There are several ways to make money online this year. Getting familiar with the different online business models will allow you to apply those learnings to your business. Give it a read and think about how this article can apply to your business.
“Build and Sell Software
Right now there’s an insatiable need for useful software.
Whether it’s an important consumer application, a specialist app to solve a particular niche problem, or even a time-wasting game you can play on your phone, you can create a massively successful business if you build software that helps people. (Just look at the rise of Slack—the team communication software that went from side project to billion-dollar company in just 2 years.)
Now, I know what you’re thinking. Most of the software and apps you use on a regular basis are made by massive companies or established development studios. Well, yes. But many successful apps, particularly those in the Apple and Google stores, are created and marketed by individuals and small businesses. In fact, independent developers made $20 billion in the App Store in 2016 alone.
There are two basic ways that you can make money online by building software products.
The first follows the startup path we outlined above: You have a disruptive idea for an app or piece of software, you validate the idea with real customers, and then raise money to hire developers or a development studio to build, launch, and scale your software. If you’ve done everything right, your software will be accepted to the Apple and Google Stores and you’ll make money every time someone downloads it or pays for a premium feature.
The second (and cheaper) path assumes that you have the design and dev chops yourself to build your dream software. Naturally, it’ll take more time to get your product off the ground, but being able to bootstrap the development of your software lets you retain more ownership in your business and be more in control of your path.
If you’re willing to take the time to learn the development skills necessary to build high-quality software products (or even just MVPs to help you get funding), there’s a growing roster of reputable online learning platforms like Treehouse, CodeAcademy, and Skillcrush to get you the skills you need.”
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70 Genius Ways How to Make Money Online Legitimately (on the Side) in 2020
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