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The post Best Places That Hire at 15 (+ Side Hustles to Earn Even More) appeared first on Millennial Money.
At some point or another, just about every teenager hears the words “get a job, kid.”
Your first job is a rite of passage. It’s your entry into the working world and it gives you a taste of adulthood.
Just think of the excitement of earning your first paycheck and beginning your lifelong financial journey. It’s a reason to get pumped, and an experience that can pay dividends down the road.
The good news is that many places hire teens and don’t require any experience to start out. So don’t worry about not having a resume yet. All you need are a few solid recommendations and a desire to make money, and you’ll be on your way.
Under the Fair Labor Standards Act, 14 is the minimum age for hiring in non-agricultural positions. The Fair Labor Standards Act also restricts the number of hours minors are allowed to work and the types of jobs they can legally perform. For example, employers can’t ask 14- or 15-year-olds to work during school hours.
It’s a good idea to check individual state labor laws for their minimum age requirement, restrictions, and processes for allowing minors to work. For example, you may need a work permit when you’re a teenager.
What’s more, many leading national brands have minimum age requirements but defer to local franchise owners on the hiring process and policies. So even though a national brand may officially require a teenage worker to be 16, a local franchise owner may employ 14-year-olds.
Here are some of the top employment opportunities for 15-year-olds.
If you’re a teen, chances are you’ve worked in an ice cream parlor at some point or another. It can be a fun summer job, and you don’t need a ton of experience to qualify.
Working in an ice cream stand requires the ability to work with money, and the patience for dealing with kids and families. Of course, it helps if you also love ice cream enough to make recommendations to customers (and what kind of lunatic doesn’t love ice cream?). The more enthusiastic you are about different flavors and providing customer service, the more tips you’ll earn.
Consider approaching a local ice cream stand for employment, or look to any one of the following brands.
Baskin Robbins is a multinational ice cream provider founded in 1945 with 3,000 locations. The company hires young workers to help serve ice cream and work the cash register.
Dairy Queen is another leading ice cream producer with over 4,000 locations across the United States. The company is known for hiring 15-year-olds.
Brusters typically operates in states east of the Mississippi River, with its headquarters in Pennsylvania.
Culver’s is a midwestern chain known for frozen custard and burgers.
Working in a fast food restaurant is a bit different from working in an ice cream stand, as the kitchens are greasier and typically more dangerous.
The pace is also faster than your average ice cream stand, as customers expect immediate service. But it’s still a job, and many people start out their careers working for these establishments.
Here are some of the top fast food joints that hire 15-year-olds.
Chick-fil-A is an American fast-food chain specializing in chicken sandwiches. The company hires young workers starting at age 14.
Even after all these years, the Big Mac is still on top of the burger world. McDonald’s typically starts hiring at age 14, but this can vary by location.
Boston Market is known for its rotisserie chickens and mashed potatoes, and 15-year-olds should have no problem finding work there (so long as the branch is hiring).
Who can deny the power of the Whopper? If you need a job at 15, Burger King is one restaurant chain that most likely has your back.
From tacos to burritos, Taco Bell has it all. Look into Taco Bell if you need a job at 15 and you love tacos. (And as with ice cream… who doesn’t love tacos?)
If bagging groceries or slicing deli meat is more your style than working as a fry cook in food service, then direct your job search toward working in your local grocery store or a national supermarket chain.
The nice thing about working in a grocery store is that they almost always close by 11 p.m. So a high school student won’t have to worry about working late at night or early in the morning like you would at some fast food restaurants.
Here are some national brands to consider.
Kroger hires 14- and 15-year-olds as baggers and shelf stockers.
Publix hires team members as young as 14. What’s nice about Publix is that younger teens can find work as a cashier or even a clerk at this age.
The Giant Eagle store is known for hiring 14- and 15-year-olds and giving them jobs as bakery clerks and shopping cart attendants. Pushing carts isn’t the most glamorous position, but it’s still a paycheck and decent exercise.
If you want to work as a bagger, head over to Winn-Dixie. This store considers hiring 15-year-olds to work as baggers, so you’ll likely find a welcome reception.
Safeway is another leading grocer that hires younger teens to work as baggers.
It might not be as glamorous as being in the movies, but working at your local movie theater can be a great job for young workers.
Some theaters only hire 16-year-olds. However, the large national chain AMC will employ a teen as young as 14.
If this line of work interests you, don’t hesitate to reach out to the movie theater in your area to see if they’re hiring.
Once you reach the age of 15, amusement parks become an employment opportunity.
There are plenty of parks in the United States that hire teenagers. Check with local water parks and amusement centers in your area.
Six Flags is a global theme park with 26 locations across the United States, Canada, and Mexico. You can most likely find work at age 15 in one of these parks. Jobs are typically entry-level and may include wearing costumes or working in food stands.
At the age of 15, school is your full-time job. But that doesn’t mean you can’t have a side hustle that generates income for you or your family.
The jobs mentioned above are great for gaining employment at 15, but they can be lower-paying and more rigid about hiring. You may face some red tape about hiring ages when working with national brands. You may also have to work inconvenient hours and spend years working up to a management position.
With that in mind, here are some additional side hustles to consider that tend to be more flexible and higher-paying for teens.
Working as a lifeguard can be very appealing to teenagers, as you get to spend time in the sunshine instead of having to stay inside or behind a desk.
The job requires you to be in shape, and you have to know CPR and be an excellent swimmer. To find employment, talk to local country clubs, parks, and private pools. You can even advertise your services for private parties and events (if you’re qualified).
This is an excellent option for student athletes who don’t mind putting in some extra time on athletic fields. This also requires physical stamina and expert knowledge of a particular sport. However, you can typically make $50 or more per game in some areas, depending on your experience and qualifications.
To find refereeing jobs, talk to local parks and recreation departments and leagues and inquire about officiating positions. You may have to take a class or demonstrate proficiency in a particular sport before participating, but it can be a fun way to make money and potentially very lucrative if you prove yourself to be good at the job.
Golf courses can be great money-making opportunities for teens. You can make money caddying and collect big tips if you do a good job while also potentially forming connections that can help you advance in life.
You may caddy for someone who takes a liking to you and gives you another, higher-paying job. Or, you could find someone who winds up giving you a recommendation for college. Simply put, golf courses are an excellent place to chat and network.
If you live near the water, consider getting a job at a marina or on a boat. You can make money helping boat owners and fishermen swab decks, affix bait to lines, and manage operations.
The air will be salty, and the winds will be strong as you earn that cash money!
Another classic way to make money as a teenager is by mowing lawns. In some cases, you can use the property owner’s equipment. In other cases, you may need your own equipment, which means you either have to save up for a machine or borrow gear from a family member or friend.
Just remember that people can be very particular about their lawns. To mow lawns professionally, you have to be reliable, responsible, and knowledgeable enough to keep lawns even.
Start by practicing on your own lawn and perfect the art of mowing and weed whacking before you start advertising your services around town.
People in your neighborhood may be willing to pay you to do maintenance that they don’t have time for as well, like raking leaves and trimming hedges. You may also be able to make money mulching, weeding gardens, or watering plants.
Even though you don’t have a plow, there are plenty of driveways and walkways out there that need shoveling or snowblowing. If you live in a snowy area, it’s highly likely that some of your neighbors would happily pay you to handle the shoveling.
It won’t be easy, but it’s not out of the question to earn $20 an hour for this type of work.
Talk to local media companies about delivering newspapers around town. You’ll have to get up super early to make a paper route, but as the saying goes: the early bird catches the worm!
If you’re responsible and trustworthy, some parents are willing to let you watch their kids while they go out to dinner or catch a movie. Babysitting jobs can lead to high pay and recurring income.
You can also potentially find work at this age walking dogs and house sitting. Dog walkers and house sitters are always in high demand. If you don’t already know people in your network that you can work with, check out Care.com and Rover to find these types of gigs.
Many teens are able to find work painting fences and interiors. Exterior painting for houses can be a little more tricky, depending on the height and scope of the project. However, it’s certainly possible to find work there as well.
To succeed at painting, you’re going to need a careful eye and hand for detail, and you have to be careful not to make a mess.
Here are some additional things to consider to get the most out of your part-time job as a teen.
The first thing to do is know your value when working a part-time job at 15. Some employers may try to take advantage of your lack of experience by making you work jobs no one else wants to do.
Before you start any job, make sure you have a clear understanding of your responsibilities and daily tasks. If your employer starts adding jobs that are too difficult or that make you feel uncomfortable, ask your legal guardian or a trusted family member for advice about how to approach the situation.
The worst thing you can do is to not tell anyone about your troubles.
This can be a difficult thing to understand as you make more money, but it’s important. Your main focus in high school should be to graduate and advance in life. If your job starts to interfere with your school day, you may want to reconsider the position.
Of course, this may be different for people who aren’t bound for college. Know your personal priorities and make sure you do what’s right for your personal situation.
Younger people are more prone to getting injured. It’s that simple. Take care when you’re doing any type of job, and know your limits. If you feel your limits are being pushed, speak up or quit.
This is the age when you start to make money and prepare for your financial future. Start saving and investing so that you’ll be even further ahead as you get older.
It may also be a good idea to get life insurance at this age, so you can get a decent rate while you’re young and healthy. Talk to your parents and an insurance agent to see if this is a good idea.
Remember that your first job is just a starting position. Even if you like the job, there will come a time when you most likely have to move on. Know when that time is, and don’t be afraid to walk away when it’s time to advance yourself.
Some states require minors to get work permits before they can become gainfully employed. Talk to your local department of labor to determine whether this is necessary for your specific state so that you don’t run into any unexpected challenges along the way.
It’s always better to go by the book.
Unfortunately, Amazon only starts hiring at age 18, so you won’t be able to get a job there if you’re under the minimum age.
It largely depends on the job. Most require you to be at least 18, but you can potentially find online jobs at the age of 15. For example, you may be able to work as a blogger or freelancer for local businesses. Poke around and see what you can find.
There are hundreds of different part-time jobs great for motivated 15-year-olds. You may have to start out making minimum wage, but everyone starts somewhere, even if that means at the bottom. The more you work, the more you’ll be able to save money that you can put towards future endeavors.
From retail stores like Walmart and restaurant chains like Pizza Hut, Starbucks, and KFC, your first summer job might be just a phone call or in-person visit away. See what you can find!
The post Best Places That Hire at 15 (+ Side Hustles to Earn Even More) appeared first on Millennial Money.
The post Turo Review in 2021 | Can You Actually Make Money Renting Out Your Car? appeared first on Millennial Money.
Cars are expensive.
Research from AAA shows that the average cost of owning and operating a sedan can reach a whopping $8,500 per year when factoring in tires, finance charges, maintenance, insurance, fuel, depreciation, licenses, taxes, and insurance.
This figure can be even higher for those with older, gas-guzzling cars.
One way to offset the cost of owning a car is by making it available as a rental vehicle through a service like Turo.
Bottom Line
It doesn't matter if you own a Tesla, Ford, BMW, Pontiac, or the classic Toyota Camry: You can make a lot of money on Turo. It takes some time, but the more you use the platform, the more Turo experience you gain... and the more money you can make.
Pros
Cons
Turo is a leading peer-to-peer (P2P) car sharing marketplace owners can use to book vehicles for short durations.
According to Turo, the company has a network of over 14 million users. At the time of writing, the site has more than 450,000 vehicles listed, with over 850 unique makes and models to choose from.
Here’s a breakdown of how to get started with your rental car on Turo.
The first step is to create a free account on Turo.
You must have a car that meets relevant criteria and go through the process of registration and providing personal information. You can also sign up through Facebook, Google, or with Apple ID.
Before users are allowed to list a vehicle on Turo, they have to be approved. The company needs to see a driver’s license, home address, the last four digits of your Social Security Number, and a recent photo.
In addition, the car needs to meet Turo’s eligibility requirements. The vehicle must meet all legal requirements for your region and you can only list eligible vehicles registered to you or to an authorized owner.
After gaining approval to list a rental car on Turo, the next step is listing the vehicle.
Enter the vehicle’s registration number, make, model, year, and the vehicle identification number (VIN), if applicable. Duplicate VINs aren’t allowed on the Turo app.
Users also need to upload at least one photo of the car, although two photos are recommended (both interior and exterior). For the best results, the site recommends using multiple pictures so that a potential renter knows what they’re getting into.
The final step is writing a detailed description of the car. The more persuasive the description, the easier it’ll be to attract renters.
A great Turo description should clearly state any rules (like no smoking or pets), top features, perks like roadside assistance or spare charging cables for electric vehicles, and a paragraph that persuades potential renters that your car is their best bet.
Great, reasonably priced cars typically sell themselves. For older models, you may have to get a bit creative with descriptions.
Here are some of Turo’s top features.
While Turo restricts listing cars with the same VIN, it doesn’t stop users from entering more than one car.
Users can choose how many cars to share on the platform, providing a scalable rental service for folks who own multiple cars and can list a whole fleet on Turo.
Users can also choose when to make their car available on Turo.
Some users may choose to make their car available while at work or on weekends when they don’t need to get around. It’s a flexible way to earn money, with an on-demand model similar to driving for Uber or Lyft.
There’s just one difference: You don’t have to drive.
Turo is active in more than 5,500 cities across the United States, Canada, and the United Kingdom, making it a great option for people with cars in more than one location or when traveling to different locations.
You could potentially drive across the United States on a road trip from New York to San Francisco and rent your car as you stop in various locations. This is a great way to pay for gas and amenities while traveling.
According to Turo, the average U.S. host earns $706 per month.
How much you make on Turo largely depends on the quality of your car, the amount you charge, and how often you make it available.
Of course, the nicer your car, the more you’ll make on Turo. The user experience can vary greatly from person to person.
One question that new Turo users often ask is whether Turo is safe to use.
As it turns out, Turo offers up to $750,000 in liability insurance from Liberty Mutual. In addition, users can choose between various protection plans.
Turo claims hosts can earn around 60% to 85% of the trip price in addition to fees.
One thing to be aware of when using Turo is the site has a long list of host fees, which are the most important thing to consider before signing up for the service.
Here’s a breakdown of what to expect.
Turo requires hosts to provide a clean car at the time of pickup. If the car isn’t clean and a guest provides photo evidence, the site charges a cancellation fee.
Should the guest fail to provide photo evidence, the site will pay one day’s average trip cost for trips of more than two days or 50% of one day’s average trip cost for trips shorter than two days.
Failing to show up for a booked trip costs $150.
Canceling a trip more than 24 hours before the start of a trip results in a $25 cancellation fee. Canceling less than 24 hours before results in a charge of $50.
Turo has strict maintenance requirements for vehicles. Disregarding Turo’s maintenance policy can result in a $100 fee plus a $200 roadside fee if roadside assistance is required for the driver.
Check out the full breakdown of Turo’s host fees.
Turo offers a variety of discounts and deals for hosts.
Here’s an overview of some of the top deals the company is offering at the time of writing.
Turo offers around-the-clock roadside assistance in case an emergency arises.
In addition, the company offers a generous insurance policy in the event a customer has any issues while driving your vehicle.
Turo offers 24/7 customer support and an experienced safety team to answer any questions for hosts or guests when they arise. Turo is known for providing fast and accessible support for users.
What’s more, the company offers one-on-one business coaching and even market intelligence to help build a profitable enterprise.
Not sure whether Turo’s the right fit? Here are some similar services.
Getaround is a top Turo alternative and a leading marketplace that users can use to list their cars.
HyreCar offers a short-term car rental service that lets users host their vehicles. The company provides insurance just like Turo.
Airbnb is the leading P2P house-sharing site. This is a great option for people who want to rent rooms on a short-term basis.
If you’re willing to rent out your car, why not rent out your space?
It depends on your goals as a car owner and how much you’re looking to make.
For people who have the means to buy and list new cars, it can potentially lead to a profitable business. However, it takes savviness due to the high commissions Turo levies.
It can potentially make more sense to get a vehicle that costs less but is more functional, like a pickup truck or van for hauling loads. If you’re considering signing up for Turo, it pays to think about your local market and overall demand.
Turo is a reliable site with excellent reviews and a global network of users.
The site competes with car rental companies, allowing users to rent cars in advance or at the last minute while participating in the sharing economy. Turo car rental is a great option for car owners too, enabling them to start a traditional car rental service over a modern app.
Turo is popular in heavily populated cities like Los Angeles and San Diego, California, Chicago, Illinois, Denver, Colorado, Tampa, Florida, and New York City. It’s also catching on in rural areas.
The percentage that Turo takes depends on the insurance coverage plan selected.
Commercial hosts can provide their own commercial or rental liability policy and earn either 92.5% in the United States or 80% outside the country. Most users earn between 60% and 85% of the trip price, along with fees.
As the company explains, taking a lower Turo insurance plan can lead to higher earnings. But you’ll have to pay a higher deductible in the event you have to manage a damage claim and request reimbursement.
It doesn’t matter if you own a Tesla, Ford, BMW, Pontiac, or the classic Toyota Camry: You can make a lot of money on Turo. It takes some time, but the more you use the platform, the more Turo experience you gain… and the more money you can make.
In fact, it’s possible to manage a whole fleet and treat Turo like your own rental agency. Or, you could use it to make extra cash when you’re not using your vehicle during the day.
Add it up, and the service is very flexible for those who want to make extra money.
First-time users are strongly encouraged to read Turo’s service and fee policies and have solid car insurance as a backup just in case.
For many car owners, Turo works wonders, providing a way to generate an income stream to pay off credit card debt or car repairs.
Next time you’re staying in for the weekend, why not give it a try?
The post Turo Review in 2021 | Can You Actually Make Money Renting Out Your Car? appeared first on Millennial Money.
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The post 25 Weird Ways to Make Money appeared first on Millennial Money.
There’s no shortage of creative ways to generate income—especially for those eager to make money online and are willing to take on some risk.
With the rise of the internet and the gig economy,
Ready to make extra cash? Buckle up: Here are 25 weird ways to make money.
The online dating industry is booming, especially as people come out of lockdowns and receive vaccinations. Millions of people are swiping and hoping to find the perfect match.
That also means there are plenty of people striking out. It takes work to get a match on a dating profile. You’ve got to craft decent pictures and write an engaging profile. Without the right combination of photos and words, it can be difficult to attract potential dating partners.
This creates an excellent opportunity for people with a sharp eye for detail and a way with words. One weird business idea: help people write online dating profiles and charge a flat rate or per-project fee.
Become a consultant through a site like e-Cyrano, or start your own service and post advertisements online. Who knows? You might be able to scale this into a full-time job and put Cyrano de Bergerac to shame.
Of the weird jobs, online survey sites have one of the weirdest reputations, as people often view them as scams. Yet there are plenty of legit survey sites—InboxDollars, Survey Junkie—that pay good money in exchange for opinions.
You can get paid to take surveys and provide your opinions about various products and services, right from your living room sofa.
Taking online surveys is fun, and you can simultaneously help brands improve their products. So it’s a win-win! Of course, you should still be on the lookout for scams and never give too much personal information away.
If you’re able to grow your hair long, then you have a source of recurring revenue right on top of your head.
Companies are willing to pay money for human hair to make wigs for people in need. So, not only is this a way to make some extra money, but it’s also a great opportunity to help others. One company offering this type of service is HairSellon.
Another way to cater to the lonely crowd is to be someone’s friend for a few hours. The site RentAFriend, just like it sounds, allows people to rent friends.
Simply create a profile on RentAFriend, and connect with others in need of companionship. You can get paid to visit comedy clubs, go bowling, visit the beach, or just hang out in a coffee shop and lend someone your ear.
Sites like Toluna pay people to test products and it doesn’t take all that much to get started. With Toluna, simply sign up as a product tester and they’ll send you products and ask you to provide feedback on your experiences.
In addition, Toluna offers paid survey opportunities, making them a great company for people looking for a lucrative side hustle.
The next of the unusual ways to make money is to become a local tour guide.
This is an option for people who live in cities or near natural or historic sites. If this sounds like something that interests you, connect with tourists online and charge for guided tours. TripAdvisor and Airbnb Experiences are two websites where you can offer such services.
You can also consider partnering with local vendors and retail shops (e.g., outdoor specialty stores, craft breweries) and work those businesses into your tours. This way, you’ll earn a commission in exchange for bringing paying customers, and increase your revenue for each trip.
Those who want to lose a few pounds should consider joining a site like HealthyWage, a weight loss site that allows users to set target weight loss goals and bet against themselves.
Suppose you want to lose 10 pounds. You would set a dollar amount that you’re willing to bet and then try your best to reach 10 pounds by the target date. If you lose the weight by then, you get paid. If you don’t, you lose the money. It’s that simple. You can participate in team challenges or go solo.
This is a fun and creative way to make money while also living a healthier lifestyle.
What if I told you you’re flushing money down the toilet?
Believe it or not, you can turn around and sell your waste to a fecal bank and help others in the process. How can human waste possibly help? Through the process of fecal microbiota transplants, which are used to treat different illnesses.
You may also be a match to be a fecal transplant donor. Currently, there is high demand for this type of service. As gross as it sounds, it’s a real money-making opportunity.
If you go this route, make sure you’re careful about with whom you do business. This isn’t something you want to sell on Craigslist. If you’re interested in learning more, check out a legit site like OpenBiome to get started.
Side note: A Brooklyn-based film director sold a year’s worth of fart audio clips for $85 on the blockchain NFT market. This idea may be a gas (forgive me), but it proves you can sell just about anything online if you get creative.
What’s better than sitting on a comfortable couch or chair? Buying one, restoring it, and flipping it for money online or in a yard sale.
Flipping furniture isn’t hard. All it takes is an eye for a bargain and a willingness to roll up your sleeves and put in some sweat equity. You may also need room to store and sand furniture without messing up your living space.
This could be a fun and different job for bringing in cash if you work quickly and avoid spending too much. Remember that it’s not just about buying unwanted furniture. You also have to make it attractive to a new buyer, which may take a bit of marketing finesse.
To learn how to turn flipping into a real business, check out Flipper University.
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If you’re looking for some weird ways to make money, just head to a site like Craigslist and start browsing job opportunities. Craigslist is notorious for offering weird jobs, and you’re guaranteed to find some unusual ways to make money, especially if you live in a large metropolitan area.
Just be on the lookout for scams and be safe. It’s also important to be careful about clicking links and navigating away from Craigslist to untrusted sites.
If you’re used to working for a steady paycheck, then the idea of freelancing may seem odd. However, it’s entirely doable if you can line up the right opportunities. In fact, a growing number of people are choosing to embrace the gig economy and earn money on their own.
Fiverr is a marketplace that connects you with companies that need content. Simply create a profile on Fiverr and link up with companies that need projects completed.
Just remember that Fiverr will take a cut of your profits, and you’ll also need to set money aside for taxes.
Just as fun as playing video games is streaming them on Twitch and turning a profit in the process.
That said, it’s hard to make money streaming games on Twitch. It takes a bit of personality, a willingness to post content, and the time to do it consistently.
If you have the resources to pull this off, then you should consider becoming a Twitch Affiliate or Partner. You can get paid for generating subscribers and even potentially get sponsorships and promotional opportunities for streaming on Twitch.
Truth be told, it’s not easy. But if you’re successful, you could actually become a professional gamer or esports participant.
The idea of blogging for money may seem obscure, but it’s entirely possible. All you need is a niche area of focus and an ability to produce content, and you’ll be on your way to a career as a blogger.
You can make money blogging by using Google AdSense and contacting potential advertising partners directly. If you start a cooking blog, you can reach out to food and kitchen supply partners to see if they’re interested in putting paid ads on your website.
That said, setting up and monetizing a blog takes a lot of hard work. With enough patience and determination, it’s doable, but it won’t happen overnight.
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Believe it or not, you can get paid to sell breast milk by the ounce through a site like OnlyTheBreast while helping other mothers feed their children.
Selling breast milk online can be risky. But if you go through a reputable site, stay cautious, and avoid sites and opportunities that seem shady, you can make money and help a person in need.
Mukbang is a viral food trend from South Korea. The practice involves gorging yourself on large quantities of food in front of your webcam for online audiences.
You can do it on a site like YouTube or Twitch. Get some food, fire up your webcam, and start eating your way to financial freedom.
Just remember to practice safety when performing mukbang so you don’t hurt yourself or negatively impact your health. There is such a concept as “too much of a good thing”—even with food!
Those willing to put their bodies on the line for cash could make money as human guinea pigs.
This essentially involves partnering with research groups, participating in trials and experiments, and getting paid to try a certain study or medicine.
Just make sure to think about what you get involved with ahead of time and avoid putting yourself in harm’s way. Most studies are relatively safe, but it always pays to assess risk before doing any kind of experiment or test.
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Browse your social media feed to look for paid posts. Many of those sponsored ads were produced by people like you looking to make extra money.
This takes some skill and involves learning different brand “voices.” For example, the voice of a local pizza shop is going to be very different from the voice of a producer of cleaning products. If you’re interested in trying this gig, you’re going to have to learn different brands’ styles and different ways of speaking, which can be fun! You can also work from home in most cases.
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Do you ever just lay there and wish you could get paid to sleep? Turns out, you can!
Companies pay people to participate in sleep studies, the ultimate passive income. Eachnight currently pays $1,500 to nap for 30 days. That means you can get paid just to catch some extra rest, bringing in money while improving your health and wellness.
You can also participate in sleep studies through local clinics to make more money sleeping. Check local message boards and university studies for paid sleep opportunities.
Try this: Go to the mall and spend some time sitting on a bench observing other shoppers. Look for people taking notes when visiting retailers or generally acting a bit weird (or… weirder than most). Some of them might be mystery shoppers: people paid to essentially spy on companies for money.
Companies like Secret Shopper pay consumers to act as mystery shoppers and report on quality control and their in-store experiences. Consumers can get paid to interact with store employees, buy products, and take photographs.
Stores use mystery shoppers to get honest feedback from consumers. They want to see how clean their aisles or restrooms are or how friendly store associates are when they aren’t going through an official audit. It’s a more honest way to collect feedback for stores, and it could be a profitable experience for you.
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Patreon is a site that allows content creators to profit from paid subscriptions. If you have a niche area of focus, you can potentially get paid on Patreon, earning monthly income and rewards. With over 6 million active patrons, this platform is growing quickly and we only expect that trend to continue.
Keep in mind that you actually have to produce a creative project or endeavor. And many patrons expect small rewards in exchange for their patronage.
Chances are your house is full of items that you don’t use anymore: old china, dated clothes, gaming consoles, and books.
Sell these items on sites like eBay, Amazon, or Facebook Marketplace. You’ll liquidate objects and bring in cash while also freeing your house from surfaces that collect dust or take up space.
If you’re looking to offload old tech specifically, check out Dectluttr.
Selling unwanted items is a great way to clear some room while adding extra money to your bank account. Plus, it doesn’t require much work other than possibly cleaning certain items and packaging them.
If you sell to people in your local area, you may not even have to pay for shipping. Check out sites like Nextdoor to connect with local buyers in your community.
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Most people dread writing a speech. First of all, it takes time and practice. And second of all, there’s no guarantee your best effort will be a success.
As such, people often outsource their speeches to professionals who can at least provide something that sounds professional and has a better chance of resonating with target audiences.
Get started by connecting with people online on a site like Fiverr or testing your personal network on LinkedIn.
There are no real requirements to become a clown. You don’t have to graduate from clown school (yes, there is such a thing) or even get certified. All you have to do is dress in clown garb, learn a few routines—like blowing up balloons and doing funny dances—and find gigs.
Believe it or not, you can make decent money attending birthday parties and private events as a clown. And since this is a niche area of focus, you could find new clients through recommendations.
Working as a clown isn’t easy. But it’s certainly a weird way to make money.
Piggybacking on the clown idea, if you live in an urban area you can also earn cash as a street performer.
Whether your skill is playing the guitar, doing puppetry, or even break dancing, you can potentially earn over $100 per day. However, it won’t be easy as you’ll need to devote most of your day to performing. Also, people are only going to pay money if you’re very good at what you do.
Before you start, check on any local ordinances or rules that may hinder your ability to perform. Some cities require street performers be licensed, and the last thing you want is to get a ticket.
Professional cuddlers get paid to lay down with strangers and provide some TLC.
One site that arranges this type of meeting is Cuddle Buddies. The site will link you with a cuddle buddy, providing a safe and effective way to help people get their fix without any further expectations. Of the weird ways to make money, it’s definitely up there! That’s why we saved it for last. But it could be a fun and rewarding way to help a person out.
Side hustle money needs to be carefully tracked and managed. First and foremost, you may get slammed with taxes on the money you bring in, so it’s important to set cash aside to pay the government. Work with a tax advisor to reduce tax liabilities so that you don’t pay more than you legally owe.
Check out our Freelance Tax Guide for more information.
Additionally, it’s a good idea to pay off any debt you have (e.g. credit cards, student loans) and then save and invest as much as you can to stretch your money further. The more you can save and invest, the more you can make in the long run.
Focus groups are group studies in which people get together and share their ideas and opinions about products and services. The point of holding a focus group is to collect information to help a company improve its offerings.
As a result, you can get paid in cash or rewards for participating in a focus group.
It all depends on the trial you sign up for. If you’re joining a trial that’s testing an experimental medicine, it’s important to be properly compensated for your efforts. Making a few bucks upfront won’t help you much if you get a disease or worse from participating in an experiment.
That said, most trials are quite harmless. Do your research and know what you’re getting into before agreeing to sample any particular product or do an experiment for money.
Personal finance decisions are never easy. Sometimes you have to get downright weird to make a living. And there’s nothing wrong with that.
The above-mentioned ideas are perfectly legit and there to help you make money when you need it. Consider branching out of your comfort zone and looking for ways to bring in more cash.
In addition to making more money, you may also learn about yourself in the process. And who knows? You may even find yourself with a new line of work you’re passionate about.
Here’s to figuring out more ways to stack cash and secure your financial future, even—no, especially—if it’s weird!
The post 25 Weird Ways to Make Money appeared first on Millennial Money.
The post Fiverr vs. Upwork: Which is the Better Option? appeared first on Millennial Money.
The gig economy is roaring as more and more young people embrace the idea of freelancing for a living.
In the past, freelancing was a lot harder because it involved forming direct relationships with companies. But recent advancements in the freelance platform market have made it easier than ever to access opportunities from multiple companies at once.
Two of the most popular freelancing platforms in 2021 include Fiverr and Upwork, where people hire freelancers and remote workers for various tasks.
Here’s a quick summary:
| FIVERR | UPWORK | |
| Pricing | 20% for all projects | 20% to start then scales down |
| Opportunities | Better for smaller projects | Better for larger projects |
| Customer Service | Limited help center | Robust support center |
| Upgrades | Fiverr Pro is free to apply | Upwork Pro costs $14.99 |
Keep reading for a closer look at how each freelancer platform stacks up to help you determine whether it makes sense to spend time looking for work on either.
or, jump straight to our in-depth Fiverr vs. Upwork comparison
Fiverr is a digital marketplace where freelancers can connect with companies and offer their services.
The company was founded in 2010, giving them over a decade of experience in helping gig economy workers find jobs.
Here’s a breakdown of how to use Fiverr.
Like any freelance platform, the platform itself will only get you so far. Making money requires you to have a marketable skill.
This isn’t a platform for learning new trades or practicing writing, performing voiceovers, managing social media, or practicing video design. Don’t use Fiverr unless you’re proficient in graphic design, digital marketing, copywriting, or translation.
Fiverr is ultimately a marketplace, not a training center. And if you treat it as training, you’re liable to get poor reviews or wind up taking on a contract you can’t execute, thereby damaging your reputation as a freelancer.
If you need practice before using Fiverr, consider looking for courses on a site like Udemy or interning for a company that can teach you the knowledge you need to succeed.
Once you have a clear understanding of your skill, head over to Fiverr and sign up for their service. Fiverr is free to join, so you don’t have to worry about paying anything out of pocket upfront or subscribing to a service.
Once you’re up and running on the Fiverr platform, the next step is to create a profile and then a gig, which is basically an advertisement for a particular service.
Spend some time crafting an ideal description. Competition is fierce, and there’s no guarantee you’re going to get results either way.
To create a gig, select your subcategory and pick the one that matches your skillset. For example, you may choose the email marketing or blogging categories.
At this point, it’s a good idea to browse the site and see what your competitors (other Fiverr users) are offering. Look for ways to make your gig stand out from the rest and try to figure out an optimal price range and effective messaging for your services.
At this point, you have two options. The first option is to sit back and let companies find your gig. You can fill your gig with specific keywords to aid your discovery and make it easier for people to find you.
The main problem with this approach is that there are a lot of people on Fiverr. The platform has millions of users competing for a limited number of jobs. To stand out, you really have to be the best of the best freelancers.
Some highly skilled and experienced Fiverr users can do just fine letting companies find them. However, the majority of users would be better served by browsing gigs and applying directly. This is the most effective way to get noticed on Fiverr.
When using Fiverr, the thing to keep in mind is that even after going through all the legwork of signing up, creating profiles and gigs, and hunting down opportunities, you still have to execute on any agreement.
Make sure you budget your time accordingly so that you’re in a position to deliver on the intended item after you accept a job. Most projects have firm deadlines to which you must adhere. You have to move quickly if you want to keep getting jobs.
Once you complete a task on Fiverr and deliver the expected item, the client will review it to determine if it meets acceptable standards.
At the very end, the client will mark the project complete and pay you. Payment is transferred to your account once all deliverables are met. Of course, Fiverr will take a slice of your payouts, so that’s something to consider.
Upwork is a marketplace for hiring freelancers. It’s a bit newer than Fiverr, having launched in 2015. That said, the platform has emerged as one of the leading outsourcing marketplaces and has a dedicated user base. Many Upwork freelancers are highly sought-after.
Here’s a rundown of how to get started with Upwork.
Upwork is no different from Fiverr in terms of expectations. Anyone is free to sign up, but proof of your skills and ability is left largely on the honor system.
In other words, if you say you can build a website or typeset an ebook, then you have to be able to deliver on the promised service. If not, you can accept a job, but you won’t get paid if the finished product isn’t up to par.
Make no mistake about it: Upwork is for professionals. It’s not a place for hobbyists.
Like Fiverr, Upwork also requires users to build profiles highlighting their skills and experience.
Users can also choose to share portfolios of their work and screenshots so that companies can quickly browse examples to determine if they want to move forward.
Determine your hourly pay rate in your profile, letting companies see what you charge in advance.
This is a cool part of the process; companies see how much you charge, so there generally isn’t much negotiation. They know how much it’s going to cost, and they only agree if there’s room in the budget.
If you aren’t sure about how to set an hourly rate, think about how long it takes you to do an average project. A reasonable or competitive beginner rate is $20 per hour. However, a solid freelancer with years of experience and niche expertise could charge more than that.
But you have to be able to clearly and effectively demonstrate your ability and value, or companies will typically balk and go for the cheaper option.
Once you create a profile, Upwork will highlight ideal jobs that match your skills. You can apply to them directly through Upwork and bid your price, or wait for companies to contact you with opportunities.
As you complete jobs, you can receive reviews and a Job Success Score. This is a great way for top freelancers to build credibility and obtain more gigs. And the higher your score goes, the more you can charge for your work.
As you can see, Fiverr and Upwork are pretty similar. But they do have their differences. With that in mind, let’s take a look at how they stack up against one another.
Fiverr charges customers $1 for every $5 they bring in, i.e., a 20% commission. So, if you land a gig that pays you $100, you’re going to lose $20 to Fiverr.
Upwork, on the other hand, charges a service fee based on a percentage of the earnings that freelancers generate. This is based on a sliding fee of 20% for the first $500 that you bill your clients, and then 10% for total billings between $500 and $10,000, and 5% for total billings of more than $10,000.
Neither of these options is stellar. But that’s the price you pay for using a service that brings you paid gigs.
If you want to avoid these fees, test the open waters and find clients yourself. You can build rapport with clients through Upwork and Fiverr, then contract with them independently once you’ve established a relationship of ongoing work.
Granted, this opens up a whole new can of worms in terms of finding clients and billing for services.
Both Upwork and Fiverr offer access to a variety of gigs across multiple industries.
However, Upwork seems to be the better platform for specialty projects or larger gigs that require advanced skills or knowledge.
Less experienced people tend to do better on Fiverr, which is more geared towards quick, low-paying gigs.
Fiverr offers a limited help center. There is no phone number or email address listed for help on Fiverr, but rather a request button for assistance and a link for checking on existing requests.
This can be a frustrating experience, especially when experiencing payment issues. If you need to speak with a representative, you’re going to be out of luck.
Upwork, on the other hand, offers a robust support center with personalized support and assistance. This is important when considering the fact that jobs tend to be more complex on Upwork. It definitely pays to have someone to chat with when help is needed.
Fiverr and Upwork both offer upgrades over their free platforms; Fiverr offers Fiverr Pro and Upwork offers Upwork Plus.
Fiverr Pro is still free. But to get accepted, you have to apply for their team to review. If accepted, you can charge more and work with better clients than you can find in the free version, giving you a more optimal experience.
Upwork Plus is a paid plan that costs $14.99. This provides access to 80 monthly connections and enhanced features like a custom URL for your profile, advanced reporting, and the ability to see what your competitors are offering for gigs.
In short, Fiverr Pro is better for experienced freelancers who want to land better gigs, while Upwork Pro is better for people who are just starting out and need advanced features to cut through the noise.
Upwork Pro’s subscription fee can be an issue, especially since they take an additional cut on top of it for every gig.
Some clients can be extremely picky and difficult to work with.
Part of excelling on a platform like Fiverr is being patient with customers and being able to take criticism. If you can’t handle that element, you probably won’t last very long in this line of work.
Making matters more complicated, freelancing is extremely competitive—especially in the post-pandemic gig economy where many people are working from home and looking for flexible freelance work.
To succeed on either Upwork or Fiverr, you’re going to have to put in some serious work. It requires charging low amounts at first, fighting to get jobs, and completing work in a very limited timeframe.
Some of the jobs that you take on won’t be pleasant to work on, either. But that’s just the nature of freelancing.
Freelancers sometimes envision waking up one day without having to answer to a boss.
The reality is that it’s not that simple. First and foremost, the stress of not having a full-time job can make it harder to do quality work. If you’re constantly worried about making ends meet, it may negatively impact performance.
On top of that, there is the stress of having to actually locate jobs on Fiverr and Upwork, which is not guaranteed.
Few things are more frustrating than giving someone a cut of your hard-earned pay. But that’s essentially what you’re doing when working through a site like Fiverr or Upwork: surrendering a fee in exchange for them throwing work your way.
On one hand, these are gigs you may not be able to get on your own. On the other hand, that’s taking the lazy way out. And in business, the lazy way usually isn’t the best way.
Think of it this way: Companies are heading to sites like Fiverr or Upwork looking for talent. Find similar companies and go to them directly to offer freelance services. Negotiate your own contracts and form your own connections.
This approach is more challenging, but you can ultimately make more money this way.
The fact is that most experienced freelancers do not work with sites like Fiverr or Upwork. Try these sites as you’re starting out, but when you’re ready, graduate and walk your own path, whether that’s doing graphic design work, creating social media content, or selling SEO support.
Whatever you choose, you’ll be better off for it.
Upwork charges on a sidling scale, starting at 20% for the first $500 that you bill across all clients. Once you reach that level, Upwork charges 10% for total billings between $500 and $10,000. The third tier is 5% for total billings of more than $10,000.
Fiverr is generally beneficial for freelancers who need access to quick side jobs. If you’re looking for quick one-offs, then this platform is ideal.
The main downside to using Fiverr is that it can be hard to find gigs. It’s competitive and companies typically approach the platform looking for the lowest price they can find, which works against freelancers since they’re competing globally.
In terms of gigs, they are pretty equal as far as exposing freelancers to a wide network of clients across multiple industries. Fiverr is typically better for small projects, while Upwork is better for larger gigs.
Alternative platforms for freelancing include Elance, oDesk, Freelancer.com, and 99designs. Spend some time vetting the various platforms to get a better sense of what else is out there. That said, Fiverr and Upwork are usually ranked in the top five.
As you go through each platform, you’ll notice that some offer skills tests to help source the most talented freelancers. Taking these tests can help set you apart from the pack. And some clients might even require them.
Upwork and Fiverr are both top freelance platforms. It doesn’t matter what type of work you do (e.g., graphic design, blogging, voiceovers, or website development), there are thousands of gigs across hundreds of niches on both websites. In time, by producing high-quality work, you could wind up transforming from a nine-to-fiver to making your own schedule.
Who knows? You might be a full-time freelancer before you know it, making a ton of money to do what you love every day… without ever having to answer to a boss.
The post Fiverr vs. Upwork: Which is the Better Option? appeared first on Millennial Money.
No code and low-code development platforms are ruling the coding industry. As per the estimates in this Forrester report, the global low/no-code business will grow...Read More
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Eager to create error-free content that converts leads into customers? Then check out my top two tools for writing assistance: Grammarly and Wordtune. Brands in...Read More
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The post The Ultimate Guide to Website Investing for Beginners appeared first on Millennial Money.
In the past, real estate investing required going out and purchasing actual properties. Today, we’re in the digital age—and opportunities abound for digital real estate online.
There are roughly 4.5 billion internet users and about 8 billion websites. If you poke around, you could find incredible opportunities to make money online through website investing.
Here is a comprehensive overview of website investing: what it is, how it can potentially make you money, and what to keep in mind before getting started.
or, skip straight to my step-by-step website investing guide
Website investing is a strategy that involves purchasing a website with the intention of producing monthly income from it.
A website can make a great addition to your investment portfolio and brokerage account if you secure one capable of bringing in money. Buying the right website can help you diversify your investments beyond the stock market.
Of course, not all websites offer a lot of value. That being the case, it’s important to do your due diligence and study relevant metrics (e.g., traffic, engagement, and valuation) to avoid making a bad investment.
Of your top considerations when exploring website investing is your return on investment. You have to get a clear understanding of how the website brings in cash and how much. Not all websites make money, and most of them produce very little, if any.
Here are the top ways websites make money.
One of the primary ways websites bring in money is through advertisements.
Some websites use Google AdSense for an automated approach to advertising that pays through click-throughs and traffic.
The more lucrative approach is to form direct partnerships with businesses and post their advertisements on a website. If you build a website that offers clear value and steady traffic, companies may be willing to pay a lot of money to post their own advertisements.
Best of all, you don’t always have to design advertisements. Large organizations typically have in-house design teams who can work with you to provide graphics.
You can achieve further revenue generation by producing custom sponsored content like blog posts or social media posts and sharing them across your email lists, if you have them.
Another way websites make money is by selling products.
Suppose you see a lucrative offer for a website that produces physical products like T-shirts. Chances are the bulk of the website’s revenue comes from selling actual merchandise. So, if you buy that website or business, you’ll also have to either maintain production or shift to an alternative revenue model.
Similarly, you might also opt to buy a website with e-commerce capabilities. That way, you might charge a percentage of every sale made through your site.
The third way websites can make money is through digital content. As marketers know all too well, a website may create or host videos, articles, pictures, or any other form of media.
On one hand, buying a website that specializes in producing digital content can be a lot easier than buying one that drives the bulk of its revenue from products. However, you’ll need to consider where the content is coming from and how much it costs to produce and maintain.
You don’t want to skimp on quality content production. Otherwise, your traffic and Google ranking could both plummet.
If you’re investing in a content website, you’ll need to learn the ins and outs of search engine optimization (SEO), backlinks, Google Analytics, and affiliate sites, among others.
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Any investor’s dream is to acquire an entity that produces recurring revenue with little to no work. This is called passive investing. For example: an investment property may produce passive income—or monthly revenue—from renters who temporarily lease space.
It’s possible to generate passive income and monthly profits from a website, but it’s not easy. Oftentimes, people invest in websites thinking they can produce passive income only to learn just how difficult the process can be.
Here are some things to consider when assessing a website’s capacity for producing passive income.
Websites require daily maintenance: editorial oversight, product management, payment processing, design, and customer service to name just a bit of the workload.
If you assume ownership of a website, it’ll be your responsibility to ensure core management needs are in place.
Chances are you’ll have to pay a team to manage the website for you, which is going to cost a lot of money. Otherwise, you’ll have to manage everything yourself—which can be a tremendous amount of work depending on the scope of the operation.
You’ll also need to determine where the majority of your traffic comes from and work to maintain that ecosystem.
Suppose you buy a website that specializes in providing gluten-free recipes. This means you need to be a subject matter expert in gluten-free food. If you stop posting relevant content for that audience, you’ll risk losing traffic to competitors.
It takes work to maintain website traffic; just ask a company like Yahoo. Don’t assume you can just jump right in and put a website on autopilot.
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If the majority of the website’s revenue comes from advertisers, you could be in for a rude awakening once you assume ownership.
Advertising is all about relationships. You may not have the inroads that the previous owner had, making it that much harder to connect with partners and maintain relationships.
If this happens, you could wind up with the challenge of scrambling to find advertisers for your new page.
Just because a website is actively producing revenue today doesn’t mean it’ll continue generating money tomorrow.
Market conditions change and new competitors are bound to pop up, which can threaten your website’s presence and overall monetization. Something that seems like a sure bet and easy investment opportunity today could potentially change drastically down the line… and not in a good way. Don’t let that scare you!
Now that you have a basic understanding of what goes into website monetization, let’s take a look at some of the various strategies you can take to start investing.
This multi-step process involves securing a domain name and building a business from the ground up.
If this interests you, start searching for available domains. You may have to get creative about the name or use an alternative domain (i.e., .io instead of .com)
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Another approach is purchasing existing websites for long-term investing or short-term flipping.
If flipping websites is appealing to you, check out Flippa, where people post domains they’re looking to get rid of. You can also contact businesses directly and make an offer.
Buying an existing website can put you in the driver’s seat of a well-oiled machine, leading to instant revenue generation with the right opportunity. It can also get you in over your head if you’re not careful.
Do your research about what you’re getting involved with before you make this type of investment. The last thing you want is to spend a lot of money on a website only to find a few weeks later that you don’t have what it takes to keep the traffic humming along.
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In real estate, wholesaling is the process of contacting a property seller and then arranging a sale as an intermediary. This strategy can work with websites, too.
Wholesaling can be highly lucrative if you’re skilled at connecting with people and negotiating. However, you’ll need to protect yourself, especially when working with strangers over the internet.
When brokering a wholesale agreement, do your research ahead of time to understand with whom you’re negotiating. Make sure they have a legit LinkedIn profile and arrange a virtual or in-person meeting if possible.
It’s a lot easier investing in a market you know about, especially if you’re going to play an active part in managing the website or you’re considering keeping it long-term. Investing in something you’re clueless about can require extensive research while exposing you to risk and volatility.
At the same time, be selective about where you invest. Just because you’re passionate about something, doesn’t necessarily mean it’s going to be a money-maker.
You may love sports and want to own a sports content website, but the online sports industry is already highly saturated. Most sports fans already have channels they go to for news and updates about their favorite teams and athletes.
That’s not to say you can’t make money with sports content. Look for ways to turn your knowledge and expertise into a niche offering with unique value that can attract new viewers.
Once you identify an existing website or domain, the next step is to do some preliminary market research.
Conduct as much groundwork as you can from the resources available online. Identify the potential cost of the website as well as potential competitors. You should also scour the internet for anything related to the website or domain.
The point is to determine a possible return on your investment. You also want to determine the level of risk. You may find a great domain but discover the website had a scandalous past, shady ownership, or a history of data breaches.
Compile everything you can during this stage. If you’re really interested in securing a website, you may even want to hire a digital private investigator to uncover additional data you may otherwise be unable to find on your own.
It’s not enough to just look at the website you want to buy. This is a business investment, after all. As such, you need to cast a wider net to determine if it makes financial sense for you.
The most important thing you can do in this case is to trace your money down to its roots. If you’re going to sell advertising space to sponsors on your website, research those organizations and the larger industry as a whole. Determine who’s supporting those organizations and the market’s longevity.
The last thing you want to do is invest in a website and then have the market dry up around you. Read market reports to understand the key drivers in your target space. This can also help you discover new opportunities.
Websites aren’t cheap, especially if you’re looking at purchasing an established business with strong vitals. Depending on your cash reserves, you may need to look into acquiring outside funding.
Be very careful about who you approach for a loan. Unless you secure a traditional business loan, chances are a lender is going to want either an equity stake in your operation or to tack on a hefty interest rate to your loan.
If you accept a loan to start a website, you’ll automatically be on the hook to repay the lender, adding pressure and stress to the process. Depending on how business goes, you may have to surrender control of the operation to the lender, which can change the direction of your investment and force you to make decisions you may not like.
Of course, working with a lender can also expose you to critical growth capital and further your investment opportunities. A lender may also be able to provide additional market research capabilities and resources that you can’t access on your own.
Add it all up, and going in with a team could have major advantages.
Before you approach a lender, you’ll want to have a business plan in place to prove you’re serious and ready to hit the ground running.
This is necessary whether you intend on flipping the website immediately after buying it or maintaining control and trying to scale the operation.
If you buy a website without a plan, bad things can happen. You may forget about it and move onto another opportunity or run into unexpected problems.
At this point, you should have funding in place to buy the website, confidence that it’s going to produce a strong return, and a business plan to make it all happen.
The next step is to buy the website over an exchange like GoDaddy if it’s a new site or through a private arrangement with the site’s owners.
During this process, you’ll want to be very thorough. Get everything in writing and don’t wire any payments until you’re completely certain the arrangement is legitimate.
If you’re dealing with a significant amount of money or an established business, you’ll probably want to have an attorney present to guide you through the process and make sure everything goes smoothly.
You should inquire about the website’s database structure. Make sure the database is up to speed and capable of supporting your intended goals. This is important if you hope to scale.
Not all websites live in the Cloud. Oftentimes, they run on proprietary networks that can be expensive to manage.
So you need to find out where the website’s data lives and how it’s managed. The website may be using Amazon Web Services (AWS), Google Cloud Platform (GCP), or Microsoft Azure to host the website or store information.
Get a sense of how much work you’ll have to do once you assume ownership of the website. If your website is hosted in an on-premises data center, you may need to bring in a technical expert to oversee a cloud migration to future-proof your site.
You’ll also need to inquire about the website’s cybersecurity features. Make sure it’s fully encrypted and up to date with the latest security standards. To improve the chances your investment succeeds, ask the owner whether the site has a history of security issues or data breaches.
If you inherit an existing website with an operational team, you’ll want to round up key decision-makers—designers, developers, sales associates, managers, and content producers—and try to keep them on board.
Get a clear sense of everyone’s responsibilities and inquire about any underlying technical considerations.
You also need to do a gut check and find out who has access to your website. When you solidify your new team, you’ll want to change your passwords so that no unauthorized users can access your account.
Once you purchase a website, you may be in a position to make capital improvements that can enhance the value of the site and increase its resale value.
How much control you have largely depends on your specific agreement. For example, if you accept money from a lender, chances are you’ll have to run any ideas by them before you execute. If the financier is more hands-off, they may defer to you.
With that in mind, here are some possible capital improvements you can make for a website.
If your website allows users to create accounts, consider adding multi-factor authentication to protect their private data.
This may include asking security questions or linking their account to a phone number. This is important if you run a website that stores payment information, cash reserves, or other private and sensitive data.
Another way to enhance your investment could be to update the user experience (UX).
Consider consulting a developer and looking for ways to make the site more user-friendly. This may involve rearranging the design of the site, adding buttons, or changing the layout so that it looks high-quality.
Similarly to buying a house, you have to look at the potential of a website. Just because it looks one way today doesn’t mean it needs to stay that way forever. A few small changes may have a major impact on the quality of the UX.
In some cases, a website may be beyond repair, especially if it hasn’t been updated in a decade. If you have the money or expertise, you may consider scrapping it altogether and building a new one from scratch on the domain.
Take a look at how the website functions on a mobile device. Poor mobile design can negatively impact SEO and deter viewers. Talk to a designer about enhancing and modernizing the mobile look of your site.
You may also want to explore building a mobile app for your website if it aligns with your vision and user needs.
Live chat is a relatively painless add-on for a website. This option lets site visitors connect instantly with you or another team member to place orders, resolve issues, or request information. You can also augment live chat services with bots for automated after-hours support.
Further, you might decide to implement live chat to enable your users to talk with one another. It could be a relatively easy way to boost engagement on your site.
Conduct a site-wide content audit and determine whether it aligns with your brand’s needs.
If not, consider overhauling your web copy and adding a blog if you don’t have one already. Websites require steady content production to rank well and impress visitors. In today’s digital age, this is not something you can overlook.
Behind every website is a server: a piece of hardware or software that provides core computing functions. Larger websites may even use multiple servers. These are massive energy drains.
Consider ways to make your website greener and use that as a selling point on the back end. You may be able to attract an environmentally conscious buyer.
Once you make structural and cosmetic changes to your website, the last step is to either keep it and form a long-term management plan or sell it to the next investor.
If you decide to flip it, make sure that whatever capital improvements you make don’t exceed the value of the website. You don’t want to get into a situation where you buy a website for $10,000, put another $10,000 of work into it, and sell it for $10,000.
When it’s time to flip the website, you should consider going to competitors first before you put it on the market. You may be able to get more money selling it privately to a competitor than you can to another random investor.
In Magnum Force, Clint Eastwood famously says you have to know your limitations. In other words: just because you can do something doesn’t necessarily mean you should.
You may have the resources to buy a website and a plan for potentially profiting from it. Yet there may be better places to invest your money: stocks, bonds, index funds, exchange-traded funds (ETFs), mutual funds, physical real estate, real estate investment trusts (REITs), or alternative investments like bitcoin.
Running a website can be a massive undertaking and there’s no guarantee you’ll profit from it. So, before you make an investment, you need to decide whether it’s something you really want to move forward with.
It’s a lot easier to buy a website from someone in your personal network, whether it’s a friend or a trusted business connection.
If you buy from someone you know, it’ll be easier to obtain key technical information about the website. They’ll provide you with more comprehensive information about things like database structure, monetization, or traffic patterns.
It’s not always easy to obtain this information when buying from unknown sources. Sometimes, people try to hide key details, leaving you to figure them out after you make a purchase.
You almost certainly want to avoid such a situation.
A website most likely falls under the category of an alternative investment. As such, the amount you put in should be a small fraction of your overall portfolio.
For best results, prioritize diversification and allocate your money appropriately so you can reduce investment risk.
If you’re considering making a substantial investment in a website, a financial advisor will be able to walk you through the process and determine if it’s a suitable investment.
Remember: there’s no shame in asking for help or advice when making a business deal. Working with an advisor can reduce your risk and increase your chances of making a successful investment.
As you go through the process of investing in websites, you may find it’s not worth the hassle. If so, here are some additional ways to make money from websites.
Companies across all industries need content to educate customers and rank with search engines. You can make money producing multimedia content for companies as a freelance writer or video producer.
If you want something less resource-intensive, start a side hustle auditing or consulting for business websites. You can offer advice on content, SEO, social media, and UX (user experience) considerations. Businesses may hire you to provide feedback and help them find cost-effective workarounds.
Websites can be very expensive to manage. Oftentimes, business owners seek peer-to-peer (P2P) lending solutions to fund digital growth.
Instead of going through a website purchase, think about offering companies personal capital to upgrade their digital services. This approach can be less risky and just as lucrative if you charge interest.
Website investing involves putting your money into websites or domains. The purpose is to produce a return on investment, just like other asset classes.
When investing in websites, you can either buy an existing site or purchase an unregistered domain and build your own from scratch. It largely depends on your goals and vision.
The vast majority of websites today use either .com, .org, .net, .edu, or .gov. Yet there are alternative domain extensions to explore.
For example, some tech companies use .io and .media. You may also see .work, .me, or similar variations. They can work just as well as a traditional domain extension and potentially grant you access to better website names you can’t otherwise access for affordable prices.
The one caveat is that .com is considered the upper echelon of domains, so you may want to try to secure a .com URL if possible.
Website investing can be very difficult and it’s not recommended for beginners or people without much technical experience. Rushing into a website investment could be a disaster if you’re unprepared.
Consider working with an experienced advisor if you’re looking into website investing for the first time. It also helps to have a developer on your team, or someone you can routinely turn to for technical issues.
One of the top misconceptions about digital investing is that it doesn’t require as many resources. The truth is that maintaining a website can be highly resource-intensive.
One of the top reasons websites fail is because investors don’t factor in the resources it takes to keep it running at a high level.
That said, some digital investments can be absolutely worth the money. The same holds true for physical real estate. Approach each opportunity on a case by case basis.
If you’re looking to diversify your income streams and improve your cash flow, then website investing could be a good option.
Here’s a disclaimer, though: If you decide to use any of the above-mentioned monetization methods, take the opportunity seriously. Buying an online business can be a tremendous amount of work, which I can attest to from first-hand experience!
Above all else, you’ll need to educate yourself on what it’s like to run a website. Listen to podcasts, read online forums, and talk to technical experts who can help you understand more about the process.
Don’t make a move unless you’re ready to take on the responsibility. Otherwise, you may end up regretting it sooner than you think.
Here’s to making the best decisions about website investing and working hard to achieve a secure financial future!
The post The Ultimate Guide to Website Investing for Beginners appeared first on Millennial Money.
