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How to generate a healthy income online whilst living in lockdown

By LLM Reporters on 27th May 2020

With lockdown now entering its sixth week, many of us have been making use of the extra time at home to get creative, take up new hobbies and learn new skills – while others, at this point, may be finding themselves feeling just plain bored.

If being at a loose end doesn’t suit you, and you’re blessed with a business mind that rarely rests, then you may be wondering how you can make the best of this period in a financial sense, and find a new and exciting way to make money from home.

These days, there are plenty of avenues to explore when it comes to making money online – many of which could soon be turning you a tidy profit. So, if you’re keen to start a new project that will leave you with even more cash to spend, then take a look at these easy ways to earn extra income – and all from the comfort of your own home.

Trade cryptocurrency

As the digital world continues to evolve, so, too, does our currency – and while cryptocurrency once seemed like a strange online trend that would never really take off, it is now one of the most lucrative ways to generate additional income.

Bitcoin and Etherium are of particular note, but our mainstream currencies may also eventually become digital, too. By leveraging blockchain, the US dollar will soon become the ‘digital dollar’ – so it’s a great time to get in there and invest before it takes off.

To get started, try platforms such as eToro and Kraken. If you’re not familiar with trading, these will allow you to try a simulated version, first, so that you can get to grips with the skills and techniques needed to succeed before opening your wallet.

As the digital world continues to evolve, so, too, does our currency – and while cryptocurrency once seemed like a strange online trend that would never really take off, it is now one of the most lucrative ways to generate additional income

Build sales funnels

Any online business needs an automated funnel to be successful, both in generating leads, and achieving conversions. Even so, many businesses have still failed to implement one, and could be missing out on thousands – or even millions – of annual revenue.

An automated sales funnel manages the customer journey, moving them seamlessly from first exposure of contact to making a purchase by helping to build a rapport with them along the way.

The best and most effective funnels are custom coded, beginning with an offer or discount (otherwise known as a lead magnet) to tempt potential customers in, and continue and ongoing relationship from there. If you’re not clued up on digital marketing, then now could be the time to take a course in the subject, because it remains one of the most sought-after skills to have in business in 2020.

If you have your own business, then knowing how to code your own effective funnels will help you to optimise your conversion rates and boost your revenue.

Launch an eCommerce site

Ecommerce is booming, and savvy business minds know all too well that this is one of the best possible ways to build an impressive stream of income. While Amazon is undoubtedly the leader in this field, there’s still plenty of room for more niche sites to compete, and using a drop-shipping model and book funnels could soon have you making a small fortune online.

This is another area in which your newly acquired knowledge of sales funnels will come in handy, and what starts as a lockdown project to pass the time could soon become something much bigger.

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Ecommerce is booming, and savvy business minds know all too well that this is one of the best possible ways to build an impressive stream of income

Create an online course or webinar

Do you have a special skill that has taken you years of trial and error to perfect? Then why not monetise it by creating and online course or webinar? Sites like Udemy and Skillshare are popular haunts for those looking to learn new things, so use them to build a step by step video course, complete with lesson resources, and release it for sale.

The beauty of an online course is that you only have to do the work once, yet the income will keep on rolling in. All you’ll need is a strategic marketing strategy to get your offering out there, and you could soon see your bank account bulging more than ever before.

Social media management

With more businesses looking to make the most of their online platforms than ever before, social media management is an easy and lucrative way to generate an income from home. In particular, small businesses and start-ups may not have a marketing department in house – nor do they have the expertise to devise an effective online strategy themselves. With this in mind, many are only too happy to outsource these services and will pay a tidy sum for the expert outside help.

Aside from the day to day running of accounts, you can also offer to run targeted advertising campaigns that are guaranteed the right demographic within their ideal target audience, thus boosting sales and revenue and making yourself an indispensable part of the team.

It’s rare to have such a prolonged amount of time at home, so make the most of it, start a new business project, and it’s guaranteed to have been time well spent. In a few months, you could have more money in the bank than ever before – and even more of an excuse to treat yourself to that impressive new car or next luxury getaway when things return to normal.