4 Ways to Get Rich OnlineLast Updated: January 1, 2019
For those not attracted to conventional modes of business, but want to get wealthy, the good news is that modern tech innovations have made possible numerous ways to get rich online. Here are 4 of them.
THE billions that notable online tech entrepreneurs have made online are a mouthwatering prospect for startups. Although the global wealth list may be the preserve of elite business game-changers, their innovations have made it possible to create respectable revenue streams, for low- to no-cost. Based on research into these global rich lists, here are four ways to get rich online.
1. Be a Game-Changer
AN OBVIOUS start, perhaps, but the swiftest of ways to get rich online wealth is—as in all modes of business—to innovate and be a game-changer, the next big thing.
Microsoft founder Bill Gates, for instance, last year topped the Forbes global rich list for the 16th time in the past 21 years. Facebook founder Mark Zuckerberg, with his net worth of $33.4bn, moved into the top 20—up five positions from last year to number 16.
The difficulty is that game-changing is attained by only the few. If it wasn’t, then innovation wouldn’t be innovation any more: it would be our day.
However, technology has accelerated to such a phenomenal degree that all kinds of possibilities are available—and often for relatively low outlay—for the smart businessperson to make a substantial amount of money.
It’s interesting to note that technology dominates the upper slopes of the Forbes list. Founders and chief executives of US tech firms account for six of the 20 richest people in the world. Silicon Valley produced 23 new billionaires last year, while the youngest billionaire on the list was Evan Spiegel (24), co-founder of messaging app Snapchat, with a worth of $1.5bn.
2. Put a Price on Your Creativity
THIS is the most creatively prodigious era in the history of civilisation. Everyone is creating and communicating, all the time. On Facebook by November 2015, there were 1.55bn users every month, and 700m people using the Messenger app.
In the same month, Google confirmed that every 60 seconds, YouTube users were uploading a staggering 400 hours of video.
It seems logical that putting a price on this creativity would be one of the best ways to get rich online. Why not put a price on your creativity anyway? Even before you sell the work to the public online, what an amazing byproduct you would have from the effort and sweat put into perfecting your skills and aiming to be the best.
Even the sites where people attempt to sell their own products are another of our ways to get rich online, and they’re well worth investigating. Myriad e-commerce sites are available, including ArtWeb, consumer products portal Bouf, and book publishing site Unbound, in addition to publishing on Amazon.
Other examples include Paya, an online marketplace where small-scale professionals, part-time filmmakers and amateurs can tag content for sale, and promote it through social media. The content owner sets the price and terms of distribution, and gets to keep 80% of the sale.
3. Go Viral
DANIEL Fisher of London-based video monetization firm Rightster in 2015 told TIME that “while most successful viral videos tend to earn hundreds or even thousands of dollars, the biggest hits—which are rare—can generate more than a million”.
If you have a reasonably fertile social network, it’s possible that a video of something funny, frightening, or flip-your-wig amazing, will get shared by an opinion-leader, and reach, and be shared by, thousands more in a short space of time.
Think about Delaware cop Jeff Davis, captured on a dashcam, jamming enthusiastically to Taylor Swift’s Shake It Off.
Davis’s Taylor Swift jam racked up 8m views in three days. It was probably catapulted to that level of virality, after the singer herself tweeted “LOLOLOLOL THE SASS” and a link to the video. Little over a year later, the original clip had been viewed over 38.5m times.
LOLOLOLOL THE SASS http://t.co/54BA9ZyhBD
— Taylor Swift (@taylorswift13) January 18, 2015
Monetising the YouTube clip using AdSense places ads near or in your video, and as views add up, YouTube gives you the share of the overall proceeds. There is serious money to be made. In 2012, the video “Charlie Bit My Finger”, made more than £100,000 from 400m views.
There are other options, such as diversification into merchandising, possibly even smartphone apps. While the reality is that payouts are only likely to be in the hundreds, you just never know who will see your video, or what can happen if the right person shares it…
4. Start Blogging
BLOGGING is certainly not as ‘cool’ as it was during its dramatic popularity spikes in 2005 and 2008. But let’s look at some numbers. It’s difficult to establish precise data for levels of blogging, but some snapshots of the big numbers of the past five years are useful.
Technorati’s 2010 ‘State of the Blogosphere’ report revealed there were eight-million blogs active, with one new site being created every 7.4 seconds; or 12,000 every day. New posts on blog sites were appearing at a rate of 2.75m per day—114,583 per hour; 1,909 per minute; 32 per second.
In 2011, Nielsen researched concluded the existences globally of over 156m public blogs.
By February 2014, according to company stats, there were 172m Tumbler blogs, 75.8m WordPress blogs and 1.3m Technorati blogs in existence. This picture is incomplete. Blogger is reckoned to be the most popular service, but does not publish its statistics.
But even incomplete, and even if there was a 50% margin of error on the available data, the potential audience for good content is absolutely enormous. So… set up the site as the platform for your writing on business, music, fashion, sport, or whatever your area of expertise, and get blogging.
There are monetising possibilities. According to the 2013 TechnoratiMedia Digital Influence Report most bloggers reported income streams from advertising (61% banner, 51% text); affiliate programs (41%); sponsored content (24%); and sponsored product reviews (19%).
For the standout creations, the rewards can be considerable. Michael Arrington’s technology entrepreneur site TechCrunch was acquired by AOL in 2010 for US$30m.
But be wary. Overnight success is rare. Publishing amid a tsunami of 2.75m new posts daily means that your content must be superior, and also ‘pushed’ effectively through social media, if you’re to make even the slightest impact.
And while annual revenues of more than US$100,000 are possible, there were only 4% of bloggers in 2013 in that bracket, and only 11% of all bloggers making more than US$30,000.
The annual revenue spells out an impossible-to-ignore reality that 52% of all bloggers make less than US$1,000 from their sites.