The pandemic has brought a ton of financial dilemmas to CEOs, small entrepreneurs, and the workforce. Even the jobless who thought it couldn't go any harder also received their share of punishment.
No one deserves to suffer and live in uncertainty. But everyone could have evaded the worst, or at least find a solution to cushion the effects of these extended lockdowns and economic turmoil.
A good back up plan would be having multiple streams of income rooted in different channels.
One lucrative platform is a website. With the development of virtual markets and the eternal need for content and digital products/services, it is the way to go for those who want to earn money online.
Deciding on the type of website is one of the most challenging parts. Business owners can create a company profile or an online store. But for a starter who is just about to explore the digital realm, here are the types of websites that make good money.
Blog Websites Monetizing On Affiliate Marketing And Google AdSense
Blogging is a conventional way to earn money with a website. It is due to the simple concept of monetizing your website, which is to nurture it with quality content, post ads, and share links to relevant products and services.
If you are passionate about the chosen niche, updating the blog with top-notch posts should be easy. However, if you plan to make it a lucrative income source, it will take time and consistent effort—besides, a deep understanding of how affiliate marketing and Google AdSense work makes a lot of difference.
As for earning money as an affiliate, the key to success depends on the item's sellability and your partner company's credibility. You also need to consider the amount of commission rate granted. Each affiliate program has its requirements, but not all would be as strict as established companies. Affiliating with small niche eCommerce sites would be practical for starters.
On the other hand, Google AdSense provides a more complicated way of calculating your earnings and figuring out how to enhance the figures. However, remember to abide by the set terms and conditions and provide your audience with quality and intriguing content to keep the traffic up.
A Review Website
Product or service reviews in your chosen niche may generate better income if you are an influencer. However, being an honest consumer with a knack for identifying what fellow buyers want from a product or service would skyrocket this venture quicker than anticipated.
Apart from monetizing your website from ads, the more dependable payer here would be the sales from your affiliate links. You can buy a product from Amazon or anywhere else and record a video of yourself while using it. Or you can write about your unfiltered thoughts and candid feedback.
Once your audience group blew up to an enormous number of followers, you might receive outreach emails and private messages from companies who would like you to critique their product, service, or media content. Not only can you earn from a review website, but it's an excellent channel to receive freebies, too!
An Online Shopping Store
Bring your brick-and-mortar shop online to reach more customers and take a step forward to making your business a bit more tolerant against lockdowns. By creating a website, you earn from another channel and provide more innovative services.
If you don't have the funds to mass produce or buy products in bulk, the dropshipping business model will work best for you.
Create An Educational Website
Prominent universities have gone online to offer convenient MBA programs for international students. If your learning institution doesn't have a website yet, it's high time to hire professionals and start doing classes over the internet. Even if you are not a certified educator, you could earn money by creating an informative platform.
Launching an educational website like Udemy is a potential money-making machine. With many people trying to learn new things to increase their competitiveness, sites that offer free or paid online modules and training packs may soon become immortal platforms with the ability to grow on their own.
Whether you are an expert in a field or not is not a problem. You can invite educators from LinkedIn or personal friends to contribute by adding a fair share of free content and paid course packages. You can earn from membership, advertisements, and commissions from the paid programs.
With many online job marketplaces becoming stricter in their policies and vetting, it may be your chance to become a CEO or founder of the next big thing.
After Upwork began selling credit points so job seekers can apply for a gig and increased their commission rate to a hefty 20%, freelancers have been finding another channel to meet new clients and possibly work without this deduction. While Upwork continues to be one of the best job marketplaces, your new website could be the answer to freelancers who try to see more options for job security.
As a middleman who owns the platform, you can earn a portion from total project costs or the hours billed by the virtual worker. Attract your first clients and freelancers by giving them a discount and providing a secure and fair channel to transact, collaborate, and skyrocket their businesses.
Wrapping It Up
A sideline for a CEO and entrepreneur? The COVID-19 lockdown's devastating impact urges everyone to make money out of every move they make and every second they spend. As such, it is exactly right for a CEO or small business owner to look for additional sources of funds. Creating a website where they could earn a lucrative income to help their firm bounce back is a way to do this.
Angelo Chongco is a content writer at GroProne about making money online. Having worked in various trades, he learned about SEO, content management, and business administration.