If you don’t have an online business then this is the perfect time to think about it. Since the beginning of the COVID-19 pandemic, a lot of people are looking for ways to earn money online. As someone once said, the best way to retire early is to have a business that would earn you money even while you are asleep.
These are top 7 recommendations to earn money online in 2020.
- Affiliate Marketing
- Sell Photos Online
- Become an Audiobook Narrator
- Online Courses
- Peer-to-Peer Lending
Blogging has been one of the most common and effective ways to earn money online. Find your niche and start writing. Food, personal finance, health, and beauty are some of the most searched blogs in 2020. Research the trending topics on the internet. SEMrush, Ahref, and Ubbersuggest are few good resources for keyword planning and selecting the topics to write.
You can create your own blogging website in less than a day using WordPress, Wix, or other such platforms. Use GoDaddy or Namecheap to get your domain name and hosting server. If you are new to website building then their customer service team could help you with the installation.
Once you are ready with your blogging website then you can start ads on your website. GoogleAdsense is the most popular platform to earn money online with a blogging website.
2. Affiliate Marketing
Affiliate marketing is one of the most profitable sources of online income. In this, you partner with few brands or businesses to drive traffic to their website that will result in a purchase within a specific time period. To drive more purchase driven clicks, you may want to partner with products that are related to your blogging website.
Amazon Associates is one of the most famous affiliates marketing platforms. With Amazon Associates, you could earn up to 10% of the qualifying product sale. ShareASale is another platform catering to a lot of vendors. Shopify, Rakuten, and eBay Partners are a few other options worth exploring.
3. Sell Photos Online
Instagram and Facebook are two famous platforms where people share their pictures almost every day. Only a few know that there are other good platforms where you can get paid for submitting high-quality images. Getty Images, Shutterstock and Adobe Stock are some of the high paying platforms where earnings could depend on the number of downloads.
You can earn up to 33% commission whenever someone purchases your content. So next time when you click a picture with your DSLR, check if you can qualify to be a contributor on these platforms and earn money online.
4. Become an Audiobook Narrator
With the fast-paced life and the growing digitization, people are unable to find enough time to read books. Nowadays people prefer to listen to audiobooks while driving or before sleep with eyes closed. The increasing popularity of Audible supports this statement.
If you think you have a good voice then try connecting with Audible or other audiobook creators. There are multiple tutorials on creating your home recording setup. Typically, you would require a good voice-over microphone and recording software (Garageband is a free MacBook software). This may not be the easiest option to earn money online but this side-hustle may lead you to some fame in the long run.
Not sure how the founder of YouTube came with this idea but this platform provided job and fame to thousands of hidden talented people across the globe. As there are already so many people who have been making YouTube videos for more than 10 years so you may think you are late to the party. However, if you think you can record good content and stay consistent for almost a year then it’s worth going this route.
YouTube requires your channel to have at least 1,000 subscribers and 4,000 hours of views in the last 365 days before you could start monetizing. Patience and persistence must be your best friends if you are planning to earn money online on YouTube.
According to a few YouTubers, you could earn from $70,000 to $500,000 per year if you have 500,000 subscribers and 300,000 views per video and you are making one video every two weeks on average. Since YouTube keeps changing it’s monetizing policy so think thoroughly before changing YouTube from a side-hustle to a full-time job.
6. Online Courses
If you have a skill that you think can benefit others then consider setting up an online course. Although YouTube is a great platform, there could be other comparatively easier ways to earn money online. Udemy, Kajabi, Teachable, and ClickFunnels are few great platforms for turning your passion into a profession. You could create subscription-based teaching courses.
7. Peer-to-Peer Lending
This is not so popular but could be a great source of passive income. There are many platforms where you could lend money to other people and earn fees and interest on the loan. Keep in mind, a lot of scammers could be waiting to get your money so make sure you do thorough research before lending money. It’s equally important to check that the platform is legal in your country. LendingClub, UpStart, and Peerform are a few platforms that you may want to explore. Make sure to consult with your financial and tax advisor before investing here.
Let us know if you know of any other easy way to earn money online.