How to make money online

For this venture, you need to be passionate about two things: research and the internet. Forget blogging and earning some cash through the likes of ad-sense (which is lucrative if you get to know how), this business is relatively simple and could make you more than just money- a reputation.

The Idea

This idea is hinged around doing surveys online and getting rewarded for that. The difference from what you are used to is that this time round you are the one paying people to take surveys. Research has been proven to be a great source of information (read “power”), and many organizations are today depending on it for information on ways to improve their products. Large organizations are known to pay billions to have research done, and you just could be the one being paid.

The Capital

While there is regional imbalance in how much it costs to design and host a website, the fee is usually not that much for a decent website. You also need to have a considerable sum to pay the first respondents to your site, before you start making cash. Legal, advertising, and a deal with a payment agency will cost you money too. This looks like a large figure but it’s nothing you and a couple of like-minded colleagues cannot come up with.

The How- Process

This is a not so cheap idea, but very affordable. First, have someone design a website for you, one that allows visitors to create accounts giving very important demographic characteristics of themselves, like age, gender, marital status, residence, preferences, religious and political opinions. Secondly, market this website to build a large number of respondents- the larger the sample size, the more accurate the findings usually are. In this case, incentives would be something like “earn $10 for signing up, and $0.5 when you invite someone to sign up”. Set a minimum redemption matrix, like $100, to ensure you retain only the very dedicated lot. The third step is the challenge; you have to make a name for yourself. This will involve doing free research on products or local issues, and pay to have your findings published. Build credibility to your method and soon interested parties will begin to show on your doorstep.

The Challenges

This is going to be tougher than your average business idea, but not impossible. Expect to ruffle some feathers as a result of your findings. My advice would be that you find out all the legislation there is regarding research before you venture here. It will also be tough for you starting a business that involves paying employees first then making profit later. There will also be some uncouth fellows out to make a quick buck, so choose your respondents well. This is not forgetting the fact that a majority of the research and computer terms I have used here may be jargon or French to most of you!

The Profit

I have had an opportunity to work as a research assistant for a couple of organizations, and the pay was great in most instances. This only proves that they are willing to pay to know. If you can prove that you will provide such knowledge, am sure they will pay to get it. A nationwide research will pay a handsome figure that in my opinion shadows the few cents you will be paying to acquire the data. Try it!

The How- Value Addition

Incorporate experts to guide you on how to choose the best group to sample, have a site that is easily accessible to people, don’t accept bribes to tamper with the results, and learn to seize opportunities when they come- like political opinions before elections etc. Conduct surveys often to have a wide database, and spread out your respondents so the data you receive is representative.

The Quote

“Plenty be found within (and also outside) our borders” (Kenyan National Anthem)