It has never been easier to earn your money online than nowadays. In this post, we will go through easy ways to make money online for beginners in 2023!
Advancing for many years, digitalization has truly transformed our daily lives and now offers us the opportunity to make a living off the internet. People like Adam Enfroy and Melanie Duncan, who both established a 7-figure online business, show us that this does not have to be a small amount but rather has no limit. So there is literally no reason preventing you from starting your online business!
Table of Contents
Types
But which types of online businesses can one start today? Well, you can choose from a whole variety of online businesses!
E-Commerce
The most obvious of which is setting up an E-Commerce. This basically translates to having an online store on which you sell your own products. Whether it’s pants, food, or your self-developed beauty cream, the sky’s the limit for you!
Having to set up your own online store can, indeed, seem a bit overwhelming, but with the help of platforms like Shopify, even toddlers can create their own online shop in minutes. (I know… a bit exaggerated but you get what I mean… It is really simple!) The biggest benefit of having an own online store is certainly independence and flexibility. Thus, you can be your own boss and set your individual rules. Accordingly, the online store owner has the freedom to make their own decisions on product offerings, pricing, marketing strategies, and more! Sounds good right?
Alternatively, you can skip the part of creating your own online store and just sell your products on popular platforms like Amazon, eBay, or Etsy. This, for instance, comes with the sweet benefit of having a lot of traffic (= potential customers), thus a higher chance to sell your products. On the other hand, you have to align with certain rules and pay extra fees to use the platform‘s payment services, too. Ultimately, this choice is a personal one, as some people prefer more individuality while others might enjoy having a payment service setup for them.
Affiliate Marketing
In contrast, the next method does not require you to have your own product. The so-called affiliate marketing refers to people advertising specific products or services of others which thus leads to a purchase. You, the so-called affiliate, then get paid a specific commission.
Setting up your affiliate marketing business is not hard at all. You can break it down into three simple steps: signing up for an affiliate network, choosing a product to advertise, and lastly of course making people buy the product you are promoting.
The commission rate you will ultimately get paid averages around 15% and 25%. However, there are a number of companies that pay a commission anywhere between 50% and 75%. So if you are lucky a product that costs 100$ for customers roughly brings you around 50$ to 75$ right into your bank account. And that’s for each successful purchase. You can potentially make hundreds even thousands of these!
To get the highest commission rates and thus the most money it is essential to choose the right affiliate program. As this is a whole topic in itself, I created another post dedicated to this topic. Just click here to read more.
Dropshipping
This business model was and still is a very popular way of earning money online. Why so?
When it’s done properly dropshipping rewards you with high revenues while not having to have much expertise. Great for beginners! But what is dropshipping?
As a dropshipper, you sell products directly to customers without holding inventory for them. You basically take the role between the supplier and the buyers. The image above visualizes this concept pretty well.
To take a considerable profit home and to keep your customers satisfied it is beneficial to work with a supplier from which you can buy your products at a low price and which can provide short shipping times. For instance, it is quite counterproductive when you can buy a product at low cost but struggle to fulfill your order within 4 weeks. Most certainly your customer will be unsatisfied and probably start refunding the purchases. Doesn`t sound too good, right?
For more information on this topic, I recommend you to read this post. It covers a whole guide on different suppliers for your dropshipping business!
Equally important is a so-called winning product meaning a product that attracts people’s interests. It should preferably solve a problem. Without finding it, a profitable dropshipping business is beyond reach. The most well-known method to detect a winning product is doing your research on social media platforms preferably TikTok. With hashtags like #TikTokMadeMeBuyIt you will get shown a bunch of potential products that evidently satisfied people thus having a greater chance to sell these products yourself.
At this point, it is essential to me to highlight that dropshipping is often portrayed as a get-rich-quick scheme in social media platforms, especially TikTok. Unfortunately, in most cases, this does not apply as it is quite hard to find the ONE winning product. When it comes to dropshipping, finding a profitable product is key to earning high revenues.
But don’t worry, as soon as you find a profitable product dropshipping rewards you with high revenues.
Online Investing
In the realm of online investing, cryptocurrencies like Bitcoin and Ethereum have seen significant increases in value, making them an incredibly lucrative option. Rather than keeping your money in a bank account, you can make it work for you by investing in these digital currencies. It is important to note that investing in cryptocurrency does carry a risk of losing money, so it’s best to only invest money that you can afford to lose.
Equally, engaging in the stock market can be successful too in terms of making money online. Investing in stocks brings you money by buying a small piece of ownership of well-established companies such as Sony and Apple. These companies usually have been around for years and are thus mainly considered stable. But how can investing in stocks make your account balance rise?
Well, you can basically make money off stocks in two ways:
- Through selling: When the company from which you own stocks grows and becomes more successful, the value of your stock may increase. At this point, you can then sell your stock for a considerable profit.
- Through dividends: A number of companies pay their shareholders a portion of their profits as so-called dividends. You can basically compare this to getting a bonus for being a shareholder. Good for you, because dividends offer long-term and regular income for you!
Content Creation
The last – very popular – method I want to present to you in this post is earning money through content creation. By creating and sharing valuable content on a plethora of platforms such as YouTube, Instagram, TikTok, or even on blogs you can showcase your creativity and expertise. The ultimate goal of a content creator is to build a large audience as it allows you to combine several income sources that I mentioned above.
Accordingly, having a vast audience of hundreds of thousands of people you have more than enough traffic to build a highly profitable affiliate marketing business by promoting other people’s products. Or maybe you are so lucky to get sponsorships bringing you a massive income home. Once you reach a certain level of popularity you can also think about launching your own products or even merchandise.
But don’t get me wrong. content creation is not as easy as it might sound. It is crucial to remember that building a large audience and ultimately making money off it takes years of practice and particularly consistency. Also, success in content creation often relies on finding the perfect niche that you are passionate about creating content for and understanding your target audience. Once you constantly improve your content to meet your audience’s needs, success is already guaranteed!
Final Thoughts
As you might guess, there are a myriad of other ways of making a living off the internet. Nevertheless, I hope I could give you an understandable overview of possible online business models you can start without having to have specific expertise. If there is still something that remained unclear, feel free to write your question in the comment section down below!