Make Money Online:
You might already have everything you need to start making money online — even if you feel like you have no idea what you’re doing.
“When I first got started as a freelance copywriter in 2011, I didn’t have any money to invest in my business,” says Sarah Jane Burt, a copywriter, content strategist, and founder of The Content Collective. “I was in graduate school for English and thinking about becoming a teacher.”
“Then, I met a guy at a party who owned a business. We talked about how I was in grad school for English and writing a ton of papers. He asked me if I thought I could write some content for his website. I figured, why not? And that’s how my copywriting business got started.”
In some cases, one person believing in you is all it takes to get your online moneymaking dream off the ground. By taking the time to get crystal clear on the fundamentals first, you’ll feel more empowered to choose your best next step and start taking action today.
We asked four online business experts — people making up to one million dollars per year and beyond in their businesses — what people should know about making money online. Here’s what they had to say, along with how you can decide which money-making ideas might be the best fit for you.
Can You Make Money Online Without Any Starting Investment?
You sure can! If you have an internet connection and want to earn money online, it’s possible to do so without having an airtight business model or online store from day one. Whether you’re offering a service, selling a product, or publishing content on social media, there’s a slice of the internet that will be perfect for you to generate extra cash.
Zeroing in on a problem you can solve is more important than fancy logos or expensive software, says Satya Purna, a cognitive behavioral money coach and founder of Infinite Minds, LLC.
“There are many low and no-cost opportunities that make money online, especially in the professional services industry,” she says, citing examples such as web design, digital marketing, search engine optimization, video editing, and social media consulting. “The most important thing to consider is: ‘What problem can I solve?’ Then go find people who need to solve that problem. Whether you find them on freelancing websites like Upwork, or engage in networking events, all you need is (1) a problem you can solve, (2) a process you can use with your clients, and (3) a way to send invoices or contracts and collect cash.
Can You Make Money Fast Online?
The short answer is yes. In fact, moving quickly to make money is sometimes your best bet. The challenge of generating quick cash helps you show up, sell online, and stay committed to your entrepreneurial pursuits, says Burt.
“When you make money quickly, you may also become more motivated to stick it out no matter what happens,” she says. “The reward of quick money gives you the incentive to keep making more even if you experience a challenge or setback.”
On the other hand, Burt also notes that having a “fast cash” mentality all the time could potentially stunt your rates and lead to burnout.
“When the goal is to make money quickly, you may lower your prices and do things for less money than you normally would – even though it’s the same amount of work. This can be really disheartening and lead to overwhelm and burnout.”
To help you balance short-term priorities with long-term success, document your initial wins for future reference. Capture testimonials or reviews from happy customers early on, because this social proof will help you establish credibility with future prospects and make good money down the line, says Nikki McKnight, an operations strategist and founder of McKnight Operational Consulting.
“People rely on social proof, reviews, and testimonials when making a buying decision online,” she says. “That social capital can take time to build up.”
Whether your brilliant idea is to create viral videos, sell stock photos, launch a tutoring business, or open a dropshipping store, it’s important to keep your fire burning bright along the way. What we know about personal finance is that playing the long game well — leveraging good credit cards, saving for the future, and knowing your numbers — is how you get your best financial return.
So should you offer a service, become a creator, develop a product, or something else? Here are seven common approaches to making money on the internet today — and what our experts have to say.
No. 1: Provide a Service
Many people first stumble into entrepreneurship through moonlighting or doing freelance jobs in their spare time. Perhaps you offer to review someone’s résumé, or you help a business with data entry or online surveys for a few hours each week. The first time you get paid directly for what you already know, a whole new world of possibilities opens up. Some employers have moonlighting policies, so you’ll want to make sure you’re staying within your contractual obligations if you’re getting started on a side hustle in addition to a full-time job.
Providing a service usually splits out into one of three subcategories, which can be defined as follows:
- Freelancing: You’re doing the work on behalf of your client.
- Consulting: You are making recommendations on what the client should do next, based on your expertise and experience.
- Coaching: Similar to consulting, but in coaching your goal is to help the client become proficient in doing it themselves.
Let’s say I am a certified nutritionist who has a day job, and I want to offer my expertise in my spare time to people who want to quit caffeine and have better energy levels throughout the day. Here are the different ways I could provide this service, according to the subcategories above:
- Freelancing would be the most hands-on: Perhaps I’m ordering my client the supplements or multivitamins they need, or if they’re local I’m doing their meal prep for them and delivering it to their home.
- Consulting would be the least hands-on: My client would keep a food log, I would review it, and then we could hop on a call together where I make recommendations on what to tweak.
- Coaching would include consulting in this case, but would also provide continuing guidance and support as your client becomes self-sufficient at adjusting their own nutrition. Some people are happy to pay a premium in order to have you, a professional, in their corner for encouragement and accountability.
Freelancing, consulting, and coaching are all great options for professionals who already have a full-time job or established career. If you feel stuck on how to make money online, consider focusing on knowledge or skills you already have.
What Are the Requirements to Provide a Service?
If you want to pursue an industry you don’t know much about yet, look for an option in which you learn the skills you need on the job. Virtual assistant work requires good attention to detail and a solid internet connection as you earn money by completing online tasks, and in many cases you’ll receive additional training once you actually start the gig. This has become an increasingly popular way to get paid as you learn the lay of the land or break into a new industry altogether.
Also do research to determine if you need any necessary credentials or certifications to get started. This is important if your industry is regulated, or if your state has state-specific guidelines. (Example: In California, a psychotherapist cannot form a Limited Liability Corporation (LLC); they have to be a sole proprietor or an S corp instead.)
How Much Can You Earn in the Sublet Economy?
How much you earn really depends on how much you want to scale. Since you’re subletting an asset, only one customer can use it at a time, so if every day of the month is booked — which is great! — you’ll need to bring another asset into the picture in order to scale your income further.
No. 6: Embrace Retail Arbitrage (The Resale Economy)
Retail arbitrage refers to the act of buying items at lower or wholesale prices, then marking them up and reselling them in various marketplaces to turn a profit. If you have vintage clothing to resell, or have a good eye for purchasing goods at low cost locally that would be valuable online, consider exploring the resale economy.
You’ve probably already encountered retail arbitrage before without realizing it. When concertgoers try to scalp their tickets, that’s reselling. When people sell gently used garments on Poshmark or eBay, that’s reselling. In retail arbitrage, you are the middleman between who made a product and who the end consumer will be.
How Much Can You Earn?
Retail arbitrage can sometimes yield high profit margins, especially if you sell rare items or collectibles. However, the challenge almost all resellers encounter is time: between listings, photographing your products, and shipping to buyers, the process can quickly become a time-consuming side hustle. Retail arbitrage is a great option for people who don’t have many assets, but do have time on their hands, and need to make more money.
