With the coronavirus pandemic having its roots in Toronto, many residents are looking for ways to earn an extra dollar. One of the more practical ways is through online trading. Since trading has been made easier and more accessible through the proliferation of online brokerages, more and more Torontonians are turning to the lucrative side of the market.
There are countless ways to make money online in Toronto. If you’re looking for ideas, you’ve come to the right place. Below, we identify seven profitable pursuits. Although the specific opportunities will vary from person to person, everyone can become an online trader if they follow a proven formula.
1. Start A Blog
Blogs have been a source of income for many websites and bloggers since the form was first popularized by the WordPress platform in 2004. Writing and sharing content on a regular basis has been shown to be extremely profitable. According to Forbes, being a blogger can be an effective way to generate up to $14,000 per month. Many large corporations, such as Microsoft, have gotten in on the game and offer special deals to bloggers. If you’ve got a knack for words and enjoy sharing your thoughts with the world, there’s a large market for your blog content.
2. Start An Online Store
As the world became more digitally dependent, the demand for online stores soared. People want to be able to buy what they want when they want it, regardless of whether it’s a popular or niche product. Since the dot com boom in the early 2000s, going online to make a purchasing decision has never been easier. Whether you call them e-commerce stores or online malls, these platforms have enabled small businesses to flourish.
Startups in Toronto have been able to utilize the ease of online stores to launch themselves into the Canadian marketplace and beyond. With a few keystrokes, a business owner can open an online store within minutes, allowing them to offer their goods to a worldwide audience.
3. Start An Online Teaching Business
For those looking to enter the world of online teaching, there’s a vibrant market in the form of virtual tutors, teaching assistants, and online classrooms. Since the pandemic has thrust the world of education into the online sphere, many individuals and institutions are now looking for ways to make a profit from their considerable skills. One of the best things about online teaching is the ability to connect with students from around the world. Global collaboration becomes a reality through technology, and online classes make this possible. If you’ve got a knack for teaching, now may be the right time to pursue the world of online education. With most institutions moving to remote learning, the demand for online tutors will continue to grow.
4. Start An Online Fashion Blog
Fashion blogs have been a steady source of income for many website owners and bloggers. Whether it’s a look at the most stylish dresses or the most fashionable accessories, the internet becomes the source for fashion inspiration. Fashion blogs allow their writers to express their taste in garments and style, as well as provide them with a steady stream of income. According to the New York Times, over the last five years, fashion blogs have generated almost $13 billion in revenue. If you’ve got a keen eye for style and a talent for writing, consider starting a fashion blog.
5. Start An Online Travel Blog
Travel blogs can be a lucrative venture, particularly if you can establish yourself as an expert on a particular theme or country. If you’ve got a passion for exploring the world and sharing your findings with others, consider starting a travel blog. The opportunity comes with establishing yourself as an expert in your chosen field. From gathering information to writing to marketing and much more, the tasks are myriad. To truly excel at it, you’ll need to consider which platforms are most suitable for your content, and then dive right in.
6. Start An Online Bookstore
Since the inception of e-books, online bookstores have been able to flourish. Whether you choose to sell solely e-books or both print and digital versions, the opportunity to distribute your work to a global audience has never been greater.
If you’ve got a passion for words and the ability to curate a good collection, consider creating an online bookstore. The world of e-books makes this a viable option, as does the rise of online learning. Since the majority of professors now work remotely, online tutoring has become a popular option for students. If you can find a profitable niche in the e-books market and continue to grow your audience, you’ll be able to sustain yourself as a writer or a bookstore owner.
7. Start An Online Coffee Roasting Business
If you’ve got a flair for creativity and a talent for photography, consider venturing into the world of coffee roasting. The business of roasting and distributing coffee beans to the masses continues to grow, largely thanks to the advent of coffee shops embracing the digital society. However, even prior to the pandemic, entrepreneurs have been able to find success in this space.
The demand for specialty coffee continues to rise, particularly since many coffee-related tasks, such as brewing and roasting, can be carried out remotely. If you’ve got a love for coffee and an aptitude for creating digital artwork, consider creating an online coffee roasting business.
At the end of the day, no matter which path you choose, the ability to make money online in Toronto offers considerable promise. With many profitable niches available, the opportunities for small businesses to succeed are there.