With the current rate of inflation and lack of job security, having more than one source of income is quintessential. Early retirement, doing social work, doing something for the country are some things we are passionate about, but when we are working, it is quite difficult to pursue these dreams. Having more than one source of income will provide you the financial security, social status and personal satisfaction; and this will enable you to live life peacefully.
With advancement in technology, creating a source of income online is not as difficult as you might think. And no, we are not talking about the “work from home and earn thousands of dollars each week” scams. Money will come, but it will start small and increase gradually.
One of the simpler ways of creating second source of income is through internet. Creating websites has become simpler than it was ever before and the number of people having access to internet is huge and ever increasing. Let us see some ways to earn online, legitimately.
Blogs: Blogs are websites where you write about the things which you are passionate about, your life experiences or if you want to express your point of view about some topic. You can also write about a subject or technology you would like to teach to the general public.
To earn money on your blog, you can either display advertisements or display affiliate links.
To generate more money, don’t just copy content from here and there and paste it on your blog. Not only you will be incriminating yourself, search engines will definitely recognise copied content and penalise you by low-ranking your blog.
To setup a blog, there are quite a few Content Management Systems(CMS) like WordPress, Drupal and Joomla available for free. Setting them up is free and really easy. It does not require much technical or web development expertise, you will have your blog up and running in just couple of hours.
E-Commerce: An e-commerce site is a site where merchandise can be sold online, to almost anyone who has an internet connection. You can sell almost anything, like clothes, electronic gadgets, books and many more. You can also sell virtual goods like e-books and comics, where profit margin is huge as it not a physical commodity and can be sold to any number of people (never Out of Stock!). Your e-commerce idea can also be teaching students online, through a online virtual classroom.
Setting up an e-commerce is site also very easy. CMSs like WordPress have inbuilt plug-in like WooCommerce which allow you to sell almost anything, physical or virtual. They will take care of things like subscriptions, calculating taxes, shipping and handling costs, stock inventory, etc. CMS also have Learning Management Systems, which enable you to conduct online tutorials and classes.
I personally use WordPress as it has a huge developer community and almost every plugin I require, is available for free. Premium Plug-ins are also available, for those who want to take their business up one level. Find out more about WordPress here.