5 Ways Young Entrepreneurs Can Increase Their Income
As a young entrepreneur, you’re always looking for new ways to make income through side hustles or a consistent business. With more people doing their business over the internet there are dozens of ways to start making an income online.
There are a lot of different ways to make money online but I’ll go over a few that I think have a high earning potential as well as being very passive. If you can put in the work upfront, these internet side hustles will continue to pay handsomely for years to come.
1. Invest In cryptocurrency
This is a great option if you already have some money saved up as you make quick profits by doing swing trades. That being said, trading is a skill and takes some time to learn and get really good at but can pay off handsomely if you know what you’re doing.
Don’t put all of your savings into it as some people did a few years ago as you never know what the market is going to do.
Even if you don’t know how to day trade long-term investing in crypto is still a solid strategy that can pay off down the road. Whichever strategy you use can still make you a lot of money in the long run.
2. Build a blog
Building a blog is one of the best ways to make passive income, it continues to make money well after it is built and is one of the best methods of passive income you can build. When you own a blog you can talk about whatever topic you want, whether it’s fitness and strength or home brewing coffee. Whatever it i,s you can provide your expertise and fill your site with some well-placed affiliate links to products that help your reader achieve their gold and you literally make money by helping people do what they love.
“If you don’t find a way to make money while you sleep, you will work until you die.” – Warren Buffett
3. Affiliate Marketing
Relating to the blog, affiliate advertising is when you advertise a company or someone else’s product and get a commission for it. This is a great way to start making some money if you don’t have your own product or service that you can offer.
You can use this method on your blog or email list if you use one and send offers for an affiliate product that adds value to your viewers/customers’ lives.
You can also make an email list where you put the links for affiliate products on your subscriber list and email it to your customers which is great for retention and keeping people coming back.
4. Dropshipping Products
This is a method that became popular in recent years, that requires you to have a little money saved up to start with, the potential for success is very high if you’re willing to put in the work.
If you have some money saved up, you could buy a domain site and some bulk inventory and start selling products hosted through a Shopify store. There are kids in high school that make some good money using this method.
You can research trends and make a niche store that sells specific products and items that are entertaining or useful like coffee mugs or coffee-related items if you’re into coffee. The point is you can buy some cheap inventory in bulk and sell them for profit if your marketing skills are good this one is easy as pie.
5. One on one coaching
This method is good if you are knowledgeable or skilled in a certain area like health and fitness and you can charge a fee to help some achieve a certain result like get in better shape or make more money.
Whatever it is you can host this option to contact you on your own website or make a profile on a website like Fiverr or Upwork and charge a fee for helping your customers get the result they’re looking for.
This one has its drawbacks like it’s not as passive as some of the other methods on this list and has you rearranging your schedule to accommodate someone else’s. Assuming you have one or two of the other side hustles going mentioned on this list, it can be a great way to supplement your income with some extra money.
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