In any given month, there are more than 400 million blogs created on WordPress.com alone. In 2020, as the world strives to go back to work, many individuals are seeking ways to make extra cash. Thanks to the pandemic, people are looking for ways to earn money online. One of the fastest growing online income opportunities is to start a blog. There are several ways to monetize a blog, including showing ads, selling affiliate products, and becoming a copywriter for brands.
Monetizing With Adsense
One of the most popular ways to monetize a blog is to use Google’s Adsense platform. With this program, you can install adverts on your blog and earn money when someone clicks on them. You’ll also need to choose a CPC (cost per click) advertising plan. When someone clicks on an ad, you’ll earn a small commission. However, you’ll need to have a sizable audience to make significant earnings from this strategy. Once you have over 500 unique monthly visitors, you can consider this as a viable blog monetization approach.
Monetizing With Affiliate Marketing
Another popular way to monetize a blog is to use affiliate marketing. With this strategy, you’ll earn a commission when someone clicks a monetized link or buys a product that’s promoted on your blog. You’ll need to establish and manage a product blog in conjunction with your affiliate marketing platform of choice. Once you have a successful product blog, you can consider this as a viable approach to monetizing your content.
Monetizing With Digital Goods
Creating and selling your own digital goods (e.g. toys, clothes, gadgets, etc.) is another great way to earn quick cash. If you can write compelling descriptions and put a creative spin on your designs, you can instantly create a profitable product and begin generating income. The sky is the limit with this monetization strategy. Just remember to keep your costs low by using platforms such as Shopify, Woocomerce, and dropshipping.
The Dangers of Blogging
Blogging is a very safe way to make money online. Not only is it a proven strategy, but you can also build a trustworthy audience. One of the biggest dangers of blogging is getting lost in the hustle and bustle of creating content. Although this can be a fun side project and provide some meaningful content, you should never lose sight of the fact that you’re here to make money. If you want to make extra cash, avoid spending more than 8 hours a day on your blog. This is a proven method to lose readers and lose traffic, which in turn, can hurt your revenue.
Choosing The Right Niche
When choosing a niche for your blog, make sure that it’s a popular enough subject for you to be able to establish and grow your audience. If you decide that it’s too broad of a subject or you feel like you’re missing out on potential income streams, consider narrowing your focus to more specific topics. For example, if you have a background in finance and are passionate about money matters, consider creating a blog on the subject of investment or personal finance. Similarly, if you’re a foodie and enjoy cooking, consider creating a blog around that topic. Many people enjoy reading blogs about travel or lifestyle, so if you’re passionate about exploring new places, consider creating a blog around that subject. Remember, the key to making money online is finding a profitable niche and then sticking to it. This way, you’ll be able to develop your audience and gain trust with your readers.
Building A Brand
Building a brand is a long-term strategy that can help you create sustained revenues and make extra cash. When someone believes in your product or service, they’ll be more inclined to purchase it. For this reason, creating and growing a brand around a blog is a solid strategy. Why? It demonstrates that you have a proven track record of providing value and generating consistent and sustainable revenues.
Creating A Business
If you decide to pursue this route, be sure to consult with a lawyer and an accountant to establish a business entity. According to the U.S. Small Business Administration, if you have a revenue of at least $25,000 a year from a single source (e.g. blogging), you’re considered a small business. It is then, that you’ll be able to apply for an EIN (Employer Identification Number) from the IRS so that you can file taxes as an independent contractor. This way, you can take advantage of the LLC (limited liability corporation) and reap the benefits of being an independent contractor.
To learn more about ways to make money online, consult these sources: