How To Make More Money In 2021
It’s no secret that 2020 was the year that put everyone’s finances to the test. Thankfully, now that things are slowly going back to normal, small businesses have started to reopen and generate income once more. And that is great for them, however, not everyone can rebuild their financial status easily.
Since the economy is still down because of the raging pandemic, people must find effective ways to make more money in 2021. If you are one of them then you are in the right place because we are going to be talking about the different ways you can generate income. Now, there are two kinds of income that you can make: Passive and Active. You can find out more about Passive Income by reading the Passive Income Portfolio over at MoneyByRamey.com. This article will focus more on the latter, which is building active income.
Here’s a quick definition of active income in case you’re unfamiliar with the term:
What Is Active Income?
Active income is defined as the money or investment you’d earn after doing services that required all of your attention and effort. Unlike passive income where you still get to earn money without putting in much work, active income requires you to move and fully participate in the whole thing.
A quick note: There are many active income ideas that you can try to make money for this 2021. Listed below are some of the most effective ones we could think of – remember that the opportunities are endless! Keep in mind that all of the below ideas are for general entertainment purposes only and if you decide to take on any of these ideas, ALWAYS do your own due diligence and research beforehand!
Website Flipping
What is Website Flipping? It is the act of purchasing a website that is already established and then improving all of its aspects so that it can be sold at a higher place. Think of it as the digital version of house flipping.
There are two ways to ‘flip’ a website. You can either buy one (as stated above) or you could also build from the ground up. If you’re choosing to go with the latter then you don’t only need to have the skills to help you out but you also must be willing to invest a whole lot of time and patience. Building a website up to the point where it becomes profitable could take you between a couple of months to a year. It is cheaper compared to just buying one that is already made but at least you’ll have more control.
Purchasing an established website, on the other hand, is much faster as all the bases are already set and you can already focus on the next part which is the building process. Now, there are several ways you can increase a site’s profitability, and some of them are:
- Optimizing website content
- Building links to boost the SEO
- Increase the traffic by forming a solid social media presence
- Make more aggressive monetization strategies such as establishing digital products, partnership programs, and display advertising
Once you’re able to improve the site’s profitability then the next part begins, knowing how much you should sell it. According to dontworkanotherday, the value of the website that you worked on should be about 24 to 30 times the monthly profit you expect from it. This means that if you have a site that has about $200 of profit a month then you can price it at up to $6,000. Some websites where you can put your flipped websites are Flippa and Afternic.
Why it will work: Website flipping will still be profitable this 2021 because since the world of e-commerce has grown so much over the last year, people are looking for quick ways to establish themselves online. And having a website that already has a great SEO ranking and a solid social media presence is one of the best strategies anyone could ever do.
Invest in Stocks and Cryptocurrency
One of the best ways that you can make money in 2021 is by investing in stocks and cryptocurrency. Why? It’s because not only did both industries remain strong despite the difficulty of last year, they have also expanded so much that you now have countless options as to where you would want to invest your money.
Investing in stocks sounds like a walk in the park, but it isn’t. So if it’s something that you haven’t done before or are fairly new in, then just skip to the next entry, or better yet read this guide first.
The same thing can be said for investing in cryptocurrency. Yes, it is something that you can earn a huge amount of money from but without the proper knowledge to back up every decision you’ll make, you could end up with empty pockets. Cryptocurrencies are often called ‘volatile investments’ because they are so unpredictably unstable. If this is still something that you are interested in then may we recommend for you to do a lot of research first before making your first investment. Also, prepare a bitcoin wallet and a bank account that you can sync it with.
Investing in stocks and cryptocurrency can be classified as passive income. However, they can also be called active especially when you have to study the system and closely monitor your investments.
Why it will work: Well, it depends. It could work if you make all the right decisions, and it could all go south as well depending on different factors. As we’ve mentioned earlier, stocks and cryptocurrency are often unstable. So, keep in mind while they could yield high rewards, they also come with a lot of risks that could leave you with no money.
Become an Online Coach
If you have a knack for coaching and extensive knowledge of certain things then you can try your luck at being an online coach. An online coaching business is different from let’s say a field or office-based one because not only could you set your own time but you may also do the entire thing without leaving the comfort of your own home.
The kind of online coaching you will do depends on the niche of your expertise. You can cover academics, baking, vocal lessons, financial coaching, home workout routines, and so on. The pay for an online coach will vary depending on what it is you’re teaching. An online personal trainer, for example, can earn $70 to $100 per hour-long session. Pretty neat, right? But before you get into this, make sure that you make a solid plan on how you’ll put yourself out there. You must figure out if there’s a demand for your skills, the regular rates for online coaches in your area, and how you’ll approach each virtual session with a client.
Why it will work: People always need help with something. Whether it be in school, the kitchen, or even fitness-related, you will always find folks who are looking for an expert’s input on their work. The main challenge for you here aside from finding clients to work with is how you’re going to establish your reputation as an online coach. But once you can do so then this could be a lucrative source of active income.
Start a Meals-to-Go Business
Are you good at cooking? Do you enjoy doing it? Then you can start a meals-to-go business for people who are too busy to cook their meals. If you’re familiar with meal subscription services such as Freshly, Snap Kitchen, and Veestro then this is similar. You can design meal plans for an entire week and present them to your prospective clients then they can subscribe to whichever meal combo they want to be made for them.
The pay for this will vary depending on the things that you are going to cook because obviously, not all recipes are easy to follow and meal ingredients have the same prices. But to make the most out of it, you must also be able to cater to people with specific dietary requirements. That way, you’ll be able to cover as much as customers as possible.
Why it will work: Since life is slowly going back to normal, people (especially adult ones) are now returning to work offices outside their home, this means that more and more people are losing the time to cook for themselves and their loved ones. So, cooking and delivering prepared meals tailored to their personal preferences can help keep them satisfied without requiring them to spend a significant time in the kitchen every day.
Manage Social Media Pages
Companies rely heavily on social media to make them more visible and relevant to the masses, that’s why social media managers play such a crucial role in making sure that the business they work for doesn’t fall out of the scene. As a social media manager, your main tasks include creating posts that capture people’s attention, building a relationship with followers, answering queries, posting content on other sites, and so much more.
Sure, being in charge of a social media page seems fun but there are a lot of things you must first learn. Otherwise, the results you’re going to produce will only be lackluster. According to PayScale, a social media manager can expect a pay of $45,000 per year plus bonus and commissions. It’s a great paying job, but you need to have the skills to back you up otherwise you’ll be fired in no time at all.
Why it will work: Companies want to be more visible and relatable to their customers so one great way to do that is to hire someone that can effectively establish a solid virtual community without putting them in a bad light.
Be a Virtual Assistant
You might think this is similar to the previous one but it’s not. As a virtual assistant, you will be required to do different administrative tasks remotely such as setting up email accounts, taking calls, finishing reports, and more. While that may seem daunting, especially if you’re not the most knowledgeable when it comes to software and programs, you can expect some training sessions from the people you’ll be working with.
Upwork and Freelancer are two of the sites that offer countless virtual assistant positions. Now depending on your skills and how long have you been in the business, you can set your hourly rate from $10 to $70 per hour. Pretty cool, right? But before you start your journey as a virtual assistant, you must first do some reading so you can assess your skills and manage your expectations.
Why it will work: No matter what niche, there is always a demand for virtual assistants. Clients will always need help whether for simple tasks such as encoding data and scheduling meetings or more difficult ones such as setting up online accounts and taking calls. It’s a hard job, but one that could be very rewarding for the right people.
Get into Property Management
Another great way to make money this 2021 is by managing and maintaining properties such as cars, huge vehicles, real estate, large equipment, and other important things that need to be taken care of. But here’s the thing, managing someone else’s property is not easy at all because, on top of having the right set of tools to do the maintenance, you also must know how to execute it properly. Not only those, but you must also deal with other things such as securing appropriate licenses, working with stubborn clients, and protecting yourself from possible scams.
Starting a property management business can be quite difficult as well. We’re not going to go through the specifics of that but if you need help then here’s a guide that we think could help you a lot. So, how much does a property manager get? According to Salary, a typical property manager in the United States can earn $88,035 to $116, 675 per year. However, there are a couple of things that can affect the salary such as experience and educational attainment.
Why it will work: Doing property management in 2021 is a good idea because despite all the financial setbacks last year, people are still buying properties that they can’t always keep an eye on. Your property management company comes into the picture by taking over that duty for them after an agreed price has been settled. They pay you for taking care of their properties, it’s a win-win situation.
Become a Freelance Photographer
Love taking pictures? Then make money out of your hobby by selling your images or videos online. Sites like Getty Images and Shutterstock are some of the platforms where you can sell your stock pictures. Shutterstock, for example, will give you 25 to 38 cents per image that have been downloaded. It isn’t much, we know, but if you would be able to supply dozens and dozens of stock-free pictures on their platform then you’ll likely earn a few hundred bucks every month.
On top of that, you can also market yourself as a photographer or videographer for events. According to Ziprecruiter, the pay for an average photographer is $42 per hour.
Why it will work: With most restrictions being lifted this year, you can expect more and more events to happen. So, chances are, it won’t take you too long to find a client who is looking for a photographer or a videographer to cover their event.
Buy, Refurbish, and Sell Electronic Products
If you’re knowledgeable when it comes to electronics and how to fix them this might be the perfect one for you. Similar to house flipping, what you have to do here is buy second-hand or old but unused electronic products, refurbish them by replacing/fixing their outdated and faulty parts, then selling them for a higher price. The brilliant thing about it is that you could maximize your income by working on different types of products such as televisions, radio, smartphones (look at what Apple is doing with their refurbished iPhones), and even laptops. Additionally, you can also include other services such as repairing items only.
There are a couple of things you need to prepare before you can start an electronic refurbishing business. First is proper training if you haven’t had one yet, next are the permits and other documents needed, then the place where you will be opening your shop, and lastly the tools that you are going to use to refurbish the items.
The money that you can expect from doing this will depend on different factors. And the flow of income may not be as steady as the other ones that we’ve included in this list. But, as long as you’re able to market yourself properly, then you could have a set of loyal customers who will come back to you from time to time.
Why it will work: People are into branded things that they can get for a lower price, such as refurbished electronic items. Why do you think companies like Apple started selling refurbished items? It’s because there’s a demand for them. As someone who refurbishes electronic products, your main goal is to restore the items as close as possible to their original forms and then sell them for prices that will attract your potential customers. If you’re able to do that then you have great chances of making your business grow.
Final Words
Earning money in 2021 is easy as long as you have business or job ideas that you want to try. Sure, preparing all the things you’ll need for your money-making strategies to work can be overwhelming but so what? As long as you are generating income, then you are putting yourself on the path of Financial Freedom. With money in your pockets, you will be able to have more choices in life. So the question is, which one of these active income ideas that we shared are you going to try?
Bio: Matthew Ramey is the owner and operator of MoneyByRamey.com. He teaches money management, investing (especially in dividend-paying stocks), and how to achieve Financial Freedom through developing more active and passive income. He is the author of two books; Simple Budgeting and Simple Investing, which can be purchased on Amazon.
