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Before I am going to show you how you can earn some cash quickly as a kid, I want to make sure that you understand ONE important thing.
Making money is NOT difficult.
All it takes is an idea.
Not just any idea, but it must be a profitable idea.
So, what is a profitable idea?
A profitable idea means that you will earn a profit after all the costs (if any) deducted.
For example, if you sell a T-shirt, your cost of the T-shirt is $5 and you sell it for $20.
$15 is just your gross profit.
Do you have any other costs?
Shipping cost? Packaging cost? Marketing cost? Advertising cost?
If you still make a profit after taking out all the costs, then you’ve got a profitable idea.
Now, let’s move on and talk about the THREE main ways for you to earn money as a kid from home:
#1 Way To Make Money As A Kid
The first way is to sell stuff.
It can be physical products or digital products.
And you can either sell it offline or online.
Here are some of the physical products that you can sell:
- Arts & crafts
- Halloween/Christmas wreath
- Bath salts
- Handmade Jewelry
- Fridge magnets
If you are NOT into making physical products to sell, there is a good alternative – digital products.
What are digital products?
Digital products are things that are intangible and can be downloaded to your computer or handphone.
Here are some examples of digital products that you can sell:
- Printable (e.g. Workbooks, Templates, Flashcards, Calendars,etc)
- Graphic designs
- Stock photos
- Illustrations & drawings
- Video & audio files
Once you have an idea about what you want to sell, the next question will be where to sell.
With the advancement in technology, you now have the opportunity to sell to anyone in the world.
For example, if you list your products (either physical or digital) on platforms such as Amazon, eBay and Etsy, you can instantly get access to millions of potential customers all over the world.
Now, the question is NOT whether or not you have a place to sell it but whether you can sell it.
And I will show you HOW to sell successfully later on.
#2 Way To Make Money
The second way is to sell services.
And this is one of the fastest ways to earn money for kids.
You can either sell services to the people in your neighborhood or you can sell services online to people all over the world.
You might already be very familiar with the common services that kids can sell to earn some pocket money.
Here are just some examples:
- Mow lawn
- Clean the pool
- Walk dog
If you have a skill that can be turned into a service that is in demand, you can sell your freelance services online on platforms such as Fiverr or Upwork.
Here are just some examples:
- Graphic design
- Illustration & Drawing
- Website design
- Photo editing
- Video editing
You can always go to Fiverr to check out all the services that people are selling online to get more ideas about what you can offer.
Regardless of whether you are selling services or products, you must first come up with an idea.
Next, you must prove that there is demand for it.
Then, you must know how to market it.
Lastly, you must know how to SELL.
So, how do you prove there is demand for what you are planning to sell?
One easy way is to research on what is already selling in the market.
Don’t worry about competition because there’s ALWAYS going to be competition.
Just count how many different fast-food restaurants there are in the country.
Because it has been proven that fast-food sells.
Once you have an idea, what you need to do next to make money involves two steps:
Step 1: Find potential customers
Step 2: Convince them to buy
Simple as that.
So, where can you find your potential customers?
Where do they usually hang out?
How can you put your offer in front of their eyes?
When you keep asking yourself the RIGHT question, you will not be off-track.
For example, in the physical world, you can find your potential customers in an art & craft fair if you are selling handmade items.
In the online marketplace such as Amazon, you might need to spend some money on advertising to put your products in front of your potential customers.
On big e-commerce websites, without advertising, your products will probably be buried among thousands of other similar products and your potential customers will likely never see it.
Now that your potential customers have seen your products, how do you convince them to buy your products over other similar products?
The key is to differentiate your products from others.
Here are a few commonly used product differentiation strategies:
- Service differentiation in terms of better service
- Product differentiation in terms of better feature
- Packaging differentiation in terms of unique packaging
#3 Way To Make Money
The third way is not quick (by the way, it can be quick if you are able to create viral content), but the income potential could be huge in the long term.
So, what is this new way of making money for kids?
It’s simply creating content assets and build a large audience.
- Start YouTube Channel
- Start a blog
- Become an Instagram influencer
Now, let’s look at the income potential of building an audience.
Below is an example of how even kids can make a lot of money by uploading videos of him playing different toys on YouTube.
Here are some of the ways he makes money with Youtube:
- Advertising revenue
- Affiliate sales
- His own product sales
So, do you have something you want to share with the world?
YouTube is a good platform for you to host and share all your video content and grow a loyal following at the same time.
What if you are not comfortable recording videos?
Instagram is another way to make money by building a huge following.
Some teenagers are doing it so well on Instagram.
Here are some examples.
You can see both of them have millions of followers on Instagram.
How do they make money on Instagram?
One way is through sponsored posts where brands pay you to promote their products to your followers.
And how much can they make with such a big following?
According to the Financial Times, if you have an audience of 100,000 followers, you can charge brands $2,700 USD per post.
Influencers with four to 20 million followers typically make a cool $6,000 to $17,500 USD every time they upload a sponsored post.
Here’s an Influencer Rate Map that you can play with to see how much you can make with different sizes of audiences.
What if you love to write and share your thoughts with the world?
Then blogging is one good option for you to build an online audience.
Here’s an example of a successful teenage blogger.
Lily started this blog when she was 13 years old (now 22 years old).
How does she make money from her blog?
Mainly sponsored post from different brands.
Of course, she can also choose to monetize with display advertising, but I don’t see her doing this with her blog at the moment.
Money-Making Skills You Must Learn As A Kid
If you want to make money as a kid, here are a few very important skills that you should learn.
And it will benefit you for life.
To make money, you have to know how to sell and how to get paying clients.
Yes, there’s a general negative connotation attached to “salesman” because people think they are salesy and pushy.
But, it DOESN’T have to be this way.
When you approach your potential clients from a place of genuinely helping them solve their problems without the expectation of them buying from you, you can immediately take away the pressure off both you and your potential clients.
Also, it helps you build trust and establish a good relationship with your potential clients.
And money is in the relationship you built.
Because people only want to do business with someone or refer business to someone they like and trust.
Here are some good Amazon books that you can read and learn more about how to sell authentically:
- Secrets of Closing the Sale by Zig Ziglar
- The Psychology of Selling by Brian Tracy
- To Sell Is Human by Daniel H. Pink
So, what is marketing?
Peter Drucker once said, “the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself.”
He expanded on this by saying, “Ideally, marketing should result in a customer who is ready to buy”.
So, how are you supposed to do that?
You must know who your ideal target client is and what specific problems they have.
Then, you cater specifically to them.
When you do this, your marketing message will sell by itself.
Let me give you an example.
Some time ago, I wanted to buy some eye drops to refresh my eyes because staring at the computer screen for too long made my eyes very dry.
So, I went into the nearest drug store with the intention of simply buying the cheapest eye drop there is because I feel that all eye drops do the same thing – refresh your eye and supposedly soothe tired eyes.
You can probably tell that I absolutely know nothing about eye drops.
As I was browsing through the eye drops section in the drug store, I saw a range of eye drops from different brands.
In the description, it all said the same – soothes and relieves tired eyes.
I was about to choose the cheapest one until I saw this:
I bought it.
I even paid several dollars extra for it. Why?
Because it’s specifically meant to relieve tired eyes from hours of staring at the computer.
That exactly solves my problem.
Now, was there actually much difference between that eye drop and other types of eye drops?
Not that I can tell. They would do the same job. But the only difference was in my mind, I was looking for a specific solution to my specific problem and I found it. And that is how you should market yourself and your services.
To do that, you need to know exactly who your target market is and go deep inside their mind and find out what their problem is, so that you will be able to offer a specific solution to solve their problem.
And not only will they buy from you, but you will be able to charge premium prices because of this.
Here are some good Amazon books that you can read and learn more about how to market to your potential clients:
- Selling the Invisible by Harry Beckwith
- Positioning by Al Ries & Jack Trout
- The Long Tail by Chris Anderson