Identify Ideas and Ways to Make Money Online
Making money starts with knowing what’s out there. The key to success is finding the right work from home job to fit your needs, skills, and preferences. In today’s digital economy, ways to make money online are plentiful. But finding the right business venture to jump into is essential in order to create a business that will be financially successful.
Market demands don’t always align perfectly with your passions and dreams, but they may offer you an opportunity to make money faster. If you can live with this trade-off, then consider the following tips for identifying successful business ideas.
Solve a Vexing Problem for Small Businesses
Profitable businesses often solve problems for consumers by offering a product, service, or expertise. Sometimes, consumers don’t realize they even have a problem until a business pops up ready to solve it. For example, Stitch Fix, a company estimated to be worth $300 million, acts as a personal stylist and ships boxes of clothes and fashion accessories to consumers. This service is a quick solution for consumers who want the services of a personal stylist, who don’t enjoy buying clothing, or who are too busy to shop.
Play Off Emerging Trends and Technologies
You don’t necessarily have to reinvent the wheel. Many startups play off of emerging trends and technologies in the consumer and business markets. Consider all the food (and meal prep/delivery) startups that have sprung out of the organic and natural food movement. When it comes to creating a business, identify the industries that hold your interest. Become a true expert in them by reading relevant blogs, magazines and newsletters. Not only will you be building your knowledge, but also you’ll be able to keep your eye on key trends and new technologies.
Make a Current Product Cheaper or Better
Consider how you can make a popular product or service better (or perhaps sell it for less). This was Apple Inc.’s original secret sauce. For example, Steve Jobs didn’t invent the personal computer or the smartphone, but he saw an opportunity to make those consumer technologies easier and more fun to use.
20 Small Business Ideas to Make Money Online
Not all ideas are the “big idea.” Sometimes, your best business venture is one that works in combination with what you’re already doing. There are increasing numbers of potential small business side hustles that may fit in and around your other work.
- Professional Blogger / Social Media Influencer
- Freelance Writer
- Graphic Designer
- Virtual Assistant
- Online Survey Taker
- Market Researcher
- Proofreader or Translator
- Social Media Manager
- Podcast Producer or Editor
- Travel Agent
- Life Coach
- Jewelry Repair
- Pet Sitter
- At-Home Daycare
- Handmade Product Seller
- Food Deliverer
- House Cleaner
- Professional Organizer
Although it’s easy to envision working from home on your blog or online business, setting yourself up for success will take some work.
Bloggers and business owners looking to establish themselves online will need to have strong content writing skills, technical skills for running a website, search engine optimization (SEO) skills, social media skills, networking skills, photo editing skills, and marketing skills. E-commerce retailers will also need to manage inventory and invoicing for their website.
Consider taking an online course or finding a company that will pay for you to work from home first. This will allow you to dip your toes into the online space before diving into it headfirst. Or start your new business as a side hustle. Not only will this create multiple streams of income, it will allow you to continue earning money consistently while you get your online business off the ground.
3 Passive Ways to Make Money from Home
For those in need of (or who desire) more money, working longer hours at their full-time job may seem like the only option, but it’s not. Adding some passive income can supplement active income when needed.
Passive income involves making money without being actively involved in the money making process. This includes money made from a rental property, limited partnership, or other undertaking that doesn’t require your active participation. In contrast, active income involves the money made after providing a service. This includes wages, tips, and salaries from employment. (This means that your full-time job is considered active income.)
Some ways to make money from home include:
- Investing in Real Estate: Renting real estate to tenants can bring in revenue without much effort. You also can rent a room or extra space in your own home. (Airbnb is a great option for this.)
- Peer-to-peer Lending: Banks give out loans because they can make a profit on them. If you have the money to lend, consider doing so via a peer-to-peer lending platform, to turn a higher profit in the long run.
- Investing in Dividend Growth Stock: These stocks pay a dividend and have a strong history of growth, making investing a good option for making money.
Ensure Working from Home is Right for You
Starting a business that allows for ways to make money from home is more achievable than ever. This is largely due to technology like Skype and Slack that provide the tools necessary to make remote work effective.
The internet is built for convenience. People no longer have to commute to the same building for work every day. Employees can log in remotely from virtually anywhere on the globe and work successfully. This means that anyone has the opportunity to make a steady income from wherever they are. All you need is an internet connection, a computer, and an idea of how to pursue a number of internet-based jobs.
Advantages of working from home include:
- Saving time during the day
- Having a more flexible schedule
- Decreasing travel time
- Encountering fewer office distractions.
However, there can be disadvantages, as well. These include:
- Trouble balancing work and home life
- Interruptions from family members
- Missing out on the camaraderie with coworkers
- Having less communication with your team
- Being too comfortable at home to produce
As an individual, you will need to evaluate ways to make money from home and whether remote work—which may be made up of a combination of freelance gigs—is right for you.