In 2021, many people are seeking ways to earn online money. Thanks to the COVID-19 pandemic and the subsequent economic fallout, more and more people are looking for ways to make extra cash. Whether you’re looking for ways to supplement your income or you want to replace your full-time job, you can create a profitable side gig online during these challenging times.
The Shift to Online
For many years, the majority of Americans worked in traditional jobs. The majority of people went to school, got a job, and then hopefully retired by age 55. Now that the world of work has changed, many people are looking for new ways to earn cash. Thanks to the growing online economy and the many available side gigs, opportunities for online labor have greatly expanded.
The Rise of TikTok, Instagram, and YouTube
The most popular social media platforms have changed the way people interact and consume media. Thanks to creators like Leo Liu, who has over 500,000 followers on TikTok, or Mark Cuban, who owns HD television channels in several major U.S. markets, these platforms have provided thousands of job opportunities.
On social media, content creators can earn a decent living off the advertisements that appear alongside their videos. In some cases, creators can earn upwards of $16,000 per month or more. With so much money potentially available, more and more people are seeking to make the transition to online freelancing. Thanks to platforms like TikTok, you no longer have to seek out clients who are willing to pay you to perform certain tasks. You can become your own boss, manage your own schedule, and determine your own rates. The opportunities for online workers are endless.
The Gig Economy
The gig economy is a trend that has been gaining popularity over the past few years. Thanks to platforms like Uber, TaskRabbit, or Gigster, people can now access freelance marketplaces. On these marketplaces, you can connect with potential clients who are seeking certain services or products. Like social media platforms, gig economy marketplaces allow online workers to become their own bosses, set their own rates, and determine the nature of their work. Although many people find this sort of independence appealing, it comes with risks. If you want to succeed in the gig economy, you need to be prepared to deal with high rates of job dissatisfaction and a potential for abuse from clients.
Online Marketplaces For Freelancers
To be able to work remotely as a contractor, you will need a tool to manage business transactions. Although many platforms have sprung up to help online contractors and freelancers, like Upwork, Freelancer.com, and PeoplePerHour, many still prefer to use email for invoicing and payroll. Thanks to platforms like Zoho Invoice, you can take advantage of all the available functionality from a single source, which can help you to streamline your business operations. With just a few clicks, you can create professional-looking invoices, track client conversations, and follow up with customers who might be struggling to pay their invoices on time.
Earning Online As A Freelancer
Thanks to online marketplaces, it’s now possible to earn money online as a freelancer without needing to become an expert in a certain field. In the past, if you wanted to earn extra cash, you typically needed to find a way to become an independent contractor or employee of a company. Thanks to the growth of online marketplaces, however, many more opportunities have appeared for people looking to make extra income. Since freelancers set their own rates and manage their own schedules, it can be a profitable gig. If you want to try freelance work, you can either use a freelancing platform like Upwork or Freelancer.com, or you can create a simple website to showcase your services and manage client interactions via email.
The Downside To Online Earning
Although many people are willing to try online freelance work, it’s not a perfect alternative for everybody. Since you’re no longer tied to a desk job, you might find that working remotely isn’t for you. If you’re not equipped to work remotely, freelancing can be highly demanding. You will often need to meet with clients in person, which can be difficult if you’re not in the location of choice. Some clients can be difficult as well, demanding constant communication and checking up on your progress. Even worse, if you bill clients for each piece of work you do for them, you’re bound to run into trouble. Clients can dispute the charges and you will need to spend time resolving the dispute. This is even more problematic if you do client work overseas, as you might be subject to the laws of the country you’re in. Working remotely might be great for somebody who enjoys their independence but recognizes the value of a healthy work-life balance.
Even if you enjoy working remotely, there are a number of things you need to consider before you take the plunge. For example, how will you handle payments? It’s not always easy to get paid via PayPal or credit card, especially if you don’t have a regular source of income. Since you will be in charge of making payments, you need to make sure that you can handle it smoothly without risking financial hardship. Setting up a separate business bank account is a good idea, as it will help to ensure that your personal accounts are not overdrawn due to unexpected transactions. You should also think about investing in some basic business equipment, like a reliable computer or mobile device. Without these, you will be severely limiting your earning potential. Investing in technology that can be useful for your business, like a good router or VPN, can also be quite helpful, as many online businesses operate remotely and the ability to securely connect to clients is invaluable.
As you can see, there are many ways to make extra cash in 2021. Some of the best options are:
- Zoho Invoice
Whatever method you choose, as long as you’re prepared to put in the necessary work, you will be able to find a way to make some extra money. For some, the gig economy might be the answer they’re looking for, but for others, working remotely might not be for everyone. For those who prefer to keep their jobs, perhaps some flexibility will be available, as employers try to avoid laying off their employees if they can.