One of the biggest hurdles for those looking to earn some side income is thinking they need to reinvent the wheel. There's really no need to start with a blank page. We've put together five online money-making ideas that have worked well for others.
The rest is up to you.
1. Publish an eBook
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If you think you need to be an expert on a particular subject to be an author, that's no longer true. Thanks to the Internet, you can create an eBook – all without writing a single word. Just take it from Saeed Rajan who makes US$2,700 a month and never having written anything. In fact, there are people who game the system by churning out low-brow Kindle books and making a pretty penny.
Once you've decided on the topic, you can simply outsource the entire publishing process. This can range from hiring a writer for the content to a graphics designer for the cover, to an e-publishing service to publish your eBook.
Heads up:
You should still research what topics are trending. You also need to publicize your eBook if you want to drive traffic to it.
Will you still make money?:
The key is to keep your investment low. You can take on some of the work processes or find good and cheap freelancers to help. This way, even if sales are low, you can still make some profit. Here's more advice on how to make money even if you are giving away your eBooks for free.
2. Become a Dropshipper
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The concept behind dropshipping is simple – you buy a product cheap, and sell it high. The difference is you don't keep any inventory in stock. Instead, the product is shipped directly to the customer from a third party like a wholesaler or manufacturer, minimising running costs for you.
Heads up:
According to this blog post, almost 90 percent of dropshippers give up before they've succeeded. It takes perseverance and time to get a new business up and thriving, as this dropshipper shares. Fortunately, the Internet provides ample resources to learn from other people's mistakes.
Will you still make money?:
According to ecommerce company Shopify, it is possible to make US$1,000 - US$2,000 a month within a year if you spend 10 to 15 hours per week to build your business. There are free hands-on training available to get onboard dropshipping.
3. Grow Your Instagram
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Most of us probably surf Instagram to see what's new and to follow influencers or a brand. But did you know that if you grew your own Instagram to have at least 1,000 engaged followers, you have the potential to make money? These Instagrammers show what it takes to make money.
Heads up:
Instagram has certain rules it plays by. Do read Instagram's rules and restrictions if you want to avoid getting into trouble, like getting your account banned or blocked.
Will you still make money?:
Depending on what niche you are in and how engaged your followers are, you can generate multiple streams of potential revenue. These range from starting an online business to more unconventional ways like starting an engagement group. Here's a starter guide and a nifty infographic to monetizing your Instagram.
4. Start a YouTube Channel
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Ever heard of young YouTuber Ryan Kaji? The nine-year-old has amassed a truckload of money – nearly US$30 million in 2020 alone – just from unboxing and reviewing games and toys on YouTube. The good news is you don’t need to be as hugely successful as Ryan, or have mad skills to make money from YouTube.
Take it from stay-home mum Jessica Tull who makes a six-figure salary just posting clips of her cleaning her house. Did we also mention that it's played on time-lapse videos?
Heads up:
With over 5 billion YouTube videos being watched every day worldwide, it takes a lot of effort to stand out from the crowd. If you're feeling adventurous, YouTube may provide more exposure than Instagram. The way forward is to focus on a single niche that entertains or educates. This could be a special interest in carrying out pranks or a passion like reconstructing dishes from TV shows.
Once you grow your fan base to 1,000 subscribers and 4,000 watch hours within the last 12 months, you can officially monetize your channel with YouTube ads.
Will you still make money?:
The short answer: It depends. Once your channel gains traction, there are a multitude of ways to monetize your channel. This can range from affiliate links to sponsored placements in your videos. Get an overview of what YouTubers make with this in-depth guide and how you can become one.
5. Trade Money to Make Money
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One of the ways to make extra income on the Internet is forex trading. As with any form of investing, there are risks inherent. If you're ready to take the plunge, one way to get inducted is copy trading. Quite simply, you mirror an experienced trader by leveraging the latter's investment expertise and experience. If the trader makes a profit, so would you.
Heads up:
Your success hinges very much on who you pick to copy. As this article states outright, no investor is perfect.
Will you still make money?:
It depends on who you copy. Finding the right copy trading platform can help. One such proven forex broker is Forex4you whose auto-copy social trading service Share4you lets you see all the previous accounts of every "Leader" who allows his/her trade to be copied. Share4you also lets copiers leave feedback right on a trader's page. This transparency empowers you to assess the potential risk level of the Leaders to follow.
