Throughout the UK, online businesses have grown in popularity. Not only is it possible to launch an online business due to having access to digital technology, but many people actually prefer to start online businesses. It’s worth pointing out that the International Trade Administration suggested that the United Kingdom, when compared to other major companies, have the highest rate of internet shopping.
In the UK alone, over $3 billion is spent online. It’s no wonder why people love to launch online stores or get into eCommerce. However, there are many other ways to make money online if you are looking for a guide to build your family’s financial future. Let’s go over some of the top ways to do it.
Running a blog is one of the most common ways people make money online. However, simply starting a blog won’t generate a lot of money. You need to go the right way about starting a blog.
The majority of tips out there mention that you should optimize a blog for the search engines, and then use Google AdSense to make money. However, many internet users have ad-blockers, which means they won’t see ads on the blogs they visit. Joining an affiliate program is a great alternative to trying to make money with ads.
Affiliate programs involve giving commissions to websites that have sent traffic to a merchant’s website. Many website owners post links to the products and services they promote. In turn, their visitors might click those links and make a purchase. This means the website owner will receive a commission.
Let’s say you start a blog that focuses on fashion. You can review current trends, discuss clothing pieces and things of that nature. You can join an affiliate program that allows you to promote fashion-related products. Get your brand noticed with Hub Agency. Remember, there are many types of affiliate programs, so take your time to decide which one/ones you should join.
Social trading networks are kind of like Facebook and other types of social media platforms. However, you’ll be connected with other investors. You’ll be able to discuss trading, potential investment opportunities and collaborate with others.
Also, many social trading networks have tools to help you with things like tracking index funds, stocks and cryptocurrencies. Some of the best platforms to join include Robinhood, eToro, FXTM and NAGA. Different platforms have their own pros and cons.
It’s a good idea to compare a few social trading networks before joining one. Look at the features a network has before you decide to use it. A few features a network might have include:
. Demo account
. Commission fees
. Social features
. Copy trading
. Minimum investments
. Legal regulations
It’s important to keep in mind that trading is extremely risky. You should only use money you can actually afford to lose. However, trading can pay off in the long run.
If you don’t want to work online or you don’t have the resources, then consider renting out stuff you own. These days you can rent out just about anything. This includes everything from a toy drone to a spare bedroom to an entire house on Airbnb.
There’s no shortage of stuff you can rent out. In fact, the chances are you have a few things already that you can rent to others. A few examples of what you can rent out include:
. Car- Do you have a car? If so, then rent them out on sites such as HiyaCar and EasyCar. Simply list your car and collect money when someone rents it.
. Space- If you have an apartment, spare bedroom or a spare couch available, then rent it out to people who need somewhere to stay. Airbnb is a great platform to list your space. In fact, the platform is one of the most popular platforms in the industry.
. Items- You can lend your stuff out for a daily fee. Fat Llama is a popular site to list your belongings. The site allows you to rent out everything from birthing pools to cameras.
Just make sure you rent your stuff out in a safe manner. Different sites have different safety recommendations and their own set of terms and conditions. Look over these conditions and recommendations before you join any platform.
Dropshipping is a type of fulfilment option. If you do this, then you won’t actually be storing any products. Instead, people will go to your internet store and make purchases from a third-party. This third-party will be the one fulfilling the order.
Usually, the third-party is a manufacturer or a wholesaler. Also, you don’t need any store space, inventory or employees to get started with dropshipping. You don’t even need a lot of upfront capital, and in some cases no capital at all.
As for what dropshipping entails, the process usually looks like this:
. The dropshipping supplier produce or source the products
. The seller and dropshipping supplier enter into an agreement
. Inventory is stored with the dropshipping supplier
. The seller sets up a webstore or an eCommerce storefront
. Customer places orders via the webstore or eCommerce storefront
. Payments are processed by the seller
. Orders are forwarded to the dropshipping supplier
. Orders are prepared and shipped by the dropshipping supplier
People who want to make money online should consider dropshipping. It’s a great option for those who want low overheads and who don’t want to come up with a lot of startup capital. With dropshipping, you can work anywhere you want. This is another reason it’s a good option for making money online.
However, product quality and shipping speed is out of your control. This falls on the dropshipping supplier. Also, the profit margin is usually not that big.
Writing is one of the most popular ways to make money online. Gone are the days of needing a publisher or an agent to make money off of your written work. Thanks to the internet, you have unlimited opportunities to make money online with writing.
If you want to sell your novel, then you don’t need a publisher or an agent. In fact, aspiring authors can use Amazon to sell their work. Amazon Kindle Direct Publishing, or Amazon KDP for short, offers many benefits to authors. A few of these benefits include:
. In under a few minutes, you can publish your book. It will then appear in Kindle stores around the world within 48 hours.
. You can earn up to 70% in royalties on sales that come from the US, Australia and Canada to name a few.
. You choose how much your work sells for and you retain the rights over your work.
. You can publish paperbacks and Kindle eBooks for free.
Writers can easily publish their work simply by going the self-publishing route. Many self-published writers have had a great deal of success, with some making it onto bestseller lists. Some authors have even turned down traditional book deals.
Maybe writing isn’t for you, and that’s completely fine. You can look into transcribing. You can transcribe audio and video files on a freelance basis. However, many companies directly hire transcribers.
Different companies have different rates of pay. They also have different payment methods and requirements. The chances are there is a company that is suited for you.
Also, some companies do charge fees as part of the application process, but avoid applying for work with these companies. However, some companies charge a fee when they deal with sensitive information. If that’s the case, you might need to pay for a background check to be done.
The best thing about being a copywriter is you don’t need special qualifications. You just need a work ethic and have decent writing skills. Even better, you can be a freelance copywriter.
Generally speaking, copywriting consists of writing marketing or promotional materials that encourages people to take action. This action can be subscribing to an email list, purchasing a product and things of that nature. Content that copywriters create can include adverts, press releases, blog posts, guides, emails and much more.
Most people choose to either work as a freelancer or they land a job or work through an agency. Many agencies take on freelance writers. In most cases, copywriters are either paid by the hour or paid per word. Keep in mind that different agencies have their own rates, payment methods, requirements and so forth.
You might want to join a freelance platform over joining an agency, especially if you’re picky about the type of content you create. Many platforms list the type of content you’re willing to create, as well as the rate you want to be paid. On some platforms, clients post what type of content they need created, and then writers will bid or apply for the the work.
Be mindful that copywriting does require you to produce a lot of content. You’ll also need to do it fast. Don’t worry though because the more you do it, the easier things will get.
Robo-Advisors provide automated financial planning advice with minimum human supervision. Usually, you have to join a platform, which requires you to provide info about your financial goals and your current finances. Once the robo-advisor has the required info, they’ll take your money and invest it for you.
Some of the key benefits of investing via a robo-advisor is it is usually cheaper than going through traditional advisors. Also, robo-advisors tend to focus on reducing your risk, as well as diversifying your portfolio. Not only that, but it doesn’t matter what your financial situation is or what your net worth is, you can work with a robo-advisor.
Wealthfront and Betterment are two popular robo-advisors. E-Trade and M1 Finance are good choices two. Merrill Guided Investing are also popular.
Do you want to invest your money, but without the hassle that comes along with it? If so, then choose a robo-advisor to work with. Just make sure the one you choose has reasonable fees, good security features and provides excellent customer support.
This is an alternative to taking out loans from online lenders or banks. The loans are provided via websites that connect borrowers with investors. Different websites have different rates and terms and conditions in regards to transactions performed on their platforms. Some platforms allow investors to play a role in what the rates will be on the loans.
Upstart and Peerform are popular peer-to-peer platforms. Payoff is another good platform. Finally, Funding Circle is a good choice too.
When you’re an investor on a peer-to-peer lending platform, then you can choose to either fund the entire loan or some of the loan. When payments are made by the borrower, then you will make money from the loan’s interest payments. You can reduce your risk of losing money by diversifying your investment. This can be done by partially funding multiple loans.
Compare a few peer-to-peer lending platforms. Choose one that offers several types of loans. Also, make sure the fees they charge are reasonable.
You need to have an online presence or a decent following to sell sponsored content or guest posts for link building.You can have a popular social media account, a blog or just a YouTube channel that caters to a targeted audience. Generally speaking, you’ll be asked to share specific products, services or content with your audience or followers. You’ll be paid to do so, hence why it’s called sponsored content.
Many companies are pleased for people to just review their services or products, which means you don’t have to act like a pushy salesperson. However, companies will specify what their expectations are of you. Make sure you keep those expectations in mind when you publish sponsor content for companies.
A good place to start with making money selling sponsored content is an influencer network. There are many around. Join a few and they will begin connecting you with companies that are suited for your audience and brand.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence