2. How To Make Money Online
When you hear that phrase “making money online” a number of positive association come to your mind. It is the kind of activity which is associated with endless possibilities to earn income, to work in a comfort of your home (or a beach resort for example) and it enables equal opportunities to everyone.
Throughout this ebook, you will learn multiple ways you can earn money online. Some of those will require a specific knowledge which you either have, or you will need to acquire. Some methods of making money online require an investment, while some can be achieved with almost no money upfront at all. This is why the possibilities are pretty vast and why this career is not something that is limited to a specific group of people.
But before we continue with the practical examples of making money, you will need to prepare some grounds for your work.
This section refers to the process of receiving payments from your online activities. It firstly depends on what you are going to do. For example, if you are working through a specific platform (such as selling on eBay), they usually handle payments for you. On the other hand, if you are going to sell products directly from your online store, you will need software to process and accept payments.
So the basic division is this one:
Not handling payments
In this case, you work with a specific company that handles the payment. It is an easier option and you do not need any help or prior experience with online payments. The main drawback is that each platform that does this for you will take a percentage of your revenue. In most cases, even with sharing the revenue, not having to deal with the payments is much more cost effective for those interested in earning money online. It is a recommended option for beginners and those with limited income opportunities.
Using this option means that you will need some kind of an account where you will simply transfer the payments. PayPal is commonly used for this purpose. Alternatives are credit cards that support online transactions. Either way, make sure you have these prepared so you can transfer money once you earn it.
Handling payments yourself
With this option, the main advantage is that you collect the entire revenue. While there is no revenue sharing, there are costs associated with using this option for online payment. For example, if you start an online store, you will need to integrate a shopping cart and payment gateway, both of which are paid extensions to the platform. Some require one-time payment, while other companies offer subscription-based services. In both cases, it is an expense you need to have in mind when choosing how you will handle payments.
Besides this expense, you will also need experience with handling payments, refunds and the whole system management. If you do not have enough experience to do so (or time), you will need to hire someone who will do this for you.
Registering a business
Next step is defining your activity and how you will handle your legal status. Not all of the activities you will see here require registering a business. Nor is the process the same in all of the countries.
This is something you will need to handle on your local level. Talk to a lawyer or an accountant, and explore the local laws. You will need to find out what you can and cannot do, what kind of payments can be accepted, if there are countries you cannot do business with, etc.
You will need this sort of a background preparation and research to know how to keep your online activities within the legal frame. This way you make sure you will avoid any problems and ensure you can continue working online for as long as you want.
Try to think about where you see yourself in a couple of months, and even a couple of years. Even if you are only starting out and have no prior experience, try to imagine where you want your online career to take you.
Why is this important?
Well, regardless if making money online is going to become your full-time job or it will still be a side job you do from time to time while still holding on to your regular job, you will need to plan how you will organize everything, which opportunities you will accept, which ones you will pass, and how much you will devote to this. It will enable you to determine if you will do everything on your own, if you are going to hire someone to help you. Finally, it will influence whether you will work through a specific platform or you will set up everything independently.
These are all the grounds that will help you work online. You need this background to keep your efforts organized and focused on achieving your goal.