Earn money online without investment

Can you make money online without initial investment?
Of course you can! If you have an internet connection and want to make money online, it is entirely possible to do so without having a sealed business model or online store from day one. Whether you're offering a service, selling a product, or posting content on social media, there's a slice of the internet that's perfect for you to make extra money.

It's more important than fancy logos or expensive software to focus on a problem you can solve, according to Satya Poorna, cognitive behavioral money coach and founder of Infinite Minds, LLC.

"There are many low-cost and free opportunities to make money online, especially in professional services," she says, citing examples such as web design, digital marketing, search engine optimization, video editing, and social media consulting. "The most important thing to think about is, 'What problem can I solve?' Then find people who need to solve this problem. Whether you find them on freelance sites like Upwork or participate in networking events, all you need is (1) a problem you can solve, (2) a process you can use with your clients, and ( 3) how to send invoices or contracts and receive cash.

PRO ADVICE

Before spending money on logos, merchandise, or other business assets, test your idea first. It is important to make sure that your product, program or service is something that people really want to buy and consume.

Neha Gupta, founder of College Shortcuts, a college advising family, says a simple website can be an inexpensive way to get your name out there and start making money online from day one.

“When I first started, I worked full-time at the company and worked as an online tutor on weekends and evenings,” she says. “I would say that the first thing to do is to create a website, because everyone wants to see a website. You can easily do it in less than an hour with [type site builder] Wix and a domain from GoDaddy - all for less than $20! After that, you will have a link that you can easily share with others in a conversation.

Related: Best Website Builders: 5 Options to Launch a Website Quickly

Can you make money fast online?
The short answer is yes. In fact, making money quickly is sometimes the best option. The challenge of making quick money will help you stand out, sell online, and stay committed to your entrepreneurial goals, Burt says.

"When you make money fast, you can also be motivated to keep going no matter what happens," she says. "Fast cash rewards give you an incentive to keep making more money even if you run into difficulties or setbacks."

On the other hand, Burt also notes that the constant desire for "quick money" can slow your pace and lead to burnout.

“When the goal is to make money fast, you can lower your prices and do something for less money than usual—even if it’s the same amount of work. This can be very frustrating and lead to overload and burnout.

To help you balance short-term priorities with long-term success, document your first victories for future reference. According to Nikki McKnight, operations strategist and founder of McKnight Operational Consulting, this social proof will help you win the trust of future customers and make good money in the future.

"People rely on social proof, reviews and testimonials when they make their buying decisions online," she says. "It can take time to accumulate this social capital."

Whether your brilliant idea is to create viral videos, sell stock photos, start a tutoring business, or open a dropshipping store, it's important to keep your fire burning bright along the way. What we know about personal finance is that playing the debt well - using good credit cards, saving for the future, and knowing your numbers - is how you get the most financial return.

So should you offer a service, become a creator, develop a product, or something else? Here are seven common approaches to making money online today - and what our experts have to say.

#1: Service Delivery

Many people get into entrepreneurship for the first time by doing odd jobs or doing freelance work in their spare time. Maybe you're offering to review someone's resume, or you're helping a business enter data or run online surveys for a few hours each week. When you first get paid directly for what you already know, a whole new world of possibilities opens up before you. Some employers have a part-time policy, so you should make sure that you are not in violation of your contractual obligations if you start working part-time in addition to your full-time job.

Service delivery is generally divided into one of three sub-categories, which can be defined as follows:
Freelancing is the most hands-on job: Maybe I order my client the supplements or multivitamins they need, or if the client is local, I cook food for them and have them delivered to their homes.
Counseling would be the least practical: My client keeps a nutrition journal, I review it, and then we call together and I make recommendations on what needs to be corrected.
Coaching in this case includes counseling but also provides ongoing guidance and support as your client becomes self-reliant in regulating their diet. Some people are happy to pay to have you, the professional, in their corner for support and accountability.
Freelancing, consulting, and coaching are all great options for professionals who already have a full-time job or established career. If you're stuck wondering how to make money online, consider focusing on the knowledge or skills you already have.

What are the service requirements?

If you want to work in an industry that you don't know much about yet, look for an option where the necessary skills are acquired on the job. Working as a virtual assistant requires attention to detail and a reliable internet connection, as you make money completing tasks online and in many cases you will receive additional training once you start working. This is becoming an increasingly popular way to get paid as you settle into a new job or start working in a new industry.

Also do your research to find out if you need any required diplomas or certifications to get started. This is important if your industry is regulated or if your state has specific regulations. (Example: In California, a psychotherapist cannot form a limited liability corporation (LLC); instead, he must be a sole trader or S corporation.)

Related questions: How to open an LLC in California

Here's what our experts had to say about how to make money online if you don't feel "expert enough" to offer services.
How much can you earn by providing services?
Freelancing, consulting, and coaching pricing largely depends on what you're selling and who you're selling to. As the saying goes, "The premium you take is the value you create."

As a general rule, if more effort or work is required on your part, you will earn money by charging a higher rate and taking on fewer clients. Let's go back to the dietitian example.

A one-time consultation can cost from $100 to $500. It takes the least amount of time and is usually paid up front so you get your money right away.
An 8-week coaching package can cost anywhere from $500 to $2500, starting with a consultation and then progressing to weekly coach calls and email/text support. This approach is becoming more and more popular, and many professionals have built their entire online business solely on coaching packages.
A freelancer package can cost anywhere from $100 to $500 per week for the services you desire. You will make money, but in the end you will have to hire people to help you grow further.
Here's a tip: start with a price that suits you and then increase it by 10% every 60 days. In 14 months your prices will double. Raising prices is a normal and gradual process, and confidence comes with experience.

How to deliver services successfully
If you want to make money offering services, here are some additional tips to keep in mind.

OVERVIEW: HOW TO PROVIDE SERVICES SUCCESSFULLY

Sell the end result, not how you intend to achieve it. Consumers are not buying a product, they are buying a sensation or a transformation. You are an expert, not your client; focus his attention on the final results, not on small details, and you will win.
Create clear results. Both you and your client need to know from day one what will be done and when. Write it down in a proposal or document for reference so there are no surprises. When the boundaries are unclear, freelancing can sometimes feel like a hassle.
Go where the fish are. Just because a business idea is new doesn't mean it's good. Look at what people usually pay for or need help with, and then consider how to offer a similar service better or differently. Ideas for making money online can be found everywhere if you know where to look.

#2: Become a creator and get paid directly from followers and fans

Do you enjoy creating content online? Are you good at it? If you answered yes to both of these questions, then making money online with the help of the creator economy can be a great option for you.

The creative life is great for professionals who don't like the idea of selling online but can spend their days creating YouTube videos or managing a YouTube channel. More than 50 million creators make money online, and two million of them do it professionally, according to SignalFire, a venture fund that works with early-stage startups.

Think of creators as small media companies: They produce and publish educational or entertainment content - sometimes on their own website, sometimes exclusively on social media - that you can try out for free. Over time, they build an audience and then make money from it online in one of three ways:

Subscriptions: They offer access to their best content in exchange for a subscription fee - much like you subscribe to services like Netflix or Spotify - and use a platform like Patreon to do so. The more paying subscribers you can attract, the more money you will earn.
Sponsorship: Brands or companies pay the author to place their ad, and the author includes the brand's ad in their content. Posts "Paid partnership" on Instagram is a classic example. Sometimes the creator also indicates an affiliate link to the advertised product.
Ad kickbacks: Creators get a share of the ads or commercials that are shown on their platforms. When you watch a popular YouTuber and an ad pops up during their video, the creator gets a share of the ad spend because it captures viewers' attention. At first, advertising revenue is small, but as your audience grows, it will grow.
Creators can choose one or all of these strategies. Keep in mind that monetizing the creator economy is a slow burn because building an audience usually takes time. However, if you love creating content and can do it all day long, you have the passion and drive to grow the revenue stream from these online efforts.

Earning potential while working as a creator
Creativity differs from service delivery in that more clients do not necessarily mean more work. Whether your Patreon has four followers or 4,000 followers, your result is the same. Whether you want to make money online or make more money without working more, leverage is key.

Here's what our experts said.