As we’ve stated before, one of the best ways to get a handle on your finances is to find ways to make more money. Budgeting, tracking your expenses, and cutting your costs are all important. However, if you can find new ways to make and stash a little extra cash, you’re going to exponentially decrease the amount of time it takes to pay down your debt and reach financial freedom.
A few weeks ago, I wrote down a quick list ofside jobs you can use to start making more money today. Whenever we mention side income, we almost always mention starting a blog. Although blogging certainly isn’t the only way to make money online, it is an easy and quick way to do so – and it’s the one we know the most about.
Every time we talk about online income, the question always arises: “How do you actually make money online?” It’s a fair question, and one that we get asked all the time. I’m still not even sure that our families really understand how we make money. It can seem quite complex, but that is mainly because people are so used to getting a paycheck from their job. The difference with online work, and with entrepreneurship in general, is that you need to have money flowing in from several different income streams. Here are a few specific ways that you can start earning money online today.
If you want to start a blog and make money, the majority of your revenues are going to come from advertising. This can come in a few different forms, but the granddaddy of them all is direct advertising. Almost identical to newspaper advertising, this is when you have an agreement with a company to place their ad on your website for a stated amount of time at a specified dollar amount. These ads are great because they usually pay the most and the income is guaranteed. However, they are also the most difficult types of ad contracts to land.
More than likely, monetizing your blog is going to come in the form of revolving ads that you add to your website. There are several companies that provide these ads to you free of charge, but the most well-known is Google Adsense. You can place these ads in your sidebar, your header, inside your content, or wherever else you think they will make money for you. Typically, you get paid in one of three ways – per click (somebody actually clicks on the ad), per impression (how many times the advertisement is shown to people), or both.
Usually, you get paid significantly more for clicks than you do for impressions. Thus, the key to making money with this type of advertising is through generating traffic to your website and (hopefully) clicks, which is why ad placement is important. But be careful. You never specifically want to encourage visitors to click on these ads as it violates most companies terms of service and can get you banned. The online universe is littered with websites that have been kicked off of Google Adsense for these types of offenses.
Another way to make money online is through affiliate revenue. This is also a form of advertising, but it is considerably different from placed ads. In order for a website to make money through an affiliate agreement, the website must first become an affiliate for a product or service – meaning they have to apply to promote a company’s product. Website owners can ado this either directly through the company or through a third-party company like Commission Junction or LinkOffers.
To get paid through an affiliate agreement, website owners must promote a product or service through a link that has a their unique tracking id in it. In most cases, the website owner only gets paid if somebody clicks on the affiliate link and completes a purchase through the company.
Affiliate links can be profitable if you find the right niche. However, they are not a guaranteed source of income, and companies can eliminate their affiliate program at any time. It really BLEEP to spend a lot of time promoting a product and building up revenue only to have it eliminated a few months later. Trust me, it’s happened to us many times. So, you definitely want to use affiliate links, but know in advance that those links could become worthless to you at any moment.
Creating an online store is one of the best ways to generate online income. The most well-known places to create an online store are Amazon and Etsy, but there are other options out there. Amazon stores are unique in the fact that you don’t actually have to create anything yourself to sell. Simply, sell products created by others by using your Amazon affiliate links! Of course, you have to find ways to get people through your virtual doors, which is where a website or a blog could be extremely helpful.
A company called Squeeqee has a platform that is testing a relatively new concept. It acts as both a social network and a place to generate revenue. Essentially, you create a free “E-Commerce Shop” through the platform and sell whatever you wish through it. You can invite your friends to become “buddies” and interact with you just like any other social networking site. Furthermore, Squeequee seamlessly connects with your Facebook, Twitter, and LinkedIn accounts so you can promote your store through those networks as well. Transactions are subject to a small fee, but the account itself is free.
Sell a Product or Service
One of the best ways to make money from your blog is to sell a product or service. You don’t have to create a full store for this to happen. Simply create something, like a book, and place a sales link right on your website.
(Shameless plug) At the moment, we aren’t selling any tangible products. However, we do offer several services – including website design, travel rewards coaching, and financial coaching. To take a peek at all we offer, just click on the “Services” button in the menu at the top of the page. Check them out, and let us know if there is anything we can do to help you grow!
As you can see, there are a plethora of ways to make money online…and these are just the basics. In our experience, it’s best to try and find as many ways as possible to build online income streams. That way, if one stream suddenly dries up, you have several more to rely on.
Online entrepreneurs are constantly finding new ways to make money, and you can too. All it takes is hard work, basic technical skills, and a little imagination. So get started making money online today, and don’t forget to check out our services to see if we can help!