The world is changing rapidly, and traditional ways of making money no longer suffice. New opportunities arise, and before you know it, your life is no longer centered around your 9-5 job. You can choose to work remotely, create your own schedule, and be your own boss. This is especially attractive to millennials who are discovering the perks of working remotely.
Millennials are driving this trend, as 71% of American workers have chosen to work remotely at least once in their career. This is also because millennials are more likely to pursue freelance opportunities, which can be extremely rewarding, but don’t necessarily require you to be in an office.
If you’re looking for ways to make money online, you’ve probably heard about the gig economy, or the sharing economy, wherein independent contractors (most often millennials) perform services for businesses (mostly online platforms) on their own terms. In return, they are compensated with either money or goods-related to the business (e.g., Amazon gift cards, etc.). While this type of work can be extremely beneficial to independent contractors, it can be tricky to navigate the legalities of working for a business you don’t own, especially when you’re just starting out. Plus, the lack of stability and the remote nature of the work make it more difficult for freelancers to build a savings account.
To help you get started, we interviewed a financial planner who specializes in working with online platforms. Below, you’ll discover ten ways to make money online, along with insights from the expert on how to make the most of each opportunity.
1. Start A Blog
Blogs, Instagram stories, and other content-based platforms are all the rage when it comes to making money online, but did you know that you can make money from a blog, even if you don’t have one? There are several different ways to monetize a blog, but the two most popular ones are affiliate marketing and displaying ads.
If you’re interested in trying affiliate marketing with a brand you already support, such as coffee, you can connect with them via an affiliate program. Essentially, if a customer makes a purchase after clicking a Sponsored Product or an Affiliate Link on your blog, you will earn a commission.
This is a great way to earn passive income, and since you’ll be promoting products you believe in, it’s more likely that your customers will be interested in your recommendations. If you’re new to the world of affiliate marketing, you’ll want to work with a reputable company who can teach you the ropes. Then, when you’re ready, you can begin making your own affiliate sales.
2. Start An Online Store
If you’re looking to make money online, you might be tempted to try and sell your own merchandise. Creating an online store, where you can sell your own products, is a great way to earn quick and reliable cash without any of the risks associated with traditional forms of entrepreneurship. You’ll need a website, of course, but you can use Shopify’s platform to get up and running in no time with a basic design package that will cost you less than $5 per month.
If you run a Shopify store, you can use the platform’s built-in currency trading feature to profit from the swings in the economic markets. Should the price of Bitcoin increase by x percent in the next month, you’ll profit from this increase when you purchase and then sell the digital currency at a higher price.
The upside with this method is that you’re providing a valuable service to someone who is already spending money online. The downside is that you’re potentially competing with large retail brands who have the resources to sell their products online.
3. Start An Affiliate Marketing Program
If you’re already connected to an audience via social media, you can start an affiliate marketing program with a company that provides affiliate tracking software. You’ll need to create a unique link that will track affiliate sales as they occur. When someone clicks on a Product Link or a Sponsored Product and makes a purchase, you’ll receive a commission. You don’t have to run any online stores to get started with affiliate marketing, and with the affiliate marketing algorithm changing nearly every day, it’s essential that you keep up with the trends to ensure you’re making the most of this emerging digital marketing channel.
4. Start An Ebay Store
Another way to make money online is to start an eBay store. eBay is one of the most popular online marketplaces, and having an eBay store is a great way to gain credibility with potential customers. Should someone purchase an item from your store, you’ll earn a small commission.
eBay sellers must abide by a set of rules, which govern how they present themselves on the platform. For example, you cannot sell counterfeit goods, and you must ship the items you sell within two business days. Additionally, if someone buys a $200 item and pays with PayPal, you’ll earn $20, but if they use a credit card, you’ll earn only $10.
5. Start A YouTube Channel
YouTube creators who earn a significant amount of revenue can make a lot of money, so much that some have been able to quit their full-time jobs and focus on content making. If you’ve got a decent following on social media, you can create videos about anything under the sun and use the platforms built-in monetization tools to make money online. You’ll want to build a following on platforms like YouTube, and then use the platform’s audience to grow your readership across social channels.
6. Start A Podcast
Speaking of quitting your job, you can also consider becoming a podcast host and entrepreneur. The benefits of a podcast are numerous, from gaining credibility to generating interest in your products. Letting your own personality shine through in audio form is a great way to connect with your audience, especially if you’re able to interview renowned personalities in your niche. If you’re looking to make a little extra cash, you can also sell and promote sponsorships for the podcasts you host. Should someone want to advertise on your podcast, they’ll have to pay you for the opportunity.
7. Start A WhatsApp Group
Last but not least, we have WhatsApp, the popular messaging app that allows users to chat with friends and family. While WhatsApp is a free app, businesses can and do sponsor conversations and special offers for the coveted millennials who use the app—and they’ll pay you to engage your audience via paid promos.
There are many ways to make money online, and these platforms will only continue to grow in importance, especially as more people turn to digital forms of researching and paying for goods and services. If you’re looking for ways to make extra cash, you can start by educating yourself about the opportunities that exist and then finding a way to make money online that suits you.