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Making Money in Your Sleep: Tips for Starting an Online Business

by Yello Jul 29, 2019

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Contributed by Francesca McDavid, CoolMarket

For many people, the dream is to escape the daily nine-to-five grind, but few of us make the moves necessary to escape. However, with some forethought and planning, the dream of making money from the comfort of home can become a reality. How? By starting an online business.

If this sounds like the life you want or if you are looking for an additional source of income, then continue reading for some insight.

Get Out Of Your Head! (Not Your Bed)

Don’t overthink it. Starting a business online is a potentially great step for yourself and your family. All you need is a laptop, some courage, and some intel on how to get started. So let’s give you some:

1. Start a YouTube channel

You might be surprised to discover that this is considered an online business. The premise behind a YouTube channel is that you have a unique perspective on a topic. You might be particularly proficient at something, or your life is just so interesting that the average Joe would want to watch. YouTube is all about visual content, so you will need a good camera. Some smartphone cameras work well depending on your needs, some inexpensive lighting and a schedule of the episodes you want to produce. Having a schedule helps to structure and organise content development and when you publish content. Most successful channels publish the same day every week, which makes following the channel and its happenings easier. You won’t start making money right off the bat with a YouTube channel. It takes lots of work and consistency to get there. YouTube has a guideline on when and how they make payments. Read it and see if this is the best option for you. The great thing about this platform is that it is open 24/7, which means your content can be consumed at any hour, making the potential to generate an income greater.

2. Start an online store

Do some research and select a product that you are confident can make money online — this could also be something you are passionate about. You can opt to sell electronics, makeup, art, etc. You can also look at trends and see what opportunities are within a certain space. A recent event that opens up possibilities is the recent ban of single-use plastics in Jamaica. With this comes loads of opportunities to offer alternative options like canvas bags, and bamboo and metal straws. You could also be completely inventive and create products for sale. We have a huge boom in our market for “Made In Jamaica” products. Once you start selling your products online, you will need to think about things like branding and how to build your brand in the digital space.

3. Offer A Digital Service 

The digital world offers us lots of opportunities to make money online, especially if you have a talent or skill in a relevant area. Offering a digital service means you provide a specific service or product online. This includes things such as software that you can offer for download or access through the cloud. 

Now, most of us are not so tech-oriented that we can create and code a piece of software. However, a lot of these software products facilitate the entrepreneurial spirit and were created and designed with you in mind. One such software is a platform called Teachable. Teachable allows you to create videos teaching an audience something useful like how to budget or how to water paint and then facilitates the sale of these training tools. This is just one example, but there are many other software products out there that assist you with offering a digital service. Of course, because this is hosted online, sales can happen at any time of the day or night. Another digital services option includes having your website where you sell consultative services or e-products like books, reports or guides. 

Starting an online business can be so rewarding once you put in the work and take the plunge. We don’t promise that it will be easy, but properly informing yourself on the ins and outs will ensure you make the best decisions. 

Are you ready to take the leap? 

Contributed Article by Francesca McDavid, CoolMarket