So many online opportunities, so many scams, so little time to do a thorough research on all of them.
Where should you start then?
I believe the first step is finding the type of opportunity that suits you the most and then find "the best" within that type of opportunity.
In this How to Make Money Online in The UK (Without Going Broke) post I will be very specific and reveal what, in my opinion, is the best way to make money online without investing a fortune. In fact, we are aiming at spending as little as £0/month and make at least £1000/month.
I am going to first start off talking about a few online opportunities I do not recommend and then finally get into my #1 recommendation.
If you wish to jump straight to the "cheap" solution, then head to How to Make Money Online Legitimately and watch the eye opening video. Then create a FREE account and get started with the training 🙂
Surveys are free but a real waste of time
What are paid surveys?
Online surveys are questionnaires that aim to provide statistics to help companies improve their products.
People usually choose to make money with paid surveys because it is something anybody can do and they can be very quick to complete.
Why are paid surveys a waste of time?
Despite surveys being easy to fill in, you can’t really profit much from them.
Even when a survey takes 15-20 minutes to be completed, the highest pay is usually no more than 50p and that means that if you are lucky, you will be making £2 an hour by filling in questionnaires.
When I say “if you are lucky” is because there a few things that can turn online surveys into a nightmare:
- You will only be able to complete surveys that match your profile and that halves your income potentials
- Most of these survey sites are buggy and will let you complete questionnaires that are not a good match for you, only for you to be disqualified after completion. This means you might be spending 15 minutes on a survey but you will not get paid for it.
- Some survey sites only allow you to complete surveys that have been sent to you by email, rather than giving you the change to log into their site and pick from a few available ones. In this case, you might even have to wait a whole week only to get a chance to do one survey per week
On top of these issues, some companies have a high payout threshold, so you will not get paid until you have accumulated a certain amount of money in your balance.
MLM companies can be expensive
What is MLM?
MLM stands for multi-level marketing and it is a marketing strategy where the revenue of the company is derived by sales made by what are usually referred as “consultants”.
Consultants join the scheme by purchasing kits that will then allow them to start selling.
They make money both from the sales of these products and by recruiting other people into their teams. The latter seems to be what the majority of consultants focus on the most.
Here are a few examples of MLMs:
How much can you make vs how much do you need to spend?
Studies have revealed that only 1% of consultants succeed with MLM and these are the ones who are at the top of the pyramid and usually have some kind of “Director” or “Manager” title.
Kits can cost anywhere from around £30 to £1000 and the biggest problem is that once you join, you are left to promote the products using worthless marketing strategies such as spamming your friends on social media.
They don’t teach you how to do marketing right in order to achieve success and that is why 99% of people are doomed to fail!
Dropshipping requires a big advertising budget
What is Dropshipping?
Dropshipping is an online retailing method whereby the store does not keep any products in stock.
When consumers order a product from a dropshipping store, the owner of the store “forwards” the order to a third party supplier who will then deal with sending the item to the store’s customer.
Most dropshippers deal with third-party suppliers located in China, because products cost less, therefore the dropshipper gets a higher profit margin.
Why do you need paid advertising to succeed with Dropshipping?
Unfortunately there is no such a thing as setting up an online store and expecting people to find it without somehow promoting it.
This is why most dropshippers tend to promote their products using paid advertising.
One of the most popular is Facebook ads.
These ads are really costly and can cause you to lose a lot of money if you do not know what you are doing (Believe me, I have tried it myself!).
There is a way you can attract people to your store’s website without paid advertising. You do this by incorporating a blog into your store and writing content that will get you found organically via search engines.
We shall talk about this more further down in this article 🙂
Freelancing on platforms like Fiverr can be a lost battle
What is Fiverr?
Fiverr is an online marketplace for freelancers.
Freelancers set up their profile and offer “gigs” for set prices, for example building a website in 2 days for a set price of £200.
Are there any alternatives to Fiverr?
There are many other websites that allow freelancers to earn money online.
Here are a few:
How much can you make on this kind of freelancing platforms?
If you have a lot of experience in your field, then you could easily make a living out of these platforms.
The problem is that you get to compete against skilled people who live in countries where earning $5/hour is enough to live a good life.
This means that many times you will end up not getting the job because you charge £30/hour to offer the same skills as someone who charges $5/hour.
How to make money online in the UK: The solution is Affiliate Marketing
What is Affiliate Marketing?
Have you ever searched for something on the internet, such as “Best Dog Beds 2019” and landed on a blog full of reviews?
Did you read through the reviews and then clicked on a link that prompted you to a website where you could purchase the product?
Did you end up purchasing that product? If so, then the person who wrote the reviews would have received a commission from your purchase with no additional cost to you.
This is Affiliate Marketing. Here is what Wikipedia says:
“Affiliate marketing is a type of performance-based marketing in which a business rewards one or more affiliates for each visitor or customer brought by the affiliate’s own marketing efforts.“
How do you make money with Affiliate Marketing?
Usually people either tend to have a niche blog where they write articles related to a particular interest or they do it via YouTube.
Regardless of the chosen method, the purpose is to attract organic traffic that will then click on a link that will generate you commission.
This does not mean that you can just mislead people into clicking any link for the sake of making money.
Your mission is to help people and lead them towards something that benefits them.
Commission will come as a consequence of your help 🙂
Why is Affiliate Marketing the cheapest way to make money online in the UK and everywhere else in the world?
Affiliate Marketing is not a “get rich quick” scheme.
Building a blog or a YouTube channel takes time and hard work, but you can do this on the side while still working at your current job and by investing from £0 to £49 month.
It might take 6, 12, 24 month, but eventually sales will start coming in and you might even be able to quit your job.
It all depends on your commitment!
There are no crazy investments to be made and no paid adverts involved (unless you decide you want to use paid ads).
All you need is good training that will teach you how to get your articles/videos found on search engines.
Affiliate Marketing Training Recommendation
I can definitely recommend you learn Affiliate Marketing from Wealthy Affiliate.
Wealthy Affiliate gives you training as well as the tools you need to succeed with Affiliate Marketing. This includes 2 websites if you join as a FREE starter member or 21 websites if you join as a premium member.
There is absolutely no obligation to upgrade to premium and you can start your online business by creating a FREE account without the need of entering any credit card details.
This will give you the opportunity to see how valuable the training is.
Read my 10 reasons to join Wealthy Affiliate article to know more about this fantastic community 🙂
I hope you enjoyed reading my How to Make Money Online in The UK (Without Going Broke) post.
Please feel free to ask any questions or leave feedback by using the comment box below.