There are many ways to make money online. Believe it or not, there are plenty of great alternatives out there. Best of all, most of them can easily be set up and run in your spare time, and with little or no initial financial investment.
Here are eight options for your consideration:
1. Launch an e-commerce business
The options are limitless, but drop-shipping is one of the easiest. Set up a shop, without carrying any stock. Promote the products on different platforms, including Amazon. As orders come in, pay the supplier, who’ll ship directly to your customers, and take your percentage. Just be aware of the need to be ready to provide a level of customer support.
2. Start a YouTube Channel
If you enjoy being in front a camera, and you have a passion or area of expertise, start a YouTube channel. Choose a niche that isn’t already covered by hundreds of others, you have a perfect opportunity to generate income via loyal followers. Whether you’re creating “how-to” clips, or reviewing your favorite games or TV shows, your channel can be monetized when you reach 1000 subscribers.
3. Create digital courses
Since the COVID pandemic, demand for digital courses have gone through the roof — which is why your knowledge is now one of the best assets to invest in. A high level of expertise isn’t needed, just a little more knowledge or skill than your target audience. Go for masterclasses, or tutorials for total beginners. There are plenty of platforms, such as Teachable or Carta, to help you create digital courses. Then sell online, via your own website (promoted on YouTube), or others such as Udemy.
4. Start a blog
Blogs are a low-investment way to generate passive income. Choose a topic that interests you and is easy to talk about. Healthy lifestyles, relationships and money are safe bets for attracting readers. Monetize your blog by selling services or products, either directly or via affiliate marketing.
5. Try affiliate marketing
Affiliate marketing is one of the easiest ways to generate a passive income online. The only outlay is your marketing — your website or blog, plus other promotions you choose. You don’t set your prices, but take a commission. There’s no customer support involved, as the buyer deals directly with the supplier.
6. Become a freelancer
Offer the skills you use in your 9-5 job in your spare time. Sites such as Upwork, and Guru allow you to bid for projects that interesting you, at the rate you want to earn. This can provide a valuable additional income stream. No investment is needed to get started, but you’ll pay a commission on your earnings, so factor that in to your bid prices.
7. Sell your stuff
It may sound obvious, but you probably won’t make anything if you try to sell your junk, so don’t waste your time trying. The reality is, there’s not much of a market for outdated stuff (think: DVDs), so for the best chance of sales, go for almost-new things like high-end fashion items, mobiles, TVs or laptops. There are multiple free platforms so take some great photos and spread your ads as wide as you can in the search for the perfect buyers.
8. Consider day-trading
This one is last on the list because, although the rewards can be great, the risks for beginners are also high. As such, it’s important to learn as much as you can about the mechanics of the markets before you invest your own money. Read widely, and consider using one of the many platforms, such as eToro that allow you to practice with a dummy account before you.
Photo Credit: Tax Credits