How to Make Money Online: A Guide for New Entrepreneurs (2020)

In 2021, the world of business is changing. Global economic conditions and the need for self-reliance mean that traditional business models are being challenged and new ways of making money are emerging.

For younger generations looking to start their own businesses, the most popular paths to financial security and success seem to be:

  • A career in IT, which provides a great base to start up a business
  • Become an entrepreneur and set up your own business
  • Join a small business or sole trader and work your way up

While these are all perfectly viable options for the future, if you’re looking to make money online now, you’ll need to consider a different route.

The good news is there are plenty of ways to make money online, and most of them don’t require extensive training or specific equipment. If you’re looking to make money online, here are some of the best options available:

The Cloud is Your Friend

In the last year, cryptocurrency has gained significant popularity. Although most people see it as purely as a method of exchange, the truth is that major brands and companies have started to see the benefits that blockchain technology brings.

The most popular and well-known cryptocurrencies are Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). What is particularly interesting is the fact that these three cryptocurrencies are considered to be the ‘classics’ of the industry and are held in high regard by the community of shareholders and traders. This is because they were the first to implement blockchain technology and offer their users the secure and privacy-focused environments that the technology provides. This also makes these cryptocurrencies particularly suitable for use as a hedge fund or for investment.

The Rise of Stripe

Stripe is one of the world’s most popular online payment platforms. Although the service is most commonly known for its eponymous micro-payment solution, it also provides a standalone bank account for users. What is more, it has introduced a new simplified account process that makes setting up a standalone bank account much easier.

Since the start of the year, the value of a Stripe account has increased by more than 150%, and the value of a Bitcoin (BTC) holding has seen a similar increase. This could be because many people have been looking to buy cryptocurrencies via gift card or bank transfer. In either case, it’s clear that some investors are starting to see cryptocurrencies as a potentially lucrative investment opportunity.

Create and Sell Your Own Products

The digital nomad lifestyle has emerged as a popular choice for young people seeking to make money online. Through online marketplaces like Shopify, entrepreneurs can design and sell their own products, ranging from clothing to gifts and gadgets. This way, you’re not tied down to one product type or another – you can essentially be a one-stop-shop for all your online sales.

Start An Online Store

If you’ve ever shopped online, you’ll know that when you make a purchase, you’re frequently given the option to pay either with a credit card or via an email invoice. PayPal continues to grow in popularity each and every year, and with good reason – the online payment platform provides a safe and easy way to make purchases online, especially for small businesses.

Starting an online store is relatively straightforward. Once you’ve registered your website with Shopify, you can take advantage of their one-click shop setup that makes setting up a storefront pretty much hassle-free. What’s more, you can choose from hundreds of unique templates to make your storefront look as professional as possible.

Make Money With Affiliate Marketing

This is one of the most popular ways for people to make money online. Essentially, affiliate marketing is when an online marketer earns a commission when a user clicks a sponsored link or buys a product that’s promoted on a website. Many digital nomads opt for this strategy because it doesn’t require much effort or investment – you can essentially launch a blog or website, and once you’ve got that up and running, all you need to do is to figure out a way to generate revenue.

There are plenty of affiliate marketing platforms out there, with the most popular ones being Amazon Associates, Digital Ocean, and CJ Affiliate. What’s great about affiliate marketing is that the online marketers who use these platforms can build a sizable audience fairly easily and can then grow their platforms with minimal effort. In most cases, you’ll only need to have a decent amount of traffic to make any money with affiliate marketing – under 100 daily average unique visitors per day, and you’ll struggle to make any kind of decent revenue. Above that amount, you’ll start to see significant earnings.

If you’re looking to make money online, you’ve come to the right place – the information provided here will help you navigate the options available to you and give you a clear understanding of how to start making cash. Remember, the key to successful online moneymaking is to find a good balance between effort and reward. You’ll make more money if you put in the effort but don’t overdo it and end up burning out.