While the notion of remote working may be synonymous with the coronavirus, the pandemic actually accelerated a trend that has been evident for years now.
What’s more, the socio-economic impact of the pandemic has also compelled many people to seek out additional sources of income, with approximately 48% of gig economy members working full-time.
But what are the best and easiest ways of making money online? Here are some ideas to keep in mind:
#1. Trading and Investing
Let’s start with the basics; trading and investment vehicles represent the best online money-making methods if you’re looking to create a passive stream of income.
In terms of the former, options such as forex trading enable you to access derivative and speculative assets that make it possible to profit even as the value of the underlying instrument depreciates.
As a result, you can take short or long positions based on your analysis of the forex and similar markets, while using strategies such as scalping to capitalise on short-term fluctuations in the sector.
Investment typically refers to the procurement of assets that provide secure stores of wealth, such as gold or stocks. A popular option is to buy and hold an equity as its price appreciates, before selling this and realising a profit.
#2. Blogging
While the halcyon days of blogging may well have been during the noughties and at the beginning of the digital age, it’s still possible to generate impressive and passive income streams through this type of vehicle.
To blog successfully, you’ll first need to identify a viable passion or area of expertise, which can be used as a base to drive content and create a blog that people want to read and subscribe to over time.
In terms of monetisation, successful blogs can use targeted and relevant ads to create a steady stream of income time.
Similarly, you may be able to sell guest post spaces to similarly authoritative voices within your chosen niche, leveraging a flat fee while adding value to the experience of your readers.
#3. Sell Items Online and Engage in Dropshipping
Let’s face facts; selling unwanted items online is one of the oldest and best ways of generating cash, with online marketplaces like Amazon and Ebay connecting millions of buyers and vendors from across the globe.
Pricing is key, of course, as while you want to either generate a profit or charge a fair premium for your goods, you’ll need to provide buyers with a potential bargain and set prices that the market can bear.
As the market has evolved, we’ve also seen money-making options like dropshipping emerge. In this instance, you’ll purchase in-demand goods online and at wholesale prices, before selling these on at retail prices and shipping these directly to customers.
You’ll bank the difference between these two prices as profit, usually boosting your income by completing a high volume of orders.
Ingrid Maldine is a business writer, editor and management consultant with extensive experience writing and consulting for both start-ups and long established companies. She has ten years management and leadership experience gained at BSkyB in London and Viva Travel Guides in Quito, Ecuador, giving her a depth of insight into innovation in international business. With an MBA from the University of Hull and many years of experience running her own business consultancy, Ingrid’s background allows her to connect with a diverse range of clients, including cutting edge technology and web-based start-ups but also multinationals in need of assistance. Ingrid has played a defining role in shaping organizational strategy for a wide range of different organizations, including for-profit, NGOs and charities. Ingrid has also served on the Board of Directors for the South American Explorers Club in Quito, Ecuador.
