As the COVID-19 global pandemic crippled the lives of millions worldwide, there are only two types of people we come across in our daily life – either Working From home or Worrying From Home.
The lockdown and social-distancing norms to control the virus’s spread has given us ample free time to look out for an alternative income source to increase the cash inflows during these stressful times. Many financial advisors advocate the need for multiple income sources, instead of just relying on your 9-5 corporate job to remain afloat during the hour of crisis.
If you’re already pondering the idea of creating additional income sources online, this article is for you. We assure you to steer in the right direction to achieve your goal.
Are you ready for it? – Read further.
Smartphones and internet connectivity have a strong influence on our daily lives today. Anyone with the right skill and expertise in any field can leverage the online medium’s full potential.
With the surge in a new set of consumers engaging via an online medium to shop, learn, and earn, there are many opportunities to cater to those audiences by serving their demand.
In the due process, it is also necessary to be mindful of the kind of instrument or platforms peddling fake and dubious methods to earn online that you opt to stay away from.
Let’s look at some of the best online income strategies that you need to explore in 2020.
For the one who has a skill and experience in any particular niche area which is high in demand in the market, freelancing is the best way to start earning online. You can begin to outsource your work without spending any money from your pocket.
Most sought after freelancing works are:
- Content writing
- Graphic designing
- Website development
- Mobile app development
- SEO – Search Engine Optimization
- Architecture service, etc.
There are also other freelancing works other than the ones mentioned above. To get such projects, you need to register and create a profile for yourself on freelance work aggregator websites like Freelancer.com, Upwork.com, Fiverr.com, Indeed.com, etc.
For every successful project completion, depending on the work, you can earn from $10 to $200 or more through these sites.
If your client likes your work, you will most likely be asked to perform subsequent projects. It will increase your client base for regular work.
In the current scenario, the corporate world has learned how to manage the full-time work-from-home structure. So, many companies are trying to outsource tasks that were earlier handled by the internal team. This has opened the floodgates of new freelancing opportunities.
Not just that, now SME businesses are venturing into online mediums to scale up their business revenue, so there is a huge requirement for skilled freelancers in the market.
If you’re one, don’t wait anymore.
Launching Your Own Website or Blog
If you have the right content that you can provide for your website visitors, then launching your website might suit you. You just spend around $100 to launch your own website. After that, you need to publish content regularly that might interest your audience.
Your site can be about anything of your interest, like sports news, product reviews, tech news, personal finance, fashion reviews, etc.
Once you are ready to serve your audience, you can sign up for Google Adsense to generate recurring revenue through your site.
In simple terms, Google will use the advertising space on your site to publish third-party ads; if any of your website visitors clicks on the advertisements, you will earn money.
It is recommended that those who have good knowledge of a specific niche subject or field can start a blog in that field. You may need to work consistently to get things working in your favor.
With consistent work, you may even quit your corporate job and create your own business around it.
Once your website is live and has a set of audience for yourself, you can venture into affiliate marketing. Being an affiliate is like a branding partnership with a company to sell its products or service through your site advertisements and take a commission for every successful transaction.
It is one of the advantages of running a successful website. The more traffic your website has, the more conversions you can make through your site.
We all would have seen the exponential growth of online shopping platforms in the last decade. The industry is said to be still in the growth stage, which gives room for many new e-commerce players in the market.
However, we have market giants like Amazon, Alibaba, and Flipkart, which holds a significant market share, other niche market players like nykaa.com, Purplle.com, lenskart.com, etc.
If you don’t want to create an e-commerce site due to competition, you can always join an existing e-commerce site as a seller. With the right marketing and developing visibility, you can sell your products online.
Let’s say that you’re thinking of starting an online business, but you don’t have a product with you to sell online. At the same time, you are worried that stocking products beforehand and expecting a consumer to buy a product will put you in stress.
Considering all this, you can still create a business online; that’s where the drop shipping comes into the play.
In dropshipping, you can sell the product which you don’t have in your hand.
Let’s put it simply – first, you have to choose the product you want to sell from a supplier (usually a wholesaler or a manufacturer) and list those products on your website at the price range you want to sell. Suppose a customer places the order and makes a payment successfully, you make a profit and place that order at the wholesale price to the supplier who will directly deliver it to the customer.
Google has made data accessibility for anyone and everyone around us. With the range of digital products under its umbrella, the entire world has become its consumer – most of us are consuming digital content via google. Even this article that you’re reading, you would have found only through Google’s search engine.
One of the most popular products of Google is YouTube. YouTube is a video content management platform. Ever since its launch in 2005, video content consumers are increasing across the world. YouTube can be a potential revenue stream for you just by posting video content.
YouTube has given content creators access to launch a free channel on its site and start making videos to generate revenue.
In the present scenario, some YouTube content creators who are creating content for the past few years are earning well online.
During this lockdown, people have started considering YouTube as an excellent medium to make a secondary income.
Are you thinking of starting a podcast on Spotify or other mediums? Or do you already have a podcast and are looking at ways to earn money using it?
Then you are in the right direction to leverage on this trending audio medium. Increasing your user base is the first step.
Once you have your own audience, you can monetize with it by getting sponsors and advertising for your podcasts. You can also produce premium content to generate revenue.
With the surge in the penetration of social media platforms like Facebook, Instagram, etc., people who use it are always looking out for exciting content and content creators to follow. They want to know what they are posting each day on their page. The person with more followers become an influencer of his audience.
In that case, when an influencer endorses a brand or a product, the product gets noticed by his followers. And, people tend to purchase due to their influence on their followers.
If you have a massive following on any social media platform, why wait? You can make an earning out of it.
It is the most popular marketing method where businesses engage with influencers to engage with the audiences.
Virtual Assistant is an evolving role where a person assists in doing all the corporate administrative work remotely. This role mainly deals with answering phone calls, e-mails, maintaining the daily task data, scheduling meeting appointments, bookkeeping, event planning, etc.
This VA assistant service is often used by entrepreneurs who are busy and want a person to maintain their daily task sheet and keep it updated.
Becoming a virtual assistant requires some degree of training, and briefing will be given at the initial stage. This role requires you to work with top officials of a company.
If you are willing to provide virtual assistant service, you can sign up with the sites like freelancer.com, Upwork, Flexjobs, etc.
Providing Online Tutor Service or Courses
We all go to school and college where the lecturers take classes on each subject, but we may need someone away from the school system to give more clarity on a specific concept or topic and clarify our doubts. So, we all would have experienced going to tuition centers after our school hours.
Now, with easy accessibility to the internet, the same system has gone digital.
It is not just for school and college students. Even many of those preparing for competitive exams are using this online tutor service and taking up online courses from experts.
It enables every student to gain rightful access to expert guidance whenever and wherever they need.
Some of the significant online course providers are Unacademy, Whitehat Jr., Vedantu, etc.
If you strongly believe you are good at a particular subject and ready to make a difference in students’ lives and, at the same time, prepared to make a living by teaching, you must do it.
Online Tax Filing Service
If you have filed taxes before online, you know that it’s not an easy job. It is one of the critical things every citizen of their country have to do each year. Be it direct tax or indirect tax, it is always essential to stay compliant with the local norms.
Many business people still find it challenging to manage the process of filing taxes on their own. Big corporations have their own internal finance team to take care of this for them. But most medium and small businesses are still not familiar with the overall tax filing structure. They most often make mistakes while doing it for themselves and end up paying substantial fines. So being a tax consultant for those in need will make their business life better, and you can get paid a fair fee for your service.
If you are good with the tax filing work, people are looking out for you. Put your skill to use.
English is one of the world’s most commonly used languages, but not all countries communicate in it. Still, there are so much scientific research, literature, and other works documented in different languages with minimal native speakers.
In order to communicate such work and reach a broader audience, it is important to be translated into other languages or vice-versa.
It allows someone who knows multiple languages to leverage his language skill to make a good living.
For example, if a person knows English, German, and French, he or she can make a good living out of it by being an official translator.
Those who can read, write, and speak English along with any one of these languages – German, French, Arabic, Finnish, Hindi, and Mandarin, there is a considerable need for such people in the market. It is a never-ending requirement across the globe.
You have now learned the 12 best strategies to earn online, which are 100% legitimate. If you have a passion for doing it and commit to staying focused on this journey, you will be the next big inspiration for others.
In the digital era, opportunity doesn’t knock the door; it’s right at your palm. Don’t wait further; it’s time for you to do what you want.