Internet-Savvy Entrepreneurs’ Secrets to Keep Earning Money Online
Everyone and their neighbor seem to be a small company owner these days. That is not hyperbole. During the pandemic, people in the United States launched 4.4 million new enterprises, according to a study cited in The New York Times. My TikTok ForYouPage (FYP) is inundated with self-described small company entrepreneurs gleefully stating all the reasons why you should ditch the desk and join their be-your-own-boss lifestyle.
And believe me, as someone who is technically an entrepreneur (though I prefer the word “freelancer”), I completely understand. Owning your own business appears to be a dream come true, with the ability to create your own schedule, work from wherever you want, and wear whatever you want. Despite the fact that many #myownboss #entrepreneurs are happy to provide basic tips on “how to make it,” there appears to be a lot of mystery surrounding how online entrepreneurs actually make a living. It also doesn’t help that when you click on their TikTok videos claiming to show you how to do the same, you’re likely to walk away with nothing more than a list of vacuous buzzwords like “drive, ambition, and mindset” and 60 seconds of your time you can’t get back.
While many entrepreneurs would argue that their business is their sole source of income, the truth is that they are most likely receiving money from many sources. In reality, most of the entrepreneurs and creators you see online — whether on Youtube, Tiktok, or Instagram — are likely to make money from at least five distinct sources, if not more. Earning money online from some of these potential sources involves more than simply pure *manifestation* or *hustler mindset,* contrary to what many individuals may lead you to believe on their channels. But that doesn’t rule it out as a possibility. Anyone can start earning money on the internet this week with a little strategic preparation and an internet connection.
Sure, gaining a foothold in the digital economy may necessitate some extra effort up first. However, generating extra revenue sources can undoubtedly assist you in achieving your financial objectives much more quickly, which will ultimately benefit you and your company in the long run.
Continue reading to learn about the tactics used by digital entrepreneurs to make money online and how you can do the same:
Selling products that are primarily digital
As a business owner, developing methods that allow you to make money on a constant basis is far more profitable in the long term than selling an item that gives you a one-time benefit. Selling digital things such as downloadable prints, templates, and worksheets is one of the simplest methods to do this. All you have to do now is design whatever you want to sell, locate a place to host it, and wait for the money to come in.
Uploading designs to companies like Zazzle, Etsy, and RedBubble, which sell customized tangible products showing their work, is another method people make money this way. Creators get a small portion of each sale made with a product using their design on these sites. Even though the profit margin is minimal, the fact that you don’t have to produce any tangible things makes it a very straightforward approach to supplement your income.
Don’t worry if you’re not a professional designer. Artists and creative individuals aren’t the only ones who can make money selling digital things. Almost anything that might be considered a resource to help people improve their lives can be turned into a product. For example, downloadable resume and cover letter templates, as well as productivity worksheets, are examples of items you can build online if you work in the field of career coaching. (I’ve bought a number of them from a variety of small businesses.) If you’re a teacher, you might want to consider contributing worksheets from your classroom. I even know a personal trainer who sells downloaded packets including various fitness programs.
In general, if you can turn it into a picture, you’ve got something worth selling.
Remember that the best thing about digital products is that they exist fully online, so you’ll never have to print a mailing label or worry about running out of stock. In fact, it’s a fairly environmentally friendly method to make money.
Pro-tip: While your product doesn’t have to be directly tied to your business (I know an HR manager who makes money selling Tumblr layouts on the side), selling a design that includes your company’s name or logo is a creative way to market yourself while simultaneously making money.
Starting an online course to generate passive revenue
When you’re a small business owner or freelancer, you probably make the majority of your money from one-off tasks or services for others. This is referred to as active income. You get compensated only when you perform a specific action. When the labor comes to an end, the remuneration comes to an end as well. And, because you only have so many hours in a day to devote to work, earning extra money this way might be really challenging.
But what if there was a method to maintain the money coming in without having to repeat the work? There is: It’s referred to as passive income streams. You can think of it as money you make that isn’t bound to a specific time or job obligation.
Creating paid online courses is one of the most successful ways for businesses to generate passive income today. Course makers on the online course platform Thinkific, for example, are expected to make $550 million in revenue alone in 2021. Another advantage of developing a revenue stream like this, aside from the potential earnings, is that it provides for much more development and flexibility. Unlike traditional one-on-one tutoring, consulting, or coaching sessions, which require you to be present (aka active income) for regular sessions, an online course only requires you to record, film, or type your teaching material once, giving you the opportunity to earn money from different people indefinitely. This means you’ll have more time and energy to devote to your main business while still making a steady income on the side.
And before you say, “But wait, I’m not qualified to teach,” or “I don’t have specialized teaching credentials,” I’ll cut you off. Because teaching does not necessitate a fancy credential from any institution. You only need knowledge, the ability to clearly explain it to others, and a platform. And Thinkific’s all-in-one course platform makes creating and selling your own courses a breeze. No prior knowledge of web design or coding is necessary!
It’s also worth noting that you don’t have to create courses focused on hard skills like mathematics or coding (though if you have a gift for breaking down either of those disciplines into easily consumable chunks for folks like me, I tell you there’s a market for it, and I’m part of it!) If you’re a small business owner or freelancer, chances are you’re well-versed in a variety of industries and abilities. Are you good at resolving conflicts? You could make a course out of it. Are you an expert at inspiring others thanks to your previous experience managing a retail sales team? You may create a course that teaches individuals how to become better coaches. Keep in mind that your hard-won knowledge and experience are significant assets. Why not turn it into something that benefits others while also earning you money?
Organizing virtual events for a select group of people
One of the other tremendous advantages of the internet (and specifically Zoom) is that we can communicate with folks hundreds of kilometers away. It’s the fact that we can pack 100 people into a room without renting any space at all. This offers up a lot of opportunities to make additional money for things that people would have paid for in-person anyhow, such as special speaking events or lectures.
Whether you work in personal finance, wedding planning, or wellness, your immediate and extended networks are likely to connect you with others in your field. Why not get them together for a one-time, paid event where they can network with other like-minded professionals and even share their experience with ambitious persons they can mentor? This is simple to do on Zoom, and you can sell tickets through your own website.
Attendees benefit from the opportunity to network with other like-minded professionals and make new contacts, while you profit from the opportunity to earn extra money and make new connections. Virtual events can also act as fantastic extra bonus material for folks in your course community if you’re already hosting courses online. They can also serve as a teaser for folks who are interested in what you have to offer but haven’t committed to purchasing your courses yet. Hosting an event portrays you as a trustworthy and competent source in your field.
While you don’t have to charge for every event, proving that you know what you’re worth will help people comprehend how valuable what you have to give is.
You also do not need to charge a lot of money. Consider the following scenario: If you charge $7 for each person to attend and 80 people show up, that’s $560 just for you to talk to people. What if 400 people show up? That’s a total of $2800 in your pocket.
Making use of brand alliances
Do you have a website or a blog? What are your social media profiles? Is there any sort of following? Great. You’re a possible partnering candidate. You’ve opened the door for prospective partnerships with our businesses if you’ve developed an online presence for your brand, whether through a blog or social media profiles. For many entrepreneurs, this can be one of the most reliable and profitable sources of income.
You may already be familiar with this as #sponcon, a personal favorite of influencers that takes place every year.