Based on Google Trends, everyday thousands of people from around the world ask search engines “how to make money online” and google spits out article after article, leaving them even more confused. At the end of the day, a few of those people actually dive in and make an effort to make money online. However, how do they do this? Below is a list of the 5 best ways to make money online in 2020 that actually work.
Affiliate Marketing: 5 Ways to Make Money Online in 2020
Affiliate marketing may be the simplest way to earn money online and the easiest to start with the lowest investment required. All the influencers you follow on social media are doing this. You may have heard of it during your search online. In case you have not, let me break it down for you.
What is affiliate marketing?
Picture BMW, the car manufacturer. BMW manufactures cars to sell on the global market. When you walk into a car dealership to buy a BMW, the car dealership does not manufacture any cars. They simply show you the car, give you a test drive, and sell it to you. They then get paid a commission by BMW for selling you the car. The same goes with travel agents and real estate agents and other businesses that do not require you to create a product or deliver a service.
Affiliate marketing is simply being a middle man for a company that produces products, either digital or physical. The best educator for this business model is Robert Kiyosaki, author of Rich Dad, Poor Dad, a book that has empowered many entrepreneurs.
To become an affiliate, you simply need to decide what platform you want to use as your vehicle. Others use blogging, some use YouTube videos, and some are using their social media accounts. If you decide to start your business by blogging, you are in luck, while other methods may be free, blogging has become very affordable through the use of self-hosted WordPress blogs, with web hosting services providing low cost, high quality, and affordable services. At SNCT Marketing we use Namecheap as our web hosting service provider of choice.
Once you have your web hosting paid for, you may want to learn how to install WordPress to the hosting platform. Here is a tutorial we did for Namecheap. Some of the steps apply to other hosting service providers that use cPanel.
If you want to learn more, do take the time to learn from Robert Kiyosaki
Forex Trading : 5 Ways to Make Money Online in 2020
In my search for financial freedom, I have tried several different programs, something I think the majority of us have tried. When I learned about trading forex, I quickly found out that this method was very risky, in-fact at times I compared it to gambling because I had no clue what I was doing. Loads of people were making money by trading forex yet I was losing. I made all sorts of excuses because I did not want to take the time to learn.
Eventually I learned a few tricks thanks to some free resources I had found online. Resources such as XM Trade Webinars and training programs allowed me to make my first profit. You can learn more here.
When I first traded forex, there were not as many programs and fake traders trying to sell you into a program that they call forex trading but is actually a pyramid scheme of sorts. It was simply trading I was after and making money through the skill so I could get results I could replicate over time.
The risk with some of these new “Forex Trading” businesses is that they spend less time teaching you how to trade foreign currencies and more time telling you to recruit other traders for financial gain.
How forex trading works
When you trade forex, you deposit your cash into a brokerage account such as XM Trade. You then pick your margins, that is to say, they give you the option to increase your initial deposit by a certain multiple which means you have a lot more money to invest than you have in your brokerage account. Should you run losses, most brokers will close out the trades before you eat into the margin and this helps prevent you from going into debt. A practice also used by brokers when you invest in the stock market.
After that, you go into the trading platform, usually Meta Trader, and start trading. Those are the basics of forex trading without getting too technical.
Create a free demo account:
Blogging: 5 Ways to Make Money Online in 2020
Blogging is a powerful tool used by many people to make money online. There are more than 1.6 billion websites on the internet with more than 500 million of them being recognized as blogs. This means that there is at least one blog for every 14 people on the internet and the number increases daily as more and more people look at blogging as a way to earn money and grow their businesses.
The question for many people is, how do we actually make money blogging?
There are many ways to monetize your blogs and content, below is a list of the methods that have been working for years and will continue to work in 2020.
- Affiliate marketing
- Selling Digital Products
- Selling branded products
To learn more about the method that will suit you best, visit this in-depth article on how to make money through blogging.
Why should you consider blogging in 2020?
Though there are many blogs on the internet, the demand for information is constantly increasing. A person that can create quality content consistently can be a success. Do you think you can take advantage of this demand for content?
Drop shipping: 5 Ways to Make Money Online in 2020
Drop shipping is a power business model. In this business model, you create an eCommerce shop and add products to the shop, you advertise the products and sell them on your website and get revenue. This may sound like a normal Fulfillment eCommerce store, however, there is a major difference:
|Drop Shipping||Fulfilment eCommerce|
Does not require storage or warehousing
Requires no logistics or shipping planning
Requires logistics and shipping planning
No manufacturing or product development
Must be involved in some stage of the product development
Can stock many products from different suppliers
Stock and product range varies based on budget
As you can see, drop shipping is a business model with low barriers of entry. This means that there are many drop shipping websites on the internet and many of these are failing. There are tools available that can reduce your risk including Dropship Me
Dropship.me helps you import proven products from AliExpress to your website. These are products that are popular and have a proven sales track record. The platform lets you import these products directly to your WordPress/WooCommerce store. Learn more about AliExpress here.
Applications: 5 Ways to Make Money Online in 2020
With the introduction of the iPhone came app stores, open for anyone to create applications for mobile phone users. The goal was to fill the store up with as many applications as possible to entice people to use their devices. Then came Androids app store, Google Play Store.
With the demand by users for more and more ways to use their ever more powerful mobile devices, came the demand for more applications and experiences. Users no longer wanted to wait to get to the store to buy a pair of shoes, websites were not convenient as you had to wait to get to a computer, and so eCommerce applications came to fruition.
How Do I Make Money Through Applications?
There are 4 major business models for the monetization of mobile applications. These are, ads, subscriptions, in app purchases, and one-time app sales. If you spend enough time and effort, you will be able to grow your user base and as your user base grows, your revenue will grow too.
To learn more about how to earn money with your applications visit this article. (add link to the blog post).
Your greatest focus when running an app business, or any business for that matter, should be to get more people to use your app. The more users, the more the chances of earning money from any of the above methods. For example, if you are earning money from Ads, you can get paid based on clicks or impression. The more the people that click the ads on your app the more earnings you get. Google pays you for every 1000 impressions, which means you need more than 1000 people to view an ad in order for you to get paid.
Other stats that matter when developing Applications
Conclusion 5 Ways to Make Money Online in 2020
The methods mentioned above are the top methods being used to make money online. Though we skim through the basics you can find out more about each of these methods here:
Do feel free to comment on any questions you may have and we will respond and help you get started.