It is pay day again!! Opps, 30% to pay the bills, 20% for the car installment & house installment, 10% for insurance premium and the remaining 40% to cover for everything until the next pay day, such as foods, petrol expenses, haircut, books, movie tickets, fishing equipment, car maintenance, and your favorite drink, Starbucks. Do you ever have this thought – “I need to make extra money to cover all my costs of living”? Yes, I believe everyone had thought about this before and for sure, in the near future as well if you still do not have any ideas on how to make more money.
In today’s society, no one can survive without any income. In the meantime, no one can live a comfortable life with only one source of income. So, no matter how much you hate your job, your boss or even your colleagues, you need to take a deep breath and convince yourself not to be impetuous by giving up your job. Simply because, you need the salary to maintain everything you have in your life right now. Then, you can do something else to generate second income that can make your life better. As your full time job is your stable source of income, is it possible to use the remaining time you have to earn more money and still not have any impact to your current primary job? The answer is yes.
How to Make Extra Income while Working Full Time
Is it possible to make extra income and at the same time do not have to give up your current full time job? Yes, there are 3 ways to earn extra money in your spare time [click below to jump to the relevant topic] :
What is stock investment? When you buy a company’s stock it means that you are the shareholder of that company. As a shareholder, you have the comprehensive rights such as participating in company annual general meeting (AGM), voting rights in the company’s major decisions, receive dividends declared by the company and enjoy the share bonus. Below is the extra money that you can generate from stock investment:
- Dividend: Most companies will announce to distribute dividends to their shareholders when the company is making profit or when there is a gain from the disposal of asset (one time income).
- Capital Gain: When the price of the stock purchase increase in stocks market, then investor can earn from the price difference.
However, there is no such thing as a free lunch!
You can make money from stocks market and on the other hand, you can also make loss from stocks market. It is not easy to earn money in stocks market unless you are willing to contribute your time to learn about stocks investment knowledge. Below are some things you should know before you decide to make more money through stock investment
- Analysis: Before buying any stocks, perform thorough analysis on the company’s background, such as their strengths, weaknesses, opportunities, competitors, risk, future development plan etc.
- Read more and learn more: Investing in stock market requires massive knowledge & information, so read more investment materials such as investment news, investment book and learn how to read a company’s financial report, speak with other experienced investors etc. Below are some useful links to you if you have any interest to invest in stock market:
- Capital: Your investment capital should not be coming from your savings which were reserved for emergency use. As the stock price fluctuates in the market, you cannot be sure that you will be able to sell the stock at the historical top price on the day you need the money. Try to have savings which is equilibrium to your 6 months salary before you start any stock investment plan.
- Fluctuation of stock price: The fluctuation could be small or huge depending on market sentiment. Some paper gain stock could become paper loss in just a short period due to pessimism of market investors, and vice versa. So, be prepared on the price fluctuation of stock market and don’t be easily impacted by the sentiments of stock market and simply execute the buy and sell order.
In short, stock investment is just a game of risk and return, high risk is associated with high return, while low risk is associated with low return. So, this method is definitely not suitable to those who hopes to make an extra money with a tight budget for better lifestyle.
Summary of this method:
Capital: High – At least $1,000 to start.
Risk: High. Your hard earned money could vanish in the air if you make the wrong decision.
Sophisticated level: Very High. As you need to possess a lot of knowledge and is not guaranteed that you can eventually make money from stock market.
This method can be a choice for most people. Traditional selling method via physical store is a setback to those who is interested to make money by selling products due to high startup cost such as rental, inventory purchase, labor cost, utility cost etc. However, things have changed with the advance of internet technology in our world today. Consumers now do not need to step out from their house to buy the things they want, and people now prefer to buy things online rather than to visit the physical store. With that, the barrier to enter this industry is much lower and almost anyone can do it, as long as you have some savings with a laptop that has a wifi, that’s all.
Now, let us see pointers on how to sell product online and things you might need to put into consideration if you plan to venture into online selling:
i) What product to sell online?
This is very important question. Not everything that we sell online can help us make money, so we need to do an in-depth research before we start to sell anything online:
- Is the product already in a saturated market?
- Tendency of the product
- Durability of the product
- Quality of the product
- Specification of the product
- Description of the product
ii) How to determine the price of a product?
Everyone wishes to make money on everything we sell online, but without properly calculating all the cost incurred for the products, we might end up making loss instead of making profits.
Always remember this formula to ensure that you can make a profit from your online business:
Profit = Selling price – Total cost incurred
So, it is also equal to
Selling Price = Profit + Total cost incurred
And these are the things you might need to put into consideration of the total cost of a product:
- Buying cost
- Advertising cost
- Online Store cost
- Inventory cost (It won’t be easy to successfully sell everything that you have stocked, so you should always apply 80/20 rule when you are calculating your cost. Meaning, you have to always assume that you won’t be able to sell 20% of the stocks and includes this 20% into your total cost)
- Other cost such as internet bill, shipping fee, packaging fee etc.
After you get your total cost of a product, you then decide the profit you want to earn and add it to the total cost – that’s the final price of your product.
iii) Who are your competitors and what makes you better than them?
Always understand your competitors well before you sell anything online.
Do not pick any product that is already sold by the industry giants, for example, do not sell groceries, hoping to win over Tesco or Walmart. They will always have pricing advantage due to their industry size, even local groceries store cannot compete on the pricing with them.
So, choose something that is a niche to sell, so that you do not need to sacrifice your profit earnings to get more sales.
iv) How to promote products online?
Selling online is just like managing a physical store, you need to do some marketing jobs in order to let consumers discover and know of your existence. So, you will need to promote your products effectively through few ways below:
- Start a blog to market your product: It is important to have a good blog title, product specification and product description. It would be great if you are able to share user experience and reviews of the product.
- Social Media: Share your products in social media such as Facebook, Twitter, Pinterest, Google Plus, Instagram etc and interact with your followers and answer their questions fast and honestly.
- Email List: Create a blog or a website that allows user to register their email address, so that in future you can send them new product information or new product launches to earn more sales.
- Online advertising: Promote your product in search engines by using Google AdWords or Bing. This is the most effective method to get the right people to your blog or website. However the bad news is that using this method is not cheap but you can always start with the free credits given and try their effectiveness before you use it for long term.
v) Customer Service
The key to a successful online business is customer service. You cannot neglect this area because a lot of online businesses experienced downfall due to bad customer service.
It is advisable that you provide comfort and give immediate solution to unhappy and unsatisfied customers before they start declaring war with you online and spoil your reputation.
In case you don’t know, a lot of online buyers will research for user reviews for the product before they decide to purchase anything online. So, if your online store has a bad reputation in any social media or in the review section, then you are done. No one will purchase from you anymore.
So, pre customer service and post customer service are very important. Do not ignore your customers completely just because you have gotten the sale.
After we figure out all the things above, another question is – “where can I sell my products online?” Well, here are some platforms that allows you to sell your products online:
However if you want to use your own domain to sell your products, then you can consider below websites:
Summary of this method:
Capital: Medium – At least $500 to start, you need to purchase a domain, create a website, purchase items or raw material.
Risk: Medium. You will not make great loss by selling things online to make extra money, because even if you are not able to sell the products, you still can use it yourself; or you can distribute them to family and friends who needs or can use them.
Sophisticated level: High, a lot of things to be done before you can sell your products online.
Alternatively, if you don’t know how to sell online but you still want to make some extra cash online, and you do not want to think about which products to sell, the cost, who is your competitor or you do not even want to handle those difficult customers who always like to complain, then here is another choice for you – Affiliate Marketing Program.
There is never a lack of sellers in the world of online business. Just name and search whatever that you want or need in Google and the results will show right in front of you immediately.
However, not all sellers know how to promote their products effectively, so as an affiliate marketer, your role is to help them promote their products to the right users and earn commission as a return for every sale that is successfully driven by you. You will see more details in the following article on how to generate extra income as an affiliate marketer.
Summary of this method:
Capital: Zero. You can start without paying any single penny by using the free service online, for instance, Wealthy Affiliate. I will talk more about this in the section below.
Risk: Low. You make no loss even if you gain nothing from affiliate marketing. In return, you learned and gained priceless experience that can help you to be more successful in the affiliate industry in the future.
Sophisticated level: Low, you can even start today
How to Make Money Through Affiliate Marketing
First, let us understand what Affiliate Marketing is. It is a program that allows bloggers or website owners to join and earn a commission as a return when the visitors they brought to the seller’s website end up making a purchase and makes the payment successfully. Affiliate marketing program allows you to earn extra money and:
- You do not need to own the product
- You do not need to find a place to keep the stocks
- You do not need to have a headache about the selling price
- You do not need to ship the product
- You do not need to handle demanding customer service
- You do not need to worry about not getting the sales when it is near to the expiry date of the product or if the product is going to be out of fashion soon
- You are not liable for issues of the products
Sounds interesting I know, but the most important point is – Anyone can join affiliate marketing.
Now, let’s see how to make extra money with a computer by joining affiliate marketing program:
Step 1 : You need to have your own blog or website
Step 2 : Find a niche and write the content of the niche that you would like to promote, you can refer to this article if you would want to know how to write a niche and quality content (How to create a Good Blog)
Step 3 : Search in google for the affiliate programs available for your content and join it. For instance, if your topic is about hair loss, then type this sentence in google, “hair loss + affiliate marketing”
Step 4 : Wait for the business owner or seller to review your application. Once approved, place your affiliate tracking link in your blog’s content.
Step 5 : Promote your blog or website content in social media, forum, social bookmarking etc.
Step 6 : Earn a commission if anyone who clicked your affiliate tracking link eventually makes a purchase on the seller’s website.
It seems very easy but success cannot be achieved without making an effort. The beautiful thing of affiliate program is that it allows us to start earning extra income immediately without any initial startup cost. But to become a successful affiliate marketer, there are a lot of techniques and knowledges that needs to be learned and cannot be skipped.
So, how and from where can we learn to be a successful affiliate marketer? The answer is Wealthy Affiliate.
Why Wealthy Affiliate?
This is because Wealthy Affiliate not only allows you to JOIN FOR FREE but also allows you to create your own website or blog (up to 2) without paying any single penny.
Other than that, there are a few features that you can enjoy in Wealthy Affiliate even as a FREE member:
1) There are 20 videos that provides you step to step guides on how to become an affiliate marketer, such as:
- To understand the process of making money online
- How to make extra money with a blog by writing niche content
- How to create your very first FREE OWN website by using WordPress
- How to setup plugins to improve the performance of your website
- How to optimize your website in order to get ranked in search engines such as Google, Bing & Yahoo
- How to find unique and low competition keywords for the content of your blog
2) During the first 7 days, you can also ask questions freely and get your answers in less than 5 minutes time.
3) You can build up to 2 free websites as a FREE member.
4) Your websites are under Virus & Malware protection so that you do not need to worry about someone uploading malicious software into your websites that is harmful to your visitors.
5) You can enjoy an excellent writing platform in Wealthy Affiliate and the ability to upload your blog content to your website directly.
6) There are also grammar & spelling checker to ensure your content is free from grammar and spelling mistakes.
7) You can enjoy 30 free keyword searches in Jaaxy tool to find out your niche.
8) You can also enjoy 30 free scans of your keyword to find out whether your website is ranking in the first page of search engines (Google, Bing & Yahoo).
9) Most importantly, you can join Wealthy Affiliate as a FREE member and stay as long as you like and in the meantime, use your FREE websites (up to 2) to generate extra income for a better lifestyle.
Now, let’s see what Wealthy Affiliate truly is:
1) Wealthy Affiliate is an all in one training center for affiliate marketers. Just like Google, if you don’t know something, you will find it in Google. Same as Wealthy Affiliate, if you don’t understand anything about affiliate marketing, just ask in the live chat and you will get all your questions answered swiftly by real human.
2) Wealthy Affiliate is a community for affiliate marketers. And why is the community so important? This is because in this community everyone pursues the same dream, so you don’t feel alone. With the power of community, you can also overcome all your problems quickly, and you can connect with all the people in there and make friends with people that comes from different countries and achieve success together in the near future.
3) Wealthy Affiliate is a powerful tool designed for all affiliate marketers. It contains keyword research tool, live chat platform, site rank tool, website manager, powerful content writing platform, training materials, site health checker, website analysis and many more.
4) You can also ask for the site comment and feedback in order to know how other people sees your website and then improve to make it better. This is because we cannot be sure everyone loves what we love. So, it is hard to be successful in the affiliate marketing world without knowing what other people wants. Besides, sometimes we hardly observe our own mistakes. Therefore, it will be easier for you to find out your mistake through Wealthy Affiliate and seek feedback from other people.
5) Wealthy Affiliate also offers weekly live trainings. With that, you can always catch up with the latest information on the changes happening in the online world and keep your website up to date so that your website ranking could be improved in search engines, instead of not knowing and not doing anything and are left behind by all your competitors.
6) Wealthy Affiliate is an established website which has already exists for more than 12 years (since 2005). It is not an easy feat to survive in the online world for such a long period of time unless it is creating real value to their users and sustaining it all the while.
As I have mentioned, we must always search for reviews before we make any purchase, so even if Wealthy Affiliate is free to join, we can always see how others review it:
You don’t need to believe what I have shared and written, just give yourself a try, it cost you nothing. After that, tell me how you think about Wealthy Affiliate.
Try it today for FREE –> Wealthy Affiliate
I hope this article provides the needed guidance to those who are looking for the way to make money online. Just remember this golden rule, “there is no shortcut to make more money”. If there really is, then it is probably a big scam. Beware of it. 🙂 🙂