Time To Pivot?
COVID-19 certainly put a crimp on our daily lives and perhaps many of our future plans. Time to pivot? Pivot meaning that this is perhaps a great time to rethink our life’s path, especially when it comes to earning an income. For many of us, not a bad idea, let’s start with a clean slate.
It seems that for many of us, almost overnight our lifestyle and means of generating an income was turned off. Worse yet, I believe that the economic and life impact will definitely be felt over the next couple of years and perhaps longer.
In the US alone, getting the 30+ million unemployed back to work will be a taunting task, especially in light of the many businesses such as restaurants and entertainment establishments that provided employment are not expected to survive. WHAT ARE WE TO DO?
Do what many of us are doing, explore and learn the Online/Internet world and look for ways to connect and generate income, whether part or full time.
THE ONLINE WORLD – A NEW PARADIGM
The lock-downs, six foot separation and the shutdown of businesses, forced many of us to look for alternative means of staying in touch and generating an income. Groups such as Toastmasters, which I belong to, that used to meet in person began to use online tools like Zoom and Skype. This turned out to be a blessing, because tools such as Zoom and Skype are used everyday for personal and business use and the online world is booming creating new income opportunities. A major advantage in their use is that now you have access to the millions and billions of Internet users across the world. Let’s look at some of the options.
Staying In touch
Fortunately, COVID-19 came along at a time when the online communication tools have advanced to a point where one can hold very effective meetings without having to be there in person. You can carry on conversations with quite a number of individuals all in separate locations, share documents, screens and watch individual’s reactions. No live hugs though.
Our Smart Phones, tablets and computers, each of which can now be loaded with apps such as WhatsApp, Skype and ZOOM to connect with others across the world and for the time being, most of them being FREE.
- Making Money Online
Yes, there are many come-ons out there, ready to take your money with promises of making six figures, etc. Sure, tell me another one! Of course there are exceptions but, know that it’s not easy and you better know what you’re doing. Many individuals that have achieved significant income levels will likely never tell you about their failures (lessons learned), the years it took them to get there and the effort it takes to keep producing. Following are some of the more visible and easier ways of generating income. Perhaps you’ve heard of some of them.
Amazon Affiliate – Amazon will allow you to become an affiliate of theirs, meaning that when some one buys an item you sent them to, Amazon will pay you a percentage of the sale. It’s normally in the low single digits. For instance, let’s say you recommend the latest electronic gizmo on Amazon to a friend and they buy it, you get a commission. Not much if it’s a small ticket item but, it makes you smile. You’ll find additional information and a link to that, at the bottom of the Amazon’s site under “make money with us.”
Affiliate Programs – This is a great way to learn the ins and outs of building an online business , if you do not have a product or service to offer yet. Perhaps you’re thinking of entering that space but, are not yet quite sure about the what and how.
As an affiliate you basically become the marketing arm for someone’s product that already has hit the market and is making sales. You as an affiliate of theirs, get paid a commission, which may reach well into the double figures. Again, it definitely can be done but, it’s not easy.
Although there are many “how to” type videos on YouTube coming at it from different angles, I found Clickbank’s University to be a great, soup to nuts, training resource. Here’s the link – check it out. The training, especially the product and market selection, will not only help you with Affiliate Marketing but with any other online money making endeavor.
Amazon FBA Program – With the Fulfillment by Amazon (FBA), you basically send your inventory, whether you produce or source it, to Amazon’s fulfillment centers, and they will pick, pack, ship, and provide customer service for your products. They handle the entire transaction and deposit the net, into your bank account. That’s how many of the products you’ll find on Amazon, got there in the first place.
Although that sounds great, it’s not easy. There are tens of millions of products listed on Amazon and perhaps thousands competing in a specific niche you may be thinking of going after. Remember that through the Internet, Amazon’s reach is Worldwide, with over 3 billion users. In other words, your challenge is to compete and win in a world wide marketplace.
There are many programs out there that will teach you the how tos but, unless you’re seasoned and have a very unique offering that’s in demand you may be wasting (ahem, spending) a lot of time, money and effort in the long run. Not saying that you shouldn’t give it a shot but, know what you’re getting into. BTW having retail experience really helps. Don’t sink too much time and money into it at the start. You’ll find additional information and a link to that, at the bottom of the Amazon’s site under Make money with us. Also Google Amazon FBA.
Etsy – A great site for listing arts and craft items that you produce or source. This is more of a hobby type site, where you can have fun by marketing something you love and earn extra cash in the process. Let’s say you have an interest in re-selling unique clothing items or have an in with the maker of a colorful and unique item in another country.
Shopify – If you’re thinking bigger and have experience retailing, this may be the route for you. Shopify is an eCommerce platform that allows anyone to set up an online store (Your Store). Similar to Amazon, in that they will handle the transaction, except that the support and shipping, whether direct or drop-shipped is your responsibility. They also accommodate services such as memberships, ticketed experiences, classes and lessons, consultations and rentals, which Amazon does not.
Your Own eCommerce Store – Basically, you would be developing your own on-line business from scratch. Most likely you would use WordPress to develop your site along with the eCommerce options, called Plug-ins, developed and supported by WordPress. Before tackling such an undertaking, I’d recommend building a foundation. I came across a video promoting a course that does an excellent job in identifying the five components that you should have a good handle on. Click here to access Gretta Van Riel’s video. She’s created four multi-million dollar eCommerce businesses.
The Bottom Line – Investigate and get comfortable with the online world. Before you spend a lot of time and money embarking on that journey – KNOW WHERE YOU’RE GOING and WHY.
