In this article, we’ll look at:
- 5 ways to make more money.
- How you make them actually work (This is more important the 5 ways!).
- What you don’t need!
First, we’re going to look at 5 ways to make more money.
5 Ways to Make More Money
These are all online enterprises.
Mostly, they require zero start up investment. But, they require effort (see below).
These are serious ways to make money.
In no particular order…
1. Sell on eBay and Amazon etc.
I put the etc. there as there are lots of other marketplaces available. There’s no point in listing them here, it’s just that eBay and Amazon are the two best known examples. Plus, they are pretty much available globally.
There may be other options that suit you better, and you are free to explore those.
The business premise though is the same. Sell your stuff.
Now, I don’t know your personal circumstances, but I am sure you have something to sell. The most obvious things would be old clothes or books, but you probably have other possibilities like furniture.
Whatever you can find, sign up for eBay and put it up for auction. It’s that simple and that is how it starts. From there you will get an idea of how to run a business and you will get experience of the logistics.
To take it to the next level you can find out what is popular, what is selling, and source those products to sell. That’s a business right there that you can scale up as you go.
All it takes is for you to start.
2. Build a Website
Entry into the world of making money off the internet is easy these days. Anyone can start a blog or website for free if they want to.
Once you have an online presence then there are numerous things you can do to generate income. The simplest ways to do it are probably with advertising or selling products for someone else as an affiliate.
Advertising – All you need is some content. If you can write about something that people are interested in then you can place related advertisements alongside the content.
Your website visitors will read your content and then may click on a related advertisement.
The most obvious way to do this is with Adsense. It’s about as hands off as you can get. But again, there are other options that you may move into as you build your site.
Selling as an Affiliate – This is where you essentially act as a salesperson for a product or service.
When someone buys something, they more often than not research before they purchase. That is why writing reviews of products will always be a good money earner. That information is exactly what potential buyers are looking for.
All you need to do is find out what people want to buy, and then place yourself between them and the seller.
Note: Going the free website route is not really advised for a number of reasons that are outside the scope of this article. But, you can start off with a free site and migrate to your own site at a later date… if you want to do that.
If you have skills that people need then you can make money as a freelancer.
These sites list thousands of work opportunities for anything from software development to graphic design.
They mostly work on a bidding system. You browse the jobs to find something that you want to do. Then you post a bid of how much you will do the work for. If the provider accepts your bid, you get to do the work… simple.
You can also advertise yourself on these sites by putting up your resume.
There’s also the option of Fiverr. There you can advertise your services for the starting price of five dollars. You can offer to do anything such as:
- Voice over work.
- Video creation.
- Article writing.
It’s only limited by what people want… and they sometimes want wacky things!
4. Sell Information Products
You can turn your knowledge into cash by writing an ebook.
If you can explain “how to” do something, then there is a good chance that someone will pay for that information. Using free tools you can easily create and package your information into a saleable item.
By using your time and energy you research the issue, so other people don’t have to.
Because you are doing the research for them, people will pay for the information.
It’s not a crazy idea. Magazines and book etc. have been selling information for years in physical form.
But with digital information, you only need to create the product once. After that, you can sell it over and over.
You can use the services of Amazon or similar (see number 1) as a platform to sell your product. Or you can sell from your own website (see number 2).
5. Use Social Media
I’ve included this as I think it’s sufficiently different from the other ideas. It’s still working online, but in a different form.
(Building a website, selling ebooks etc. for a large part will involve written content. Sure you can mix it up with other forms of media, but at the heart of it is the written word.)
For those of you that prefer more visual forms, then you have YouTube and Instagram. Whatever genre of content you provide, if you can build a following, then there is the potential to make big bucks.
You can use social media to drive traffic to your other offers, but it can also be used in a stand alone capacity.
What this means is people follow your social media simply to consume whatever videos etc. you produce. You make your money from advertising, meaning the business side of it is potentially hands off.
It’s possible… but it’s not easy. Definitely not for everyone, but it is an option.
There you have it. Five ways.
Now, for what REALLY matters…
The Key Point to Making These Things Work is Value
The word to keep in mind when you need to make money is “value”.
This is how people make more money.
You need to be offering value in some form or another to get people to hand over their cash.
Now, for most people, their value comes in the form of their labour.
At the most basic level they provide their physical strength (digging holes) or presence (factory packing) to a company that requires it. Then the company compensates them for their efforts.
(Even a person in this situation could most likely find some ways to earn extra cash. They probably have more time and energy to give.)
There is an obvious limit to this though, as at some point you will reach your physical limit, and that is where you will have maxed out your earning potential.
You Need Skills to Pay the Bills
If you are going to sell your labour, it makes sense to become skilled in something, so you have more value in the market place.
Train to be a:
You will be able to make more money, as you have the skills to do something that other people cannot. Bingo!
The trade you choose to learn depends on the market and your aptitude. You need to do something that is actually in demand.
(You may want to be a piano tuner… but if people don’t have so many pianos that sound bad, then you may struggle to put bread on the table.)
And it makes sense to do something that you like doing.
There may be a shortage of nurses… but if you don’t like hospitals and have a grumpy bedside manner, then it’s not just you who will be unhappy with your work.
The Competition is Tough These Days
These days if you are looking to make extra money, then simply working more or even training to get a better job is getting tougher due to globalization.
A worker in a developing country can pack boxes for a lot less than a worker in a developed country.
Even if you train in IT, your work can now be done over the Internet. Investing in your own education is a good thing, but choose wisely.
How to Overcome Your Earning Limitations
It doesn’t matter how much per hour you make, your total earnings will always be limited by the fact that there are 24 hours in a day.
To overcome this limitation you can start a business yourself. This is the best way to get around the time limiting factor of selling your labour.
A business owner can have other people run the business and thus allow the owner to make significantly more money. Of course, it depends on the type of business that you create, but the ability to have other people work for you, frees you up to do other things.
Remember – Add Value
Your business should add value.
You need to add value to something and then charge a higher price.
In the offline world a simple example is painting furniture. You buy an old table, sand it down, paint it and varnish it, and you can sell it for a higher price. You need to cover the cost of the materials, your labour and then add your profit.
How much profit? Well, whatever the market will stand.
Aim for quality over quantity. It’s always going to be a struggle if you go the “stack ’em high, sell ’em cheap” route. Quantity – think Chinese T-shirt. Quality – think Italian brand. The margins on the quantity route are going to be low (and getting lower) and it will be hard.
However, people will pay for quality.
Leave The Physical World
Not literally, of course.
Selling something online is one of the best ways to make money from home. Having a website means that you can have a virtual storefront.
This leverages your operation because you don’t need physical locations with staff in each one to reach a wider customer base. Plus your website never needs to close so you can make more money all day, everyday.
This is essentially how you make money online. It’s the ability to automate processes and have things working for you 24 hours.
Now, what you don’t need…
You DON’T Need a Huge List of “Ways to Make Money”
You don’t need a huge long list of “ideas” because it will distract you.
If you think you need “58 Ways to Make More Money!” then there are plenty of those lists available. The problem is that most of them will contain things like, taking paid surveys and, get paid to take photos or similar stuff.
That stuff is for tyre kickers.
Not only that, you’ll also get things like run webinars or sell high-end coaching in the mix.
Run what?… Exactly.
It’s crazy that in some of those big lists you’ll see trade forex or similar. That stuff needs start up capital.
If someone had enough start up capital to start trading forex, why would they be searching for “how to make more money”!!!
That stuff is not for people who have typed “how to make more money” into a search engine.
No, the above list has 5 things that anyone, anywhere can start doing with no investment. I think most people enter into this kind of journey without much money to invest.
And now you know about the concept of adding value, you’ll understand why so many people who chase a quick buck fail… and how you can be successful.
You’ll need to put in some effort to make things work. Yes, you will need to work.
You can start for nothing… but you will need to make a concerted effort if you want success.
Everyone has the capacity to make more money.
How you approach the subject, will determine how much you make.
The idea of making more money is fundamentally better than saving more money. Saving money is a noble thing and reducing spending and consumption is positive in many ways. But the problem is that it has a limit. You can only cut back so much.
If you choose to make more money than the upside potential is almost limitless.
What do you think of these 5 ideas? Do you want to try one? What do you think about the concept of adding value? Please leave your comments below.