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Tips - October 13, 2022

7 Ways to Get Rich in the New Economy

Oil used to be an essential commodity on earth –it still is– with billion-dollar companies like Chevron, Total and Mobil making profits from these resources. However, With the advent of technology, things are changing, leading people to look for ways to become rich in this new economy.

Companies like Facebook, Amazon, Apple and Google have created a new oil for this new economy, which is “attention”. 

This rise in technological companies has also led to people indulging in skills that are relevant for getting rich in this new economy. 

Also, the rise of unemployment at over eight percent for nearly four years has led people to get creative in order to make money in this new economy.

Without further ado, here are a few ways you can get rich in this new economy.

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1. Open a store on Shopify 

You can create a full-blown Shopify ecommerce store. Create a niche and sell a range of goods on your website.

Make use of Facebook advertisement to promote it. There are countless blue-ocean niches that are less packed with competitors when compared with the more congested niches that have given rise to an infinite sea of vendors competing for the attention of consumers.

In Nigeria, there are 1,039 active Shopify stores. In the third quarter of 2022, Shopify stores in Nigeria rose 57% year over year.

2. Selling used books on Amazon 

With 6.3 million overall vendors and an astounding 1.5 million active sellers in 2021, Amazon is one of the biggest marketplaces in the world.

A fantastic place to sell secondhand books is Amazon. However, you can also sell a wide range of other goods on Amazon.

Starting an Amazon FBA business is another option. You can purchase items from AliExpress and deliver them directly from Amazon.

This gives you an almost hands-free way to manage an online store without difficulties in handling returns and customer support.

3. Rent your house as a short let accommodation 

If you have a home at a popular vacation destination, you can drop it on AirBnB. 

A professional property management company that specialises in short-term rentals could assist you in managing and leasing the property.

According to surveys, 2–4% of people who use Airbnb report that they would not have made the trip if there were no Airbnb homes available.

4. Create an evergreen webinar

Webinars are a wonderful thing. The creation of an evergreen webinar can be a simple way to earn money online.

Create a webinar that will allow you to make money automatically using GoToWebinar, by far the greatest webinar platform available.

When you combine it with effective email sequences, your income will soar to new heights.

About 91% of webinar marketers in 2021, think their efforts have been successful. This is up 10% from 2019.

5. Manage social media for clients

More than 4.62 billion people use social media globally. Since 2012, social media usage has increased at a compound annual growth rate of 12%.

Managing social media accounts can make you rich in this new economy. 

Run Facebook advert and other paid advertisements, for example, on Google or YouTube. If you know what you’re doing, you can make a huge profit. People will gladly pay you a sizable percentage of that advertising expenditure if you are able to achieve high conversion rates.

6. Do virtual tutoring

The need for online tutoring is rising. In 2020, the sector as a whole was estimated to be worth about $5.6 billion by Grand View Research. It increased by 33% to a $4.2 billion sector in 2018.

You can make money while working from home with only a laptop and an internet connection if you know a second language or how to play an instrument. To teach one or more individuals at once, use Google Hangouts, Zoom, or Skype.

7. Sell products online 

There are numerous ways to sell your goods online. Consider using Facebook’s marketplace.

Make use of top-notch lighting and photography. Create sensory-rich descriptions that persuade customers to buy what you’re selling.

ECommerce retail purchases are anticipated to increase from 14.1% to 22% in 2023. This proves how viable this niche is to make money in this new economy. 

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