I remember the first time I heard about The Million Dollar Homepage. I don't know the exact date, but I remember thinking how brilliantly simple it was and wondered if I could replicate it. Back when I was a student, I was quite a dreamer (even had fights with my mom about it), so logically, a follow up never came. The creator Alex Tew tried replicating his concept as well. But simply copying something successful never really works that way. And times change. Hitting the jackpot once is rare, hitting the jackpot twice is nearly impossible. For every Winklevoss Twins story, there are tens of thousands e-business/social networking/fintech bust stories that are to short to even get published or wirtten about. So when talking about money online, let's first establish some ground rules.
A. There is no such things as overnight succes. Yes, there has to be some luck. But most luck will be earned. Hard work, consistency, commitment.
B. There are a skill based ways to make money and effort based way to make money. I won't judge, but I'll start off with more skill based methods and move towards more effort based methods.
C. This article does not give any guarantees off online financial succes. This in no way financial advice. Decision made based in this information are your own.
Ready... let's go!
Technically, every way to make money comes down to a certain skillset to make it a succes. I do believe you need the right mindset and if you need a push, I'd recommend checking out Pat Flynn. But even with the right mindset, you will realize that it is all about executing. His podcast currently features 416 stories on how to rock it online. The fact that there are over 400 episodes already speak volumes doesn't it?
So let's start off with the first way to make money online:
1. E-Business
The easiest way to make money online would to have your existing products and services digitalized and be sold online right? Actually, not really. In today's age, E-Business is often been overhyped, much like being an Entrepreneur. Not everyone is wired to be an entrepreneur. Not everyone is wired to successfully start or run an online business. To make an E-Business work, you actually need to be an entrepreneur and understand how the internet works. This combination is actually quite rare.
Then again, you should definitely integrate online elements into your business. If possible create separate e-business which compliments / caters to the needs of your existing business.
When should you consider an E-Business:
- You can deal with the pressures of being an entrepreneur
- You either have significant technical knowledge to create the online business or the money and resources to have it built
- You have a service or product which is already in demand and having an e-business will significantly improve the supply and demand
2. Skills based websites
There are a lot of skills based websites on the internet. Website which allow you to sell your skills for a unit price or hourly price. Fiverr is probably the most well known website for freelancers and professionals (and it happened to be the website where I got my logo from). Patreon is one of the most popular websites for professional creators. If you are a writer and you want to write for others, Textbroker might be a fit for you. And if you write and create for yourself, you can consider writing or creating content on a social blockchain, like Hive, which I'm doing right now.
Using such websites does require a certain skills set. On Fiverr and Textbroker you basically have clients and you have to deliver what they paid for. On Patreon people pay you monthly to provide content they value enough to pay for. On Hive, there is a financial aspect, but also a social community which you are part of, so just joining for the money without providing actual value to the community will just not bring you anywhere. Which brings me to the next form of making money online.
3. Online Influence
We life in the age of influence never before have individuals had so much power to influence a group of people based on their status and/or authority. Influence is nothing new, but the internet has pushed the limits on how many can be influenced by a single person. Just think about the fact that there is a person in the world that has influenced over 100 million people already.
If the question is whether or not you can use your online influence to earn some extra money online, the answer is a yes. Bigger influencers can create merchandise for their following, where as niche specific influencers can influence a purchase and earn through sponsor deals or referral marketing. Just remember that even in these situations, skills and/or expertise can still play a role and understanding your following interests should never be underestimated. Influencers have been disappointed by their following before.
4. Niche Specific Online Activities
Considering how many different type of online activities there are, it has been hard for me to fit in specific activities, like online trading. The most important part about online trading is knowing whether it actually is something you like doing and if you have the right skillset to make it work.
Too often we pick a niche specific online activity not based on our skills but through persuasion of others. Understanding what works for you is the key to making decisions you won't regret later. Make sure it is something that genuinely holds your interest or in which you are good at and try to avoid ponzi schemes at all costs. If the revenue is based on how many people you bring in, be careful. If an initial investment is needed, stay away.
5. Low Skills Level Online Activities
If everything so far sounded like had work and labor intensive, there is good and bad news. The good news being there are really low skills level online activities that make money. The downside of course is that the pay really isn't that great.
I remember writing a complete beginner's guide to free crypto faucets last year which might be still of use if you'd like to do nothing more than clicking on links for 10 minutes everyday. You could go a step further by collecting airdrops as well, but my research stop right around there.
6. Undisclosed Online Activities
Aside from all the aforementioned ways, precarious finances might lead you to other endeavors. Or maybe you have skills that weren't mentioned so far. Whether it is selling adult entertainment through a webcam or selling premium content on social media and fan based websites, there are still a lot of ways I haven't touched on.
The payment issue
For many, especially those in developing countries, one of the main concerns has always been around the payment methods and actually receiving your hard earned online income. Luckily people have paved the road before you. Unless your payout consists of a currency or commodity that is untradeable, you will be able to exchange it to a currency of your choice. However, which ever venture you decide to invest (time and/or money) in, always make sure you able to withdraw your earnings.
Question of the Day
Which of the method to create an online income resonated with you the most and why?
@jeanlucsr