When it comes to the best ways to make money, the answer isn’t straightforward. It’s not because the question is unreasonable but because there’s no universal solution. The reality is that almost anything has the potential to generate income.
The key lies in adopting the right mindset—recognizing that skills and experiences are valuable assets. It’s essential to stop undervaluing the ability to assist others, whether by offering information, providing a service, or selling a product.
For those starting out on their journey to earning independently, the quickest path forward is understanding the different avenues available and identifying the one that aligns best with personal strengths and goals.
Broadly, there are three primary ways to make money:
- Offering a service
- Sharing knowledge or expertise (essentially a subset of services)
- Selling a product
Each of these can be highly profitable, depending on the type of work preferred and the business model chosen.
A great starting point for beginners is providing a service, also known as freelancing. This approach is ideal because it leverages existing skills, requires minimal upfront planning, and allows for immediate action.
Turning Job Skills into Freelance Success
If you’ve ever held a job, you already possess the skills to offer a service that people will pay for. In many cases, the expertise being used in a current or past role can transition directly into a freelance business.
- Administrative assistants can use their organizational talents to support clients remotely.
- Web developers have the tools to build side projects for businesses or individuals.
- Accountants can assist with taxes or help small businesses manage their finances.
Not every job directly translates to freelance work, but most reveal strengths that can lead to opportunities. For example:
- A veterinary technician might not be able to treat animals at home but could channel a love for animals into a pet-sitting service.
- Someone working in IT might find success offering website management or system administration services on the side.
Recognizing the Value of Your Services
A common hurdle for beginners is underestimating the value of their work. A personal example highlights this. In a role as a test prep coach, the company paid $18/hour to visit students and teach SAT/ACT material. At first, this seemed like excellent pay.
However, discovering a company brochure revealed the families were paying $100/hour for the service. The realization was shocking—of that $100, only $18 went to the work of driving, teaching, and consulting, while the company profited significantly for acting as a middleman.
Instead of frustration, this discovery provided a crucial validation: the service was worth at least $100/hour to clients. This confidence became the foundation for striking out independently and building a freelance business by connecting directly with clients.
How to Set Up Your First Freelance Business
Start by identifying the services you’re already providing in your current role. If someone is paying you to perform a task at a job, there’s a good chance those same skills can be offered to individual clients. Ask yourself:
- What services am I providing now that could be repackaged for others?
- Can these skills be transitioned from a corporate environment to a freelance model?
Determine the True Value of Your Services
Understanding the real market value of your work is crucial. It’s not based on your salary or hourly rate—it’s based on what your employer charges others for your time and expertise.
For example:
- A paralegal earning $30/hour for pre-litigation tasks is likely generating at least $150/hour in billable work for the firm. The company pockets the difference as their “finder’s fee.”
- Knowing this, you can estimate your true value and explore offering the same services directly to clients.
Consider specific niches that align with your skills. For instance, a paralegal could start a specialized service for divorce filings. These filings can cost clients thousands, and many paralegals already have the knowledge to handle them efficiently. By offering a more affordable, streamlined option, you could tap into a massive and consistent market.
Start Finding Clients
This is where many new freelancers struggle and feel like giving up. However, finding clients doesn’t have to be complicated.
The truth is, once your business is established and you’ve successfully worked with a few clients, referrals will become your biggest asset. Happy clients will recommend your services, leading to repeat business and a steady stream of word-of-mouth clientele.
Create the Initial Spark
In the beginning, your focus should be on building momentum and gaining visibility in the market. This initial phase doesn’t require a huge marketing budget—just a solid effort to get noticed.
There are two proven methods to jumpstart your freelance business:
(Details about the methods can follow, or you can customize this based on your preferences.)
The Marsupial Method
Think about a baby kangaroo—it stays safe and warm in its mother’s pouch until it’s ready to explore the world. Launching a freelance business can work the same way. Instead of starting from scratch, partner with businesses that already serve your ideal customers. These partnerships can provide you with an instant client base and help you build momentum.
Examples of Partnerships:
- Personal Trainers: Collaborate with local apartment complexes that have gyms to offer classes for residents.
- Web Developers: Team up with graphic designers to handle the website needs of their clients.
- Algebra Tutors: Work with schools or after-school programs to help their students succeed.
The possibilities are endless, but they often require thinking creatively to identify opportunities.
Freelance Websites
Freelance platforms like Fiverr, Upwork, and Freelancer.com are fantastic tools for new freelancers. While some may criticize these platforms for being too competitive or offering low pay, these criticisms don’t tell the whole story.
Here’s why these sites are valuable for beginners:
- Learn the Market: They teach you how to present and sell your services, tweak your offerings, and understand what clients are searching for.
- Refine Your Pitch: You’ll have opportunities to craft compelling proposals and figure out what resonates with potential clients.
- Build Confidence: Booking even a few small jobs helps you overcome the fear of rejection and gives you early wins to build on.
Standing Out in Crowded Marketplaces\
The biggest question many have is, “How do I stand out in such a competitive space?” The answer is strategy. Success on these platforms comes from optimizing your profile, creating a niche offering, and delivering exceptional work that leads to positive reviews.
Can you actually make money?
Yes, you absolutely can. While these platforms shouldn’t be your long-term solution, they’re a fantastic way to get started, build experience, and establish your reputation in the freelance world.
