A Guide To Make Money Online
Updated: Dec 15, 2020
According to Google, Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. In simplest terms, Money is a medium for exchanging value.
The approach to making money online is very simple. We use the money to buy things that we value or are valuable to us. Similarly, for earning money online we need to provide something that holds a certain value and someone else is willing to pay for it. These values are categorized. into 3 different levels, or different methods of making money online:
Make Money online by selling your services.
Make Money online by selling your products.
Make Money online by building a reputation.
Making money online by selling your services
This is the most basic and the easiest method for everyone to start with. Pick a service that you can provide online and sell them to people who are willing to pay for it, as simple as that.
Here is what you need for this method:
Develop a skill that people are willing to pay for.
Find the people who are willing to pay for your particular service.
The possibilities of what you can do with this method are endless. You can build websites for people, do designing work for companies or small businesses, work as an SEO professional for a website, or a freelance photographer/videographer like me. Even if you know nothing about any of this stuff or you think you do not have any skills for the job, reconsider! Just pick a skill and you can learn about it on the internet. With so many free courses and tutorials on YouTube & other platforms like Skillshare & Udemy, it has never been so easy to pick up a skill and get started working. As a photographer/videographer, I started to sell my services on Fiverr & Upwork. Both of these websites are online marketplaces for freelance services. You can sell any type of services like graphic designing, web designing, video editing, data entry, management, digital marketing, content writing, tutoring, and hundreds of others. Just by creating a seller's profile and uploading your portfolio (if applicable), and setting a price for your services, you can start providing your services to people that interested to avail that particular service. You can also sell your services exclusively like on your website or any of the social media platforms like Instagram and Facebook.
These marketplaces make it easier to locate people looking for your particular services but if you are on your own, you'll have to manually reach out to people and make them aware. E-mail marketing is one way to go for the people that you already know, it is a great way to spread the word. For the people over the internet, social media promotions can be very helpful to reach the audience that may be interested in your service.
Honestly, this method is the easiest and can help you generate a generous amount of money online. Not only it's a good start but as you gain experience in a particular skill, you can take things up a notch where you get more recognized and you can even charge more than the competition.
Making Money online by selling your products
When you start selling products online, physical or digital, it overall magnifies, and it's not directly tied to the time you're putting into it. Now, you and sell pretty much anything online but we are going to talk about something that has:
A one-time cost of production
Zero cost of reproduction
Zero cost of distribution
No on-going time commitment
The idea is we make the product once and sell it a million times, trying to avoid any extra costs. The products that fall right into this ballpark are digital goods like a website, blogs, app, eBooks, etc. But whatever kind of product we choose, there are two ways by which we can sell products online; either we can sell other people's products, or we can sell our products.
Selling other people's products:
Drop-shipping: This method is not very much recommended but is practiced by many. Basically, you create a website or a profile for a particular type of good, say watches, and you allow people to order it from you. Then you arrange the product from a third-party seller and ship them to the customer. Although it calls for the products to be physical.
Affiliate Marketing: In this method, you are selling someone else's product, but you are getting a commission on every sale. For example, Amazon Affiliate or any other affiliate program. You can also partner up with a product brand in which people use your link to buy that particular product and you generate a commission on every purchase from your link.
Selling your products:
1. Physical Product: People make great money by selling their own, physical products online. But physical products require a lot of everything. You have to manufacture, produce, distribute and there's managing & logistics and can sometimes result in loss. What people rather do is create a service and then sell a product to their audience related to that service. For Example, A very famous & exceptionally creative YouTuber Peter McKinnon, who is a professional photographer and a filmmaker, sold his camera bag which received a great response because of his huge number of viewers and subscribers.
2. Digital Product: This can include making websites and apps and selling access to them, like making a blog and charging a subscription for it or creating an app or a game for the Play Store or the App Store and charging money for it. This is ideal because you are putting one-time efforts, and people can keep buying or subscribing to your App or Service, as long as you provide it.
3. Information Product: This includes any kind of detailed information provided by you like an e-book or an online course. You can make videos explaining or teaching content on various online learning platforms in any area of your expertise. People sell question banks online or any study material in general, make videos about taking entrance exams, etc. which are looked for by a lot of people online. Even beginners can teach beginners.
Make Money online by building a reputation
The last and by far the most effective method on this list is by building a reputation. This means creating a platform for yourself or making an online presence or having a reasonable audience before selling a service. As discussed, you can generate money if you provide value. This method involves providing value to people (your content) for free. Hear me out. Start by providing the value for free up until a certain amount of time where you have the audience that is familiar with your service and can now completely trust you for a paid subscription or a service.
A common example of this can be a Tech Youtuber. They provide content (value) for free without any chargers from the audience for a significant amount of time but when they create a big enough audience their income streams are endless. People can trust them with their recommendations as affiliate links. People can support them by joining them. They can also generate other sponsorships and can also generate commissions. They can sell physical as well as digital products with very minimal to no risk. Every other method on this list can be magnified to another level by starting with this one step.
These were some methods for making money online. With everything available on the internet to learn for free, now is the best time to take up skills or bring up an idea and starting building an online presence for yourself to generate a very reasonable amount of income by the online work. Do leave a like and share it around if you liked this blog. Do not forget to leave a comment if you want more of such blogs!