Business oriented

The “Zero Risk” strategy to becoming a Solopreneur

Very few people will turn their noses up at the idea of a bit of extra cash in their pockets at the end of the month. With prices of everyday goods going up and some people’s incomes shrinking due to reduced working hours, a little creativity can ensure that their finances do not take too much of a hit.

Creating new income streams is nothing new, but the online world has opened the door of possibility even wider, allowing interested people access to a myriad of ways to boost their income.

Unfortunately, this has also let scammers into the mix, and it is advisable to be careful before committing to any type of online work, especially when you are asked to make an ‘investment’ before starting. Approach each opportunity with skepticism and try it out on a small scale to see that everything is above board.

How to Boost Your Income Online

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Image: Freepik.com

Here are some examples of online income boosters:

Freelance as a translator

With many overseas companies wanting to publish web content in English or translate correspondence, you can offer your services as a translator on a freelance platform. Naturally, you need a high degree of proficiency in both English and the other language, as you might be hired to translate between the two in both directions.

Do not decide to give it a whirl and use translation software instead of doing the work. If these tools provided authentic, organic translations, no one would advertise for translators.

Become a virtual assistant

Freelance platforms frequently feature advertisements for virtual assistants. The job description for a virtual assistant varies from one job to another, so always check that you can perform the tasks expected of you. Some examples include making phone calls, scheduling appointments, returning emails, conducting internet research, generating sales leads, or customer service.

Bear in mind that there might be set working hours during which you must be available, so do not take an assignment that clashes with your day job hours.

Content writing

There is a substantial market for content writing for the internet. It requires a high degree of language skill and the ability to incorporate search engine optimized (SEO) keywords in the text without them sounding forced.

Companies often pay for writers to compose content for their blogs as they do not have someone full-time to do it for them, and they know that it requires a wordsmith to generate good content.

Start an ecommerce store

Online shopping is booming, and there is no better time to enter the fray than the present. An ecommerce store does not need to be complicated and offer thousands of products. You can start a small ecommerce store selling products such as craft supplies, subscription boxes, or jewelry.

Before you launch your store, consider buying or exchanging an ecommerce store that already exists, as this takes a lot of the legwork out of getting started.

Additionally, ensure that you have the infrastructure set up to ensure timely supply and delivery of the products or services you are selling. You and a friend or family member could invest in an online business together, sharing the profits.

Being a Solopreneur: The "Zero Risk" strategy to

Image: Freepik.com

Affiliate marketing

Whether in furtherance of your career, part-time income-earning, or offering advice to readers, a website is essential. To start, some tools allow you to create a website, although it is best to get some help if you are not too tech-inclined. This can include your new online store.

Once your website starts generating traffic, approach companies in a relevant market to advertise on your website. Each time a visitor clicks on the advertiser’s link on your page, you earn an agreed-upon amount. If you are not keen to start from scratch, consider buying an existing business and taking over its website.

Online learning

If you have a unique skill set or knowledge about something you think people would like to learn about, you can design a training course and market it online. Classes do not need to be intensive with exams and assignments at the end. Not everyone is looking for a qualification.

Some merely want to learn a new skill. There is a great market for courses on hobbies, especially the so-called ‘dying arts’ like embroidery, woodwork, and crochet. With a few simple videos that do not need to be filmed by a professional, you can prepare a course for people to buy from your website.

Online tutoring

There is a lot of money to be made from online academic tutoring, depending on your qualifications, especially in teaching English as a foreign language (TEFL). Although English is by no means the most-spoken language globally, it is the language of trade, industry, and the internet.

Many parents are eager for their children to learn how to read, write, and speak English with a high degree of proficiency. There are many TEFL agencies that you can register with, and they will source clients for you.

Website design

If you have enough knowledge and experience, you can advertise your services as a website designer. Many small businesses take advantage of freelancers who do not charge a fortune to set up a basic website.

It might mean taking some online classes, but if you learn everything you can about website design, you could soon have customers lining up for your services.

Surveys

Many companies pay people to take their online surveys. They also pay those who conduct surveys on their behalf. While taking or administering surveys will not make you a millionaire, they do not take much time or effort, and you do get paid for the job.

Be prepared for a lot of resistant customers, especially when required to phone them to administer a survey. However, if you can turn on the charm and have them eating out of your hand, you could make a little extra cash.

Collating data from online surveys is another popular freelance task you can apply for on various platforms. Provided you know how to manipulate the data for analysis, this is another relatively simple job.

So, as you consider your options for additional sources of income, don’t forget to consider the aforementioned online options for added revenue. Whether you choose freelance writing and translating, or launching a new ecommerce venture, the most important thing to remember is that you can’t succeed if you don’t get started.

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