As the Covid-19 pandemic took center stage, the whole world turned to online platforms to get things done. From office meetings to social interactions, and even grocery shopping, everything seems to be happening online. Moreover, given the still-evolving situation, it is unlikely this online shift will lose momentum any time soon.
On one hand, the pandemic is a tragedy of devastating proportions. On the other, it has fully lifted the veil on lucrative opportunities to make money online. The question, however, is where would you begin?
Come along and let us demystify how to make money online.
"Hi guys, welcome to my channel!"
You are probably familiar with this greeting from watching a YouTube channel you are subscribed to or a random informative tutorial that you have come across. Whichever the case, the odds are, the YouTuber you were watching was making some money from their efforts.
There are a couple of ways you can monetize a YouTube channel. The trick is to find a content niche that can attract viewers and one that you can comfortably create content for. Some examples include skincare, sports, DIY renovations, or niche product reviews.
That being said, here are the three main ways to earn money from YouTube content creation:
In this model, you would create video content to promote product brands or service providers. It could be an unboxing video, a review, or a video where you endorse the product to your viewers. In some instances, brands can also ask you to drive traffic to their websites or other platforms by asking viewers to follow a certain link.
Payments for YouTube affiliate marketing are usually based on:
- How many of your viewers click the link you provide a.k.a the Click Through Rate
- How many purchases are made from your recommendation
- A commission on the sales made
Brand sponsorships are the most coveted type of partnership for anyone looking to make money on YouTube.
Brands identify YouTubers that have an audience that they would like to appeal to. They then engage them to use their product organically during their videos or to cover events related to the brand. The earnings from this type of video content creation are billed based on the number of views.
YouTube Partner Program
This YouTube program was set up by Google and requires you to have 1000 or more subscribers that have logged over 4000 viewing hours. Once you make your application, YouTube will review your channel and get back to you on whether you will be joining the ranks.
The pay you make from this partnership program is based on ads and how many of your viewers watch them. However, Google will take a percentage of the earnings while the rest comes to you.
Social Media Influencing
Instagram, TikTok, and Twitter are the main social media arenas for social media influencing. If you have or can cultivate a large following, on either of these platforms, you would be a great candidate for this type of gig. You equally need to be able to generate video content or still images that pique the interest of your audience.
To counter influencers that buy phantom followers, brands and advertising firms have changed the rules. For you to qualify, you now need to have followers that view and engage with your content through likes, comments, or sharing it with others.
Numbers aside, there is immense room to earn a handsome paycheque if you can get your following to cross the 100,000 mark. At that level, you have the leverage to negotiate better pay and even choose a limited niche of brands to work with. So, how do you get viewers glued to your channel and brands looking you up? Try to:
- Post relatable content
- Post consistently
- Keep it fresh; introduce your viewers to new stuff and new experiences
- Remain original; viewers can tell when you are courting controversy for views and controversy could very quickly taint your own brand identity
This is an eCommerce model where you have an online store that lists products for customers to buy. The best part about it is, you do not handle any merchandise or have to invest in stock or warehouses to store it. It works like this:
- You identify a niche of products that is popular and would attract buyers
- You engage dropshipping suppliers that can fulfill orders for the products you have chosen
- List the products on your online shop
- Customers view the products on your online shop
- They place an order and pay
- You notify the suppliers you have partnered with and they ship the product to your client
There are 3 main applications that would help make your dropshipping store a successful venture that rakes in stellar profits.
A Hosting Platform For Your Online Store
Setting up an online store can be very complex considering you need security, a payment system, and more importantly, a listing of your products. Luckily platforms such as Shopify do all the hard work so that you do not have to.
Once you register your Shopify account you will find all the tools you need to set up your eCommerce store including your logo, payment systems, and everything in between. It comes with a 14-day free trial after which you can upgrade to a paying plan.
A Product Importation App
Importation here refers to identifying products on sites such as AliExpress and listing them on your online store. In 1800BC you would probably have to copy-paste each product, but thankfully in 2021, there is an app for that.
This type of app, such as Oberlo, gives you a list of suppliers and can be paired with your Shopify store. As you pick suppliers and products, the app will facilitate you to import the images and details to your store. You, nevertheless, get to set your own price so as to make a profit from the rate that the supplier is selling at.
A Research App
Finding the right niche of products to sell is arguably the make or break factor of your dropshipping business. If you make the right pick, sales will keep rolling in but if you specialize in products with no demand, it will be difficult to close a sale.
- Product and market analysis- as you compare products, Hitter will give you extensive data on how popular it is in the market, consumption trends, and even which consumer niches buy it.
- Market competition data- it is always wise to weigh the competition in your niche to understand how viable it is for you. Hitter will give you a comprehensive report on that too.
- A listing of genuine suppliers- sites like AliExpress are a great way to fund affordable suppliers but not all of them are dependable. Hitter will give you data on order fulfillment which indicates which AliExpress and 1688 suppliers are legit or not.
- Price Comparison- this function will help you find the best prices and can help you earn a better profit margin.
Suffice to say this type of app and the services it offers are a must-have if you are looking to excel in dropshipping.
There you have it. If you have been spending sleepless nights wondering how to make a livelihood from home or how to find a second stream of income, now you know how. The best part is, the investment in some of these methods such as dropshipping is quite low. All said and done, take the leap, you might be pleasantly surprised at how much success you might find.