INSTEAD of spending hours scrolling social media sites, turn your time online into a money making machine.
Most of us watch Youtube or TikTok to get inspiration from anything from make-up tutorials and cooking, to DIY and car maintenance.
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But with a little know-how you can turn your own skills into a social media side-hustle that helps prop up your finances – or even turns into a full-time earner if you’re successful enough.
Many people assume you have to be a high profile influencer with thousands of followers to earn lots of money from Instagram or TikTok.
These social media stars are able to charge top prices for paid-for posts, for example.
Or YouTubers who get lots of views for their videos will earn cash through the adverts.
But there are lots of different ways to earn money online and you don’t necessarily need loads of followers to do it.
Experts have shared some of the ways anyone can make money from Youtube or TikTok.
Affiliate marketing
You can cash in on any recommendations you make online for products or services.
It helps to have people following you that trust your advice – but this need only be friends and family in the first instance.
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Or you can set up pages linked to particular interests you have and recommend products from there.
Robert Brandt, chief executive of website builder Tooltester, says: “If people trust your recommendations you can sign up to affiliate marketing schemes to gain a kickback when someone buys a product you recommended.
“For example, if you found a revolutionary shower head on Amazon that had changed your life and you posted the link, if someone clicked that and bought the item within 24 hours you would get a percentage of the money.
“It won’t be a lot but it can all add up if you have the right audience.”
Often the amount you earn is a percentage of the purchase price – usually around 5-10%. So if you are linking to more expensive products you will get a bigger payout.
Anyone who buys through an affiliate link will still get the same price as anyone else would, you just get a little reward for their purchase.
Robert explains: “For Amazon’s affiliate program, you usually need a website to sign up for this but you can use a YouTube channel to get started instead.
“Many other online stores operate various different affiliate programs so it’s worth researching what you want to sell.”
Tipping
You can essentially ask people to tip you or ‘buy you a coffee’ if they find any of your content or recommendations useful.
And you can use the method in just about any way online, according to marketing consultant Chris Oatway.
He says: “People can make money from referring people to different attractions, planning or booking trips for them, or putting together fitness or meal plans. Like a middle man or woman, saving others time from researching.
“You could even help people enter competitions.
“Then say to followers, if you found this link useful, buy me a coffee or donate what you can.”
You can have a link in the bio and just ask people to do it through PayPal – or set up an account with dedicated platform Buymeacoffe.com or ko-fi.com.
Each person who ‘buys you a coffee’ is only donating a small amount, but it can help you see what kind of content or information people appreciate – and then make more of it, in the hope of getting more and more donations.
On some platforms, such as TikTok, followers or viewers have built in functionality to essentially tip or gift you appreciation for content.
In the case of TikTok, content creators can collect diamonds which are based on the amount of so-called gifts viewers provide.
These diamonds can then be transferred into payments.
Host a workshop
If you have expert knowledge in a particular area, you can make money by sharing your insights with others online.
Jordan Platten, founder of digital marketing agency Affluent.co, says: “You can use your knowledge or skills to host online classes or workshops.
“This could be anything from makeup tutorials, DIY crafts, photography lessons, to cooking demos.
“You could charge anything from between £5 to £2,000 a ticket.
“Having a large following helps because you have an audience to sell to but even if it’s a small group, their loyalty can translate into real income through promotions and partnerships.”
“Dive deep into a subject you truly care about. By becoming an expert in a specific niche, you’ll start to attract a dedicated following.”
Design digital products
There is an online market for the digital merchandise adapted to suit specific audiences.
Robert says: “There are a lot of digital products you can sell to people via social media.
“Think eBooks, reports, guides, online courses, photo presets / photography guides, graphics, or even video games. Of course, this requires you to hold no stock and keep nothing in your home.”
Calendars, journals and planners for niche audiences such as parents or fitness enthusiasts are also popular, according to Jordan.
Creating these products may sound a bit daunting, but there are online tools that can help guide you through the process.
Jordan says: “Using free creative platforms such as canva and Notion can allow you to create digital downloads at absolutely no cost. Templates are usually available for guidance or you can start from scratch.”
However, there are no guarantees that your products will be a hit, so think carefully about any time or money investment you make and whether you can afford to lose it if the venture doesn’t pay off.
Selling
As well as digital products, you can use TikTok, youtube and other social media platforms to sell tangible goods.
Or set up a dedicated shop with an online marketplace, such as Etsy or Not On The High Street.
You can sell just about anything you can think of online if you think there’s a market.
For example, people sell wax melts, cakes, second hand clothing to name but a few.
Scouring car boot sales for goods or leaning into skills that you already have to create products could turn into online money spinners.
Again, any outlays you make in the first instant may not necessarily be repaid so it’s worth treading carefully to make sure you don’t lose money by trying to set up a venture.
Grow your audience
Although having a big following or audience isn’t necessary for making money online – it definitely helps.
Jordan recommends finding larger accounts or influencers that align with your interests and then offering to collaborate to try to tap into their following.
He adds: “Whether it’s a joint project or a guest appearance on their platform, such partnerships can expand your reach and credibility.”
Or rather than selling products in the first instance, you could offer them for free to users in return for a follow or subscription until you build an audience up.
When do you have to pay tax?
Turning your online side hustle into a money maker can be a welcome boost during the cost of living crisis.
You can earn up to £1,000 without paying tax thanks to the trading allowance.
This trading allowance is available even if you have only traded for part of the tax year.
For example, if you started to trade in February 2023, you would still be able to claim the full amount of the trading allowance before April 5, 2023.
However, if you earn more than £1,000 a year, you need to complete a self-assessment tax return.
The personal allowance means if you earn £12,570 or less, you pay no income tax.
So if you’re not earning elsewhere you can take home up to this amount making money online.
After this, you start paying tax at a basic rate of 20% up to £50,270, including the personal allowance.
If your earnings top £50,270, you will start to pay higher rate tax at 40%.
