Updated: Nov 3, 2020
2020 is clearly ANYTHING but what any of us have anticipated. It brought a global pandemic, alongside a severe financial crisis. Consequently, many industries have been severely jeopardized, while other industries are thriving these days. Nevertheless, online purchases have been common long before Covid-19 took the world by storm, and as far as things go, they’re here to stay for a very, very long time.
You can certainly benefit from that, since there are several things you can do to get by and even make MORE money.
Here they are:
Start a podcast- If you have a microphone, recording software and a laptop, you can start anytime anywhere, and you don’t have to release a new podcast every single day. You can also release it once a week. The most common way to make money is commercial sponsorship, but you can also promote your products on the podcast.
Set foot in ebook business- You can either write an ebook and publish it on Kindle, or you can get a license to publish a book published solely on print online. You can pay the author 15% of the royalties based on net sales
Start a blog- If you have an area of expertise, you can share your knowledge and even advise on a blog. If your area of expertise is UX design/ designing land pages/ managing accounts on social media, you can write about it on your blog. Sites such as Wix host blogs
Create an online course- This is another great way to make money. If you have ANY areas of expertise, you can post recorded lectures and create multiple choice questions/quizzes. You want to make sure you change the prices because normally prices on real life courses are different than online courses.
Affiliate Marketing- You’ll need some web presence for this one. You can start selling another company’s products on your website. You can sell different types of products and you can use a variety of marketing strategies as well. Whenever a customer clicks on the link and makes a purchase, you get commissions.
Does that mean there aren’t any challenges when trying to make money online? Unfortunately, no. First off, creating a clear vision for a digital customer journey is quite tricky, and that goes for creating a vision for how your business/ company is going to meet your customers’ digital needs, creating the objectives and executing.
Second of all, this requires customer data, and gathering the right data can get a little complicated as well. Many organizations have scraps of data, but no way to pull them together. Others have petabytes of data stored at an information warehouse and may use it for reporting, yet haven’t figured out what to do with the data. Another concern for those who want to make money online, particularly business owners, is security.
That goes for creating a payment system that protects both your customers’ data and your data from hackers, which is challenging on its own. This IS possible, yet it requires research. Making money online also requires patience and DISCIPLINE. You never get that 100,000$ revenue overnight. Discipline goes for continually and continuously doing proper research on your customers’ marketing funnel, social media’s algorithm changes(in case social media is your marketing channel).
These challenges aren’t to be taken lightly, and they require research and evaluation. Nevertheless, pursuing the virtual scene is a game changer, especially due to Covid-19 pandemic.