Supplementing our salaries is no longer an option for the majority of us. The headlines blast the news—78% of Americans are living paycheck to paycheck. People cannot make ends meet. Even people making dream salaries are broke at the end of the month. This is why making money online has become so popular.
The Gig Economy
In a previous post, we talked about how to get going in the gig economy. The side hustle, as it is known, has become the new reality for many people struggling to make ends meet. One can try to live on less. But the truth is, even with a well-thought-out budget and good fiscal management, expenses can still exceed income. And, then there are those unexpected events that always arrive at the worse time. At the end of the month, you have no money to put toward retirement, education, a house, car, vacation, or any of your financial goals.
We live in a Digital World
Fortunately, the digital world gives us ways to make money online and a lot of people are doing just that. This reality is a plus and a minus—the channels of success are established but the field is crowded. So, first of all, some words of caution. Ignore all those stories you see, such as “I’m making $1M a year from my blog.” While that person may indeed be making this amount of money, it did not come easily nor rapidly. Making money online is not a passive undertaking. It requires effort and dedication. Nevertheless, you can be successful and possibly earn enough to quit your day job.
Armed with this dose of reality, let’s take a look at the most established and successful channels for making money online.
Blogging has an established record of success. This does not make it an easy path, though. First of all, you need to enjoy writing and have the ability to convey concepts and thoughts in a way that is not only factual but trendy and engaging. In order to build a significant blog presence, which you need if your goal is to make money, you should plan to write at least one blog article every day. The results will not be instantaneous. It can take as long as a year of daily blogging before you reach the level of followers that will allow you to make money online with your blog. Here are three of the most popular ways to make money from your blog:
- Ads: This is the most basic and least proactive way to make money online from your blog. You sell advertising on your blog and reap the benefits of product sales. You can sign up through platforms such as Media.net or Google AdSense. Important tip: you will only be successful if you have thousands of followers on your blog.
- Affiliate Marketing: Affiliate marketing is probably one of the most prevalent strategies used today. It can be utilized on all of your social media channels, not just your blog. Affiliate marketing means that you are marketing the products or services of others. Once you have established a sizeable following on your blog, you can create an affiliate marketing niche and then begin to market products and services. When a visitor clicks on the ad to purchase the product or service, he or she is redirected to the vendor. Once the sale is completed, you receive a commission on the sale. Platforms such as Amazon.com, CJ Affiliate, and FlexOffers, will help you get started.
- “Members Only” Page: This is a special portal you set up that requires a paid subscription. You post original and exclusive content on the members only page. Your content needs to be something special that cannot be found elsewhere on the internet. For instance, maybe your blog niche is catered toward business consulting. In your “members only” portal you would provide your own tips on how to start a business, marketing, product launch, or other business-related topics.
Everyone is on Facebook, right? In fact, according to research, there are 1.94 billion active Facebook users, sharing trillions of bits of data every day. If you are a regular Facebook user, then you are well on your way to making money online through this global platform.
You can conduct affiliate marketing on your Facebook page too. If you have a service or product of your own, you can score some extra money by using the Facebook “Offers” platform. This allows you to offer special sales or discounts on your own services and products, or on your affiliate products. You set a budget, similar to what you would do if you are going to run a targeted ad campaign.
YouTube is the second largest search engine, right after Google. There are people making millions of dollars a year from their YouTube channel, especially teens and millennials. But it is not easy money. If you are short on time, you can take a more passive approach and simply run ads on your YouTube channel. You need to reach 1 million views before you earn substantive ad revenue.
How do you make your YouTube channel stand out in the crowd? Upload video on a regular basis. Be sure your videos are high-quality, which may require you to invest money in a video camera, rather than using your smartphone. Link your YouTube channel to all your social media platforms. Alert all of your subscribers on Facebook, your blog, Twitter, website, etc. every time you upload a new video or go live. In fact, live feeds have become the latest hottest way to exploit your YouTube potential. People love watching a story as it unfolds.
Other than ads, what can you do to make money online with YouTube? You can promote your own service or product. One of the best ways to build subscribers is by producing “how-to” videos. Then work with Yondo to set up an online video store where people can purchase or rent your videos. The revenue you generate is yours. You do not have to share it with YouTube.