Whether you’re looking to give up your office job for something that offers more flexibility, or want to make some extra cash on the side, there are plenty of reasons why you might want to make money online.
You may also have been inspired by stories of bloggers, influencers and incredible entrepreneurs in recent years who have managed to exponentially increase their income at the same time as finding freedom in online work. However, the digital world moves fast, and the opportunities that existed in 2017 or 2018 are not necessarily the same now.
With that in mind, here are the best ways to make money online in 2020.
1. Sell Products Online
It really is simple to start your own business in 2020 by selling products online. Even if you have little retail or web development experience, you can set up your own online store on a platform like Shopify, or sell products through your website or blog. There are now a range of payment tools and technologies that allow you to seamlessly receive payments for your products, whatever type of online store you have.
If you don’t want to go to the trouble of setting up your own online store, you can always sell products through Amazon. It is true that the competition is tough with many sellers competing for space on Amazon, but with a little know-how you can optimize your listings and stand out from the competition. See this Amazon optimization guide for more on how to optimize your Amazon listings and make good money online in 2020.
2. Affiliate Marketing
If you don’t like the idea of going to the trouble of selling and shipping your own products, you can also promote other peoples products and then take a small percentage of each sale. This is how affiliate marketing works, and this remains a great way to make money online in 2020.
If you have an audience on a website, blog, or social media following (or if you’re prepared to build one), you can recommend products to your audience, and when they click on that affiliate link you’ll earn a commission on each sale. This is a great way to add an extra income stream to an existing blog, and if you’re willing to invest some time and start-up capital you can even create profitable websites around the concept.
3. Become an Influencer
Influencers are here to stay, and even with the thousands of influencers and would-be influencers online, there is still room for more, at least in specific niches. One of the advantages of becoming an influencer is it requires very little investment (other than time), as social media platforms are free to access.
To become a successful influencer or micro-influencer in 2020, you need to build a following through unique content and building a relationship with your followers. This will take time, but if you’re willing to put in the effort and be patient, you may be able to reap the rewards of brand partnerships and sponsorship down the road, which can be highly lucrative.
4. Teach Languages Online
On the other end of the scale of making money online is teaching languages. This may not be as glamorous as being an influencer, or as exciting as starting your own product selling or affiliate marketing project. However, it offers good, steady income and there are plenty of teaching opportunities out there, especially for native English speakers.
In order to teach online, all you’ll need is a decent internet connection and some kind of video communication software. You can sign up with a company (there are many companies in China that are always on the lookout for English teachers) or offer your services freelance via a language marketplace.
5. Become a Freelance Writer
The world is becoming an increasingly freelance marketplace, and companies globally are looking more and more to freelancers to complete a variety of tasks. One of the biggest areas for freelancers is writing. There are many, many companies looking for freelance writers to write copy for their websites or sales materials, or content such as blogs, among other tasks.
As a freelance writer, you can market your services to companies literally anywhere in the world, and work from wherever you desire, on your own schedule. Setting up a website is essential in order to market your services, and you should treat your site like a portfolio and job application all in one: this is what needs to convince clients to hire you!
6. Coach Others on Your Expertise
Another trend that has developed in recent years and that is set to continue in 2020 is online coaching. Experts in a range of fields can set up a coaching program online: sharing their skills and knowledge with others, and making a good income at the same time. You could be a travel coach, a business coach, a health and wellness coach – whatever you have to share that others will find valuable.