From a graduated total beginner
So, you decided you had enough of trading stones for steak. And instead, you want to pull green bills out of a magician’s hat.
Say no more.
In this article, we’ll be looking over some rock-solid methods, sneaky scams, and how you could come up with your own way to make some Wi-Fi bread.
Hustle #1 | Social Media Sellout
Building a following on at least one social media platform is not as difficult as you might think. I should know, I was able to take my sub-100 Instagram follower account and turn it into a 5+ million view per month account using Pinterest.
But even if you already have a sizable following on any platform, you’re sitting on a goldmine. The key is to monetize your following through affiliate marketing, sponsorships, and even selling your list. And the best part? The income generated can be passively if you consistently post or create content that never becomes irrelevant. So, let’s dive in and explore the different ways you can turn your social media following into cash.
Hustle #2 | Digital Products
Creating and selling digital products is a great way to make money online. Whether it’s an ebook, a course, or a guide, you can monetize your knowledge and skills. But you might be thinking
I don’t have any valuable information in my head
Well, let me tell you, most people are good at something. Whether it’s a hobby, a profession, or a particular game.
For example, a teacher can sell courses in their field. Or if you’re a really achieved student, sell your method to studying effectively. Or, let’s say you work a job that a group of people aspire to have. Sell guides or information on that.
The possibilities are endless, but the key is to take whatever knowledge you have and package it in a way that can be sold online. This is a cost-effective way to make money, as the costs only come into play once you make a sale.
Hustle #3 | BYOB
When it comes to freelancing, the good news is that you can start making money as soon as you complete a task.
One popular method is through content mills, like Textbroker. However, competition is high and it can be hard to get accepted. But don’t let that discourage you!
You can also sell your personal or professional skills on platforms like Upwork and Fiverr. While it may not be an instant solution, it’s a way to find gigs that can be completed within a few hours.
Keep in mind, the ways to make money “instantly” are limited and typically pay less. But, by bringing your own business, you can have more control over the work you take on and the income you earn.
Scam or Be Scammed
With every guru trying to sell you a course left and right, it’s pretty damn hard to know what works and what doesn’t work. So, let’s look at the numbers:
- Dropshipping: Shopify estimates between 10–20% of all dropshippers succeed. (Depending on your definition, so somewhere between $100k-$1M as a threshold.)
- Day Trading: Less than 1% of day traders actually turn a profit after all expenses are considered. And only 3% manage to break even. Yikes!
That being said, most of these online money makers actually do make money if you work hard and long enough to perfect your craft.
Coming Up With Your Own Ideas
You might not want to follow typical ideas of making Wi-Fi bread, and that’s all good! So, using data from Y-Combinator, and tactics that I personally use, here are a few ways to get legitimate ideas:
- Look at what’s doing good in your corner of the internet
- Write down random ideas you get throughout the day or week
- Find a problem that you personally encounter
- Find a problem you may uniquely be able to see (if you work a certain job, live in a specific situation, or have a certain skill)
Taking it Home
Dude, it’s not that hard, like seriously. I made my first internet dollars writing, and funny enough, that money was made when I was putting in the least amount of effort. (Probably a cascading effect from when I was putting in all the hours for pennies).
The only real advice I would give you is just to stick to something. More often than not, we jump ship when we don’t see instant success. I’m guilty of doing this, and so are so many other entrepreneurs.
Just trust in the process, and see it through. And, if the rewards are below what you expected, then give something else a shot!