Either you are an aspiring student or a corporate refugee then starting an online business may offer you with the much-needed financial support. The global economic recession laid some chronic effects within the corporate sector resulting into corporate demise & major redundancies, meanwhile leaving no space to accommodate fresh graduates.
The severe financial constraints and the declining living standards often leave aspiring graduates & entrepreneurs in dismay. Starting an internet business is feasible especially during the times of recession where the downturn in job market has no mercy for skilled professionals.
To grab the attractive financial rewards promised by an online business, you need dedication, originality, competence, diligence and input of substantial efforts to make handsome amount of money online.
Four best ways to make money online
Although internet is swamped with enormous legal opportunities to make money but like an offline business an entrepreneur needs to be frugal and proactive when making business decisions or expending resources. Here are four reliable options to legally make money online.
1. Work as a Freelancer
If you are looking for a recession proof way to make money online then you need to choose freelancing as a career. For those who don’t know, freelancing is much like a self-employed skilled profession. Freelancer is a skilled professional that has no association to a specific company/organization and earns money by offering his services upon direct contract with a client.
The advantages of working as a freelancer is the freedom to choose between variety of online internet jobs. You need to place bid on different projects posted by potential clients and once you manage to get your first contract things will start getting smooth. When you complete your project you get paid through various means like wire transfer, paypal or payoneer.
In order to begin freelancing you need to set up an account on online freelancing websites, choose your exiting domain expertise or learn a new skill. The possible domains in which you could work as a freelancer are Content Writing, Animation, Web Designing, Web Development, Data Entry, Virtual Assistant, Accounting, Financial Analyst and Legal Consultation etc. As a freelancer you could offer services on various online websites that act as an intermediary between potential clients and service providers. There are quite a few websites that connect freelancers to clients some of the most popular ones are Upwork, Guru & Freelancer.
2. Sell Customized Software’s or eBooks
Selling customized, useful and informative stuff over the internet is an effective way to make money online which requires some serious effort during the product development phase but once product gets ready you are on the track to earn revenue for the upcoming years. Developing customized software’s, applications, themes and writing eBooks is essential for an entrepreneur running an online business. If people find your product useful then they will be happier to purchase it for a reasonable price. Online marketplaces like Amazon and eBay have millions of potential customer’s that might be interested in purchasing your product.
One of the issues is the piracy, you have to combat piracy by reviewing Google Search Results on a monthly basis to make sure nobody is selling a pirated version of your product at a discounted price or throwing as a free giveaway.
3. Monetize a Blog
Developing and monetizing a useful blog is one of the most saturated areas of earning revenue. Webmasters earn money by creating content rich websites that offer user’s with the desired information and adverts are displayed on a websites much like in a newspaper. Earning through displaying ads on a website is considered to be a hassle free way of making money online where you are the vendor and advertising platforms are your customers. You have to comply with the policy of advertising companies and in return they provide you with a major share of revenue generated through adverts served upon your website. The possible top notch advertising platforms are Google Adsense, BuySellAds and Media.net. If you are to boost your earnings you have to increase the volume of organic and targeted traffic that requires knowledge about SEO/SEM techniques.
4. Affiliate Marketing
Affiliate marketing is another lucrative option for entrepreneurs to make some serious money online. Affiliate marketing is concerned with the promotion of various products to potential customers and in reward earns the marketer a guaranteed share of the total sales price. Marketing agents build mailing lists, produce targeted niche websites, create relevant social media presence like Facebook fan pages to convince customers in purchasing a product. One of the best websites to find promotional products is ClickBank. Overall affiliate marketing is not a hard nut to crack but innovation is required to attract customer(s) attention.
If you are serious about making a living out of an online business then working as a freelancer, affiliate marketing, monetizing a website or selling self-made products may allow you to make handsome amount of money online but remember “Don’t put all your eggs in one basket”. You have to work on multiple boards and create a diversified business portfolio so that scarcity in available jobs or market downturn does not leave a drastic impact on your online income.