Online Businesses that Can Boost your Earning in 2020
With the current threatening situation in the world, many persons have been laid off their job while many more are still going to be laid off. The world economy is going from bad to worse everyday and survival of the fittest is now the code for humans.
The U.S. oil industry is facing an unprecedented collapse, and as the global economy faces its worst recession since the 1930s, the industry is not likely to recover to pre-crash levels ever again. The perfect storm of low demand and limited supply has left oil markets in total shambles, and to worsen the whole thing global storage is nearing its capacity, with some financial firms, including Goldman Sachs, predicting the world will run out of storage space by mid-May.
But the truth remains that no matter how bad the economy goes, so many persons will still grow and be rich while some persons will still be poor. The difference between these two sets of persons relies on their ability to access and harness opportunities.
This article is written in order to open your eyes to untapped business opportunities that will continue to fetch you money no matter how worse the world’s economy goes. These businesses are such that you can do from the comfort of your homes and can be considered as a side hustle. However, for your survival in this life, you need to have so many streams of income.
We’re not unfamiliar with the truth that the world is going digital by the day. Almost all transactions can be done online, that’s not requiring the physical presence of those involved. For instance, someone can be in Nigeria and make transactions with someone in the United States. Someone can also undertake a course in another country through online schooling or teaching. These and many more are the possibilities we can access through digital marketing.
Wikipedia defined digital marketing as the component of marketing that utilizes the internet and online-based digital technologies such as desktop computers, mobile phones, and other digital media and platforms to promote products and services.
Digital marketing was developed between the 1990s and 2000s and it has helped so many businesses in branding and marketing their products and services. It employs combinations of search engine optimization (SEO), search engine marketing (SEM), content marketing, influencer marketing, content automation, campaign marketing, data-driven marketing, e-commerce marketing, social media marketing, social media optimization, e-mail direct marketing, display advertising, e-books, and optical disks and games.
Digital marketing also includes non-Internet channels that provide digital media, such as television, mobile phones (SMS and MMS), callback, and on-hold mobile ring tones. The extension to non-Internet channels differentiates digital marketing from online marketing.
In digital marketing, anything can be either an asset or a liability depending on the information you have. It simply needs to be a marketing tool you use online for it to be an asset. So many people do not know how many digital marketing assets they have at their disposal.
The following tools can be an asset:
> Your website
> Branded assets (logos, icons, acronyms, etc)
> Written content (blog posts, eBooks, product descriptions, testimonials, etc)
> Online products or tools (SaaS, calculators, interactive content, etc)
> Video content (video ads, product demos, etc)
> Images (infographics, product shots, company photos, etc)
> Social media pages reviews
For the want of time, I’m going to just explain few digital marketing strategies or skills.
> Content marketing:
This is a broad digital marketing skill that uses content assets (blog posts, infographics, eBooks, videos, etc) to build brand awareness or drive clicks, leads, or sales. Writing and publishing articles on a company’s blog or website helps you display your industry expertise and generates organic search traffic for your business.
Ebooks and whitepapers permit you to exchange content for a reader’s contact information, generating leads for your company and moving people through the buyer’s journey.
Infographics are a form of visual content that helps website visitors visualize a concept you want to help them learn.
> Affiliate Marketing:
Affiliate marketing is essentially paying someone else (a person or a business) to promote your products and services on their websites or social media platforms. Affiliate marketing channels include:
* Hosting video ads through the YouTube Partner Program.
* Posting affiliate links from your social media accounts
> Social Media Marketing:
Social media marketing is a free and simple way of using social media platforms like Facebook or Twitter to market your products and services. This can easily be achieved by running ads like Facebook ads as it helps create awareness of your business.
Note that the above mentioned and many other skills are offered by Fiverr. You can earn a huge income from Fiverr by learning some soft skills and creating a gig on the Fiverr network.
This is the world’s largest market and it is a computer software program that can be used to place orders for financial products over a network with a financial intermediary. These trading platforms are usually mobile-friendly and available for Windows, iOS, and Android and can be carried out by users from any location.
They trade products such as stocks, bonds, currencies, crypto, indices, ETFs, forex, commodities, derivatives, and others, with a financial intermediary, such as brokers, market makers, Investment banks or stock exchanges. Brokers are firms that give you access to the financial market by providing a trading account for you.
They give traders leverage and also provide support functions to them. Examples of brokers include Hotforex, FXTM, FXCM, FBS, LiteForex, etc. Seven best online trading platforms in Nigeria (2020)
* Easy markets
* XM Group
Online brokers generally offer several trading accounts for traders, including:
> Forex Trading: Exchanging one currency for another forms the basis of forex trading. Exchange rates fluctuate as one currency rises or falls relative to another in particular currency pair.
Forex trading has grown tremendously with the increase in online trading. Forex market is the most liquid and largest financial market globally and has a daily turnover of $5.3 trillion/day in April 2020.
> CFD Trading: Making transactions in derivative financial instruments known as contracts for difference (CFDs) allows traders to speculate on the future of their underlying assets. Such assets can consist of a currency pair, commodity, stock, stock index, or other financial instruments.
> Demo accounts: This is funded with virtual money, these accounts can be used to practice trading, test a strategy or check out a broker’s services and platform before deciding to set up a real account funded with the customers’ actual money. Note that the money cannot be cashed out as it’s virtual money.> Islamic accounts: These are suitable for traders who wish to trade in an account that conforms to Sharia law.
Wikipedia defines network marketing as a marketing strategy for the sale of products or services where the revenue of the company is derived from a non-salaried workforce selling the company’s products/services, while the earnings of the participants are derived from a pyramid-shaped or binary compensation commission system.
This can also be called Multi-level marketing (MLM), pyramid selling, or referral marketing. It is a business model where independent contractors or a network of people buy into a company and earn a commission on the products or services they sell.
The profession appeals to many people because they can be their own boss, set their own hours, and work towards their own success, and does not require educational qualification.
There are numerous existing and legit MLM companies and they include;
> Mary Kay.
> National Safety Associates (NSA) / Juice Plus.
> The Pampered Chef.
> World Financial Group (WFG)
> Longrich Bioscience.
> Oriflame etc.
There is no “best company” — it’s all about finding the “best fit” for your personality and lifestyle. To do that, the following are the things you’ll put into consideration;
> Make a research about the company: How old is it? Are they recording successes or failures? What’s their general reputation? What are people’s testimonials about them?
> Check their products and services: Do they have any product or service they render? If yes, how effective and safe is their products? How genuine is their services? Do you need or would use their products and services? Are the products and services price-friendly?
> Check their compensation plan: Is their reward worth your efforts?
VIRTUAL TOP UP (VTU) BUSINESS:
This is one of the businesses we have used to enrich banks and at the same time robbing ourselves. This is a business that pays you for making use of airtime, data, and so on and you also earn when others buy from you.
One good thing about this business is that it doesn’t require skills and huge capital. It also eases the stress of going outside to purchase recharge cards, subscribe to your favorite tv cable, buy scratch cards for WAEC, NECO or JAMB.
This kind of business is easy to start, and there is still a big demand because it is much more convenient for the customer to apply for a VTU vendor than to buy a paper scratch card to recharge the phone. The demand for airtime and data keeps increasing with the change in the world.
This is the art of using pictures or images to communicate or solve problems. This skill thrives well owing to the fact that people are first of all moved by sights; visuals tend to catch their attention easily!
They use typography, visual arts, and page layout techniques to create visual compositions like logos, memes, flyers, etc. Common applications of graphic design include corporate design (logos and branding), editorial design (magazines, newspapers, and books), etc.
You can make money through graphics design in the following ways;
> Selling Digital Files Online: You do this either by joining a marketplace where a company promotes your files or you can own a website and sell them by yourself. You program it in such a way that for anyone to gain access to it, the person will pay a patent fee. Such platforms are Fiverr, Freelancer, Upwork.
> A company can employ as their graphics designer whose work will be to promote the products and services of the company through visuals which may include logo, memes, flyers, etc.
> Designing for individuals who are in need of it.
> Taking others on the tutorial on how to design.
WEB DESIGN AND DEVELOPMENT:
This is another skill that can continue to fetch you a passive income. Wikipedia defined it as the skill that encompasses many different skills and disciplines in the production and maintenance of websites and the different areas of web design include web graphic design; interface design; authoring, including standardized code and proprietary software; user experience design; and search engine optimization.
A web designer is different from a web developer but the thing to note is that both designers and developers can build a site from scratch. Designers are committed more to careful planning, while developers are stronger in implementing designs. Though they can both build a fully functional site.
An average Web designer receives a salary of $66,000 while that of a Web developer is $87,000. You earn either by designing and developing websites for individuals or firms or by creating blogs and also by teaching others.
This is the process of designing and building an executable computer program to accomplish a specific computing result and it involves tasks such as analysis, generating algorithms, profiling algorithms’ accuracy and resource consumption, and the implementation of algorithms in a chosen programming language (commonly referred to as coding).
Codes are written in one or more languages (High-level languages) other than machine language that can easily be executed and interpreted by the central processing unit of a system. People with more than two years of experience can make money in an average of $75,000 to $150,000 per year. Programmers earn more than web designers and developers.
Programming can fetch you money in the following ways;
> If you have a useful, insightful, and marketable idea for an app, you can easily make money by building it yourself for free, launch it on the App Store and sell it to the public.
> Organise tutorials
> Design software, this is the most sensitive part of any application. You can do that for clients using any of the languages.
> Database Programmer: Computer programmers who are working with the database are able to make a lot of money. This requires the SQL skills and logical queries with the best and fastest result.> Game programming etc.
This is a simple way of converting words into phonetic symbols. It involves the conversion of an audio or a video to a written text using phonetic symbols. They’re very much important for language learners. You can earn a good income through transcription jobs.
A transcriptionist’s salary is about $15, while an advanced transcriptionist earns about $25 to $30 per hour. With this rate, you can easily earn $1,500 every month if you work 2.5 hours per day for 24 days. According to PayScale, the median transcriptionists’ salary is $15.22 per hour.
To get started, you may need the following transcription tools;
> A set of Good Quality Headphones eg. Plantronics
> A reliable Foot Pedal from Amazon.com
There are few online transcription jobs available for beginners to help them in training. The pay is around $20 per audio hour and payment is via Paypal.
> AccuTran Global: This company also gives the privilege of part-time, transcribers can work from home in the US and must be very fluent in English.
> Casting Words: This US company offers online transcription jobs for newbies. The pay is around $1.20 per audio minute for a bad quality audio sound and $0.60 for a good quality audio sound.
> Daily transcription: You can log in and out to complete the work and you can work from home. The rate of pay is $.75 to $1.10 per minute of video transcribed for general transcription with other fields such as translation, CCSL, and captioning paying higher. It is open to the US and Canada and it ays weekly via check.
This is an American online video-sharing platform headquartered in San Bruno, California. It was created by the three former PayPal employees-Chad Hurley, Steve Chen, and Jawed Karim in February 2005.
But it was bought by Google in November 2006 for US$1.65 billion; YouTube now operates as one of Google’s subsidiaries. YouTube allows users to upload, view, rate, share, add to playlists, report, comment on videos, and subscribe to other users.
It provides content such as video clips, TV show clips, music videos, short and documentary films, audio recordings, movie trailers, live streams, video blogging, short original videos, and educational videos. YouTube is mostly used by individuals, but media corporations such as CBS, the BBC, Vevo, and Hulu also engage it as part of the YouTube partnership program.
Only registered users are permitted to upload an unlimited number of videos and add comments to videos; Unregistered users can only watch (but not upload) videos on the site. There are many ways to earn from YouTube content.
> Ads: If you enable your channel for monetization, you can earn more revenue if you monetize your uploads and turn on all ad formats as your default.
> With channel memberships, viewers pay a monthly recurring fee to get unique badges, new emoji, members-only posts in the Community tab, and access to unique custom perks offered by creators.
You can also have a link to approved crowdfunding sites from your video cards or end screens.
> Revenue can be earned by selling merchandise that suits your channel. You can also link to approved merchandise sites to offer your fans t-shirts, mugs, or other items.> You can create a super chat, which is a way of fans and creators interacting in a live chat.
If you enabled Super Chat, you’ll receive revenue in the same way you receive ads revenue with AdSense.
> YouTube Premium allows your viewers to download videos to watch offline on mobile and play videos in the background. The revenue here is shared based on the number of persons that watched your content.
A blog is an online diary or journal located on a website. The content of a blog includes text, pictures, videos, etc. This can be employed for marketing and as a home business. Some of the best platforms to start a blog to earn income are Blogger, WordPress.org, Wix, and Joomla, etc.
NOTE: WordPress.org is more professional than wordpress.com. It is more customizable due to numerous plugins, has more features, and it is better for business blogging.
Blogs can generate income from other options, such as advertising and affiliate marketing and it helps to keep your client updated. Some bloggers earn when someone clicks static or dynamic ads or other embedded links on their blog pages that belong to affiliate partner websites or earn a commission when someone buys a product or service on a partner website after using their links.
Some bloggers even make money by selling their blogs.
Note that the above-mentioned businesses can be taken as side hustles and as such you do not need to quit your current job to do them. You can even do them simultaneously!