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The opinions expressed by Entrepreneur authors are their own.
In 2024, the digital world continues to offer innovative ways to make money online, marking an era of unprecedented opportunity for entrepreneurs and freelancers alike. At the same time, mass layoffs are fueling a new wave of entrepreneurs.
Companies are moving towards automation, integrating artificial intelligence to streamline operations. Companies are laying off workers and replacing them with artificial intelligence. In a survey gathering the views of over 1,500 small businesses in the UK, 24% of participants indicated plans to replace some of their staff with artificial intelligence in the next 12 months.
There is no doubt that the increase in the number of highly qualified unemployed people from the IT and marketing industries will result in an increase in the number of new entrepreneurs and people looking for opportunities to earn money on the Internet.
This concise guide presents five ways to harness the Internet's enormous income-generating potential.
Related: 5 Most Reliable Ways to Make Money Online
1. Independent work
Freelancing serves as an easily accessible route into the world of online income, requiring minimal initial investment or skills and is suitable for newcomers to the job market. Advances in artificial intelligence are lowering barriers to entry in a variety of professions, making it possible for almost anyone to generate income, especially through content creation.
This ease of entry makes freelancing an attractive option for aspiring entrepreneurs who lack funds or a network of contacts. Starting with simple tasks like writing articles, freelancers can increase their earnings as they acquire new skills.
The challenge, however, is the direct exchange of time for money, which can lead to burnout as income stops along with work, excluding time spent on non-billable tasks. Despite these challenges, freelancing can pave the way for future career growth and opportunities.
2. Consulting – The next level after freelancing
Moving from freelancing to consulting means career progression, moving from paying for volume of work to earning based on expertise. This change enables higher earnings with less time spent on tasks, focusing on offering strategic advice to clients.
Consider the SEO industry, where many specialists act as independent consultants. This reflects my own journey, moving from freelance SEO work to consulting. According to one study, self-employed SEO consultants earn slightly more than agents or in-house SEOs.
The earning potential of an SEO consultant is limited due to client headcount restrictions of a maximum of five to six clients. This cap sets their annual earnings at between $50,000 and $250,000.
The earning potential of an SEO consultant is limited, but it can be significantly increased by starting an agency and expanding the business with additional employees.
3. Create a digital PR agency
Digital PR agencies make quite a lot of money. According to one study, the average price of one PR campaign for a client can range from $6,000 to $20,000.
Starting a digital PR agency is a promising venture in the current market where the demand for high-quality digital PR services is growing. This business model involves securing media features and brand placements across various publications and outlets.
With the right approach, running a digital PR agency is within your reach. The key is to assemble a team that can create engaging campaigns and collect compelling data. However, there is one caveat – over 42% of journalists say they receive between 10 and 100 messages a day. To cut through the noise, it's worth establishing long-term relationships with journalists and publishers. When you provide them with value, they are more likely to prioritize your offer next time.
What are the disadvantages of starting an agency business? This may not be the right time. On my podcast, The Create & Grow Show, I spoke with several agency owners who agree that agencies face challenges. They have experienced a significant loss of customers and are finding it increasingly difficult to attract new ones.
Related: 10 Online Careers You Can Start Today with Virtually No Money
4. Blogging
Switching to blogging introduces a more passive, yet intriguing method of generating income. Unlike traditional models, this approach does not require direct money trading.
In one of my previous Entrepreneur articles, I shared my experiences on how I generated income through my former blog, prospermyway.com. My earnings came from a variety of sources, including display advertising, affiliate marketing, and sponsored posts. I eventually sold the blog for a six-figure sum. Diversifying your income sources can make blogging a less risky endeavor.
For those interested in succeeding in affiliate marketing, I advise them to focus on high-performing products. For example, in the health niche, supplements are lucrative, and this market is growing.
5. Become an online personal trainer
According to one study, the wellness industry could be worth $8.5 trillion by 2027 (a 57% increase). In the USA, online fitness trainers earn between PLN 52,000 and PLN 93,000. dollars per year.
These facts make this industry a great opportunity for people who are passionate about commitment.
Online personal training is evolving alongside digital developments, offering a lucrative and rewarding path, meeting the demand for personalized, remote fitness coaching and enabling you to reach clients around the world.
Bottom line, whatever you choose, don't ignore AI. Use it to increase efficiency and save time. Artificial intelligence is not just hype and trend; it is a present that will become more and more integral in the future. To stay competitive, it is necessary to adapt to artificial intelligence.
Related: 10 ways to make money online you may not have thought of
