The pandemic is over, and we're starting to feel like the world has recovered — or at least that it’s on our way back up. But there are still millions of people who have lost their jobs or simply don't earn enough to survive.
In 2021, making extra cash will be especially important for those who need it most. And, if you've been searching for work lately, then you know that job hunting takes time. Time spent looking for better paying positions often results in less income than what you were earning previously. So, why not look for some creative ways to create more passive streams of revenue while staying home during this difficult time? Here are a few things worth trying out.
If you want to learn something new quickly, consider teaching others through online courses. You could also try selling other people's stuff on eBay or Craigslist. If you already own items such as furniture, books, electronics, jewelry, etc., then you may even find buyers interested in buying these goods directly from your house. Selling used clothes online would likely bring in substantial monthly profits. Other options include creating crafty products (such as candles) and offering services (e.g., tutoring). You might also consider becoming an app developer or web designer.
14-year olds aren't the only ones who should take advantage of learning opportunities right now. Teens and adults alike can benefit by exploring career paths they never considered before. For instance, teens and parents can both join together to start a babysitting business where families pay a small fee each week to use someone else's child care services. Parents can offer daycare themselves while teens volunteer their spare time to provide afterschool programs like arts & crafts, cooking classes, sports practices, dance lessons, video game sessions, etc. The possibilities truly are endless!
While many companies are laying off employees due to COVID-19, plenty of folks continue working remotely. This means there's no shortage of potential customers for virtually any kind of product. Online marketplaces like Amazon allow anyone to list items for sale, which creates countless unique sales pitches. Sellers can choose to set prices based on cost plus a certain percentage markup, or they can charge whatever price they think is appropriate.
It's best to stick to one type of item since competition among sellers tends to increase when multiple types of products flood the marketplace. Also, keep track of inventory levels so you'll always know exactly how much stock to order next month. To streamline orders, check out websites like ShipAnything.com, Shipt, Instacart, Walmart Home Delivery, Postmates, Uber Eats, DoorDash, Google Express delivery service, and grocery delivery apps like Kroger Plus, Target Lock, PeaPod, Sprig, FreshDirect Grocery, CVS Health, Costco Wholesale Membership Club, Whole Foods Market, Safeway Now, Sam’s Club Memberships, Stop N Shop, Winn-Dixie, and Hy-Vee Virtual Pickup.
As mentioned earlier, selling physical items is one option for generating additional income. However, there are lots of other ways to profit too. Selling digital information products offers another lucrative opportunity. In fact, just last year, Forbes reported that $1 billion was being generated annually through eBooks alone. That figure doesn't include content marketing strategies either. With sites like ClickBank, PayLoadz, JVZoo, Commission Junction, ShareASale, Revver, Plimus, and Flippa, anyone can become an entrepreneur without having to leave their bedroom. Basically, selling digital info products lets you generate residual income. As long as you invest a little bit of time upfront to build trust around yourself, you can eventually quit your full-time job.
Donna Sveiulis, founder of Wealth By My Side says she uses several different methods for generating passive income. "I started my first blog in 2010, then expanded into affiliate marketing, network marketing, coaching/consulting, and finally publishing," she explains via email. "All four areas help me reach financial independence faster." She currently makes approximately $100k per year from her various endeavors.
"My favorite method is building high quality blogs and communities with strong opt ins," adds John Rampton, serial entrepreneur and author of 'Self Made.' He recommends using platforms like Medium, Facebook Groups, LinkedIn Groups, Reddit, YouTube, Instagram, Twitter, Snapchat, Pinterest, Telegram groups, Discord channels, TikTok, Twitch, and podcast hosting tools like Podbean and Spreaker.
But, he cautions against jumping onto every fad and trend overnight. Instead, focus on your strengths and passions. Then, leverage social media to let everyone know what you’re doing. Eventually, word will spread. Once your audience gets wind of your idea, you can grow your brand organically.
To see dozens of examples of successful entrepreneurs leveraging tech to make incredible amounts of money, watch the following videos...
Alexandra Levitin: Founder & CEO of SmartPassiveCashflow.com
Chris Farrell: Co-founder & Chief Product Officer of SocialCam.net
John Rampton: Serial Entrepreneur, Business Strategist & Bestselling Author of Self Made. His flagship book covers everything you need to know to achieve success personally and financially.
Krystle Carrion: Creator of SuccessfulSociopaths.com
Dr. Joe Vitale: # 1 International Sales Trainer, Motivational Speaker, Radio Host. DrJoe.tv features his weekly radio show called Ask Dr. Joe.
Kevin Timothy Parker: Director of Marketing at Thriveworks. Kevin recently released his third book entitled Get Paid What Your Worth: 5 Steps to Achieving Prosperity From Within.
Lisa Montanaro: Founder & Principal Coach at Life Balance Studio. Her clients range from CEOs to stay at homes moms, and she teaches them how to live happier lives and pursue their goals effectively.
Tina Wang: Head of Content at Everlane. Tina curates stories that highlight real women living meaningful lives.
Jackie Joyner Kersee: Professional Athlete turned Influencer. Jackie is known for sharing empowering messages on topics ranging from mental health to self-love.
Evan Carmichael: Founder & Editor of EvanCarminerals.com. Evan focuses on helping others improve their skin and overall well-being with skincare products.
Marlon Riggs: Founder & President of MarlonRiggsNutrition.com. Marlon helps people lose weight naturally by providing simple solutions to complex problems.
Liz Wolfe: Founder & Executive Producer of LizWolfeCastingNetwork.com. Liz showcases original short films tackling tough topics like depression, anxiety, abuse, etc.
Robert Kiyosaki: Rich Dad Poor Dad Iconoclast. Robert authored two New York Times Bestsellers including Why We Want You To Be Rich and RichDadPoordadRichDad.com.
Johann Hari: Bored Panda Blogger & Writer. Johann writes articles about life hacks, motivational quotes, interesting facts, etc.
Gary Vaynerchuk: Digital Marketer & CEO of Wine Library TV. Gary hosts daily Q&A shows featuring experts from across industries.
Brian Clark Howard: Human Behavior Expert & Founder Of Peak PerformancExpertise. Brian shares tips & tricks on how to master human behavior.
James Clear: JamesClear.com is packed with free reports, podcasts, teleseminars, guides, audios, interviews, newsletters, etc. to support personal development & growth.
Aaron Orenduff: AaronOrenduff.com specializes in revealing secrets behind achieving happiness and success in life. He provides readers with practical advice on setting goals, overcoming challenges, improving relationships, getting motivated, etc.
Mark Manson: Founder of The Subtle Art of Not Giving a F*ck. Mark's website promotes positivity, mindfulness, self improvement, and more.
Scott Hahn: ScottHahn.com is filled with inspiring videos, audio recordings, and written posts designed to motivate, educate, inspire, and empower individuals to succeed.
Michael Masterson: MichaelMastersonsuccess.com highlights the importance of mindset, accountability, persistence, consistency, discipline, passion, and purpose when pursuing one's dreams.
Steve Pavlina: StevePavlina.com includes hundreds of inspirational speeches, articles, interviews, videos, podcasts, slideshows, etc. to guide readers towards greater fulfillment in life.
Paulo Rabello de Morais: PauloRabelloDeMorais.com is dedicated to helping people discover their true path in life. Through insightful questions & answers, case studies, interviews, etc. he empowers others to identify their calling.
I'm looking for the easiest, fastest and cheapest ways to start making money online now. What should I do next?
If this question sounds familiar it may be because you're already searching for answers on Google or YouTube. According to Statista research, 1 billion people search for information related to their finances around the world every month. That means there’s an ocean of opportunities out there if only we could find them.
The good news is that our thirst for knowledge has made it easier than ever before to discover new income streams and business models without having to leave our homes. Thanks to technology, there are many easy ways to earn more cash by leveraging social media platforms like Instagram, Facebook, Twitter, TikTok, Pinterest, etc., as well as other popular websites such as Amazon, eBay, Etsy, Flipkart, Shopify, etc.
So what exactly does one have to do to achieve financial freedom quickly? Here's what experts recommend.
1. Start small and grow big
We tend to think bigger is better when it comes to starting a side hustle, but most successful entrepreneurs started off small. The key here is to leverage tools and resources available at little cost while also being flexible enough to learn along the way. Even though you might not see immediate results, keep going until success arrives.
2. Take advantage of emerging trends
There will always be something trending in the digital space. If you can spot these trends early, then you'll stand a greater chance of profiting from them. For example, during COVID-19, eCommerce was booming due to lockdowns across the globe. Now, after the pandemic, businesses are shifting towards delivery services and food ordering apps. So, don't hesitate to take advantage of current events—you just need to know which ones to watch.
3. Discover passive income businesses
People often struggle to understand why they shouldn't work full time right away. But remember, there are two types of incomes — active (or "working") and passive. An active income requires hard labor, whereas a passive income relies on investments and time. In short, passive income is earned through investment rather than sweat equity. Passive income helps us save up for retirement years down the line instead of working long hours to pay bills now. You want to create some kind of residual stream so that earning potential increases over time, even when you aren't actively involved. This is where passive income kicks in! Some examples of passive income include real estate investing, affiliate marketing, blogging, etc.
4. Be proactive and stay humble
Successful individuals follow simple strategies that require minimal training. They're willing to put in the extra mile to learn everything possible about their craft and avoid getting distracted by shiny objects. To succeed, focus solely on your goals and ignore everyone else's opinions. Remember, nobody knows anything except you. Don't let external influences bog you down and distract you from achieving your dreams.
5. Learn from mentors who've been there done that
You don't necessarily have to go back to school to become financially independent. Instead, look for experienced professionals within fields you love to invest quality time learning from them. When you ask questions, listen closely, and study materials thoroughly, you'll build a strong foundation for future growth. Once again, never let anyone tell you differently.
6. Follow expert advice
When you receive feedback from someone wiser than yourself, it gives you perspective and clarity on your progress. Also, they can share personal stories and tips to help you overcome challenges. Experts come in different forms, whether they're authors, coaches, bloggers, speakers, consultants, etc. Their expertise lies in areas ranging from finance, health, relationships, parenting, travel, entrepreneurship, etc.
7. Create multiple streams of income
It takes time to establish any type of business. However, once you start generating revenue from multiple sources, you won't feel pressured to choose between your day job and side gig anymore. With consistent efforts, you can easily turn your passion into a lucrative career path. Keep creating additional streams of passive income and eventually you'll reach financial stability.
8. Automate and delegate tasks
Once you begin building your wealth portfolio, you must automate certain processes. Otherwise, it would become overwhelming to manage several accounts simultaneously. As much as possible, use automation software solutions to handle repetitive administrative duties. Additionally, delegate responsibilities among employees or partners to maximize productivity. Delegation frees up your time and energy to concentrate on higher-value activities.
9. Invest wisely
Investing isn't rocket science, despite what others say. All you really need to do is buy low and sell high at the right times. There are plenty of options for investors including stocks, bonds, mutual funds, ETFs, cryptocurrencies, forex trading, etc. Just pick one that fits your risk profile and stick with it. Never chase returns or try to beat benchmarks. Focus on asset allocation and diversification. Avoid putting all your eggs in one basket.
10. Leverage tax savings
Tax laws change frequently, and you should regularly review yours to ensure compliance. Make sure your company offers benefits like employee stock ownership plan (ESOP) matching contributions, deferred compensation plans, 401(k), Roth IRA, Health Savings Account, tuition reimbursement programs, dependent care credit, etc. These benefits enable you to deduct expenses against pre-tax dollars. Therefore, you end up saving taxes each year.
11. Track your spending habits
Tracking your expenditures allows you to identify unnecessary purchases. Then, cut wasteful spending habits by minimizing impulse buys or sticking to a budget. You can either download expense tracking apps or open bank statements weekly. Look for recurring items or categories that consume large amounts of money per transaction. Check for fraudulent charges too. Save money and increase earnings by eliminating waste wherever possible.
12. Stick to tried and tested formulas
Most millionaires didn't stumble upon their fortune overnight. Rather, they followed proven methods and systems to generate passive income sources. Successful entrepreneurs spend less time figuring things out and more time executing. Always seek out reliable guides and mentorship to simplify complex problems.
13. Set clear boundaries with clients/partners
Setting limits ensures that expectations align with agreements. Establish rules to protect both parties' interests. For instance, set deadlines for projects. Ensure transparency by providing regular updates regarding project status. Finally, check in occasionally to assess performance and give constructive criticism whenever necessary.
14. Find balance between work and life
Balance doesn't mean compromising one aspect of your life for another. It simply refers to striking a healthy work-life equilibrium whereby you prioritize both equally. Your mental state, physical activity level, sleep patterns, nutrition intake, exercise routines, recreation activities, etc., play major roles in maintaining balance. Having said that, it becomes increasingly challenging to juggle work and family commitments at the same time. Plan ahead to strike a healthier balance in order to reap maximum rewards.
15. Balance family vs. self
Life is about priorities. Prioritize your health above everything else. Self-care begins with taking adequate breaks throughout the day. Get fresh air, relax with friends, meditate, workout, eat well, drink water, etc. Schedule time for hobbies, reading books, playing games, watching movies, etc. Try to minimize stress levels since chronic anxiety leads to poor decision-making. Workaholics are notorious for developing burnout syndrome later in life. Hence, balance family and self.
16. Live below your means
Living beyond your means is detrimental to your wallet. Cut costs wherever possible to lower monthly debt payments. Use coupons or shop sales to reduce grocery budgets. Sell unwanted stuff to raise quick capital. Lastly, compare prices online using price comparison sites. Shopping smartly saves you lots of money in the long run.
17. Earn interest
Earn interest from your excess savings. Simply park them in a safe deposit account earning rates close to inflation. Interested in maximizing your savings? Consider opening a CD ladder or bond fund.
18. Build your own brand
Achieving true financial independence means turning your dream profession into a lifestyle brand. Branding involves promoting products and services in a unique manner. Today, consumers expect personalized customer service and value propositions. Hence, becoming known for exceptional customer experience matters more than ever. People relate best to those who reflect their values and beliefs. And brands with loyal followers enjoy exponential revenues.
19. Buy & hold for the long haul
Buying and holding provides solid returns compared to shorter-term trades. Stock market volatility causes huge swings in profits and losses. By buying and holding for longer periods, you limit downside risks. Eventually, you earn steady dividends from your shares.
20. Protect your assets
Protect your assets from creditors, lawsuits, liens, etc. Hire professional advisors to shield your property and possessions from harm. Insurance protects your household goods, vehicles, contents, etc. From identity theft, fraud, natural disasters, fire, flood, hurricanes, earthquakes, vandalism, etc.
21. Pay down debts
Debt burdens families, drains finances, and stunts economic mobility. Pay down consumer debts first. Debt repayment counseling sessions provide detailed step-by-step instructions on how to eliminate debts. Financial literacy education empowers students to make smarter decisions. Moreover, enroll in debt management courses to improve overall financial wellness.
22. Practice delayed gratification
The pandemic is over, and that means many people will be looking for new sources of income as they try to recover financially after being out of work or struggling through this unprecedented global crisis.
It’s a good time to consider turning an old laptop into a portable cash machine. Here are 28 different ideas you can explore right now if you want to find quick ways to start making money online.
1. Sell stuff on Craigslist
Craigslist has long been one of the most popular websites around the world to buy and sell used items locally. If you have some things lying around your house that could potentially sell well on Craigslist then why not list them up? You never know who might see it!
2. Make videos on YouTube
If you're creative enough, there is no reason why you cannot create compelling content to upload onto YouTube. Then, all you need to worry about is getting subscribers so that you can earn revenue from advertising.
3. Write articles & blog posts
There are plenty of sites that allow you to write short pieces (e.g., 500 words) and pay per article. Alternatively, you can also set up shop as a freelance writer by creating informative blogs and selling ad space at the bottom of each post.
4. Start your own podcast
Podcasting has become increasingly popular over recent years. With more than two million podcasts available via Spotify alone, it’s easy to understand why. So, what better way to connect with potential clients than through audio?!
5. Be a freelancer
Freelancing allows you to take control of your career path while earning decent wages without having to stick within strict company boundaries. There are lots of online jobs which require little skill or experience — just click apply!
6. Build a website
Building a site isn't difficult these days, even if you don't have any technical expertise. All kinds of templates exist which enable anyone to put together their very first digital property in minutes. Just remember to add value to visitors by providing useful information.
7. Create infographics
Infographic creation tools like Canva mean you can easily design eye-catching graphics to share with others, whether on social media platforms or on your personal website/blog. Once created, simply embed them on your page and monetize using ads.
8. Become an affiliate marketer
Affiliate marketing involves promoting other peoples' products and services for commission fees. The best part is that affiliates only ever promote those products and services once they've personally tried them themselves.
9. Deliver parcels
Amazon offers delivery service worldwide. However, many shoppers still prefer to use local couriers when sending packages due to speedier shipping times. Why not offer a similar service yourself? Simply purchase a courier van, sign up for relevant training, and deliver anything anywhere!
10. Set up a dropbox account
Dropbox was founded back in 2007, so it may surprise you to learn that millions of users across hundreds of countries rely on Dropbox daily to sync files between computers and mobile devices. What better opportunity to begin an entrepreneurial journey than partnering with such a well-known brand?
11. Take paid surveys
YouTuber Casey Neistat famously said "you'll never get rich doing something you love" and he was spot on. Unfortunately, it doesn't always come down to money. Sometimes, it comes down to spending hours completing tedious tasks in order to generate extra funds. In contrast, taking survey panels usually requires minimal commitment and results tend to reward you generously!
12. Join Amazon Mechanical Turk
Mechanical Turk (MTurk), formerly known as AMTurk, is an outsourced labor marketplace where individuals can submit small microtasks called HITs ("Human Intelligence Tasks") for pennies. These tasks range from simple data entry projects to complex scientific research. As MTurk pays its workers fairly, it attracts professionals from all walks of life.
13. Offer consulting services
One area which seems to continually grow during COVID-19 is demand for professional advice. This makes it perfect timing for consultants to seek additional investment capital to fuel further growth. For example, you could establish your consultancy business offering virtual counseling sessions to help others overcome mental health issues related to lockdown.
14. Promote someone else's product/service
Another great idea for beginners is becoming an affiliate and recommending people's products and services for commissions. Remember to thoroughly check reviews before endorsing another person's goods though. Otherwise, you may end up losing customers instead of building relationships!
15. Do web development
16. Learn how to code
Learning to program is extremely rewarding once mastered. A good place to start would be learning Python basics, followed by basic frontend and backend development. Of course, there are many free resources available online, including Udemy courses, MIT Open Courseware, and edX.
17. Get involved with influencer marketing
Many companies nowadays hire social media managers because influencers play such an important role in driving sales targets. Creating consistent campaigns alongside top influencers can significantly increase engagement rates.
18. Set up a dropshipping store
Dropshippers operate much like traditional retailers. They stock inventory ready for sale, but charge orders directly to suppliers rather than handling the transactions themselves. Dropshippers often provide wholesale prices, meaning you can keep bigger margins for yourself too.
19. Earn money teaching English abroad
Teaching ESL (English as a Second Language) internationally is a fantastic way to earn money. To qualify, you must possess a TEFL (teach english overseas) certificate or equivalent degree. Depending upon your location, students typically pay $20-$25 USD per hour of instruction.
20. Find passive side hustles
Passive income refers to earnings made outside of regular scheduled employment. Examples include rental properties, investments, franchises, etc. Passive income streams can build substantially over time, and are especially appealing for newer entrepreneurs seeking financial freedom sooner. One option is to invest in real estate crowdfunding platforms like Fundrise.
21. Rent rooms in your home
Earning money renting out spare rooms in your home is surprisingly straightforward. Airbnb, VRBO, HomeAway, Roomorama, and FlipKey are four examples of reputable accommodation booking portals which facilitate room rentals.
22. Investigate peer-to-peer lending schemes
Peer-to-peer lenders lend money to borrowers based upon trustworthiness and credit history. Lending Club and Prosper Marketplace are two notable P2P loan providers.
23. Use Shopkick to discover discounts
Shopkick enables you to collect points whenever you make purchases at participating stores, redeemable against future rewards. Rewards currently include gift cards, merchandise vouchers, restaurant certificates, travel tickets, and more.
24. Run an eCommerce store
Opening an online retail storefront is relatively inexpensive and easy to setup. Choose a niche industry which appeals to your target audience and leverage modern technology to showcase your wares. Don't forget to incorporate SEO techniques to boost search engine rankings.
25. Launch a membership platform
Membership platforms provide access to special events and experiences, thereby allowing members to enjoy exclusive deals. Popular examples include Patreon, SaaSHub, and Zilock.
26. Design apps & games
With billions of dollars worth of app downloads every day, software developers are constantly competing for attention. Therefore, it should come as no surprise that designing apps and games can be lucrative. Consider outsourcing your project to India.
Starting a blog is incredibly cheap and fast. WordPress provides thousands of themes and plugins enabling you to publish fresh, original material regularly. Other blogging opportunities include Medium, Tumblr, and Blogger.
28. Sign up for ClickUp
ClickUp is an innovative startup aiming to revolutionise the gig economy. Using smart algorithms, ClickUp connects independent contractors with businesses. By signing up, you agree to receive occasional emails containing job listings. Payments are automatically deducted from your bank accounts twice monthly.
Now you've got 27 reasons why you could be generating an online income in 2021. But we bet there are loads of other incredible opportunities out there. Wherever you look, entrepreneurship looks attractive.
Become CEO of your own lead generation software company, just follow our battle-tested guidelines and rake in the profits.