The internet has revolutionized the way we work. Workplaces and jobs are not what they used to be. Long gone are the days when everything is done by humans, and paper is the only way of communication. Truth is, the digital economy is booming. Over the next coming years, you’ll most likely either be self-employed, making a living online, or running your own online business OR working for someone else who is running their business entirely or predominantly online. We are now entering the era of the ‘Internet of Things’ where almost anything can and will be connected online from waste bins in the streets that will notify the authorities when they need emptying, to wearable devices and smart clothing that will tell you when it’s best for you to eat and when you’re most productive.
For this guide, we have split the various ways to make money online into 5 main categories:
- DIGITAL WORKING
- RESIDUAL (SEMI-PASSIVE) INCOME
- ONLINE BUSINESS (ENTREPRENEUR)
- ONLINE INVESTING
- SELLING or RENTING WHAT YOU HAVE or MAKE
Whatever way you choose to begin this journey is based on what you want to achieve, what risk you are prepared to take, how much time you have, how much money you may already have and what kind of income you would like to achieve.
Let’s examine the different ways to make money online.
Digital Working is low risk as you are essentially undertaking work that pays you for your time or output. However, it is also low in rewards as most digital employees don’t make much, compared to the other, riskier options. To do digital working, you don’t need to have specific knowledge, but for some of the other methods we will discuss in this section, it’s essential that you have an area of expertise, such as writing. This option is low risk as it does not require any initial investment, as most sites we’ve mentioned below have no fees. Digital working includes things like freelancing, reviewing music, writing, giving advice, translation, watching ads and many more, which you can learn about in this ebook.
Residual (Semi-Passive) Income opportunities on the other hand can be low medium risk depending on whether you’re investing only your time, or time and money, into creating the assets needed to hopefully produce a semi-passive, residual income. You may not find the formula that works for you first or even second time, but the rewards can be truly life-changing if you get things right. We prefer the term ‘residual income’ over ‘passive income’ which is commonly referred to online, as ‘passive’ implies you don’t have to do anything once you have something that’s working but this isn’t usually the case. In this section, we will cover methods such as affiliate marketing, creating t-shirts and other products; both digital and physical. The creative ones among us may want to try out writing and selling e-books, creating a YouTube channel, creating apps, podcasts or stock content (photos, videos, music/audio).
Online Business (Entrepreneur) is a section for the entrepreneurial personalities. We cover things such as starting your own business when you don’t have much expertise in the field or service you will provide, and how to take advantage of the knowledge or passion you do have, and make money out of it. We include ecommerce ideas such as dropshipping, web design, web or app development, I.T. support business, and many more. These options are quite risky as they require initial investment and a lot more time than the methods mentioned previously. However, one major positive is that you can work from home while doing this – and you are effectively your own boss. The idea behind this, is that you are the manager of the company, and when needed, you outsource the work to professionals. This type of approach to online business works best for all-rounders; people who can do accounting as well as marketing as well as HR.
Online Investing does not mean you must have a lot of savings. You can start with just $50. This option will require you to carry out research before putting your money down. Most of these investments are entirely based on research, information and careful forecasting, meaning if you think of yourself as unlucky, you can take a breather. We include investing methods such as matched betting, trading in stocks and shares, forex trading and more. The level of risk depends on how much you are willing to invest. There’s no high rewards without high risks. In this section, we explain the different approaches to online investments, so that whether you hesitate to risk large sums of money, or you like the adrenaline of taking risks, we will help you pick the best methods for you and your needs.
Selling or Renting What You Have or Make is exactly what it sounds like. We all have either unnecessary storage space, or if you’re a hoarder, the exact opposite – an excess of stuff. In this section, we talk about how you can make money from what you have such as a household appliances, furniture, or old clothes, and what you can make and sell – such as knitted sweaters, or personalized artwork. We’ll also discuss how and what you can rent out to people. This could include things such as your house for filming, spare rooms for lodgers, parking spaces, storage, or other possessions. There is, however, a level of risk involved with this option, as damage can be made to your rented items or items you have sold may want to be returned – which creates additional shipping costs.