In 2020, the way we make money online will be very different to how we used to. Gone are the days of getting paid to take surveys or to leave fake reviews on websites. Instead, the new way of making money will be driven by personal brands, affiliate marketing, and digital nomads. Let’s dive in and find out how to make money online in 2020 and beyond.
The Basics Of Online Entrepreneurship
If you’ve been away from the online world for too long, it can be hard to understand what’s going on. The basics of online entrepreneurship will never change: you’ll need a product, you’ll need to sell it, and you’ll need to learn how to market and grow your business online. However, because of the pandemic and its subsequent impact on our world, a lot has changed. Here’s a quick summary of what you need to know.
The Rise of The Digital Nomad
Throughout history, when life on Earth turned upside down, people would simply adapt and change. This was particularly apparent during the pandemic. Even before the pandemic, entrepreneurs were changing the face of online commerce by providing a range of remote work opportunities and new ways for people to do business.
While regular jobs are scarce, opportunities for digital nomads are endless. All you need is a laptop, a WiFi connection, and you can set up your own freelance business in a matter of hours. With online marketplaces like Upwork, Fiverr, and Freelancer.com, the gig economy has made it easier for entrepreneurs to get their platform off the ground.
Affiliate Marketing: Automatically Making Money Online
The concept of affiliate marketing is as old as the internet itself, and it’s one of the original ways of making money online. Essentially, affiliate marketers promote other people’s products and earn a commission from sales generated through their affiliate programs. As the name suggests, affiliate marketing is all about marketing and selling products online. You’ll typically find affiliate marketers in one of two roles: they either find products they believe in and promote them confidently or they find products that have been shown to convert well (like CPA marketing) and they build a brand around them.
In 2020, you’ll see a lot of people in the first role described above. However, as the economy begins to recover, more people will turn to the second option. If you want to make money online in the short term, affiliate marketing is a great choice. Just make sure that you’re promoting products that you believe in and that will still be relevant in six months’ time. For example, if you love technology and you believe that laptops are the future of computing, you could start an affiliate program for laptops. Or if you’ve always dreamed of being able to afford a Lamborghini, you could create an affiliate program for expensive cars.
The advantages of affiliate marketing are that you don’t need to manufacture or sell any products to be able to make money. All you need is a laptop and some affiliate links (the “back end”). When a potential customer follows the directions provided and makes a purchase after clicking a link or placing an order from an online store, you’ll earn a commission.
The disadvantage of affiliate marketing is that you don’t control the product yourself. You’re not literally sitting in a retail store helping customers or looking after the shop. The truth is, the majority of retail stores would prefer to do business with online marketplaces and remain independent. This makes it more difficult for small businesses to make money online. There’s also a lot of competition in the affiliate marketing space. Unless you have a significant following, it can be difficult to stand out among the noise.
Product Review Blogging: Getting Paid To Write Reviews
In recent years, online review platforms have emerged. These platforms allow retailers to connect with potential customers via blogs or websites where they can provide helpful information about products. Instead of simply listing prices and offers, online review platforms like Shopify, GoReviews, and UserTesting.com allow businesses to write in-depth reviews of their products. These reviews can easily be republished anywhere online (like blogs or social media platforms) and they can include links back to the store.
In case you’re wondering, review platforms like these allow businesses to review their products remotely using either their mobile phone or a computer. This type of product review blogging is relatively new and it provides a new way to earn money online.
The advantage of reviewing products is that it’s a great way to gain credibility in your industry. If you’ve been trying to build up a following on your own blog, this is a great opportunity to partner with a major online retailer and get paid to do it. Just make sure that you’re giving an honest appraisal of the product and that you cite your sources accurately.
The disadvantage of reviewing products is that you don’t necessarily need to have a significant following to get started. In fact, you might not even need a blog to get started. All you need is a Facebook account and a following of a few hundred or thousand people to get paid to review products. This type of environment is ripe for abuse and many legitimate review blogs will try to clamp down on this kind of behavior.
What will the future of Online Entrepreneurship look like?
In the near future, the way we make money online will be very different. Gone are the days of getting paid to take surveys or to leave fake reviews on websites. Instead, the new way of making money will be driven by personal brands, affiliate marketing, and digital nomads. However, as the pandemic took its toll on our world, a lot has changed. Here’s a quick summary of what you need to know.
- New Platforms: In 2020, the internet exploded with new platforms and tools designed for entrepreneurs
- Remote Work: As life on Earth turned upside down, many entrepreneurs worked remotely (from home) to keep their businesses going
- Freelancing: Many people now look to freelancing as a backup plan or as a way to supplement their income
- The Gig Economy: The gig economy allows individuals to develop and grow their own businesses without having to commit to a full-time position
- Start-ups: With more people working remotely, there was a rise in the number of new businesses being launched – many of which are focused on e-commerce
- E-commerce: As life on Earth turned upside down, many businesses chose to rebrand and operate solely online. As a result, online marketplaces like Shopify, GoShopping, and eBay grew in importance
- Virtual Shopping: With e-commerce becoming more and more important, online marketplaces began to implement virtual shopping. This allows businesses to have a button where customers can purchase products without leaving the platform
- Personal Branding: As people turned to the internet for information and support, entrepreneurs capitalized on this behavior by creating blogs, websites, and social media accounts focused on providing helpful information about their industry