How to Make Money at Home
Side-hustles, solopreneurship, freelancing is all the rage these days for those looking for passive income in addition to their main ‘gig’. Whether you are currently at a corporate job, working at a startup, or already a budding entrepreneur, here is a comprehensive list and guide to the gig economy on How to Make Money at Home.
Trend #1: Sell Your Skills to High-Paying Clients!
Freelancing has become much more accessible as job become more specializes in our economy. Specific skills are need to service increasingly complex industries and regulations inter-industries. Highly-specialized skills lends these people to become highly valuable workers to those that want them.
So it’s obvious you can probably sell yourself as an expert in whatever job description you currently (e.g. Senior UX Designer). But what’s often overlooked are skills that you have, so definitely do skills inventory or skills matrix by walking through what you do in a day or what you’ve done. Even if you’ve at one point started a blog and dabbled in SEO, that’s something you can add to you resume to make your proposals more suitable for the project.
Also, there are so many online courses now. Lynda.com, Udemy.com are just of many examples where people often upgrade their skill set. Sometime they even offer certifications. You can do this on the side, on your evenings to upgrade you skills. Here are the top skills needed by their corporate salaries in your journey on how to make money at home:
- Research and Development Manager
- Software Architect
- Technical Manager
- Analytics and Data Analyst
- User Experience and User Interface Designer
Trend #2: Create a Software Solution for Many!
I’ve done this myself having gone through The Foundation which is an accelerator and online community of those wanting to learn how to make money at home.
Building a software or app doesn’t necessary mean you need the skills in Trend #1 Freelancing. You don’t need to be developer as you can hire those freelancers to support you in your creation of this app. However, but what you need to do is learn the skills required to understanding the market you are building for. In most cases, the easiest way is to build a B2B application. In most instances, it requires doing competitive benchmarking, interview and data gathering from your market of potential buyers.
One thing that’s great about the idea of a software product is the business model of a SaaS type service. For those of you who don’t know what it stands for, it’s an acronym for “Software-as-a-Service”. It means that your software is not downloaded on their computing devices of your users, but instead is hosted on a remote servicer. In this model, you end up charging the clients a small, nominally money fee and so they become subscribers. In that way, you are a service provider.
There are many benefits to building a SaaS product as you usually have recurring revenue instead always trying to find clients and always writing new proposals. There are pitfalls like every business, but it’s been popularized by The Foundation through the ability to do it even if you have no technical skill and no business idea right off the bat.
Trend #3: Flip a Product that A lot of People Like!
This is a tried and true method of how to make money at home: price arbitrage. Tens of thousands of people claim to make thousands a month by purchasing a product for cheap and then selling it for a margin on Amazon.com. With Amazon’s FBA (Fulfillment by Amazon) service, all you have to be concerned with is the type of product is high demand and then marketing it. The playbook is this:
- Find deeply discounted products (it’s good to focus on a few areas and you can have deep knowledge of it)
- It’s also good to determine before hand the market price people will buy it from you. The general rule of thumb is that 10% is good, but it can go as high as 100% mark-up.
- Once you’ve received these products, you use Amazon FBA’s service to store them and box them so that the products are ready to be shipped when requested by your customers.
- The inventory is sold which is great, but if it isn’t you can pay a small storage fee until it is.
There are some tips you can use to help enhance your customer experience and optimizing your Amazon store, but the initial recipe is here.
Trend #4: Open Your Doors to Your Home, Car and Beyond!
Renting your home, your car and your services have been popularized by the now-famous companies Uber and AirBnB. What you might not likely know about is how other niches have popped-up like opening your home to be a host for dogs and other pets in exchange for money. It’s called DogVacay, but there’s others on the market now that helps dog owners find sitters for the day or overnight or longer.
Imagine your pup needs to stay somewhere because you and your partner and going on vacation and your parents aren’t available? DogVacay is one of those services that can support you in how to make money at home.
Trend #5: Teach Others What You Have Done Successfully!
The simplest structure of an information product is a book. You can write it yourself or there are people who take the route of hiring a ghost writer to them out along the way. The key thing is that people have been doing this successfully for almost a decade now by earning lots of money, working from home, and self-publishing on Amazon.
Ever seen the movie, The Martian? Well it was book someone wrote first as a long-running blogspot that was translated to a book written by an amateur, first-time author and it’s made millions and is on the New York Bestsellers list. That’s a very extreme example and a rare one, but not an uncommon one. There are plenty of people who have a publishing empire by creating books that other people want to read be it non-fiction or even erotica. I love reading, and so it’s not going away anytime soon.
Besides writing books, the other thing that you can make your skills and knowledge is package that into an information course or a online course. There are many people that create information courses that help being do all sorts of things, from starting a new business, or learning user experience design. It’s a create way to create materials and sell that online to the masses.
Trend #6: Create Your Prototype and Bring it to Life!
Lastly, crowdfunding has become very viable avenue people to make money from anywhere.
Crowdfunding has been popularized by Kickstarter where you have a product, idea, or service that you’d like to bring to market. You’ve done some initial designs and now you need customers to give you the initial funds to manufacturer it. People have done very well for Crowdfunding, some with millions of dollars in funds.
And the sky’s the limit — your idea can be anything from a board game (e.g. Exploding Kittens, really fun and hilarious) to a digital watch (i.e. Pebble)
What other major trends do you see that allows you to work at home and anywhere in the world as a digital nomad? Leave your comments below: