There are many ways to make money online, namely:
- Start an eCommerce business,
- Write novels,
- Do translation work,
- Online marketing,
- Investing & Trading,
- Create a tech startup,
- Do online tutoring,
- Build an app,
- Do web design,
- Do odd-jobs online (reviewing, writing, testing),
The main thing to consider when building an income is not to pick what you love but what will have the highest pay at the lowest effort. If you were to just pick something you enjoy doing then you might have to spend years until you have an income with the risk that this venture will never be financially worthwhile.
Doing what you enjoy is important but it is safer to keep it as a hobby at first and wait until a financial opportunity presents itself before you go all in on your gut feeling. It would be much better to ask yourself these two main questions:
- What in-demand skills do I possess?
- What is the service or product I can create which combines as many of my skills as possible?
Why these questions? Simple. Imagine a job which requires you to write Amazon reviews. This job can be done by almost anyone which makes you exchangeable and which translates to very low pay. The skill, in this case, is to write in English and to make an Amazon account. These skills are not rare, therefore they are not well paid.
Imagine a second scenario: You work as a self-employed coach who combines skills such as nutrition, exercise, people skills and experience with rehabilitating traumatic injuries. In this scenario, you are combining 4 skills which significantly improve your value because few people have these 4 skills. This allows you to charge much more money than the Amazon scenario above.
Identify the skills you have and then find ways to arrange them into reasonable business strategies. Examples are:
- Your skills are: Coding, financial systems, good people skills and an interest in creating tutorial videos. Job: Create a consulting website and make a YouTube channel to put out content. Find clients at relevant events, by directly emailing companies and through social media. Provide coding services on a project fee basis and build your online profile for easy customer acquisition.
- Your skills are: Painting, organizing events, setting up gallery spaces. Job: Identify potential gallery spaces in cities and organize events as a full service to artists. Meet artists via social media, personal contacts and at relevant events. Create a website and a portfolio with your past successful events.
- Your skills are: Writing, sales, business strategy and finance. Job: Write business plans as a consultant for small and large companies. Meet clients via business events, online advertising or social media.
If you feel too unskilled at the moment then just try to intern for companies which are highly skilled. This way, you can learn additional skills and increase your value.
There are many parts you have to figure out for yourself such as:
- How to meet clients
- How to convert clients
- How to advertise yourself and present a track record
- How much to charge
- What to specialize in and what to avoid
If you want to make a lot of money, you will have to follow your own path and develop your own unique strategy. If you use pre-created platforms such as Upwork, online teaching platforms or some seller courses from online gurus, you will not allow yourself to grow and always have a ceiling to how much you can earn.
Someone who makes money on Upwork will always earn less than someone who has developed their own sales funnels because platforms like Upwork let their users compete on price. If you are the only offer available, you can charge whatever you want.
If you follow an online course on how to sell on Amazon, you will inhibit your own creativity in finding your own way. All the people I know who have been successful have created their own path and rarely used online courses to tell them what to do. Learn from every source you can find but do not follow steps which reduce your own thinking.
Life is about skills. Everything you do in life must be aimed at maximizing your skills and your value. Do not work for free all the time but if the experience you can gain is worth it then make exceptions.
Say no to things that are a distraction from your overall goals even if these things are of benefit in the short run.
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