Many people aspire for more freedom and independence. Many people love the idea of making money from home, either full-time or on the side. With the advancements in technology and the internet, this is possible today, and millions of people do it.
But if you have just begun making money online, there are some things you need to be aware of to help you throughout your money-making journey. Some are tips, others are warnings, but either way, they can help you out and give you the best chance of finding success.
Learn Your Tax Obligations and Requirements
When you begin to make a decent amount of money online, it will need to be reported as income on your taxes. You will often be tasked with filling out a 1099 and making sure you are 100% compliant with the taxation rules in your area.
If you are confused about what is required of you, be sure to reach out to an expert or tax professional in your area for assistance. They can help you paddle through the murky and sometimes confusing world of taxes and find ways for you to save money.
A tax professional, for instance, can help you to identify potential deductible expenses that you can use to pay less in taxes each and every year. Also, the internet is full of a lot of helpful resources and articles all about the taxes you may be responsible for and the documents/records you should keep.
Taxes can be confusing and annoying, but they are certainly something you will need to be aware of and get comfortable with once you begin to make money online.
Be Open to Different Options
When it comes to making money online, it is a good idea to be aware of the sheer volume of different options you have. While you might have begun your online money-making journey doing one thing, that doesn’t mean you need to keep doing the same thing forever.
There are a ton of options that range from writing to web design, to social media, to being a virtual assistant, to selling a product, and hundreds of others. Try experimenting with a few in order to see what you like and where you can be successful. There are plenty of people who make money doing multiple different things online to create various revenue streams.
Don’t hold yourself back because you only think you can do one. Also, as technology and the internet only continues to advance, don’t be surprised to see more and more options continue to be available for those who want to make money online.
Build Your Personal Brand on Social Media
As more than 3.5 billion people are on social media, it is impossible to ignore the power and weight it holds. While many people use it to communicate with friends and keep up with the news, it is also great for businesses and entrepreneurs.
It can be a useful tool for researching your audience, expanding the reach of a blog post, fine-tuning your marketing approach, and engaging with your audience to build up trust and loyalty. With a larger following, you can establish yourself as an expert or authority figure in your industry.
No matter who your target market is, there is a very good chance they are active on social media. To reach more people, you have to stay active on the platform your audience frequents. For example, TikTok is great if your audience and customer base are teens, but if they are older, Facebook or Instagram might be a better fit.
You could also utilize multiple platforms to expand your reach. Simply put, if you aren’t using social media to engage with your clients, you are missing out.
Never Get Too Comfortable
When you begin to make some real money online, you may feel on top of the world. While this is completely fine, it is important not to get too comfortable. Things can change on a dime when dealing with clients online. Their budget could be cut or they simply don’t have room to work with freelancers anymore. You can go from having a client to losing a client in a day, so it is important to always be marketing yourself and working hard.
Online work doesn’t provide the same level of security as a regular job. Because of this, it is a good idea to engage with multiple clients, so that all of your eggs aren’t in the same basket. Always have a backup plan, and try to keep a bit of money saved up just in case you lose a client and see your income take a hit.
Build Your Online Portfolio or Website
In addition to being active on social media, you should also have a website or online portfolio. This can make it easy to showcase what you can do to potential clients. These can be incredibly affordable and easy to create and run, so any serious freelancer or self-employed individual who makes money online should have one.
This also helps you look a little more professional and helps people trust you a little more. Your site or portfolio should list some companies you have worked with, provide links to your work and talk a little about what you do. Ensure you make a good first impression, and design the site in a way that looks good, but is still easy to navigate through.
Be sure to keep the site updated with new information or links. If you have the time, you can create a blog on your site, too. It doesn’t need to be anything crazy, but great content often drives people to sites. If you have a blog with new and relevant articles going up every now and then, more people are likely to visit your site.
Watch Out for Scams
While it would be lovely if every ad for work-at-home jobs and opportunities are legitimate, this isn’t the case. There are plenty of work-at-home scams that take advantage of people every year. With more and more people wanting to live the dream of working online, more people also become more vulnerable to scams.
You need to do your best to watch out for these and ensure you don’t fall victim. Unfortunately, scammers are getting better and better, which can make it hard to identify a scam. If you’re new to online freelancing, try using platforms that will secure payments in escrow for each contract or milestone. It also pays to research existing market rates for similar jobs. In most cases, if the offer seems too good to be true, it probably is.
Also, if someone ever asks you to send them money, or doesn’t make the payment terms known ahead of time, consider steering clear of that opportunity. Watch out for exaggerated claims and promises, and always do your research of the company. Be a little wary if there is little detail about them, their reputation, and their past.
Helping You Make Money Online
Making money online can be brilliant, but there are certainly some things to be aware of. Knowing about these ahead of time can help your online money-making journey get off on the right foot and be successful.