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10 ways you can make money online
1. Test and review products
Brands
and businesses are always in need of people to test and review their products
and provide feedback before they launch to the public. Electronics, toys, food,
and beauty companies are among the many that require frequent product testing.
Most sites will allow you to keep the product for free and in some cases will
pay you for your feedback. In some cases, you can sell on tested products for a
profit, depending on the company’s terms and conditions. To get started
reviewing products, you can sign up to market research sites such as Product
Testing UK. You’ll need to fill out a questionnaire to determine which target
markets fit your demographic. You can also get paid to test digital products,
known as usability testing. Here you’ll have to check online products such as
websites and apps and may have to record yourself using the products. You can
find digital product testing opportunities on sites such as UserTesting, Webusability
and TestingTime.
2. Complete paid online surveys
Businesses are
continually looking to get an insight into the opinions and demographics of
their customers so that they can hone their products, services and marketing
campaigns. For this purpose, many companies are using online surveys as a
market research method to gather public opinion. Businesses often work with
third-party market research platforms to publish their surveys and attract
participants. To start earning money with paid surveys, sign up to Swagbucks,
Onepoll, Lifepoints and Toluna. Swagbucks is one of the largest survey sites in
the world and has paid out over £400 million to survey completers. Be sure to
use reputable survey platforms like the ones listed above, as many scam websites
promote paid surveys. Before you use a website, check out its reviews online.
Once you have found a survey site you like, it’s quick to sign up and get
going. Payment varies – some offer cash, while others pay with vouchers or
rewards. Websites usually have a cap on the amount of paid surveys you can
complete per month, so sign up to as many sites as possible to maximise your
earnings.
3. Buy and sell cryptocurrency
Trading in cryptocurrency involves buying digital currency such as
Bitcoin, Ethereum and Litecoin for a specific price and selling it for a profit
through platforms such as Coinbase exchange. Cryptocurrency is decentralised,
meaning its exchanged directly from seller to buyer without the bank as the
intermediary. In theory, crypto is therefore immune to government interference.
At the end of 2017, bitcoin reached its highest value ever, with a price of
£17,000. If you’d invested in one bitcoin in 2015, it would have cost you only
£215, showing just how lucrative crypto trade can be. A foolproof understanding
of your chosen currency is crucial to be successful in buying and selling
crypto. You need to know the value and potential growth of each and observe
market trends. Study past trends and read up on the history of the market – markets
react in the same way in similar economic circumstances. Studying recent trends
can help you predict future peaks and dips in market value in similar economic
conditions. Choose your cryptocurrency carefully. The four most popular
currencies are Bitcoin, Litecoin, Ethereum and Ripple. These tend to be the
most secure, having been around for a while. To trade, you can use online
platforms such as Kraken, Etoro and Bitcoin UK. Trading online is never without
risk. Many experienced traders took on large amounts of debt to invest in
Bitcoin, and when the price fell dramatically, these traders were left with
enormous debt. The essential takeaway here is never invest more than you have
or can afford to risk.
4. Become a Youtuber
Do you fancy yourself
as a YouTube sensation? Getting started is easier than you think. The
practicalities are straightforward: you’ll need a camera, a computer, some
editing software and a high-speed internet connection to upload videos.
Becoming a successful YouTuber takes hard work. You’ll need to be consistent
with uploading content and choose a popular niche such as daily vlogs, gaming
and tech videos. There are over 31 million channels on YouTube – what’s going
to make yours stand out? Make sure you’re doing something unique. Engage with
your audience to maintain regular viewers. It’s a good idea to grow a following
on other social media accounts such as Instagram, where you can promote your
YouTube channel.
5. Buy and sell limited-edition streetwear
Resellers buy
trending products and sell them on for a profit. With a spike in popular demand
for limited edition streetwear from brands such as Supreme and Yeezy, existing
resellers are seeing returns upwards of 10 times their initial investment.
Limited edition items are the most profitable products to resell. As a result,
the resale market is highly competitive. To maximise your success, learn as
much as you can from veteran resellers. Follow social media accounts such as
@flipping_supreme and @hustle_the_hype on Instagram, who provide resell
predictions on popular releases. Limited edition products are known to sell out
in seconds, meaning you’ll need to hone your checkout speed. Some sites allow
you to sign in beforehand and save your card details, which speeds up the
process. Many resellers use free apps such as Fillr to reduce their checkout
times, which autofill your details for you. Once you’ve got your hands on hot,
limited products, you can resell on mainstream platforms such as Depop. To
achieve better prices, consider selling through more exclusive platforms such
as StockX, Grailed and Stadium Goods which feature higher-end, hyped and
curated collections.
6. Create and sell stock photos
Are you a passionate photographer? Selling stock photos is a fantastic way
to turn your hobby into a profit. Individuals and companies purchase stock
photography to save time and money in place of arranging a photo shoot. Writers
of blogs, news stories and website owners also need stock imagery to use on their
pages. Companies will usually purchase a subscription to a stock agency, where
they have the rights to use any stock image on the site for the duration of
their subscription You can upload your images to websites such as Shutterstock,
PayLoadz and Adobe Stock. Selling stock photos is an excellent way to earn a
passive income, but it is difficult to turn into a full salary. Stock imagery
is a saturated market: there are over 225 million images on Shutterstock alone
(your also in competition with free stock photo websites). Once uploaded,
you’ll tend to earn £0.15 – £0.30 per month, per image. A profitable market to
enter is aerial photography. Well-known landmarks and popular tourist
destinations such as the Eiffel Tower, London Eye or the Brandenburg Gate tend
to achieve the highest sales.
7. Buy and sell domains
In 2010, the website domain CarInsurance.com sold for over £38 million. This
figure by no means represents your average domain sale but demonstrates just
how profitable the market can be. The low investment cost of purchasing domains
makes it a great way to make significant extra income. You can purchase domains
from domain registrars such as Godaddy and Squarespace for as little as £0.99 a
year. Hold on to them until they increase in value and then sell them on for a
healthy profit (make sure to avoid domain squatting). Marketing on the domain
itself is a smart way to advertise, as companies will seek out the domain they
want for their brand. Alternatively, you can list your domains on a third-party
domain listing site such as Afternic, BrandBucket and NameCheap. The best way
to make serious money buying and selling domains is to opt for the most generic
names as possible – just like Carinsurance.com. Geographic names tend to bring
in high revenue as well as the names of popular professions and
industries.
8. Start an eCommerce store
Creating an online shop, known as an
eCommerce store, is a lucrative way to make money online. An online shop is far
more profitable than its brick-and-mortar counterpart as it eliminates the need
for expenditure on rent and property insurance. ECommerce stores also offer
scope for massive growth as you can target customers from anywhere in the
world. Keep up to date with popular product trends: intercepting the market
just before products go viral can earn you thousands. Sellers who picked up on
the fidget spinner trend, for example, saw 10 to 20 times their initial
investment. You can easily set up an eCommerce store on platforms such as
Shopify. Generating significant income requires effective marketing: create a
strong brand and advertise your store through social media and Facebook ads to
increase traffic to your website.
9. Start trading online
Trading online can be a lucrative
money-maker: online trading involves buying and selling stocks, shares and
currency, typically through an online broker, to make a profit. In recent years
there has been a boom in the number of people trading online. The FOREX market
alone, a market which trades different currencies, sees a daily trading volume
of 3.9 trillion pounds. The best advice for any wannabe trader is research,
research, research. Scrupulously studying the market is critical to becoming a
successful online trader. You’ll need to be hot on the different types of
trading and be aware of market trends. Once you’re clued up on the market, you
then need to decide on the kind of trading you want to engage in:
cryptocurrency, for example, has proved a popular medium in recent years. Next,
decide on a broker to use for buying and selling. Popular platforms include
Etoro, Plus500 and IG. Many trading platforms provide trading simulators for
new traders to practice on; take advantage of the option to trade with no money
in play before entering live trades. No matter how much research you do, online
trading will always be a risky venture. Only 5% of online traders are
successful. The trick is to start investing small amounts and scale up as you
gain experience. Remember, always keep your trades to low percentages of your
overall available capital. That way, one bad deal won’t clear you out.
10. Start dropshipping
A
rapidly growing branch of eCommerce is dropshipping, a retail method of selling
online without ever physically handling the stock. Instead, you’ll only order
products from your supplier when you receive orders from customers. Crucially,
the products are delivered directly from the supplier to the customer, saving
on upfront investment and storage for stock. To set up a dropshipping store,
consider using platforms such as WordPress, 3dcart or Shopify. These are some
of the most popular free (WordPress) and subscription-based online storefront
hosts. Shopify is particularly beginner-friendly as it takes you through the
setup process. Decide on the products you want to sell and look for suppliers.
For a smooth-running operation, ensure your suppliers are reliable and can
provide a fast delivery time. To find suppliers, search on Aliexpress, Alibaba
and Salehoo where you can find an extensive range of suppliers in multiple
industries. The final step to dropshipping success is advertising. Your
marketing strategy will largely depend on your industry and your target
consumer. For a younger audience, for example, capitalise on social media campaigns
and Facebook ads.
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