Digital advancement and accelerated internet penetration have reshaped the notion of work globally. More and more people are currently on the lookout for breaking free from the shackles of constant reliance on the traditional work ecosystem and leaning towards leveraging their skills and passion to generate a stable income.According to Data Reportal, the time spent on social media platforms has witnessed a 2 per cent increase in comparison to the first quarter of 2022. A working-age internet user spends over 2.5 hours on average on social media platforms. This bears testimony to the fact that social media dominates online time. Hence, utilising this realm to monetise your skills in the digital era is of immense significance. Are you someone who is passionate about fashion or loves teaching yoga? Do you play an instrument or have a knack for public speaking? Well then, it is about time you transform your passion into a profitable income stream. Here are some ways in which you can channel your talent and passion to earn your paycheck. Ways To Profit From Your PassionCreating online courses is a great way to share your knowledge surrounding particular topics alongside leveraging it for monetary gains. There are plenty of online course creation software that can be used to design, build and deliver excellent content like dripped coursework or live lessons to your users. Once you are through with creating course content, select the hosting platform. There are a multitude of options available in the market like Teachable, Kajabi, Udemy, Podia, etc. A few points to consider before choosing your ideal platform are customisation abilities, payment gateways, analytical tools and student management features.The consequent step that needs to be followed is to market and launch your online course. Having a clear and compelling value proposition and the target audience in place is crucial for the proper execution of your launch strategy. Utilising an omnichannel marketing approach like social media, email marketing, website, etc., coupled with a solid content and SEO strategy, proves extremely effective in the acquisition and retention of users. This eventually reciprocates to higher ROI and a consistent income stream.Leveraging Live Streaming Apps25 per cent of the video content that is watched globally can be attributed to live streams. The global live-streaming industry is projected to surpass $6555 million by 2030. These broadcasting software applications allow users to go live, showcase their talent/skills and interact with a global community and earn gifts from fans that can be converted to real money.Individuals can also opt to work as a host at a live streaming app of their choice where they will be required to live broadcasts in exchange for a monthly salary. Apart from this, the other way of earning money is through virtual gifts from fans within the app. There are numerous live-streaming apps available in the market presently. Become An Influencer/Content CreatorTapping into the field of content creation is extremely profitable as the masses are gradually shifting towards social media platforms as the primary source of content consumption. The average time spent on Instagram is 29 minutes a day. This is double the amount of time that was spent in 2019, which is about 15 minutes. The stats for Facebook are pretty similar with approximately 35 minutes being spent per day on the platform.Gone are the days when social media was just a fun environment to post your photos, videos and interact with friends. The major difference between content creators and influencers lies in the fact that the former creates and posts original content whereas the latter is inclined towards building an audience and promoting a brand. The different ways in which content creators and influencers can make money online.In affiliate marketing, the influencers are paid for every lead or sale that is generated through their promotion. Creators can place affiliate links or coupons in their posts, reels, image captions, etc, and earn from them. The influencers are entitled to a commission when users click on those links to buy specific products or services. The most well-known affiliate program is Amazon Associates. This performance-based marketing is expected to generate a commission ranging from 5 per cent to 30 per cent depending on the brand and the number of followers you have.Featuring advertisements like pre-roll, mid-roll, display and overlay ads can drive a decent earning for the influencers. Platforms like YouTube (offers all the aforementioned ad types), Facebook (offers mid-roll ads), and Twitch (offers in-stream ads) are great if you want to generate revenue with ads. Influencers are paid depending on performance metrics like the ad’s reach, impressions, clicks, etc. Sponsored posts are one of the most sought-after methods employed by influencers to make money. In this method, an influencer gets paid to post about a product or service on their page. Sponsored posts can be identified with the “paid partnership” tag under the Instagram handle of the influencer. Mega influencers having over 1 million followers, charge more for sponsored posts. The social media platform you are on determines the kind of sponsored posts you can resort to. For instance, if you are a nano, micro, or mid-tier influencer on Instagram, your sponsored posts might be in the form of feed images/videos, reels, stories, etc. YouTube celebrities try incorporating the product or service they are vouching for in their videos, while Twitterati send out tweets.d) Memberships/SubscriptionsSubscription basically refers to charging fees on a monthly/annual basis in exchange for access to your online content like exclusive videos, images, a sneak peek of the BTS (behind the scenes), etc. Offering giveaways or discounts to those who sign up for the memberships can motivate more people to subscribe to that particular influencer. One of the most well-known subscription-based platforms is Patreon. e) Donations/Tips from FansDonations or tips are completely voluntary. Influencers may choose to offer shoutouts or autographed mementoes to the fans as a ‘Thank You’.Start your own website or blogGive your passion a broader audience by creating a website, spreading awareness about your product or service and acquiring potential customers. So, if you wish to share your passion for music or your love for yoga, go ahead and create that professional-looking website that will help you connect with people globally. For the technologically unversed, plenty of tools are available with customisable templates to create eye-catching websites. To cite a few, there is Wix, WordPress, Webflow, GoDaddy, Canva, etc. Once you have your website in place, you can start monetising it in different ways.You can opt for affiliate marketing and place links on your website promoting different products and services. When any visitor purchases through those links, you can earn a commission. You can also leverage banner adverts. For setting up adverts, you can use Google Adverts or Media.net and charge on a cost-per-click or CPM (cost per 1000 impression) basis. You can also resort to reviewing products on your site and get paid by the brand.(Inputs by Aditya Jangid, Founder of VOOHOO live)
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