I know money whether it’s earning more, managing it more, or being smarter with it; is key. I also know that millennials like me tend to think about ways of making money outside of their full time jobs a lot. So let’s jump into some examples I’ve tried and found success in. Maybe add these to your 2021 tasks.
First we’ll start with Etsy because that’s my current baby that has made me the most money in my B Chic brand this year. Etsy started off as the hand maker marketplace but it has blown up since then. I jumped into the Etsy game with my own digital design. I have to admit that I do not sell physical items which has its own slew of best practices for inventory management and shipping, but digital goods can be just as profitable.
So when you think of Etsy, think of the custom mugs, unique home decor, fancy birthday gifts; but also digital planners, iPhone wallpaper templates, wedding invite templates, and printable kitchen labels. Issa lot.
What I love about Etsy is the versatility of what’s offered on there. Shoppers expect to find unqiue things and your niche might just be in demand. I also don’t have to do too much off platform advertising. I do subscribe to Etsy Ads to bump my items to the top of listings on certain search words but that’s it and I still bring in sales!
There is a small listing fee and transaction fee for each item sold but it’s so small compared to the potential earnings.
Amazon Books is another favorite of mine. I published a book in 2017 called College Survival Guide after I finished up graduate school. It’s probably super outdated now but it was cool to explore this platform as I was beefing up my paid content with the B Chic blog.
The platform is actually called Kindle Direct Publishing and it doesn’t take much technical skills to get on there and sold. All you need is a book manuscript in as simple as a Microsoft Word file and a book cover which you can design yourself on Canva or task out on Fiverr.
There’s also an option to get physical books made through Amazon but I didn’t so that option so I’m not super familiar.
So why Amazon Books? If you love writing or think you have a great idea for a long format writing topic, this is a great option to keep your costs low. I had an eBook idea and went that route to have a reputable platform back my content. Today, I don’t promote that book much but if someone luck’s up on my product listing and pays the $5 for it, I’m not complaining.
Now, on to online courses. I’m not going to lie, when I was introduced to this type of online/digital product, I was thinking about making a course and marketing it at $1,000+ because so many people in the online instructing industry do that but that seemed outrageous to me. Instead, I joined the platform Udemy that sells most courses between $10-30, especially around the time of their frequent sales.
I love Udemy because they do part of the marketing for me and host the course. So the polished course formatting you see is streamlined through their site and mobile app. Many successful course creators have earned millions of dollars over the years in enrollments. I’m not totally sure how they determine their payment structure because it’s all reliant on how the student found their way to your course. But something to note is that you don’t actually get paid for the course until 2 months after the enrollment in case a refund must be given.
My course in particular is about budgeting as that’s a topic that I’m passionate about and know enough about to create lessons, worksheets, video tutorials and templates for. If you have a topic that you have quite the knowledge bank for and could organize it into an engaging course–go for it!
Poshmark – Clothing Boutique
A slightly different approach to money making on the side is Poshmark. I love using this platform to sell some of my clothing that I’ve hardly worn yet it is in great condition. You do have to cover shipping and manage those logistics but it makes me feel great to earn a bit from pieces that we’re just taking up space in my closet.
Poshmark actually has an option within their app to start your own online storefront called a Boutique. You purchase clothes at a wholesale price within the app and resell them in your boutique. This way you have the flexibility to curate what is offered in your boutique without going through the additional hassle of finding a vendor, setting up your shop, marketing your shop, and handling shipping on your own.
You’ll notice a theme for all of these options I’ve shared so far. The ability to make money is afforded through and made easier by the platform that you’re using. We live in a big world with tons of potential customers but finding your ideal market can be tricky. Using these platforms helps amplify your reach and increase your earning potential.
The next two I will lump together because the concepts are the same, and that’s a podcast and YouTube channel. Both platforms are great for general content creators and you can make money from advertising on each. Now, you can’t just start making money from having ads on these. You have to reach a threshold of listeners and viewership on both before you actually start to earn substantial income.
Now, I won’t go into the technicalities of setting up either because there are tons of resources for those. But I can talk about the basics in getting into the paid space for each.
For example, with a podcast, you can start advertising even with a small audience by using the Anchor app. I personally don’t use it but I know a few successful podcasts that do and have ads in their show! Once your following grows, you can switch to another platform and offer additional content to Patreon subscribers or work directly with companies to solicit ads. That last ones a bit tricky though. So make sure you know your stuff before jumping into the ring with the big guys!
With YouTube, it takes a bit more work. Earning money on youtube is as simple as clicking on the advertisement button on your channel but to be eligible is another story. You have to reach a level of 1,000 subscribers and a minimum number of viewer minutes before the checks start rolling in. Some of the best advice I’ve heard about youtube though is to be consistent with your content. As long as you’re consistent your skills will grow, you’ll develop your voice and your viewership will grow as well.
So, there you have it. My top money making ideas for 2021. Leave a comment and let me know if you plan on trying one!