16 ways to make some extra money online!
As voted by the Money Minded Instagram followers, this blog post is going to list a number of various ways you can make some extra cash online. Some of these methods can even be passive income(earn money while you sleep) and others could even replace your full time job if you worked at it hard enough!
Let's get stuck into the good stuff and see what you can do to make some more money. In no particular order...
1 - Use your skills or learn a new skill to sell a product and/or service As you may have read on the Money Minded instagram page, I suggested that people could make use of existing or potential new skills in order to make some more money on the side. In some cases you may even take this on as a business if you had the demand.
There are a whole range of skills that can be turned in to a job. For example, I am fluent in Spanish and therefore have the ability to offer a variety of services.
Online or in-person translating services
Teach online Spanish speaking classes
Private 1-to-1 tutoring calls
It all comes down to how you and others value the skills you possess. Don't be afraid to go and get yourself qualified in an area of interest to you and resell those skills! I didn't even know how to create and design a website 1 month ago but here we are!
2 - Create and sell an e-book
Think of yourself as the next J. K. Rowling or have some interesting life experiences that may grip the world? Then why not create an e-book?
Writing can be very therapeutic for a lot of people, and financially beneficial to a lot of people who take it seriously. You don't have to be a national or global best-selling author to publish a book and make money. Writing an e-book is becoming more common by the day and given the power of the internet, they are easily marketable in the right places.
So whether it's a fantasy novel, an autobiography, a cook book or a step-by-step guide for dummies, get pen to paper(or finger to keyboard) and start writing and publishing your book!
3 - Create a blogsite
Just like I said above; some people simply love to write and put their thoughts & opinions down. So if it's not a book you want to write and have lots of content you can share over time then create a blog site and get posting(as I have!).
It doesn't take a lot and there are websites such as Wordpress and Wix that build the templates for you and all you have to do is design them, publish your blog posts and get the website name out there.
You can make money on a blogsite by using a tool such as Google AdSense, for example.
AdSense is free to use and is a simple way to make some money using free space on your website, next to your content. You can show ads relevant to your readers/subscribers and customise the presentation of the ads to adapt to your site and its content. You will then be paid on a cost-per-click and revenue-sharing basis. Your aim should be to drive as many people to your website as you can to increase the chances of clicks on the ads.
Over 10 million websites are using AdSense!
4 - Affiliate marketing
For people who want to start making passive income, affiliate marketing is usually the most common starting point. It's a really simple concept! This isn't too much different from AdSense either(mentioned above).
You essentially promote other peoples products and/or services through an affiliate network which results in you earning commission if sales are made from your marketing. Typically, you would promote a particular product or service that is related to your specific niche as this would be more appealing to your readers/followers/subscribers etc.
Here's a simplified breakdown of how the process works:
1: You display and ad or link to creators product on your blog/website/social media.
2: Customer clicks on the ad/link which send them to the e-store where they can make a purchase.
3: Customer makes a purchase on the store.
4: Affiliate network records the purchase and transaction details.
5: Purchase is confirmed by product owner/creator as a valid sale.
6: Transaction is credited to the affiliate marketer(you!).
7: You get paid commission!
Simple as that!
5 - Create a subscription service
As above, come up with an idea that gives your target market a recurring need or want for a specific service or product. There are so many subscription services out there that people are heavily reliant on now and pay a recurring fee each month for that benefit.
Let looks at a range of highly successful services, big and small to give you some ideas:
Netflix - film and box set streaming
Spotify - stream music
Amazon prime - next-day delivery service
Graze - healthy snack delivery service
Pact Coffee - coffee delivery service
Glossybox - makeup, beauty and skincare subscription service
HonestBrew - Craft beer delivery service
BloomAndWIld - Flower delivery service
10 years ago you'd have laughed if somebody told you that you could stream movies and music over the internet to your phones, TVs and tablets yet now they are almost essential to everyone!
6 - Invest in the stock market
While it takes some investment in terms of money, it'll also take some time investment too if you are to take the stock market seriously. A great way to earn some nice profit if you are patient and know what you are doing, but so much quicker to lose your money if you don't have a clue where to begin!
Investing is, in most cases, a long term strategy but a worthwhile one in most cases. Generally speaking, the value of most stocks and shares will increase over time but as I've already mentioned patience is a big attribute when investing and timing can be crucial.
Investing in the stock market is a very nice skill to have and even better if you can mould yourself into a shrewd investor.
It's all about the long term with this one. Just like gambling, remember to only invest what you can afford to lose!
7 - Invest in dividend paying stocks
Investing in dividend paying stocks is similar point 5 in that you have to educate yourself on the stock market before invest in order to avoid losing money but to optimise your entry times for specific stocks and shares.
However, with dividend paying stocks, you will receive a dividend return on your stock on a quarterly or annual basis depending on the stock you invest in. This will be a lot less than your share price(unless you bought in at a very low price and watch your share value rocket) but these dividend payments will be routine. Your stock value will also increase(or decrease) over time. In the event that it increases then it is effectively a double-whammy, provided you decide to sell your shares while you can get a nice return on your investment.
8 - Become a Youtuber
Youtube is now the second most popular search engine and there are currently 31 million YouTube channels out there.
But how do Youtubers make their money?
First of all, and once again, AdSense. Just as Google AdSense can be used on a blog/website, it can be used to generate income via Youtube after joining the YouTube partner program which gives content creators access to a specific set of tools which will give them the ability to monetise their channel.
In order to qualify, content creators must have at least 1000 subscribers and an accumulated 4000 hours of watch time over the previous 12-month period.
Advertisers pay based on clicks and impressions with YouTube giving the creator 55% revenue and retaining 45% for itself.
A more lucrative form of monetising a YouTube channel is via brand sponsorship which is becoming more commonly known as influencer marketing. For instance, somebody who has gained a huge following because of their fitness and nutrion videos may gain the attention of fitness giants such and get paid to promote their brand and products. Really simple concept!
YouTube content creators can also monetise their channel in the form of fan funding, where their subscribers will pay them to get access to some exclusive/bonus material. This content could be access to more secretive information, discounted products that the content creator is marketing, live one-to-one discussions, etc.
Finally, content creators can also sell up to 12 items of merchandise through their channel. For example, if you were to gain enough subscribers, you could create and design some t-shirts which you subscribers may decide to buy!
9 - Develop a mobile app
This may be a lot easier than it sounds. There are a lot of courses out there that teach you how to design an app. There are now more sophisticated methods of doing so given the technology available to us. Long gone are the days where we would have to sit and learn lots of code to put something snazzy together!
Im simple terms, there are now template designs that allow us to build a base for our app. There may still be some coding required in parts, but can be easily learnt or purchased.
If you didn't want to learn and build an app yourself, you can hire a developer, but this can be costly, which is the opposite of what we are trying to achieve. However, if you can find the right app then the cost of an app developer is a small drop in the ocean compared to what you could earn.
Candy Crush is the perfect example. This app makes a huge $850,000 per day. Another one you may remember is angry birds. And how about temple run?
What do these apps all have in common? Easy. All three of them are free to download from the app store. Each of them has a very simple objective. Each of them has in-app-purchases available.
The in-app purchases are where they bring in the money. They entice the consumer/player into the game and give them a thrill which becomes addicting. Once the player is out of live on Candy Crush, they had to wait until 24 hours later to gain more lives and play the game again.... unless they decide to pay for more lives in the app.
So use your imagination, come up with a fun, but very simple and addictive concept and include some in app purchases. Sounds easy doesn't it?
10 - Become a website designer
There is a huge demand for web designers. Existing websites are always being update to keep up with the times and remain visually dynamic. There are also new businesses popping up every minute of every day and they all need websites.
A really easy way to get into this is to experiment with websites such as Wix or Wordpress and use their templates to create and design a website, whether for yourself or for a customer.
Alternatively, you can use some web development software/tools and build it yourself if you have the skillset or are willing to learn.
You should always keep a portfolio of the websites you have already designed for your potential clients to visit and select a template which they would like.
11 - Complete online surveys
Not the most fun way to make money online but it is certainly consistent and with time/patience can bring in can over a period of time which will add up. Not the most taxing method of making extra money in terms of applying a skill but can be boring. It certainly wouldn't be my go-to method of making money, but some people love it because it's easy.
It's a really simple concept which requires you to fill out surveys in return for cash or in some cases, vouchers. There is literally no more to it than that. Some apps/websites to help you get started below:
12 - Sell logos
Reselling logos is fast becoming a popular way to make some cash online. Another really simple concept too using a website called Fiverr. Fiver is a centralised site where you can find people with a whole range of skills who provide their service for - you guessed it - £5.
Simply find out what your customer is looking for in a logo design, find a designer on fiverr, pay them their £5 fee and charge your customer your fee(£25?) and you have made a profit of £20 for very little work. Get 5 of these in a week and you've made yourself £100. Easy work!
13 - Sell your university notes
It is what it says on the tin. you can use website such as Stuvia to exchange any notes you may still have from your college/university days for some cash.
There's not much more to say on this one!
14 - Sell photos
Are you a keen photographer and have a whole range of snaps sitting in an archive that you just admire from time to time?
Why don't you sell them online? If you learn how to use photo editors, you could enhance them and increase their value further.
Here are some websites where you can sell your images in exchange for cash:
15 - Sell old/useless stuff on eBay/Facebook
You would be amazed at just how much money you can make on eBay or Facebook marketplace by selling old items that are no longer useful to you or items that are just stored away gathering dust.
eBay currently has 167 million active users. So if you have a dusty old lamp packed away in a box taking up storage space, the chances are there is going to be somebody out there that wants it, and the best thing is, you'll get paid for it!
The same applies to Facebook marketplace, but this tends to market your item to people in a more local area, however, there are no selling fee's on facebook whereas eBay will charge you for the listing and the images and thats before PayPal takes a cut of your profit for using their services too!
16 - Sell/recycle your old phone
Similar to the above, you can get rid of your old phone. There are so many companies out there now that are willing to exchange cash for an old phone, even if it is damaged.
You will of course make more money for your device if it is in mint condition and comes in the original boxing with the charger.
Most websites will give you a buying price based on the make/model of your device, the condition of the device and whether it is unlocked to all networks or not.
The buying company would tend to give threee prices based on:
Damaged condition but in working order
So if you have an old phone that's packed away and not getting any use, turn it into cash!
Do you have any other additional methods of making some further income online?
Feel free to leave some comments and let me know which of the above methods you would like to try out in order to make some more money!