During this time of uncertainty, more people are looking for ways to make money online. While there are plenty of scams to watch out for, there are just as many legit money-making opportunities. Most online work-from-home options will fall under one of two categories: freelancing or e-commerce.
What is Freelancing?
Freelancers get paid as independent contractors to provide services for another company. Some services that don’t usually require a lot of educational background or experience are writing, editing, and transcription. Some services, such as web design and programming, may require a specific educational background or experience.
You may already have many of the skills necessary to work online. But websites like Udemy can provide courses for learning new skills either free or at a much more affordable cost than a traditional college or university.
For freelance tech services such as web design and programming, you may want to check out a website called Free Code Camp. They provide technology-related courses for free.
What is E-Commerce?
E-commerce is simply buying and selling products online. There are many opportunities that fall under e-commerce, such as dropshipping, reselling, print-on-demand, and Kindle publishing.
There are many e-commerce platforms available. The easiest way to get started with e-commerce is to resell items around your home that you no longer use or need. There is even a trend of purchasing items from garage sales and thrift stores, cleaning up the items, and selling for a profit online.
Some platforms that are great for beginners without ad experience are eBay, Poshmark, and Facebook Marketplace. As money comes in, you may want to reinvest the profits in more products to sell.
Brand Your Freelancing and E-Commerce Business
No matter what business model you choose, you will eventually want to build a professional brand image. One way to start building a brand image is by creating a logo. It’s very easy to create a professional logo with an online logo maker.
Most logo makers use drag and drop technology to create a logo. They typically have icons and font types for you to choose from. Many will offer several options for font position and colors.
Do a search online for “design logo online free” to find tools that can help you quickly and easily design a remarkable logo.
Paying Taxes as a Freelancer
One major consideration when working online is how to pay your taxes. A common recommendation is to save at least 30% of your net profit to cover income and self-employment taxes.
There are many websites and apps to help you manage your accounting and pay your taxes. Some services such as Free Tax USA and TurboTax may offer audit protection and one-on-one support with an additional fee. These services may be worth paying for because they can save you a lot of money and time in the future if a problem arises.
If you do a significant volume of sales, having a CPA in your corner may also be a good idea as well. He or she can provide guidance for places to save on your tax bill. While online services like TurboTax are generally good platforms, user error is common. A CPA can help you minimize any lost deductions.
Let Your Skills Determine the Best Work-From-Home Opportunity
With so many opportunities, it can be hard to choose just one. When trying to choose which option is best for you, think about your interests and what you like to do.
Book your free Discovery Session with Coach Connell today for more advice on managing your income, paying off your debts, and creating wealth.
This article was authored by Sharon Wagner from SeniorFriendly.info.