. It doesn’t necessarily have to be something that you create from scratch. You can often find profitable products that are already out there and simply rebrand them or adapt them for your use.

For example, if you’re a talented artist, you can create logos, product designs or even entire pieces of marketing material for companies. If you’re adept at marketing, you can find products that need some promoting and develop marketing materials for them. If you’re good at sales, you can find products that need to increase their reach and develop sales strategies for them. The list of possibilities is endless.

Each skill has its advantages. If you have a specific skill that can be used to create a product or service that provides value to others, you’re bound to find an opportunity to put it to use. Learn to see the advantages of being skilled and knowing how to apply them. It’ll make you that much more valuable as a professional.

3. Find a way to make money online

Entrepreneurs who want to make money from home can choose from a variety of different ways to do it. Some opt for affiliate marketing, which earns them a commission when someone makes a purchase after clicking a special link or buying something from an online store. With affiliate marketing, the amount of money you make depends on the affiliate program you’re a part of and how many people click on the special links or make purchases. To make money online, you need a special website for that purpose. You can then use free tools like Google Analytics to track the traffic to your site and how many people are converting into paying customers.

If you have a specific topic or niche, you can then create a blog around it. You’ll need to learn how to use a content marketing strategy to attract and retain customers. One of the best guides to learn how to do this is the Complete Guide to SEO Content Marketing.

4. Networking is essential

As a business owner, you’ll want to establish connections with other business owners and professionals in your industry. Networking is an important part of building a business. It allows you to find valuable contacts who can help you move your business forward. There are many different ways to network, such as attending events, connecting with people on social media or simply asking your customers for referrals.

If you’re looking for ways to grow your business, you should definitely be asking people for help. But, don’t expect others to do all of the work for you. You need to be prepared to put in the work too. It takes time to build a reputation as a go-to person in your industry. By doing this, you’ll eventually be able to establish yourself as an authority in your industry. When others know you’re the person to go to for advice on your topic, they’ll be much more likely to listen to your recommendations.

5. Use your existing network

Another important thing to do as a new business owner is to use your existing network. If you have a personal network of friends, family or colleagues, you can use them to help spread the word about your business. They’ll know who you are, and because they know you, they’ll be more likely to believe in your vision and help you make it happen. When someone you know and trust is telling others about your business, it’ll be that much more believable when you say you’re experiencing a surge in business. Of course, you have to follow up with hard numbers to prove it.

6. Charge what you’re worth

As a business owner, your aim should be to charge what you’re worth. As frustrating as it can be to ask for what you’re worth and then have people undercut you, hold out for what you’re worth. Don’t be afraid to ask for more money. You have a direct connection to your customers, so you know exactly how much you’re worth. When people know that you’re asking for what you’re worth, they’ll have an expectation of how much you’ll be willing to charge. Be consistent in what you’re charging and don’t be afraid to ask for more money. The more you charge, the more you’ll make.

7. Build a cash reserve

If you want to make money from home, you’ll have to learn how to build a cash reserve. Having money in the bank is important for any business. It allows you to pay your bills and be flexible with your schedule. If you use credit cards for your business, you’ll be charged interest when you spend. But, if you have a reserve in the bank, you won’t be charged interest for simple purchases. You can’t have every little purchase costing you money. Create a category in your bank account for ‘business expenses’ and begin to build up a cash reserve. It’ll take time, but you’ll be able to use this reserve to cover your expenses and be selective about the spending you make from the business. Just remember, you’ll never be able to build wealth if you’re constantly in debt. It’ll be a vicious circle. Establishing a healthy credit rating is important too. It’ll make you eligible for more expensive loans and give you the confidence to spend money on your business. The higher your credit score, the better.

8. Use crowdfunding to grow your business

An entrepreneur who wants to make money from home can also opt to use crowdfunding to fund their endeavor. With crowdfunding, you raise money from a large group of people who want to support your business. You can use platforms like Kickstarter or IndieGoGo to find investment opportunities. When you raise money using crowdfunding, you’re no longer solely responsible for securing funds. Your investors are now involved in the process too. This means more people will be looking out for your interests. People on your team will also be more engaged in the process. They’ll have a direct impact on the success of your business, which can only be a good thing. You can learn more about crowdfunding here.