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The Pros and Cons of the Best Ways to Make Money Online

All the time I get emails asking: “What’s the best way to make money online?” Every post I’ve written has practically revolved around that subject, and with the limitless ways of making money online, it’s impossible to identify what the single best way is. The truth is, every online moneymaking scheme has its slew of advantages and disadvantages.

The advantages are promising, and while the disadvantages can be a bit discouraging at first, if you overcome them, the rewards in commissions and salaries will definitely make the effort worth it!

The best ways to make money online are riddled with difficulties and promises; what spells the difference is how you work your way against the odds and utilize your best assets.

1. Developing software

Software development is an industry in itself, thanks to sites like Odesk.com and Freelancer.com providing an endless stream of software developer jobs.

Pros:

There is a massive demand for software developers, and two particularly popular areas are mobile apps and website development. The salary can reach as high as five figures. The big pay should be enough of a pro for you to be lured into software development.

Cons:

Competent technical expertise with a background in design is often required. Experience is also a requirement by most clients. Unless you have all these, you might have to settle for low-paying jobs ranging from $10 to $12 until you build your reputation.

2. Internet Marketing

This is where SEO, affiliate marketing and pay-per-click campaigns come in. For as long as there are ads and niche topics in the Internet, and people willing to buy them, internet marketing will be around.

Pros:

Internet marketing requires a high amount of creativity, including novel ways of marketing your product. Since this is a passive income stream, you can leave it by itself once you’ve finished your efforts.

Cons:

Serious efforts will be required to make your product visible and climb up at the top of search engine rankings. The passive income stream will not come until later, when Google properly crawls your website.

pros-and-cons3. Coaching and Consulting

There are several legitimate coaching and consulting practices in the Internet that have established their reputation in areas such as tech, health, PR, marketing and social media. If you are an established expert on a particular field, coaching and consulting is an area you might want to look at.

Pros: Online coaching can rake in some serious bucks, without requiring you to spend for travel expenses and other costs. It can be relayed via online communication tools such as Skype and even Facetime, making the teaching process real time and facilitative.

Cons: In order to be a legit coach, you have to be an established expert at something. It might take a while before you gain some serious following, but if your skills are as good as you think they are, it is bound to happen.

4. EBay

Make no mistake about it: if you do eBay selling the right way, you can make serious money off it. In fact, it has been a fulltime job for many people to find deals ranging from unique to ridiculous and then re-selling them in the same platform!

Pros:

eBay selling can be fun, since you will flip stuff that are under-priced and re-sell it. You will essentially repeat the same strategy  for every deal; the difference lies in the items that you get to buy and sell.

Cons:

It takes a lot of time and effort, and will require you to virtually be glued in to eBay, at least until you find a workable strategy that help you snatch the best deals without expending too much energy.

5. Copywriting

Copywriting, the art of being able to persuade people, remains as one of the golden skills required to succeed in making money online.

Pros:

Copywriting is easy, and being able to write decently is as good a starting point as any. From this point, you can get rake in insane amounts of as much as five-figures as you improve in your craft.

Cons:

Copywriting is made even difficult these days, because we’re bombarded with a variety of information in the Internet and the people’s attention spans have never been lower!

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