The Game of Numbers
7 Ways to Make Money Online in 2024
1. Start a Blog
- They will come if you build it. Maybe, but most likely not. Around 600 million of the world’s nearly 2 billion websites are blogs.
- People want to know about your life, problems, opinions, and so on. That’s not the point of social media. To make money from your blog, it must add value to the lives of others.
- You can earn money by writing blogs about your area of expertise. While this is true, some blogging niches are more successful than others. Finance-related blogs, for example, are easier to monetize than personal relationship blogs.
- Blogging can earn you $100,000 per year. Only about 5% of bloggers make a living solely from their blogs. Given the much higher number of blogs, that figure will almost certainly be much lower in 2021.
The truth about blogging:
If you want to earn money blogging, you must approach it as a serious business. However, because it will not generate immediate revenue, you can start it as a side hustle. You’ll need to work nights and weekends before earning even a few dollars, and there’s no guarantee you’ll ever do so.
Due to the time and effort involved, you’ll need to be committed to your blogging topic. It will be long-term labor of love. And even if it does generate revenue, it will be in the form of a trickle. You may have to wait several years before earning even $1,000 per month.
You’ll spend 50% of your time developing and creating content for your website. Then you’ll use the other time to market your blog. That will require using social media, establishing links with other blogs in your niche, and gradually growing an email list of several thousand willing readers.
2. Build an Online Store
- Online stores are one of the simplest methods of earning money. Not only are there up to 24 million online retailers, but you’ll also be up against industry heavyweights such as Amazon, Walmart, and Target. That will not be easy.
- Online stores are ideal sources of passive income. This is no longer true, given the level of competition. It is only possible if you have a truly unique product. And even then, it is almost certainly only temporary. Additionally, the income is not entirely passive. You’ll need to be engaged and active daily to promote your store.
- Take an online course to learn how to create an online store. This claim contains some truth, but it is largely a myth. A course can provide you with the fundamental framework and explain what the course creator accomplished. However, it is not guaranteed to work for you.
3. Start a YouTube Channel
Popular misconceptions about making money on YouTube:
- Individuals are earning millions of dollars on YouTube. This is partially true – at least a few hundred are. However, the overwhelming majority earn little or nothing. According to this article on Inc.com, even YouTubers with 1.4 million monthly views earn less than $17,000 per year.
- It’s simple to find YouTube topics. This is partially true. You can find them by looking at what other YouTube channels are doing well. However, because everyone else is looking in the same direction, competition will be fierce.
- You only need one or two viral videos to get started. While this may be true, there are a few flaws. To begin, viral video creation is difficult. You’ll be up against 31 million other YouTube channels. Second, success with one viral video does not guarantee success with subsequent ones. Thirdly, you are only as good as your most recent video. While a viral video may catapult you to the top, it will not keep you there.
The truth about making money on YouTube:
Making money on YouTube was simpler a decade ago when there were fewer YouTube channels and videos. However, both of these numbers have increased dramatically in recent years, making it much more difficult to gain attention, let alone earn money.
While expertise is important when it comes to YouTube, marketing abilities take precedence. Each video you create will require promotion. Even if you are proficient at this, many will fail to garner any attention.
Additionally, you’ll need to create highly entertaining professional videos. True, people visit YouTube in search of information. However, entertainment is a more significant factor. The more entertaining a video is, the more it contributes to your celebrity status, another necessary component of YouTube’s success.
See Also: How to Start a Profitable YouTube Channel from Scratch in 2023
4. Become a Freelance Writer
Popular misconceptions about freelance writing:
- There are countless opportunities for online writing. Only profitable websites and blogs provide opportunities, and they are limited to specific niche topics.
- If you’re a competent writer, you can earn six figures. There are almost certainly thousands of freelance writers online, and the majority earn less than a few hundred dollars per month. Only a small percentage earn six figures.
- It’s simple to locate clients. It is possible, but only for established writers who are frequently published on well-known websites.
- You must hold a degree in journalism. Nope, all you need is the ability to write compelling content about topics that people want to read.
The truth about earning money as a freelance writer:
There is an abundance of writing opportunities available on the internet. Only profitable websites and blogs, and only in specific niches, provide opportunities.
If you’re a good writer, you can earn six figures. Thousands of freelance writers work online, with the majority earning only a few hundred dollars per month. Only a small percentage of people make six figures.
Clients are easy to come by. It can be, but only for well-known authors who are frequently published on well-known websites.
You must major in journalism. No, all you need is the ability to write engaging content on topics that people are interested in.
5. Find Other Freelancing Jobs
- Everyone can be a graphic designer, a virtual assistant, a video editor, and so on. Everyone can try. Make sure that you have a lot of skills and training before you can do well in your job Many times, you’ll need to show off your work online or show off your references to get a job.
- Platforms like UpWork, Fiverr, and Freelancer are sure to help you make money. People can and do make money on these platforms, but there is a lot of competition for good work and it’s often a race to the bottom, with beginners cutting their prices just to get some work.
- There is a lot of work to be done. True, there is a lot of work out there. There are also a lot of people competing to get that job, too.
The truth about making money online by freelancing:
6. Write an eBook or Online Course
Popular misconceptions about making money with eBooks and online courses:
- You can write an ebook or teach an online class on any subject you know a lot about. But that doesn’t mean it will make money. Even if you’re an expert in your field, there are a lot of other people out there competing for your business. The most important thing is to have good marketing skills and to get your business out there.
- You can make money without having to do anything. An ebook or online course is a great way to make money. In that case, that’s true. You’ll have to come up with a new book or course even if the party is going well.
- There is a huge market for ebooks and online courses. Not so. The public can only buy so many ebooks before they run out. As with online courses, the same thing is true.
The Truth About Writing Ebooks and Online Courses:
Writing an ebook or making an online course is only about 20% or 30% of the battle. The rest of the time, 70% to 80% of it will be spent marketing your e-book or online course. This is going to take a lot of time, effort, and even money, but it will be worth it.
Affiliate marketing is one of the best ways for people to talk about and sell both. Then you put your ebook or online course on their websites and blogs. They’ll get a cut of each sale.
That way, you won’t have to pay a lot of money for marketing right away. The affiliate sites might get a cut of the sale price, but you might also have to pay them 50 percent or more.
In your main job, you’ll have to find affiliate sites and keep adding more and more sites. This is because affiliate posts go out of date after a few weeks. The sales will keep coming in if you keep adding new sites.
7. Start a Side Hustle (One or more of the above)
Popular misconceptions about side hustle:
- Make money while you’re not at work. This is possible, but it is dependent on how much free time you have and what else you have going on in your life.
- Full-time jobs are more difficult than side hustles. Perhaps once it’s up and running, but there’s still the launch phase to deal with (see the next section). It will take a lot of time and very little money.
- Almost any business venture can be turned into a money-making opportunity. That is only theoretically correct. In reality, people will pay more for some services than for others, and they will pay nothing for many more.
- A side hustle can easily turn into a six-figure income. This is the biggest myth of them all, but it’s a great marketing ploy. Only a few side hustles and a small number of people are capable of generating that kind of income.
The Truth About Hustle:
A full-time income from a side hustle is the dream. It’s possible, and it’s been done before. However, because of the significant upfront effort required, many people never make any money from a side business. When they realize how much time and effort it will take, they give up.
If a side hustle becomes a full-time job, it’s almost certainly because it requires full-time effort. Most people are unwilling to do so in addition to their regular jobs.
Also Read: Crypto: How to Keep Your Digital Assets & Wallets Safe
What’s the Truth About Making Money Online
Final Thoughts
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