What’s the Best Way to Make Money?
From a high demand for online learning to the best service a customer has ever had, here are 11 answers to the question, “What are the best ways to make money?”
- Become a Virtual Tutor
- Work as a Freelancer
- Start a Business
- Create Passive Income Streams
- Take Advantage of Dropshipping
- Market Yourself
- Help Others by Consulting or Coaching
- Be a Freelance Legal Writer
- Make Your Money Make Money
- Start Your Website
- Give Killer Service for a Necessary Product
Become a Virtual Tutor
Becoming a virtual tutor is one of the best ways to make money, especially in today’s digital age. This is because there is a high demand for online learning, and many students prefer the convenience and flexibility of virtual tutoring.
Virtual tutoring allows tutors to work from anywhere in the world, as long as they have an internet connection and can reach a global audience of students. For example, a virtual tutor specializing in teaching English as a second language could have students from all over the world, including China, Brazil, and Italy.
I expect the demand for virtual tutoring to grow in the coming years, making it a reliable and lucrative source of income. Because of the high demand for online learning, convenience, and the possibility of reaching a global audience, becoming a virtual tutor is the best way to make money.
Saneem Ahearn
VP of Marketing, Colorescience
Work as a Freelancer
I believe that working as a freelancer or providing consulting services in a particular field of expertise can be an effective way of earning income on a project-by-project basis. This may involve providing services such as writing, graphic design, web development, or consulting in a certain industry.
Freelancers and consultants can select their customers and clients, as well as determine their pricing; however, they may be required to market themselves and cultivate their reputation.
Tiffany Payne
Head of Content, Pharmacy Online
Start a Business
In my experience, establishing a new business or taking part in the launch of an existing one can be one of the most productive ways to generate income. You can accomplish this by first developing a product or service that addresses an issue or satisfies a need in the industry, and then locating clients who will pay for that product or service.
A successful firm can generate enormous income and wealth over time, but this can require a significant investment of time, money, and other resources.
Jay Soni
Marketing Director, Yorkshire Fabric Shop
Create Passive Income Streams
Earning money from passive income streams such as rent from homes, commissions from affiliate marketing, or royalties from creative works might be a means to earn money without actively taking part in the process consistently. Building the asset or the content may involve an initial commitment of either time or money; it may generate income over time with relatively minimal continuous work.
Hamza Usmani
Head of Content, SEO-Audits.io
Take Advantage of Dropshipping
Making money with dropshipping is quite effective. A vendor using this retail strategy does not maintain a physical inventory. Rather, they purchase the product from a third-party provider and have it delivered to the consumer directly when a buyer places an order.
This implies that they won’t ever have to pay a dollar for product storage or inventory upkeep. And they’ll never have to buy anything in bulk, hoping they’ll sell enough to make back their investment.
They can use this technique with online marketplaces like eBay or Amazon. They must remember that, given how hypercompetitive e-commerce is, their gross margin must be realistic. To cover expenses like website hosting while still turning a profit for themselves, though, is necessary.
Janie Doyle
Marketing Director, SC Vehicle Hire
Market Yourself
No matter what you sell, if people don’t know you’re there, then they won’t be looking for you. The key to making money in any venture is marketing yourself well. In the past decade, we’ve seen the power of marketing in action. It can turn a mediocre product, idea, or service into a phenomenon.
If marketing can do that for even an arguably unimpressive product, it’s proof positive that no matter how good or bad what you’re selling might be, without visibility, its ability to turn a profit will be extremely limited. Just remember, no matter what your venture, you need to be profitable. Whether you’re a freelancer, a startup, or a full-blown company, strong marketing is vital to turning a profit.
Max Ade
CEO, Pickleheads
Help Others by Consulting or Coaching
When you’ve become an expert in a niche or field, you can earn good money from coaching or consulting. It doesn’t require huge capital because you’re banking on your skills and knowledge gained over the years to help and teach others.
Recent data shows that a consultant or coach can earn around $7k to $16k a month, especially if you’re doing it full-time. But even when you do it as a side hustle, you can still earn a sensible amount. Income aside, coaching or consulting is also a fulfilling lifelong profession, as long as you have the genuine desire to help others succeed.
Aidan Kang
CEO, Consumer Boomer
Be a Freelance Legal Writer
If you are in the legal profession, you can use your expertise to make more money by becoming a freelance legal writer. Besides having a flexible schedule, it also pays exceptionally well. Your hourly rate can reach a whopping $200, which means you can secure a six-digit annual income by working at least 10 hours per week. This hustle has less competition because it requires someone with an intense legal background to qualify.
Riva Jeane May Caburog
PR and Media Coordinator, Nadrich & Cohen Accident Injury Lawyers
Make Your Money Make Money
Investing is one of the best ways to make money from money. Contrary to common beliefs, investing is not just about the stock market and it is not limited to the rich. There are several investment channels today that allow you to invest with just one dollar.
There are several ways to grow your money by investing. This includes investing in securities such as the stock market and government bonds, peer-to-peer lending, high-interest savings accounts, and anything that provides any sort of return on your money.
The main idea of it, of course, is to allow your savings to grow while you pursue other income streams. Hence, it’s like your money is working for you.
The best part about making money through investing is that the biggest effort you need to exert is through self-education. All you need to do is do your due diligence in researching any investment opportunity that you want to pursue.
Jonathan Merry
Founder, Moneyzine
Start Your Website
Starting your website is one of the best ways to make money because it offers a low-cost, accessible platform for individuals to share their knowledge and expertise with a vast audience. Creating a website can generate passive income through advertising, affiliate marketing, or selling digital or physical products. For example, a blogger can share their cooking recipes, attract a loyal following, and earn revenue through advertisements on their site.
Owning a website allows individuals to build their brand, establish credibility in their industry, and create new opportunities for themselves. Whether you’re an artist, writer, or entrepreneur, having your website gives you the autonomy and flexibility to reach your goals and achieve financial success.
Peter Reagan
Financial Market Strategist, Birch Gold Group
Give Killer Service for a Necessary Product
Lots of people can sell, and there are usually many choices of products to buy. The secret to making money and keeping it is to provide the best service the customer has ever had. Doing so and doing better than anyone else means that you can often price higher than your competition and yet still beat them.
Scott Sereboff
GM, Deeping Source
Submit Your Answer
Would you like to submit an alternate answer to the question, “What’s the best way to make money?”