In this article we will be investigating how you can make money online from the comfort of your own home. There are many different methods in which you can do so and if executed correctly making money online can be very financially rewarding. Making money online can be done in a variety of ways, believe or not you can be paid to take surveys, watch videos and even play games. Whilst the rate of pay is low and filling in online surveys will not make you rich, it is a great way to earn some extra cash. Not all online earnings are low and if you’ve found a niche in the market the internet is a fantastic gateway to the world and your niche could end up making you some serious cash.
Benefits of Working From Home
Working from home boasts many benefits, it gives you the freedom to set your own schedule and work at your own pace. Many parents struggle with balancing their workload and their family life, working from home means you can spend precious time with your family whilst earning money.
Furthermore working from home allows you to be your own boss, as you will be making all of the important decisions for the future of your business. With being your own boss your working hours will be completely flexible meaning that you can choose when you work and how long you work for. However you need to plan your time effectively to ensure you can get the most of having your own business. Avoid taking too much time off, it is easy to slip into new habits and although the freedom is exciting at first it is important to remember that if you’re not working you’re not earning.
Many people have found success from working from home online. Bill Buckley, from Bangor, Maine in the U.S., worked as a banker for 25 years before becoming the first franchisee in the U.S. for Coffee News, producing free weekly newspapers for local restaurants. He is now CEO of the company and still works from home. Speaking about working from home, he said: “It gives me the flexibility to do all the other things I want to do in my life, I work whenever I have things to do, and when I don’t, it’s all free time.” Another success story is Mary Farquhar, from Cheltenham, Gloucestershire. She had 23 years of working in the finance industry, before being made redundant. She started her very own business, Farquhar’s Vocabulary Flash Cards, marketing flashcards intended for children to improve their vocabulary and grammar. Her inspiration came from her son, Alex, who was using flashcards to revise for his grammar school entry exam. Mary said: “At last I feel I’m living the dream. It’s hard work but it’s worth every minute.”
How You Can Make Money Online
This may be a good option to consider if you are setting up your own business, drop shipping allows you to sell products on your own website and you will pocket the profit whilst the wholesaler looks after other processes such as product development and order fulfilment. This is great because it means you don’t have to worry about developing or producing products, tracking your inventory or investing in stock and a warehouse.
· You can launch without a large amount of capital · Less hassle – no inventory or warehouse to sort out · Good way to test new products in your desired market
· Some drop shipping site are notorious for being scammers so first and foremost you’ll need to build credibility and trust · Quality control, packaging and delivery can’t be controlled as this is done by the wholesaler, poor quality control and delivery issues could negatively impact your business. · You may have a higher profit margin if you bought the product in bulk but obviously this would incur cost.
What Kind of Businesses Can You Run?
In the UK, the most popular drop shipping businesses are Avon and Kleeneze. If you are dedicated enough then you should be able to make a living out of drop shipping. Kleeneze also offers referral marketing scheme, meaning the more people you refer who then sign up, you will also make a commission from their sales as well as your own. Starting a drop shipping business can be great fun because you can also choose exactly what you want to sell, so if you are passionate about something and you are knowledgeable in that sector you’ve already got the foundations in place for drop shipping success.
Many people have been successful with running a drop shipping business, Nadine Rowlands, from AshtonunderLyne, Manchester, earns £125,000 a year by selling Avon products with her husband, Wayne. They are now able to live a luxury lifestyle, however not everyone who starts their own drop shipping business will be as successful as this; it takes hard work and dedication in order to achieve this. In an interview with the Daily Mail, Nadine said: “Some people ask us how we’ve done it and want a slice of the high life, but the truth is me and Wayne have worked hard to get where we are now, it didn’t just happen overnight and I wouldn’t have it any other way.” Affiliate Marketing simply put, affiliate marketing is when a company markets its products by signing up individuals and companies who then market the company’s products on commission basis. Affiliate marketing is extremely cost effective as the affiliate only gets paid when a sale is made. Affiliates are paid anywhere from 1% to 75% depending on what they are selling, the health and beauty market averages around 30%. It is normally free to join an affiliate program, and you can find many blogs and forums on the Internet dedicated to this of business so joining a community of likeminded people couldn’t be easier.
· No marketing skills needed but it is beneficial to help with your sales
· Great for a secondary income
· Quick start up
· For every sale there is a commission fee, which can be expensive
· Many affiliate programs are done by fraudsters, so you will need to build up a credible reputation and trust with your prospects
· Very competitive, some affiliate programs have hundreds to thousands of affiliates
What Kind of Businesses Can You Run?
There are a wide range of businesses you can run with affiliate marketing and it all depends on what you decide you want to sell. You should preferably choose to sell products that you knowledgeable on, this will help when it comes to marketing and selling the product. The UK’s largest affiliate network, Affiliate Window, offers high street brands which range from fashion to electronics and members can choose niche specialisms from each category.
The Guardian ran a report on affiliate marketing in 2011 featuring Robert Parker, 25, from Leeds, West Yorkshire. Robert works a 20 hour week promoting health and beauty products across 15 websites and he makes £40,000 a year by doing this. Robert said: “The first six months is hard – I didn’t know what I was doing and was making about £200 a month, but you have to regard it as a business and, in a year, once you’ve put in the time marketing your website, mastering search engine rankings and adapting your content, you can give up the day job.”
An Ecommerce Business involves the buying and selling of products over the Internet, it can be conducted in a variety of methods including email, fax, online catalogues and shopping carts and many more. As payment is taken online it is important to ensure you have an encrypted server for the exchange to take place safely, which can be done by purchasing an SSL certificate.
· Low startup costs – All you really need is a website and domain and you’re ready to go
· You can make money even while you sleep or go on holiday as your online store is always available 24 hours a day, 7 days a week
· It is a flexible business as you can operate from home and one can be set up quickly and cheaply
· The competition is high, as there is always the possibility that more established sites are selling the same products as you have chosen to
· Building credibility and trust takes time and credibility and trust is paramount for an ecommerce business
· Sales will be impacted by any technical issues that could crop up with your website
What Kind of Businesses Can You Run?
You can run any kind of business you want, as you can sell almost anything online. First you will need to find a product or range of products to sell, and then you need to obtain your product. You need to do plenty of research into your chosen product as it will make selling much easier; ensure you know everything there is to know about it. Your Ecommerce business won’t be successful overnight, but if you are dedicated enough and prepared to put in the hard work that is needed for any startup your ecommerce business should be successful.
The first Briton to make £1million from an ecommerce business was Mark Radcliffe, a former supermarket shelf stacker from Stockport, Manchester. Mark made his fortune selling on Ebay by launching his business, First2Save, selling mobile phones and other accessories. Another success story is Les Bailey from Wigan, Manchester who makes around £3.3million per year by selling around 300 items every day including tow bars, luggage racks and child seats.
We have put together this article to give advice to those exploring ways and methods they can make money online from home, and to show the possible options that are available. Making money online is a great idea as you can earn money and learn new skills all in familiar surroundings of your home, however it takes hard work and dedication so it is not an option for everybody and certainly not an easy ride. Making money online gives endless possibilities, opportunities and most of all it is flexible, taking the step to being your own boss can be extremely daunting but if you believe you’ve got what it takes what are you waiting for?