It comes down to knowing your market and its potential before you get started. If you don’t know what is possible, or overestimate the actual return, you can spend years learning how wrong your early decisions were. That’s because you will have some encouraging success early on only to wake up later and realize it’s not what you want, and that you aren’t going to get there without painful and expensive (in time and money) changes. Changes, that with good, deep research, could have been avoided.
If you have nothing of value to sell from home then retail arbitrage might be a better option for you. Many people partake in arbitrage to earn a little extra money, and for some it has even become their full-time job. Retail arbitrage is the buying of goods at a low price and then selling them on a different platform at a higher price. Sales in shops provide ideal opportunities to pick up products for next to nothing. These can then be sold on eBay or Amazon for higher amounts, making you a nice profit.
Writing copy for websites is another great freelancing option for those who have a way with words. Copywriting can involve writing the text for websites, press releases, promotional offline materials including leaflets and brochures, and any other professional text for businesses. Writing copy can be better paid than blog writing. However, clients can be more fussy, as they want the highest quality writing for the forefront of their website or advertising campaigns. Many freelance writers offer both copywriting and blog writing amongst their services. This can be a good way to juggle regular but lower paid clients (blogging) with the higher paid but ad-hoc project based copy work.
Learning doesn’t stop in any form of education, research, and business. It keeps on going. What you need to do is, do not stop learning. Once you think you know everything, the thirst of learning something new decreases and you might lose a few chances to get to know something new. It could be online articles, books, research papers, and even web surfing.
Once you have your market, decide on your sub-market. For example, if you're in the wealth market, your sub-market could be passive income. It could be flipping real estate contracts. And so on. Your sub-market is going to define your voice. What will you speak about? What will you preach? If it's health, your sub-market might be personal development or weight loss or something else.
It was a nice chat, until I started asking too many questions. After I requested proof of the $84,000 transaction, they became testy. It only got worse from there. When I reached out to them for a follow-up chat, a representative told me that they “felt the tone of the conversation was borderline disrespectful,” and that future interviews were out of the question.
If you're looking to address some immediate financial needs, then the app economy is likely right for you. Thanks to the global sharing phenomenon, launched in part by our smartphones and ever-burgeoning global connectivity, you could easily opt for some quick active income by using well-known apps. From ride sharing to deliveries and even quick tasks, there's an app for that today, as the saying goes.
Then there are those who are just lucky. Back in college, I had a friend who convinced me to get into investing in the stock market. They had put $1,800 into a penny stock and from one day to the next, it increased in value (luckily) from $1,800 to $25,000. When I heard about that, I could not believe my ears. I decided to take $4,800 of my tuition money and invested into stock. I remember the value of my stock fluctuating between $4,200 and $5,400 a few times.
No matter what method you select for generating your online income, there's one very important thing to understand. Today, across this globe, with its 7+ billion inhabitants, there are two recurring things that people are looking for more of. Either people want more time or they want more money. The truth? Time is far more valuable than money. You can't recreate time. Once it's spent, it's gone forever. Not money.
High-ticket consulting or coaching: You could sell your own high-ticket consulting or coaching products from your website. You'll still need a website, merchant account, sales funnel, lead magnet and many other items. But you can easily earn a substantial amount of money from each individual customer, making it well worth the arduous setup required.