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With Coronavirus outbreak raging all over the world, it’s a good time to think ahead and find a legitimate and reliable way to make from home to prepare yourself for an unexpected job loss or a sudden drop in your income.
So, how can you actually earn an income from home?
The truth is that there are TONs of ways to make money from home.
BUT, there are only a few options that are really worth your time.
Below are all the legitimate make-money-from-home opportunities categorized by income potential.
For each one, you will find information about whether or not it’s easy to get started, whether there is any investment involved and how fast you can start earning money from home.
Low-Income Potential ($100-$200/Month)
First of all, I am not going to spend a lot of talking about low-income opportunities because I think you can use the time to make much more doing something else.
Nevertheless, there is a list of legit money-making opportunities from home that pay very little:
- Do paid surveys online (e.g. Swagbucks )
- Do micro-task such as data entry or taking part in market research (e.g. Amazon Mechanical Turk)
- Do user testing for big companies like Facebook & Amazon (e.g. UserTesting)
- Become an eJuror help lawyers pre-try their cases (e.g. eJury)
Difficulty level: Easy
How Fast Can You Start Making Money: Almost immediately
Medium Income Potential ($1000-$5000/Month):
If you are serious about earning a decent income from home, then you should consider these options listed below.
Option #1: Find a remote job (e.g. work from home job)
Today, many companies are offering remote job positions because it can help them reduce business costs.
With Coronavirus outbreak, it will only make even more companies embrace telecommuting.
So, what are the most common work-from-home jobs?
And how can you land a well-paying remote job?
Here are the most common work from home job titles according to major job portals:
- Customer Service Representative
- Account Manager / Account Executive
- Sales Representative
- Business Development Manager
- Teacher / Faculty / Tutor / Instructor
- Program Manager
- Project Manager
- Web Developer
- Medical Coder
- Data Analyst
- UX/UI Designer
The job titles listed below don’t require any specialized knowledge or specific qualification:
- Customer Service Representative
- Account Manager / Account Executive
- Sales Representative
So, it is much easier to qualify.
For other job roles, you will have a higher chance of getting hired if you meet their qualification requirements.
For example, you will need to have an accounting degree or CPA qualification to apply for work-from-home accounting jobs.
For some IT jobs, you will need to have years of experience to qualify.
Difficulty level: Normal
How Fast Can You Start Making Money: That depends on how fast you can get hired and how competitive is the job market. Generally, if you are right for the job, it should take less than 3 months.
Option #2: Become A Freelancer & Sell Services Online From Home
One of the quickest ways to earn money from home is to sell services online because all you need is to get one paying client.
So, what services can you sell?
Where can you sell your services?
And finally, how do you find paying clients?
You see, all the services out there serve ONE purpose – solve problems for people.
Now, what problems can you help other people solve?
For example, if you are good with copywriting, you can help businesses write high-converting copy that attracts leads and sales.
Or if you have a lot of experience as a public speaker, you can help people get better at public speaking by coaching them online.
Here are some service ideas that you can consider:
Ideas For Offering Business Services:
- Graphic Design Service
- Social Media Marketing Service
- Copywriting Service
- Translation Service
- Website Design Service
- Legal Service
- Accounting Service
- SEO Service
- PR Service
- Tax Service
- HR/Payroll Service
- Video Editing Service
Ideas For Offering Service To Individuals:
- Career Consulting/Help (Resume editing / Interview Prep / Finding job)
- Give Lessons (Music, Language, Arts, etc)
- Relationship Coaching
- Tax & Financial Planning
- SAT Prep
Generally, it is easier to sell to businesses because they are always looking for help to solve their business problems and they also have the willingness and the ability to pay for solutions.
Once you have figured out what services you can sell, the next step is to think about where you can sell your services and how to get paying clients.
If you have funds to invest, I would recommend that you set up a simple website to establish trust in your potential clients.
But, if you are cash strapped, you can always list your services on freelancing platforms such as Upwork or Fiverr.
It’s free to sign up.
Once you sign up, you can set up your profile and start bidding for the projects that match your skills and experience.
High Income Potential (Up to 6 Figure/Month):
Now let’s look at what are the opportunities that have the highest income potential.
When you work for someone, your income is always limited by the salary set by your boss.
But when you start your own business, you decide how much you want to make.
The cool thing about working for yourself is that you can choose to give yourself a pay raise just by working extra hard for the month.
This won’t happen if you are working for a company.
Just imagine what your boss might say when you ask for a promotion or a pay raise after putting in a lot of extra hours at work for months or even years.
Chances are that it’s not going to be a definite yes.
Because your boss’s job is to keep the business cost down (aka keeping the employee’s salary low) and maximize the business profits.
In other words, your interests and your boss’s interests are simply not aligned.
If you want to earn a life-changing income, then starting your own business is one proven way to do it.
And there has never been a better time to start an online business from you.
First of all, you don’t have to quit your job to start your business because you can work on it outside your full-time job.
Secondly, it costs very little to get started.
For almost every type of online business, you must have a website.
So, how much does it cost to get a professional website up?
It’s much cheaper than you think.
Here’s all you need:
- Domain name (i.e. website name)
- Web hosting (i.e. this is what makes your website go live and online)
- WordPress theme (i.e. this is your website design)
For my website, I used Bluehost web hosting to set it up.
It’s 2.95/month and comes with FREE domain name.
As for WordPress themes, there are quite a number of good yet FREE WordPress themes that you can use.
So, to get a website up, it’s less than $50/year which is less than $0.15 a day.
Compared to some brick and mortar businesses with huge sunk costs (e.g. rental cost, employee salary, insurance, etc), the startup cost of an online business is extremely low.
A few years ago, one of my friends opened an Italian restaurant on one of the busiest streets in the city.
What is his total upfront investment?
More than $100,000 because he got to pay rent, renovate the place, buy kitchenware and tableware, and hire workers.
Six months in, he had to close it down because business was not profitable.
How much did he lose from this failed venture?
Almost half a quarter of a million.
I am sharing this story just to highlight that the risks are high when it comes to a brick-and-mortar business.
That’s why I always recommend that you should go with online businesses because your risks are small while the upside is huge.
How To Make Money From Home With Your Website
There are a few proven ways to make money with a website.
And I will share with you how you can get started, and exactly how you can earn an income and how fast you can expect to see money coming in.
One of the easiest ways is to start a niche website.
So, what is a niche website?
A niche website is an informational website that provides useful information on a specific topic (i.e. niche)
It can be a website that is all about photography.
Or it can be a website that is all about dating.
Or it can be a website that is all about laptops.
So, what should your website be about?
And how do you decide on the topic of your website?
You see, this is a very important decision because it can make or break your online business.
Because the last thing you want is that you start a website and keep writing content and see NO INCOME from all your efforts that you put in.
So, how do you make sure that you choose a profitable website niche before you even start building your website?
First, your website MUST talk about the problems that people are looking to solve.
When people look for solutions online, it’s likely they are willing to pay for it.
As a result, the audience you are attracting to your website has “commercial value” to both you and advertisers.
So, what does this mean?
When the audience visiting your website has the intention to spend money, it’s valuable to advertisers.
So, advertisers are more willing to pay to put ads on your website.
That’s higher advertising revenue for your website.
For example, there is this website called “Lucie’s List” which is all about baby gears.
New parents have a problem with what baby gear they should buy.
And they are looking for recommendations and advice to help solve their problems.
So, one of the ways “Lucie’s List” can make money is to promote Amazon products such as baby carriers and strollers and earn a commission whenever someone buys the product through their affiliate link.
Now, let’s look at another example.
A personal finance website that talks about things like credit cards and insurance.
People who visit the website have the intention of applying for credit cards or buying insurance.
And banks and insurance companies would pay A LOT of money to get leads and customers from your website.
That’s a profitable niche.
Now, let’s look at an example of an unprofitable niche.
Have you ever gone to a website that is all about gossip and entertainment news?
Are you looking to spend money when you visit the website?
I doubt so.
So, advertisers would probably not be willing to pay much to put advertisements on this type of website.
Also, there are not many products that you can promote and sell to this type of audience.
Even if you do promote products to them, it’s very likely they won’t buy.
So, you must keep this mind when you are choosing what website you should start.
Next, the topic you are going to talk about on your website should be broad enough for you to produce a good amount of content.
If it’s too narrow, you are going to run out of ideas to write about and also you will attract a very small group of people. (i.e. less blog traffic)
Let’s look at an example.
If you want to start a website about pets and you choose to only write about poodles, then it would be too narrow.
A broad and better topic would be dogs.
An even broader topic would be pets (which might border on being too broad).
So, it’s very important for you to choose a topic that meets the following criteria:
- Commercial value (i.e. easy to monetize)
- Not too broad and not too narrow
For a niche website, there are three main ways that you can make money from it:
- Advertising revenue
- Promote other’s products as an affiliate to earn a commission
- Create and sell your own products (either digital or physical products)
Difficulty Level: Normal to Hard
How Fast Can You Start Making Money: It should take at least 3 to 6 months if you work hard and implement the strategy correctly.