How much money can I make online? That’s the first question I asked myself when I got started with article writing. In the beginning, I was getting about a dollar per text. Needless to say, I was wondering whether I could ever charge a higher fee and start earning enough.
Today, I’ve quit my day job and I run my own (relatively small copywriting business). The facts that I’m my own boss and I get to choose the clients I’d like to work with come as added perks on top of the monetization.
You’re also probably wondering about the most effective ways to make money online and what monthly income these will contribute to.
Several factors will determine your monetization potential and whether you’re going to plateau at a certain amount. Let me try to give you an honest overview of some options and the amount of money you can expect to generate each eay.
How Much Money Can I Make Online? The Answer Depends on Your Business Plan
The answer to this question is simple – you can make a lot of money online.
Some people have become millionaires, even billionaires.
To reach such heights, you need the right idea and a lot of hard work. Obviously, not everyone’s going to come up with the next Facebook or Amazon. Hence, you can bet on several income generation streams that will bring in enough cash.
My approach is similar – I do multiple things to earn enough.
In my experience, the most effective ways to make money online include freelancing, ebook writing and blogging. This approach, however, is based on my experience and the things that I excel in. Depending on your skills, you can discover much more effective approaches.
Some of the proven ways to make money online include the following:
- Starting a YouTube channel
- Creating your own courses and educational materials to sell
- Selling photos, images, music and other types of copyrighted materials
- Selling items online (whether via eBay or your own website)
- Doing affiliate marketing
- Doing paid surveys
- Blogging and featuring ads or paid publications
- Investing online (cryptocurrency, Forex, etc.)
- Starting an online business (coaching, app development, legal services, accounting, etc.)
- Starting a dropshipping business
There are many other ways to make money online. What matters the most is doing a few things at once.
You don’t know which opportunity will prove to be most profitable and which one will have the biggest growth potential. Hence, you should definitely consider employing multiple avenues.
That’s also true within a specific field. Let’s take copywriting as an example. I seek copywriting clients via multiple channels. In the past, I used to write for content mills. I also look for projects via Upwork and similar websites. Finally, I have a corporate website that I created for marketing purposes and I’m active on social media.
How Much Money Can I Make Online as a Freelancer?
Freelance work offers a lot of flexibility and it’s one of the first options that many people get started with.
The amount of money you make as a freelancer depends:
- Your area of experience and specialization
- The number of years you’ve been active in the field
- The platform via which you seek projects
- Whether you work part-time or full-time
- Your own pricing policy
When getting started as a freelance writer, I used to charge 10 dollars per hour and one cent per word. I’ve increased my fees several times through the years and now, I charge 30 dollars per hour. I pretty much work full-time and freelance writing generates over 90 percent of my income.
If you have niche knowledge and experience (finance, B2B consulting, architecture, environmental compliance), you can easily charge a lot more than that. Some of the top freelancer out there charge 50, 60 and even 100 dollars per hour.
Thus, you should work on acquiring niche skills and qualifications. The more specialized you go; the less competition you’ll face from other freelancers. This way, you’ll get to increase your fees and still attract clients.
Here’s a link that provides a lot of useful information about the most profitable freelance gigs and the hourly fees different professionals charge. Use this information to get a rough idea of what’s possible in your area of expertise.
How Much Passive Income Can I Generate Online?
Residual income generation is very appealing because you are earning money while you’re not working.
Anyone interested in the most effective ways to make money online has come across those income reports.
Many websites feature income statements that show readers how much the owner makes per month. In some instances, the sum varies from 10,000 to over 50,000 dollars per month.
The bulk of this money is generated via affiliate marketing, advertising and paid publications.
To achieve such levels, however, you’ll have to work really hard.
Passive income generation online is most often dependent on having an audience (whether you have a blog or you’re a YouTuber) and generating a certain number of views every single month. Thus, you’ll first have to work on quality content and attracting an audience before you can begin enjoying the perks of passive income generation.
Is it possible to reach the passive income levels quoted above? Yes, but only a few have accomplished such massive triumphs.
Is it possible to live comfortably with the passive income you generate online? The answer is once again yes.
I am currently developing this opportunity but while doing so, I’m also working as a freelancer. At the time being, I make pennies from passive income generation. Eventually, however, I hope that this website and my ebook portfolio will be large enough to enable me to quit freelance writing for clients altogether (while I do enjoy my job, the amount of work can get really stressful at times).
How Much Money Can I Make Doing Online Surveys?
Some people don’t want to build an online career, they want to generate a bit of additional income. That’s also doable and one of the best opportunities comes in the form of online survey websites.
That’s a newer option I’ve come across and one of my first questions was how much money can I make doing online surveys?
This type of income is dependent on the platforms you choose, your country of origin and the number of surveys you qualify for. People from certain countries like the US, Canada, the UK and Australia will have access to a bigger number of surveys that pay more. Still, this doesn’t mean that surveys are entirely unavailable for people from other countries.
Typically, a single survey will make you anywhere between one and five dollars. there are surveys worth 20 dollars and even more but you’ll come across such opportunities rarely.
Your speed of completing surveys will determine how much you’re going to earn per hour.
Also, understand the fact that online survey websites aren’t created equal. Some will only give you access to gift cards rather than cashing out opportunities. Some will have so few surveys that you’ll never get to cash out.
In my opinion, the best survey websites you should consider joining right now include:
- Inbox Dollars: now only can you monetize surveys, you can also earn by watching videos, playing games and browsing the web. Inbox Dollars has been around since 2000 and over the years, it has maintained an excellent reputation. It accepts members from multiple countries (over the age of 18) and there’s a five-dollar sign-up bonus.
- Swagbucks: there are people who have been Swagbucks members for years, adding a bit of additional daily spending income to their family budget. This website also offers multiple monetization options on top of paid surveys. A cool thing about Swagbucks is that it offers daily bonuses and perks. It’s open to members from the US, UK, Canada, Germany, France, India, Australia and Ireland.
- Survey Junkie: another old and well-established player, Survey Junkie completes the reputable trio. Survey Junkie features a wide array of surveys that will give you one to three dollars upon completion. The website paus in cash and there’s also a huge selection of gift cards to choose among.
How Much Money Can I Make Online Through Other Opportunities?
The effective ways to make money online include various other choices.
For a start, you can get rid of items you no longer need. Selling on eBay can result in a steady income stream. The amount you can make depends on the types of items you have to sell, their condition and whether it’s possible for you to keep on selling on an ongoing basis.
Building the right seller reputation is also important, as it will make your profile much more trustworthy and approachable.
eBay, however, isn’t the only platform you can use to get rid of the items you no longer require and earn cash.
You can sell stuff on Decluttr, as well, to generate a bit of side income.
Decluttr is a platform you can use to get rid of CDs, DVDs, games, tech and books. It offers an instant valuation, as well as free shipping for a managed service and a bit of added convenience.
All you have to do to get started is set up an account, scan your items and get a price. You will also get a free shipping label to send items over. After the items are received, their condition will be checked. If everything looks fine, you’ll get the amount that was originally quoted. Payout is possible via PayPal, via direct deposit or check.
The one thing to keep in mind is that the price you get may not always be the best one. Hence, Decluttr offers a simple option for a bit of income generation but if you’re looking to sell valuable or expensive items, you may want to seek an alternative.
Apart from selling, you can also consider possibilities for growing your money online.
There are dozens of online investment options. Some of them are risky, some will earn you peanuts but others do work.
As far as online investment goes, Acorns has been one of the staples.
Acorns was founded in 2012 and the platform will automatically invest your spare change (that’s left from purchases or the platform’s cashback opportunity). You can invest as little as five dollars (micro investment) into a portfolio of ETFs.
The investments are diversified across 7,000 stocks and bonds to give you security and stability.
The pros of Acorns are several. For a start, you can begin with a small sum. The investment is managed on your behalf to give you the best possible outcome. There’s no account minimum and college students can benefit from a free management promo.
If you don’t know a lot about investing, you may want to give it a try. Otherwise, investing on your own is going to be a much better pick.
There are also cashback platforms, apps that pay you money, services that pay you for visiting a local store and taking a picture of products or racks, cryptocurrency investment or generation options, social media monetization options and many others.
Realistic Expectations Matter
You can make money online but it’s crucial to have realistic expectations in the beginning.
Anyone who is starting an online business should be prepared for periods of hard work with no returns. It’s also possible to conceptualize a product or a service you consider great that doesn’t really get a positive market reception.
Those who opt for a bit of side income should know they can’t generate 50K or more this way. Such opportunities like paid survey websites and apps will result in a little bit of additional monthly income. While the sum can add up over time, small gigs like playing games or joining microtasking platforms can’t produce massive amounts of cash.
Finally, remember to be positive, to have a plan and to try multiple online income generation opportunities. Through a bit of research and some trial and error, you can eventually identify the approaches bound to deliver the best results.