With more than half of the world population living from paycheck to paycheck, having a stable side income can not only relieve a lot of stress but can also get you out of the sticky situation. Below are a few ways you can start earning consistent and significant income from the comfort of your living room so make the most money online, with the potential to develop into a full-time career.
Writing as a career, or even a side hustle, may feel intimidating to a lot of people. It has long been glamourized to the extent that we have developed a very superficial and unrealistic understanding of what it means to be a writer. Writing can be anything from writing a novel to a news article, an eBook, a guide or even this blog post and trust me, it pays a lot. In the last decade, with smartphones becoming the primary platform for the exchange of information and media consumption, the demand for writers has both increased and evolved to address the growing digital markets and now people are making the most money online just by writing. To start a career as a writer, one of the best places to look for work is as a content writer on freelancing platforms online. With services like Grammarly, anyone with a fairly decent command on language can start work as a writer. All you need is to make an account on freelancer.com, Upwork or Fiverr and start bidding for work. As for the money, you get to choose the rate at which you work but a realistic expectation should be around $15 to $25 an hour for beginners, with a goal to progress towards a more lucrative $50 hourly rate.
Sticking to the theme of writing, if you have good grammatical skills and a love for reading, proofreading as a career is something worth considering. The demand for good proofreaders is very high and growing as the demand for written material increases. Moreover, the work is very flexible. You get to choose how much work you take, and at what rate. The skills required for starting work as a proofreader are more or less the same as writing but the work is less demanding. You can find proofreading work online on freelancing platforms such as Fiverr and Upwork, as well as dedicated platforms like Scribbr, American journal experts and EditFast that help writers find proofreaders for the work they produce. You can expect work from book writers and bloggers, and even occasionally get menus and user manuals to proofread. Although there usually is no requirement for a professional degree or even formal training, it is recommended to go through at least some training to gain a better understanding of the industry as well as to brush up on your existing skills. Caitlyn Pyle runs a proofreading business and has compiled a training course which is very helpful. You can take a free workshop as well as the paid course on proofreadanywhere.com and can make the most money online. Udemy also offers comprehensive training courses for proofreading at very affordable rates. Should you choose this line of work, a full-time job will pay you on average $45,000 to $50,000 while part-time work as a freelancer with decent skills can fetch you $20 to $25 per hour.
Trading is one of the biggest clichés when it comes to earning from home. We all know someone who sits in front of their computer screen for hours crunching numbers trying to find the perfect trade and then spending the rest of their time telling everyone how online trading has changed their life. While they may be annoying, there is some truth to their ongoing rhapsody about trading being so awesome. Although risky, trading done right can be one of the most profitable businesses out there. If you have a good relation with numbers and do not mind reading 3-4 newspapers daily, trading can be your thing too. There are huge resources available online that can familiarize you with everything from basic trading terminology to the most complex hedging strategies but a good place to start would be the bible of trading: Technical analysis of financial markets, by John J Murphy. Another good place to start trading is social trading platforms such as eToro and ZuluTrade that allow you to simply copy the trades by experienced and successful traders. If you are interested in knowing more on the topic of social trading, have a look at my article here.
Although there are no formal skill requirements for trading but if you have a math phobia, trading is definitely not the thing for you. Moreover, to start trading, you will also need some capital. While the brokers will tell you that you can start as low as $100, it is a sure way to lose money. In order to start practicing with real money, you will need at least $1000, and to make reasonable income with good risk management, $10,000+ is recommended. This does not mean that you cannot grow your starting $1k to $10k, but it may be slow and demotivating for some. As for the earnings, there literally is no limit. You can make millions monthly but not on your first day. You will need to build your way up there slowly. If you are interested in how to make the most money online by trading, check out my comprehensive guide on how to start.
Dropshipping or retail arbitrage refers to finding products that sell at a higher price in one market and lower in another. The key is to exploit this difference in price to your advantage and make a profit out of it. Although the concept dates centuries back, but with the help of the internet it has evolved to something that you can do from the comfort of your home. The idea here is to find online platforms that sell products at a lower price than others and start selling before you buy. This way you do not have to maintain a stock of products which means zero investment. The best place to start is AliExpress and amazon. If you are not familiar with it, AliExpress is a huge online marketplace where people mostly from China sell stuff online just like amazon and eBay. Once you have located a product that can both sell well in your local market over amazon, and also a supplier that is selling at a lower price on AliExpress, you simply list it for sale. When you get the order, you forward it to your supplier who then delivers the product directly to your buyer. This way you can start selling hundreds of products on your online store without even investing a single cent. If you have some investment money but lack the selling skills, you can also start an Amazon FBA (fulfilled by amazon) account that allows you to find similar products as discussed above, purchase them and get them delivered to the Amazon warehouse. Once you have done that, Amazon will take care of handling, selling and delivery of the product on your behalf while you sit back, relax and wait for the profits to be deposited to your bank account. Of course, they charge a fee for all the services they provide but the benefits far outweigh the costs here.
Providing services as a freelancer is certainly a lucrative side hustle, but if you are good at winning bids then you can make the most money online, you should also consider freelancing as a business. The main difference between freelancing as a service and freelancing as a business is that as a service, you will be offering the services that you can deliver while as a business, you can hire people to do work for you. As an example, we can look at content writing. If you start offering service as a freelancer, you can only deliver a limited amount of work. However, if you are good at winning bids at the freelancing platforms, you can take extra work and get it fulfilled by someone else at a cheaper rate. This, in turn, can grow into a full-blown business. One of the best freelancing businesses is virtual bookkeeping. The skill required for bookkeeping is not high but the work is intimidating enough that businesses often tend to outsource it. This means that you can train yourself and in turn your recruits to be decent bookkeepers and expect steady work from clients all over the world. However, because the bookkeeping practices vary from country to country it is recommended that you familiarize yourself with the standards of one country or region. Other lucrative business niches include but are not limited to, graphics designing, web designing and content writing.