Profiting by working online is not a recent occurrence, and people continually use creative ideas to generate a steady income stream. Making an online presence that also appeals to your creative side does not mean that you need to start a business. All it takes is learning from others who have made a profit working online, and building on tips and ideas to take your skills and products to a large audience worldwide.
To learn how to establish a profitable online presence with various levels of investment, while keeping an eye out for pitfalls and perfectly showcasing your skills keep reading.
Choose between Monthly and passive Income
Limited amount of time and energy available to an individual narrows your options when working online. So you need to first decide whether you have to generate income monthly by creating products or delivering a service. On the other hand passive income does not come in every month and results from running a blog or a website, which often generates revenue after several years of working to bring in visitors.
Why do people opt to go online?
Getting online and creating a niche product, service or blog is a heady experience and several entrepreneurs often compare the process to the setting up of a business. With an online presence however there are several advantages as much of the red tape and regulations that surround setting up a business can be sidestepped. Additionally, there is no need for renting office space, hiring a receptionist, or setting up a production process. Instead people can often manage and operate their online presence from the comfort of their home and with the aid of a computer.
Get ready to Face Failure
Planning to profit from online opportunities does not mean that you will always succeed. In fact most people who start with an online presence soon find that creating a mobile device blog, making specific products, or an app just does not work out. With failure comes the risk of losing money and while creating a blog does not involve spending a lot of money it can result in considerably time being lost. Creating products for sale online, however and consequent failure of the enterprise can result in several thousand dollars of loss. The prospect of losing money especially if you are dipping into your savings can be daunting and in the case of a loan you will have to lose the collateral put down when availing it.
Try out Several Revenue Streams at Once
Working online to generate revenue often means trying out several different things at the same time. As soon as you realize this you will understand the need for intensive labor in front of a computer or on the streets as you work as a driver for companies such as Uber. Working hard everyday however does not guarantee that you will end up with a profit at the end of the month. So it is prudent to plan for the future by putting in place a blog or a website to create passive revenue stream.
Get Rich Quick Formulas are Fake
Surprisingly people fall for get rich quick formulas when they go online. As many are not aware that working online comes with limitations and there is no magic potion that leads to overnight success. Needless to say, you need to steer clear of these schemes as they will often result in you losing money and in serious cases can even cause your identity to be stolen.
The Power behind Niche Blogs and Websites
Packed with powerful personal commentary, niche blogs showcase your expertise and you can speak from your perspective. This makes niche blogs perfect for a mother providing tips on how to create the perfect home cooked lunch for school and also a knitting expert offering new patterns. Niche blogs allow you to include personal testimonials, and you friends can contribute as guests to grow your business, while shoring up theirs.
Creating a niche blog around something that you are passionate about, is not always possible and therefore bloggers have learnt that they can instead offer unique services or products. The uniqueness of your offering, whether it is ability to collect and market stunning shots of landscapes from contributors or deliver creative reviews of products, will draw visitors to your online presence.
Showcasing your skills through your work is important if you are generating monthly income or setting up a passive revenue stream. This is a tactic that is employed by freelancers who often set up several niche blogs that each showcase a specific skill set that they have. As a result you can have one dedicated to home decor whereas another delve into mobile devices, which continue to be very popular worldwide as people tend to change their phones every two years. Here are some other ideas for niche blogs:
Fashion: Setting up a fashion blog, revolves mostly around the fact that women and increasingly men as looking online for the latest tips and the best deals when on the move. Fashion addicts are therefore happy when they get deals, info and trends on their mobile device.Allowing them to get into lines earlier or buy sunglasses advertised by their favorite actor before sales open to the general public.
E-Learning: Teaching photography or helping people learn how to play a musical instrument online with the aid of courses allows you to showcase your skills, and also creates a niche offering that is targeted at those who are looking for something specific. Building a course and then promoting it to an online audience is also increasingly common with the aid of various platforms such as Udemy. On your blog you can also function as an affiliate, and recommend courses available on platforms and earn from each person who clicks through your blog to invest in one.
Travel and Tourism: Vacations are part of almost everyone’s life and people often go on several per year. Creating a travel and tourism blog which provides the best options and costs pertaining to hotels, flights and more will endear you to those who want to keep within their budget when vacationing, and will even keep them coming back for more in future.
Health and Wellness: Keeping fit is often harder than it seems, and additional complications are added to the mix when people pass the age of thirty. With individuals facing unique situations such as injuries, fluctuating weight, pregnancy related issues and problems related to aging you can create a niche blog that taps into your expertise and also provide much needed guidance to others.
Tech and Gadgets: Burgeoning demand for smartphones, tablets, PCs and laptops means that people often need to know the best deals available paired with the latest technology. This is where blogs that deal with tech and gadgets come in handy as they review the latest devices, collect deals available during holidays and point to stores where they are cheapest.
How to Save Money or Make Money: Making and saving money are two niches that are extremely popular as people routinely want tips on both topics to make their life easier.
Generate Money from App Based work
Increasingly customers are using mobile devices and apps installed on them to purchase products, services and even earn money. Money earned via apps can come in various forms:
App Based Driving: The Uber app is not only useful when you need to book a ride from a party or to the airport. It is also handy when you have a car and are interested in earning extra money working part time. As a result it is an increasingly common work option for those who are looking for a flexible second job.
Take up Home Improvement Tasks: Living in a large city allows you to earn extra money by using apps such as TaskRabbit, which people employ when they need minor jobs around the home done. Such apps are also much sought after by people who need help installing a TV after shifting, require heavy objects to be lifted or just help in moving their residence. Similar apps provide a way to earn money doing part time jobs without having to set up a business of your own and invest in advertising.
Sell Your Skills or Products online on Preexisting websites
Working as an amateur photographer is not easy and often people have to take up several gigs to make ends meet. Going online and utilizing websites that have huge volume of traffic, means photographers, artists and others who have products and services to sell can earn extra money even as they concentrate on their day job. With sites such as Shutterstock and iStockPhoto photographers can set up a presence online, use it to show off their unique shots and generate a passive revenue stream based on each item sold.
Marketplaces for Services
Sites such as Upwork and similar offerings allow you to offer services that you are proficient in to an international audience. Whether you are a web designer, specialize in creating graphics for websites or design t-shirts, these sites allow you to bid and win work. Accountants, admin support assistants, customer service providers and more find such sites useful and there are multiple categories under which their work can be showcased. Designers who are looking for a website that helps them sell digital designs online can try out Cafe Press, while Etsy is still a leading site for selling handcrafted products.
Work as an Affiliate
Functioning profitably as an affiliate depends largely on the amount of traffic you are attracting to your website or blog. So once you have a blog up and running and getting a decent amount of traffic you can become an affiliate for Amazon and other businesses like Bluehost.
“Guest posting is also a highly effective way to direct attention towards your business, cause, or service.”
Make your Own Website
Getting ready to sell products online often requires a website. So if you already have one, these are things you can do with it in addition to using it for affiliate marketing.
Webinars: If you are setting up a website, using a GoToWebinar platform or a similar offering allows you to create online courses to teach a language, technical writing or coding. Using webinars you can market a product or service and often up to 40 percent of attendees turn into qualified leads.
Encourage people to subscribe: Allowing people to subscribe to an email list gives you the opportunity to sell to them via email.
Create Sponsored Posts: Give advertisers the ability to submit articles to your website. Articles such as these are paid for but if you create content for the advertisers you will be paid a higher rate.
Make Use of Amazon store: Creating an Amazons store with the aid of the company’s affiliate marketing program allows you to recommend products that you prefer.
Sell a Well Performing Website: You can earn more money off a well performing website but if you do not have time to maintain it or want to create a brand new one, you can always sell it for up to 10 times the money you earn monthly.
Function as a YouTube Influencer
Promoting engagement with your blog or website and its content with the aid of videos is great if you the aptitude for creating them. Creating high quality videos however is not enough as they need to resonate with viewers in order for them to become popular. Putting videos onto YouTube allow you to earn from the clicks that they get and most popular vloggers on the service end up earning millions per year. Once videos are on YouTube they also rack up clicks if they are embedded on your website and blog.
Going online to create a profitable venture is not easy but it is extremely rewarding, and even as you earn money you can help others who want tips on saving, child rearing and more.There is also a silver lining in that the opportunities for profiting online keep increasing.
IMF lifts global growth forecast for 2021, still sees ‘exceptional uncertainty’
By Andrea Shalal
WASHINGTON (Reuters) – The International Monetary Fund on Tuesday raised its forecast for global economic growth in 2021 and said the coronavirus-triggered downturn in 2020 would be nearly a full percentage point less severe than expected.
It said multiple vaccine approvals and the launch of vaccinations in some countries in December had boosted hopes of an eventual end to the pandemic that has now infected nearly 100 million people and claimed the lives of over 2.1 million globally.
But it warned that the world economy continued to face “exceptional uncertainty” and new waves of COVID-19 infections and variants posed risks, and global activity would remain well below pre-COVID projections made one year ago.
Close to 90 million people are likely to fall below the extreme poverty threshold during 2020-2021, with the pandemic wiping out progress made in reducing poverty over the past two decades. Large numbers of people remained unemployed and underemployed in many countries, including the United States.
In its latest World Economic Outlook, the IMF forecast a 2020 global contraction of 3.5%, an improvement of 0.9 percentage points from the 4.4% slump predicted in October, reflecting stronger-than-expected momentum in the second half of 2020.
It predicted global growth of 5.5% in 2021, an increase of 0.3 percentage points from the October forecast, citing expectations of a vaccine-powered uptick later in the year and added policy support in the United States, Japan and a few other large economies.
It said the U.S. economy – the largest in the world – was expected to grow by 5.1% in 2021, an upward revision of 2 percentage points attributed to carryover from strong momentum in the second half of 2020 and the benefit accruing from $900 billion in additional fiscal support approved in December.
The forecast would likely rise further if the U.S. Congress passes a $1.9 trillion relief package proposed by newly inaugurated President Joe Biden, economists say.
China’s economy is expected to expand by 8.1% in 2021 and 5.6% in 2022, compared with its October forecasts of 8.2% and 5.8%, respectively, while India’s economy is seen growing 11.5% in 2021, up 2.7 percentage points from the October forecast after a stronger-than-expected recovering in 2020.
The Fund said countries should continue to support their economies until activity normalized to limit persistent damage from the deep recession of the past year.
Low-income countries would need continued support through grants, low-interest loans and debt relief, and some countries may require debt restructuring, the IMF said.
(Reporting by Andrea Shalal; Editing by Shri Navaratnam)
Leon Black step downs as Apollo CEO after review of Epstein ties
By Mike Spector and Chibuike Oguh
NEW YORK (Reuters) – Leon Black said on Monday he would step down as chief executive at Apollo Global Management Inc, following an independent review of his ties to the late financier and convicted sex offender Jeffrey Epstein.
While Black, whose net worth is pegged by Forbes at $8.2 billion, will remain Apollo’s chairman, his decision to step down illustrates how doing business with Epstein weighed on the reputation of one of Wall Street’s most prominent investment firms. Black co-founded Apollo 31 years ago.
Apollo said it plans to change its corporate governance structure, doing away with shares with special voting rights that currently give Black and other co-founders effective control of the firm.
The independent review, conducted by law firm Dechert LLP, found Black was not involved in any way with Epstein’s criminal activities. Black paid Epstein $158 million for advice on tax and estate planning and related services between 2012 and 2017, according to the review.
Black, 69, said that although the review confirmed he did not engage in any wrongdoing, he “deeply” regretted his involvement with Epstein.
“I hope that the results of the review, and related enhancements … will reaffirm to you that Apollo is dedicated to the highest levels of transparency and governance,” Black wrote in a note to Apollo fund investors. He will step down as CEO no later than July 31.
Apollo co-founder Marc Rowan, 58, will take over as CEO.
Rowan has often kept a low-key profile compared with Apollo’s other co-founder, Joshua Harris, 56, and spearheaded many initiatives that turned Apollo into a credit investment giant, including the permanent capital base the firm enjoys through its ties to reinsurer Athene Holding Ltd.
The revelations of Black’s ties to Epstein took a toll on Apollo, which Black turned into one of the world’s largest private equity groups. Apollo executives had warned in October that some investors had paused their commitments to the buyout firm’s funds as they awaited the review’s findings.
Apollo shares are down 1% since the New York Times reported on Oct. 12 that Black paid at least $50 million to Epstein for advice and services, when most of his clients had deserted him.
Over the same period, shares of peers Blackstone Group Inc, KKR & Co Inc and Carlyle Group Inc are up 19%, 10% and 23%, respectively.
“We think a large number of (Apollo fund investors) took a ‘pause’, and we believe the outcome (of the review) and changes today will cause most of them to return to allocating to future Apollo funds,” Credit Suisse analysts wrote in a research note.
Apollo shares jumped 4% to $47.65 in after-hours trading on Monday.
“We continue to follow these events closely and will evaluate how Apollo addresses its issues,” the California State Teachers’ Retirement System, one of the largest U.S. public pension funds and an Apollo investor, said in a statement.
Epstein was found dead at age 66 in August 2019 in a Manhattan jail, while awaiting trial on sex trafficking charges for allegedly abusing dozens of underage girls in Manhattan and Florida from 2002 to 2005. New York City’s chief medical examiner ruled that the cause of death was suicide by hanging.
Black previously said he had paid millions of dollars to Epstein, but the exact size of his payments was revealed for the first time on Monday. Beyond the $158 million in payments, Black made two loans to Epstein totaling $30.5 million in early 2017.
Dechert said in its report that Black’s social ties with Epstein, who built his fortune by endearing himself to powerful figures in high society, went back to the mid-1990s.
Epstein won Black’s trust by resolving an estate tax issue for him in 2012 potentially worth at least $500 million, the report said. He ended up advising Black on various aspects of his personal financial affairs, from his family office and airplane to his yacht and artwork.
Black believed that Epstein provided advice over the years that conferred between $1 billion and $2 billion in value to him, according to the Dechert report. Black said in his note to investors that he had paid Epstein a fee equivalent to 5% of the value he generated on an after-tax basis, and not tied to hourly rates.
Black and Epstein’s relationship deteriorated after Epstein failed to repay $20 million of the loans and Black refused to pay tens of millions of dollars in fees that Epstein demanded, according to the Dechert report.
They severed ties in October 2018, according to the report. Black knew Epstein had been convicted in Florida a decade earlier for soliciting prostitution from a minor, the Dechert report said, but there was no evidence suggesting Black had knowledge of the other alleged crimes before they were publicly reported in late 2018, culminating in Epstein’s July 2019 arrest.
On Monday, Black pledged $200 million toward “initiatives that seek to achieve gender equality and protect and empower women,” as well as helping survivors of domestic violence, sexual assault and human trafficking.
Apollo said it would pursue a “one share, one vote” corporate governance structure that would do away with shares with special voting rights. It said the move could qualify it for listing on the S&P Global indices.
Apollo also said it would seek to give its board more authority to oversee its business, eroding the power of its executive committee led by Black.
The board will be expanded to include four new independent directors, including Avid Partners founder Pamela Joyner and physician and scientist Siddhartha Mukherjee, Apollo said. Apollo co-Presidents Scott Kleinman and James Zelter will join the board and take on increased responsibility running day-to-day operations.
Apollo had about $433 billion in assets under management as of the end of September.
(Reporting by Mike Spector and Chibuike Oguh; Additional reporting by Lawrence Delevigne and Jessica DiNapoli in New York; Editing by Sonya Hepinstall, Leslie Adler and Kim Coghill)
EU sees no cliff-edge ending for COVID fiscal stimulus
BRUSSELS (Reuters) – European governments will not need to abruptly end fiscal support for their economies after the pandemic, top officials said on Monday, noting that any withdrawal of stimulus would be carried out gradually and only once the economy has recovered.
Euro zone public debt rose sharply during 2020 and is likely to exceed 100% of GDP this year as governments borrow to help individuals and businesses survive lockdowns.
The higher debt raises concern about how to deal with it down the road and when to start cutting it again, since the EU last year suspended its rules limiting budget deficits and debt, known as the Stability and Growth Pact (SGP).
EU finance ministers are to discuss when to reintroduce any borrowing limits in the second quarter of this year.
“I believe it important that finance ministers debate and reach a common understanding on the appropriate fiscal stance by the summer. This can then serve as guidance for the preparation of their draft budgetary plans for 2022,” the chairman of the euro zone’s group of finance ministers, Paschal Donohoe, said on Monday.
“To avoid any misunderstanding, let me stress that this is not about an imminent withdrawal of fiscal stimulus,” he told the economic committee of the European Parliament.
“We all agree that our immediate priority is to shield our citizens, in particular younger cohorts and those most exposed to the crisis. There must be no cliff-edges,” he said.
Joao Leao, the finance minister of Portugal which holds the rotating presidency of the EU and therefore sets the agenda for EU finance ministers’ work until June, was equally cautious.
“We should not withdraw stimulus too early. We need to make sure the suspension clause for the SGP remains in force at least until we return to pre-crisis economic figures,” he told the committee. “We need to make sure jobs are maintained as well as the production capacity of companies.”
He said first cash from the EU’s 750 billion euro post-COVID economic recovery programme should reach the economy in the first half of the year.
“Real funding should be getting to the economy before the summer or in early part of the summer,” he said.
(Reporting by Jan Strupczewski; Editing by Giles Elgood)
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