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Making money online is nothing new…
In fact, it’s a career path I’ve chosen for more than a decade.
But as more people work from home, unemployment rises, and financial pressures mount, finding a profitable part-time job is a top priority.
The problem is that the online business world is constantly changing. Making money online was a very different perspective last year than it is today, and that could change again tomorrow.
However, a common misconception is that the “ship has sailed,” as they say — that making a living online was once easy but is now saturated with too many competitors.
The reality is just the opposite. While some tactics for making money online, like AdSense and dropshipping, are less effective than they used to be, new opportunities keep popping up.
So how do you make money online from the comfort of your own home then? How has this industry changed in 2020?
Let’s start with the benefits of making money online…
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What are the advantages of making money online?
You probably wouldn’t be reading this article if you weren’t familiar with the benefits of making money online. But here’s a quick rundown of Why this way of working is so appealing
· You can work from anywhere in the world — at a local coffee shop, near your favorite vacation destination, or sipping a cocktail by the pool at a tropical resort.
· Everything you need to study is freely available and easily accessible.
· It offers the flexibility to choose your working hours and manage your own schedule.
· Your ability to work is limited only by your creativity and willingness to perform.
· It gives you the freedom to pursue things you’re really passionate about instead of getting stuck in the 9-to-5 grind.
Still interested? Great, let’s unpack the best ways to make money online in 2020.
Top 5 ways to make money online in 2020
While there are literally hundreds of ways you can make money online, I’ve selected the five most profitable to feature in this guide. Each has its pros and cons, so consider these carefully when choosing the best way forward.
1. Become an affiliate marketer
Affiliate marketing is a proven way to make money online.
How it works is simple. You promote someone else’s product or service using a custom URL, and you earn a commission on any sales you refer. Some companies even pay you for generated leads rather than actual sales.
The beauty of affiliate marketing is that you can generate passive income by promoting products in evergreen content like blog posts, social media posts, and email campaigns.
The key to becoming a successful affiliate marketer really comes down to the size of your audience and the amount of traffic you attract . For example, if you are promoting products on social media, the larger your audience and the more engagement you get, the more clicks and commissions you will get. The same goes for a blog, YouTube channel, or any other platform.
How do you get started with affiliate marketing?
The easiest way to increase your income from affiliates is to use an affiliate marketing network. These networks bring together companies from numerous industries and make it easy for you to promote your products, track your performance and get paid on time.
A leader in this field is Admitad. Admitad is a global affiliate network with thousands of advertisers and over a million publishers. You can get started with this platform for free by installing the easy-to-use Chrome extension here.
The money you can make on the Admitad network alone is pretty impressive. For example, the average affiliate marketer makes $60,198 per year, with the most profitable platforms being blogs, social media, YouTube, and messenger apps.
How the Admitad Chrome extension works :
· Install the extension in one click
· Find and recommend the companies you trust
· Offer your friends and subscribers exclusive discounts
· Earn money on every sale you refer
· It is really that easy!
Here’s a video that explains this in more detail:
This Chrome extension simplifies the work of publishers who work with many links or need to compare products from different advertisers. Admitad PRO harnesses the power of the Admitad affiliate network by giving you access to thousands of pre-built programs. Lite , on the other hand, is easier to use and offers more ways to access affiliate offers — it’s easier to use than traditional affiliate networks.
For beginners, I would recommend starting with Lite . Experienced affiliate marketers can use both Lite and PRO to get the most out of this network.
2. Earn money online as an influencer
Making money online as an influencer doesn’t happen overnight. To be considered an “influencer” you need to have an audience that trusts you and responds to your recommendations.
For the most part, influencers conduct their business on social media, where they can build a following and share relevant content from brands, earning a flat fee or commission in the process.
Influencer marketing , the process by which brands find and collaborate with influential people on social media, is a trending tactic for businesses of all shapes and sizes. And they pay good money for the privilege of working with influencers. So it pays to build a social media audience to take advantage of these opportunities.
How do you build a social media audience worthy of brand collaboration?
It’s definitely hard. For example, platforms like Facebook and Twitter have significantly reduced their organic reach in recent years. Then you have visual platforms like Instagram and YouTube, which are extremely crowded. Of course, if you can turn down the noise on these platforms, they can be very profitable, but it’s not easy.
If I were starting from scratch today, I would jump on the TikTok train. It’s the fastest growing social network in the world, and brands are just starting to partner with TikTok influencers.
There are also a number of TikTok tools that you can use to quickly build a following and become an influencer. My recommendation is TokUpgrade .
The best way to make money as an influencer, similar to affiliate marketing, is to sign up with an influencer marketplace where you can create a profile and search for brands that are already looking for collaborations. For example, Trend is a great platform to start with. Once accepted into their program, they partner with relevant brands without you having to do the manual work.
3. Start an online business
Starting an online business is a pretty broad concept. Anything from selling life coaching services to opening an e-commerce store qualifies as an online business.
The global e-commerce industry, for example , continues to grow year after year , with most Americans preferring to shop online rather than visiting a retail store.
What do you need to consider when starting an online business?
First, do you sell products through an online selling platform like Amazon, eBay, or Etsy, or do you sell them on your own website using an ecommerce platform like Shopify ?
What are you going to sell? Should it be services or products? What industry or niche will you be in?
How will you sell your products? Is it software, do you design your own products, or do you dropship someone else’s?
None of these questions are easy to answer. They require deep thought, market research and critical evaluation. But there’s no better time to start the process than now!
4. Earn money from home by working freelance
Believe it or not, online freelancing can be an extremely fruitful career choice. If you play your cards right, you can make more than $100,000 annually, maybe even more. In fact, over 30% of freelancers make over $75,000 a year.
As the remote work revolution sweeps across the business world, brands are looking for new and innovative ways to reduce overhead and grow without cumbersome hiring processes. Working with freelancers is a great way for brands to achieve their goals without hiring full-time employees.
Freelance work is possible in almost every profession. Some of the most common skills brands are looking for are web development, graphic design, and content writing, but the freelance ecosystem doesn’t stop there.
So how do you get started with freelancing?
The easiest way to start a freelance career and make money online is to register for one of the many freelance job platforms available.
Here are the best:
· Fiverr — The world’s leading freelancer community with a huge selection of job opportunities.
· Upwork — Marketplace that connects brands and freelancers.
· Freelancer — Similar to UpWork but geared more towards small businesses.
· Toptal — Targets the high end of freelance talent.
· 99Designs — For graphic designers.
· PeoplePerHour — Network of freelancers all paid by the hour.
· Guru — Experienced freelancers in a range of fields.
There are also a number of industry-specific freelancer websites that you can find via a Google search that offer more targeted and higher-paying work for each industry.
Once you register for these platforms, you can post your resume, develop a work portfolio, search for freelance jobs, get customer reviews, and more.
5. Get paid to take surveys, write reviews, or test apps
It doesn’t sound as “sexy” as starting an online business or becoming an influencer, but you can get paid to do a variety of business tasks such as: B. answering surveys, writing reviews or testing apps.
· Taking Surveys — Businesses crave data, and the best way for them to get meaningful customer feedback is through surveys. Luckily for you, they will pay for your help. There are many online platforms where you can take surveys for money, an example is Swagbucks .
· Writing Reviews — Getting paid to write product reviews can make you a few hundred dollars a month, even more if you have plenty of time on your hands. Sites like Review Stream and Software Judge pay you immediately for a review.
· Testing Apps — Every app or website needs to be tested before it is launched. The more complex the technology, the more critical it is to test how it works. TesterWork and UserTesting are two platforms that facilitate this process where you can sign up and make money online.
This method of making money online can be a time-consuming process that does not involve building a professional portfolio or growing a business. So it’s good for some extra cash, but not a long-term career choice.
Other ways to make money online
The five ways to make money online listed above are my top picks, but if you want more inspiration, here are some options:
· Buy and sell stocks
· Teaching courses on a platform like Udemy
· Write and sell an eBook
· Participation in contests or giveaways for cash
· Buying and selling domain names
· photos on a stock exchange like Shutterstock
· Sell old stuff on eBay
· Working remotely for another company
· Participation in focus groups
· Become a virtual tutor
· Buying a website that is already making money on a marketplace like Flippa .
As you can see, there are countless ways to make money online; All you have to do is get your hands dirty and get started!
Wrap up
It’s safe to say that the gig economy is here to assert itself.
Freelancers, contractors, digital entrepreneurs, and side hustles all make money online, and you can do the same.
Before you dive into the world of online business, take a moment to think about what you want to make of it.
Are you starting a new career? Building a global business? Or are you just looking for some extra money on the side?
Whatever your driving force, choose something you’re passionate about so the fire doesn’t burn out.
Start creating something. Maybe it’s a blog, maybe a website, or just a funky tie-dye shirt that you’re selling on Etsy. Whatever it is, create something that excites you and gets the ball rolling.
If you want to make money online long term, the best thing you can do today is START! You’ll find out the rest over time.
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