Many people dream of leading the “Internet lifestyle”. What this means is that they can live wherever they want and make money with a computer or a mobile device and an Internet connection. Some people are skeptical that this is even possible labeling every online money making opportunity as a scam.
While it is true that there are scams around the truth is that it is certainly possible to make money online in 2020. What is not true is that you will be able to become rich overnight, working in your pajamas and just clicking your mouse a few times.
Are Strategies for Making Money Online complicated?
Most of them are not. One of the things that hold a lot of people back from trying to make money online is that they do not have any technical knowledge. The thought of setting up their website scares them but these days it is all very easy. Back in the 1990’s you needed to know complex code to set up a website – not anymore.
If you have looked into making money online before you may have seen terms like funnels, autoresponders, retargeting, and other terms that you may not have understood. There is quite a lot of different terminology but all of it is easy to understand and implement.
You can find examples of children making money online as well as seniors these days. The bottom line is that anyone can do it. With some make money online strategies you do not even need a website. So let’s take a look at the 6 of the best ways to make money online in 2020.
1. Affiliate Marketing
You may well have heard of affiliate marketing before. The concept is very simple – you promote someone else’s product or service as an affiliate and each time you make a sale you will receive a commission.
To become an affiliate you will need to join the affiliate program of the product vendor or join an affiliate network. Amazon is a vendor that has its own affiliate program and a good example of an affiliate network is Clickbank.com. After joining the affiliate program or network you will have your own unique affiliate links you can use for promotion.
So let’s say that you are interested in dog training and want to promote a high-quality product on this. One of the ways that you can do this is to set up a blog on dog training and then tell your visitors about the training course. If they click on your affiliate link and purchase the course then you will make a commission.
Here are some of the major advantages of using the affiliate marketing strategy to make money online in 2020:
- It is free to become an affiliate
- There are thousands of affiliate marketing opportunities
- You do not need a website
- You do not have to create your own product or service
- The vendor takes care of all support issues
- Affiliate marketing is easy to start
- You can start your affiliate marketing business with no money
As an affiliate marketer, you can choose to promote physical products, digital products, or both. Amazon sells a huge variety of physical products ranging from items that cost a few cents to those costing thousands of dollars. If you are an affiliate with Amazon and someone purchases a physical product using your affiliate link you will earn a commission.
The biggest problem with promoting physical products from a vendor like Amazon is that the commissions are very small. In fact, recently Amazon lowered their commission rates for affiliates even further so now you are looking at between 1% and 3%.
Digital products on the other hand usually have much higher commission rates. Usually, you can expect at least a 50%-75% commission with a digital product and it is often higher than this. In some cases, it can even be 100%. The problem with promoting digital products is that they may be harder to sell than physical products.
If you are serious about being a successful affiliate marketer we recommend that you invest in your own domain name, web hosting and website. Yes it is possible to be an affiliate marketer without a website, and if you have a limited budget then you can start that way. But spend a few bucks on getting your own website setup as soon as you can.
So once you are an affiliate for a product or service, what is the best way to promote these products and services to make commissions? There are a number of tried and tested ways that you can do this for free or for a small investment:
- Create related videos and upload them to YouTube (free)
- Blog about the niche that you are an affiliate for (free or paid)
- Promote your affiliate links on social media (free and paid)
- Use pay per click ads from Google or Microsoft (paid)
- Buy solo ads to drive traffic to your offer (paid)
- Use free ad websites (free)
- Search Engine Optimization (SEO) for organic traffic (free or paid)
Usually, if you choose the free traffic route then you will have to put in a lot more effort and it can take a long time to see results. If you are prepared to invest in some ads such as pay per click or social media ads then there is not a lot of work and the results are fast.
To give you some idea of what is possible with affiliate marketing, there are “super affiliates” that make 7 figures a year with it. There are people with blogs that earn up to 6 figures per month promoting other people’s products and services.
Affiliates that earn big money do not achieve this overnight. Usually, they have built their affiliate marketing business up over a period of time and they usually invest a fair amount of money as well in advertising. But it is certainly possible to make good money with affiliate marketing.
So what are the disadvantages of affiliate marketing? Here are some of the main ones:
- You are not in control – the vendor can pull an offer at any time
- You do not keep all of the money when making a sale
- You are relying on someone else to pay you
- There is a lot of competition
- The customer belongs to the vendor and not you so you cannot contact them again
It is very easy to get started with affiliate marketing and there is a lot of free information about it online. There are also some good training courses which are inexpensive that will teach you how to set everything up and some tips and tricks for success.
2. Selling your own Digital Product or Service
One of the biggest disadvantages with affiliate marketing is that you are not in control. You can be promoting a product and doing very well, and then find that the vendor removes the product or cancels your affiliate membership for some reason.
Successful digital product creators can make a great deal of money. They create products that are in demand and sell them to customers either directly or through their own affiliates. If they sell the product directly then they will keep all of the sales revenue (less some small payment processor fees or platform charges).
Another good thing about selling your own products is that you own the customers. You have their name and email address and you can use these details to promote your other products to them. There are 2 major obstacles that you need to overcome to be a digital product seller though:
- Create products that are in demand and will sell well
- The actual creation of the products
There are always a lot of people looking online for information on how to do something. If you can provide the answers to them in your products, then you will be able to meet their demands. It is true to say that you can usually find the answer to just about any question using a search engine like Google or look for a video with the answers on YouTube.
But finding everything that you need to know about a subject is not always easy using search. It can also take a great deal of time. By getting in front of the people that are asking the questions with a product that answers them all is the right place to be.
Here are the major advantages of selling your own digital products and services:
- You are in total control
- You own the customers and can resell some of your other products to them
- If you sell directly then you keep all of the money
- You can find a lot of affiliates to promote your products in return for a commission
- You develop your brand, your expertise and your authority in the market
Here are the disadvantages of selling your own digital products and services:
- You have to come up with the right product ideas
- It takes time, effort and money to create high quality products
- You have to deal with refunds and other customer support issues
So you may be asking yourself at this point if it is worth all of the time and trouble to become a digital product creator and seller. If you get it right then the answer is certainly “yes”. Successful product owners usually make a lot more money than successful affiliate marketers do.
How do you get started? The first thing to do is to examine your current skill set. Do you know things that others don’t that would be valuable for them to learn? For example, you may be an expert in social media marketing. You know how to connect with large numbers of people on social media and keep them engaged. This is certainly a valuable skill.
You could create a high quality training course and sell this to business owners and online marketers. Most marketers do not use social media in the right way and you can show them how to get the best results. You could charge anywhere from $27 to $2,000 for this kind of training.
Another thing that you can do is to look for products that sell well and then create a better one. You can find successful digital products on platforms like Clickbank.com, WarriorPlus.com, and JVZoo.com as an example. Buy the product and go through all of it. Identify weak areas and create a better product.
When it comes to product creation, you do not have to do everything yourself. You can outsource a number of different tasks to freelancers offering their services or websites such as Fiverr.com.
A good way to get started in product creation is to look for high-quality PLR (private label rights) products. If you are unfamiliar with PLR, you can purchase a product package inexpensively and you will have the rights to change it and really make the product your own.
If you don’t like the idea of dealing with customer support issues such as processing refunds and dealing with technical problems if you sell software then you can outsource this as well. When you are just starting out you can save money by doing most things yourself but be realistic about the time and effort that is involved in creating your own product.
Once your product is ready you could sell it directly from your website or blog. You can also list your product on an affiliate network like Clickbank. This will enable you to recruit affiliates that will promote your product for you and you pay them an agreed commission for each sale.
3. Selling your own Physical Products Online – Amazon FBA
If you like the idea of selling physical products more than digital products you can make money online in 2020 by selling them on Amazon. The Amazon FBA (fulfilled by Amazon) model is popular and there are people making lots of money doing this.
The concept here is that you will advertise your product on Amazon by creating a product page for it. You ship a quantity of your product to a specified Amazon warehouse and then you need to monitor stock levels and send new batches of product to Amazon when necessary to avoid out of stock issues.
The Amazon FBA model can be profitable if you do it right. You may be able to source a good product cheaply and then after paying shipping costs and Amazon fees make a profit of around 40% on sales. In order to be successful with this strategy you need to:
- Provide a product that is in demand and will sell on Amazon
- Calculate all of the costs accurately
- Price the product right so that you make around 40% profit on sales
- Drive traffic to your product
If you already have your own product that your business makes this is fairly easy to test. A product that sells well locally could also be a winner nationally so it is worth trying. You will need to create a compelling product description page, send a quantity of stock to Amazon and then drive traffic to your product page.
What a lot of Amazon FBA sellers do is to source a product from a country such as China. Maybe they pay $2 per item and there are similar products selling on Amazon for $25. You need to think about all of the costs here to ensure that you will make a reasonable amount of profit when your product sells:
- The cost per item
- Packaging costs – you need to make your product look appealing
- Shipping costs from China to your business or directly to the Amazon warehouse
- The fee charged by Amazon for fulfillment
If you are going to try out the Amazon FBA model and you need to source a product from China or elsewhere then you will need some investment money to try this. You are probably going to need at least $3,000 to purchase at minimum order quantity (MOQ) and cover your packaging and shipping costs. You can also invest in Amazon Ads to drive traffic.
It is best to start off small with an Amazon FBA business. Find a product that is lightweight so that you keep your shipping costs down to a minimum. Use a service like Alibaba.com to find a high quality supply and confirm the price per item with them. A lot of factories will also provide packaging for you and branding as well.
Then you need to find a shipping agent that will take care of shipping your items to Amazon in the United States or whatever country you choose. There is a calculator on the Amazon website that will give you a fairly accurate indication of Amazon fees for your product.
The major advantages of the Amazon FBA model are:
- Amazon receives a huge amount of traffic each month
- It is possible to make a great deal of money the more successful products that you have
- Amazon handles the fulfillment of your product
- Amazon handles the customer service
The major disadvantages are:
- You can never be 100% sure that a product will be a winner
- You will require money upfront to invest in your first product
- You have to carefully monitor stock levels to prevent stock outs
- Amazon is a very competitive marketplace
There are a number of premium tools and training courses that you might want to invest in as well to provide you with the best chance of success with Amazon FBA. The process of adding products is fairly straight forward so the sky can really be the limit here.
4. Provide Freelance Services
Certain freelance services are always in high demand and we are going to discuss two different ways to provide freelance services in this section:
- Using your own skills to provide the services
- Outsourcing to others that have the skills (drop servicing)
If you have a particular skill that others need such as web design, SEO, content writing, copywriting etc then you can make really good money with this. Here are some of the most in demand services that a number of freelancers provide:
- Content writing
- Graphic design
- Web Design
- Site optimization
- Social media marketing
- Video creation
Do you have any of these skills? If not, are you prepared to learn these skills so that you can provide them to businesses and individuals that need them? A classic example is content writing. Website owners know that they need to provide fresh and unique content on a regular basis to keep their visitors and the search engines happy.
But a lot of these people do not like writing, are no good at it or just don’t have the time. You can capitalize on this by providing your services as a freelance content writer. So how do you get in front of the customers that require your writing services? There are a number of ways that you can do this:
- Advertise your services on your website or blog
- Setup gigs on a website like Fiverr.com
- Create a profile and respond to project offers on a site like Upwork.com
- Advertise on a forum marketplace such as the WarriorForum.com
You can charge whatever you like for your services but always bear in mind that there will be others offering similar services and you could miss out if you price too high. On the other side of the coin, you do not want to price your services too low either otherwise you could get a flood of orders and be working for next to nothing.
If you don’t have a specific skill to offer that is in demand then you can setup and operate an “outsource” related business; Websites that provide service gigs like Fiverr.com are popular but only a small number of people know about them. So you can find talent on these sites and then sell their services for a higher price.
Let’s say that you decide to offer a logo design service. You don’t have any design skills and have no idea how to use Adobe Photoshop. So you head over to Fiverr.com and find people offering logo design services that have a lot of positive reviews from customers.
We will assume that the average price for a high quality logo on Fiverr is $25. So you advertise your logo creation service and price it at $125. This is still pretty cheap for a graphic design service and you should get customers with some persuasive copywriting and a portfolio of examples (you can ask the Fiverr seller to provide this).
The customer pays you $125 upfront for the logo and provides you with their requirements. You pay the Fiverr seller $25 and pass on the requirements to them. Once the job is complete you send everything to the customer and make $100 for doing next to nothing.
The major advantages of providing freelance services:
- You can turn your skills into cash
- There is high demand for specific services
- If you don’t have the skills to offer you can operate an outsource business
The major disadvantages:
- The competition is usually very high
- If you are selling your own skills you need to establish credibility first
- If you get the pricing wrong you can end up with no orders or too many orders
- You are selling your time for money if you market your own skills
- It is not that easy to find customers for a outsourcing business
When people are looking for service providers they will expect to see some social proof that you are competent. So to build up a reputation you can offer your services to people that you know or even for free in exchange for a favorable review.
5. Videos and YouTube
YouTube is the second largest website on the planet behind Google.com. The demand for video is incredibly high, because people much prefer to watch a video to get the information that they need than to read a lot of text.
Did you know that there are a number of ways that you can make money from YouTube? Well there are and you do not have to create “Hollywood style” videos to take advantage of this. You just need to give YouTube viewers what they want.
You may have heard that there are several millionaires that used YouTube to create their wealth. This is true. Although these people are in the minority and do exist, and there are thousands of others who make significant amounts of money posting videos on YouTube.
There are some videos on YouTube that get millions of views over time. These videos are very simple to make and do not require any special tools or equipment. You do not have to appear on the videos either, which is something that a lot of people don’t want to do.
The revenue earned from these videos is from the Google Adsense program. If you didn’t know, Google owns YouTube and it provides you with the opportunity to monetize your videos with its Adsense program. While people are watching your videos, ads will appear at the bottom of the video. Google pays you based on the number of ad impressions.
To make serious money from this you need to upload videos that get a high number of views. A good example of this is videos that contain relaxing music. You can get copyright-free music from YouTube itself and use a free video editor to add copyright-free images or videos and create a good relaxing music video.
Some of these videos get millions of views! People come home stressed out from work or school and they turn to YouTube for some relaxing music. They play these videos for several minutes, even hours to calm them down. While they are watching your videos you are making money.
Here are some other ways that you can make money from YouTube:
- Create product review videos and add your affiliate link in the description
- Create “how to” videos and sell your product or promote an affiliate product
- Use YouTube ads to promote your product or an affiliate product
There are a lot of free and paid tools available for you to create good videos these days. So if you like the idea of making videos then YouTube can be a really fun way for you to make extra money online. If you are going to appear in your videos then invest in a decent camera and microphone.
The major advantages of YouTube for making money online in 2020:
- There is a huge demand for video
- YouTube is the second-largest search engine in the world
- Videos can appear in Google search results
- It is easy to set up a YouTube channel
- You can monetize with Google Adsense, affiliate marketing, your own products, and sponsorship
The major disadvantages of making money online with YouTube:
- Making good quality videos is time-consuming
- You may have to learn to edit videos
- The best video creation tools cost money
- You cannot guarantee that your videos will get a lot of views
Creating YouTube videos is one of the most fun ways to make money online in 2020. It is very satisfying to see your video channels grow with more subscribers and views to your videos. It is not that difficult to create good videos and there are many free tools that you can use.
6. Online Consulting and Coaching
If you have a skill that is in demand then there is no need for you to sell your skills cheap. You can set up an online consultancy or coaching business and charge people reasonably high amount of money for your in-demand services.
You will need to either possess the necessary skills to provide online consultancy services or be willing to acquire them. This is not something that you can outsource. If you have experience of succeeding in a particular industry then you can certainly help others to do the same through your consultancy services. Here are some ideas for a consultancy business:
- Digital marketing
- Business planning and implementation
- Life coaching
- Fitness coaching
You do not have to be an industry leader to provide your knowledge and expertise to others through online consulting or coaching. Obviously, you need to know more than your customers do. Having a track record and some evidence of success is also important. It is not difficult to set up as an online consultant.
You can offer one on one consulting or group consulting. To start with you can use free tools such as Skype to conduct your consulting sessions. It is best to plan your consulting sessions and agree on some deliverables for you and your clients.
The advantages of online consulting / coaching:
- You can earn good money from your knowledge
- In the right markets, the demand can be high
- It is relatively easy to get set up
- You do not need to invest a lot of money to get started
The disadvantages of online consulting / coaching:
- You need to have marketable skills
- Finding and retaining clients is not that easy
- You are selling your time for money
When you provide high quality consulting or coaching services the word tends to spread quickly and you can find yourself getting a lot of clients through referrals. When you are just starting out then you can price your service at the low end of let’s say $50 an hour. Once you establish your brand and reputation then you can offer competitive rate pricing
We sincerely hope that these 6 best ways to make money online in 2020 will inspire you to take action. It is certainly possible to make money online if you choose the right business model and take it seriously.
If you do not have a lot of money to invest in your online business then affiliate marketing or selling your services are good places to start. Other models such as Amazon FBA will require investment but can make you a lot of money in a fairly short amount of time.
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