The pandemic has required people around the world to stay indoors. This led to businesses losing significant amounts of revenue, which led to many people losing their jobs. With people looking for alternative ways to make ends meet, it comes as no surprise that interest in online businesses is on the rise.
The great thing about the Internet is it is a community hub, sales channel, and marketing network all in one. It offers various opportunities for people to make a living on it. Read on to learn some online money-making ideas you can explore:
In dropshipping, you don’t keep stock of the products you sell. You purchase products as needed from a third party — usually a manufacturer or a wholesaler — and have each order shipped directly to the customer.
Dropshipping doesn’t demand as much as the traditional retail model because you don’t have to open a physical store, pay overhead, and stock inventory. As a dropshipper, you can reap a huge share of profit by marking up the products you sell. It’s a business model that can be very rewarding.
Startup costs in dropshipping are low, making it an increasingly popular way to earn money online. Among the top-performing categories in dropshipping are women’s clothing and accessories, home and garden, beauty, and jewelry. Products in these categories have a large market and are thus bought relatively frequently.
Shopify is a simple e-commerce platform that you can use for your dropshipping business. Once you are more established, you can explore additional website customization.
A challenge in dropshipping is the heavy competition. In order to succeed, you have to beat your competition with a well-chosen niche and innovative marketing.
Utilise The Skills & Knowledge Of Your Hobby
There are many ways that your skills and experiences can be turned into online moneymaking strategies, as will be discussed below. However, creating a secondary revenue stream that comes off the back of your hobbies and existing habits is one of the best options by far.
If you are a skilled gamer, you could play competitively for money. Alternatively, sports fans can see this list of online bookmakers in the UK to put their predictions to good use. Similarly, fantasy sports games can open the door to a little extra money simply by doing the things you already love.
Alternatively, you could set up an online fan club dedicated to something you love. The options are endless. If you truly enjoy the activity, the amount of money gained won’t matter. It’s merely a bonus.
People blog for various reasons. It could be to share their thoughts and experiences, to educate readers, to sell products and services, or to build one’s personal brand. But how do you make money from blogging?
When starting a money-making blog, you must choose a niche. This allows you to speak to a target audience with your quality content, which can lead to sales and leads.
There are a couple of ways to monetize your blog, including:
- Sell physical products to your readers. For example, t-shirts or pillows.
- Sell digital products like digital art, designs, templates, photography, or courses. You can create once and then sell again and again.
- Sell freelance services like writing, bookkeeping, and consulting
- Promote brands as an influencer
- Sell memberships or subscriptions to private content on sites like Patreon
An advantage of blogging is it doesn’t require a big investment. However, it might take a little while before you can earn through this hobby as the blog won’t start at the top of Google search results instantly. But with tenacity and a well-chosen niche, you’ll be on your path to earning money through your blogging hobby.
Creating Videos for YouTube
In the past years, YouTube has become the go-to source for all types of video guides and courses. You can make money on YouTube in different ways:
- Offer video editing services – If you have the expertise, you can earn a lot from video editing because many people are creating videos for the platform. Start by creating your portfolio and showcasing your editing talent. Then you can pitch to your network, local businesses, and freelance marketplaces, such as Upwork.
- Apply for the YouTube Partner program – You can make money through membership perks, ads, and features, such as Super Chat. Super Chat allows viewers to pay so their messages will be highlighted during live streams.
- Connect to the Google Adsense program – You must connect your channel to your Google Adsense account to get approved as a partner. Generally, you’ll earn based on the “impressions” that your videos get. An impression is every click or viewing of an ad.
- Make videos for YouTube Premium – YouTube Premium is the platform’s ad-free subscription service. You can earn a share of the profit from membership fees based on how many times members viewed your videos.
- Use video sponsorship and product placement – In exchange for a shout-out, companies that are interested in your audience might offer product placement deals or sponsor your videos.
Typing for Cash
If you want a flexible job that requires little to no prior experience, transcription could be the job for you. Transcribing is not complicated: simply listen to an audio file and type it out. If you’re a fast typist, you could earn a pretty penny with this one.
Transcription gives you the freedom to set your own hours. In a lot of cases, it will also allow you to work as little or as much as you want every week.
Transcription jobs are usually categorized into three: general, medical, and legal. The exact amount you can earn from transcribing depends on factors like the company you’re working for, the work available, and your skill level and speed. Time spent on a transcript is influenced by factors such as audio quality, the accent of the speaker, background noise, and the speed at which people speak.
Companies such as Rev.com hire freelance transcribers.
Now is the time to take advantage of opportunities online. Explore these money-making ideas according to your passions and skills. With hard work, you’ll find yourself making the profit you desire.
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