- Oct 3, 2020
- 223
- 362
BHW is all about making money online. When you start this journey it can become overwhelming to get your head around where to start.
Based on 5+ years in the making of research this post is going to help you understand realistic ways to make money online.
I made this after being triggered by one too many "how do I make money now posts" and thought I'd give a concise summary.
After this you will have no excuse to not make money and just as importantly not fall for scams of people selling you dreams.
Before we dive into online income - let's look at the traditional offline ways of making money:
In short you have 2 options - 1. You work for someone else or 2. you work for yourself as a freelancer or as an employee within a business you own.
I'm going to assume you want option 2 because who likes having a boss anyway? More importantly you want to have control over your time and there's great tax benefits that are outside the realm of this post. Who doesn't like paying less tax???
Anyway now we're agreed that business is the way to go what are the different types?
3 types of offline business:
Sell a service e.g. consultancy such as PWC auditing or marketing agency
Sell information e.g. financial times that provides news on the financial markets
Sell a product e.g. Nike and trainers
In online businesses you do the exact same as the above however it's.... You guessed it online
3 types of online business:
Sell a service e.g. running Facebook ads for e-com stores or being a Freelancer on Upwork
Sell information e.g. UDEMY course on how to make websites with Wordpress
Sell a product e.g. Fancy shampoo for dogs
Simple right? Have a think and decide where do my strengths lie and what would I enjoy doing out of the 3 options?
Side note on investments
I didn't want to include this but have to because of the current times. Investing is not a business. Investing (in my opinion) should be seen as a way to beat inflation & get 7-20% YOY. Trying to "invest" $1 to 100K by the end of a year is a scam. If you have $X-$XXX money you're better of investing in the 3 options above rather then becoming a millionaire with Bitcoin or gamestock overnight.
If something sounds to good to be true... It probably is.
You can run Facebook ads and get x3 ROI the own service you provide month after month. If you do that with investing you're probably in a bubble that will pop soon.
Investments are for long term wealth preservation not get rich overnight speculation.
Anyway rant over.
Making Money "Now"
Okay so you're probably thinking okay cool I get it... HOW DO I MAKE MONEY NOW!?!?!
Get a part time job. Honestly businesses (including online) and skills take time to build. If you need immediate cash you will never go wrong with a job.
In T1 countries call centres will hire anyone that breathes and often pay weekly. Don't be lazy, start there and pay of debts or whatever you need the money for then come back when you're in a better position.
For T3 ( I was born in one) it's even easier to make money. Sell trinkets to cars in rush hour, run tour guides, buy a pan, oil and potatoes before selling chips on the road. Get creative and get to work.
Okay I'm back with a bit of money and realistic expectations where would you recommend a beginner start?
I'll make it easy and give you option A or B with 3 easy steps.
Option A: If you have time and not much money
Option B: If you have money but not much time
Now obviously this is a very short summary but you can Google or search BHW to fill in the rest of the gaps.
Good luck!
Based on 5+ years in the making of research this post is going to help you understand realistic ways to make money online.
I made this after being triggered by one too many "how do I make money now posts" and thought I'd give a concise summary.
After this you will have no excuse to not make money and just as importantly not fall for scams of people selling you dreams.
Before we dive into online income - let's look at the traditional offline ways of making money:
In short you have 2 options - 1. You work for someone else or 2. you work for yourself as a freelancer or as an employee within a business you own.
I'm going to assume you want option 2 because who likes having a boss anyway? More importantly you want to have control over your time and there's great tax benefits that are outside the realm of this post. Who doesn't like paying less tax???
Anyway now we're agreed that business is the way to go what are the different types?
3 types of offline business:
Sell a service e.g. consultancy such as PWC auditing or marketing agency
Sell information e.g. financial times that provides news on the financial markets
Sell a product e.g. Nike and trainers
In online businesses you do the exact same as the above however it's.... You guessed it online
3 types of online business:
Sell a service e.g. running Facebook ads for e-com stores or being a Freelancer on Upwork
Sell information e.g. UDEMY course on how to make websites with Wordpress
Sell a product e.g. Fancy shampoo for dogs
Simple right? Have a think and decide where do my strengths lie and what would I enjoy doing out of the 3 options?
Side note on investments
I didn't want to include this but have to because of the current times. Investing is not a business. Investing (in my opinion) should be seen as a way to beat inflation & get 7-20% YOY. Trying to "invest" $1 to 100K by the end of a year is a scam. If you have $X-$XXX money you're better of investing in the 3 options above rather then becoming a millionaire with Bitcoin or gamestock overnight.
If something sounds to good to be true... It probably is.
You can run Facebook ads and get x3 ROI the own service you provide month after month. If you do that with investing you're probably in a bubble that will pop soon.
Investments are for long term wealth preservation not get rich overnight speculation.
Anyway rant over.
Making Money "Now"
Okay so you're probably thinking okay cool I get it... HOW DO I MAKE MONEY NOW!?!?!
Get a part time job. Honestly businesses (including online) and skills take time to build. If you need immediate cash you will never go wrong with a job.
In T1 countries call centres will hire anyone that breathes and often pay weekly. Don't be lazy, start there and pay of debts or whatever you need the money for then come back when you're in a better position.
For T3 ( I was born in one) it's even easier to make money. Sell trinkets to cars in rush hour, run tour guides, buy a pan, oil and potatoes before selling chips on the road. Get creative and get to work.
Okay I'm back with a bit of money and realistic expectations where would you recommend a beginner start?
I'll make it easy and give you option A or B with 3 easy steps.
Option A: If you have time and not much money
- Learn a skill for free e.g. Website making, photoshop, video editing etc. via an online course on Udemy, Youtube or any found via google
- Sign up to a freelancer site like Fiverr or Upwork
- Message 50+ people everyday. Not spam messages but tailored based on their profile. Do work for free to get good reviews then start charging
Option B: If you have money but not much time
- Try dropshipping or affiliate marketing where you sell someone else's product online via ads. Shameless plug but have guide on how to do so here
- Get good at the above then decide if you want to try selling your own product (there's more money to be made here)
- Profit
Now obviously this is a very short summary but you can Google or search BHW to fill in the rest of the gaps.
Good luck!
