Are you a young African considering self-employment? With a growing economy and a wealth of entrepreneurial opportunities, Kenya is the best country to make money easily in Africa Whether you have a talent for writing, a passion for fitness, or an interest in agriculture, there are plenty of options for you to explore. You can go into freelance writing, graphic design, farming, or online retail. Surely, the possibilities are endless. But, self-employment requires hard work and dedication. You will also need a solid plan in place. In this post, we will explore the best options to make money online in Kenya.
How can you make money?
A common question among many young people is “How does one make money online?” Making money online is very similar to how you earn income traditionally. There are 7 Classes of income you can earn as a business or individual. You can only be paid wages, profits, interest, or rent income as outlined below;
- Earned Income: This is your primary income stream through a job where you earn money by providing services or working for an employer. Includes salary, wages, commission, or consulting fees as compensation for working or using your skills.
- Profit Income: By selling a service or product for more than it costs, you generate profit income. This can involve opening a retail store, offering professional services, or a combination of both.
- Interest Income: Interest income is earned when you invest your money in savings schemes or government bonds, allowing your money to grow through interest payments.
- Dividend Income: When you buy shares in a company, you become a part-owner and receive dividend payments as a shareholder.
- Rental Income: Rental income is generated by owning property and renting it out to tenants, providing a steady income stream from rent payments.
- Capital Gains Income: Capital gains income is earned by selling assets like stocks, real estate, or businesses at a profit, resulting in a capital gain.
- Royalty Income: Royalty income is earned by granting permission to use your intellectual property, such as patents, trademarks, or copyrights, in exchange for royalty payments.
Making money online is similar to the ones above. The only difference is that you are doing it over the internet. In addition, the internet can help you make extra money by marketing your offline business or service to a larger customer base.
How can you make money online in Kenya?
There are 3 methods of making money online in Kenya. You can classify them as online working, online trading, or online investment to make passive income online. Each of these is further classified into
Online Jobs and Remote Working
The best way to make money online in Kenya is online working in an online job. There are 2 ways you can do this; freelancing and remote working also known as virtual or working from home. Each is further expounded on
- Freelancing: As a self-employed home worker, you can use the internet and social media sites to market yourself. You can either use LinkedIn or Facebook to showcase your capabilities. It will attract potential employers and clients to your business making you more money. An example is a lawyer, copywriter, or electrician advertising her services online. People can see her past experiences and case studies thus visiting her office or contacting you online.
- Working from home: Remote or virtual working from home involves you taking a short-term, consulting, or permanent job position with a remote employer. You will use internet teleconferencing and other collaborative media, tools, and software to deliver your work.
Online Trading/Ecommerce
As the name suggests, online trading or ecommerce involves the buying and selling of goods and services over the internet. Besides, it involves the transfer of money and data to complete such transactions. As a beginner looking to make money online, there are 3 areas for you to explore.
- Online selling; It will involves you setting up a B2C, B2B, D2C, C2C or a C2b ecommerce site. You can then source and sell your products to your customers at a profit. Its one of the fastest growing way of making money online.
- Marketing Digital Products; make and sell downloadable items such as templates, online courses, ebooks, software and media. To make money, make sure the user cannot access or use it without first paying for it.
- Online Trading; Use the internet to buy and sell financial assets such as company stocks and currencies. The most popular online trading platforms in kenya are the forex trading and the cryprocurrency trading.
How can I Make money Trading online in Kenya?
- Forex trading- you will speculate and trade in different currency pairs to profit from the difference in the currency pair’s value caused by market movements. Its one of the most rapid growing methods for making money online in Kenya. To note, it’s a highly risky business and you will need to understand global financial trends, analyze currency pairs easily and make fast investment decisions.
- Cryptocurrency trading- You will speculate in the value or the movements of a chosen cryptocurrency such as the Bitcoin, Ether, Litecoin or the EOS. If your guess is right whether you predicted price rises or falls. You then earn profits. You will then need to exchange the earned coins into traditional currency such as dollar or Ksh.
- Dropshipping- Set up a shopify website and sell products that are manufactured (from China) and shipped to consumers (anywhere in the world) via third parties such as parcel deliveries (DHL)
- Online Retail- Sell your products directly to consumers without an intermediary. You can promote products on your ecommerce site or social media then do home deliveries.
- Online Wholesale- Sell your products in bulk. Wholesale products are usually sold to a retailer such as Amazon, Alibaba, Jumia, Skygarden or Killmall who then sells the products to final consumers.
- Marketing Digital Products; Some of the easiest ways for you to start are;
- Kindle- make high quality eBooks and sell via amazon Kindle
- Sell your premium photographs via Shutterstock and other sites.
- Make music and videos that people pay to download, listen or watch
Online Passive Income
Are you a fan of making money online in Kenya without really working for it? Invest in passive income making. You will need put a lot of effort at the beginning and then relax later as money hits your account daily.
The major ways you can make passive income online is through content creation have been termed as the new gold. It can be you working on data, blogs, music, YouTube videos or eBooks.
How exactly do you earn passive income online as a content creator? You can make it through proven 3 business models; Subscriptions, Advertising and finally affiliate marketing.
- Subscription- Charge people recurring subscription and/or registration fees to access premium content from your website or blog.
- Advertising fees- Rent out your blog or You Tube Channel to Google and other online advertising platforms to place online ads. You will earn for views and clicks as people.
- Affiliate marketing- Earn money by redirecting online traffic to other people sites. As they click, register, buy or download materials from them, you will earn some a proportion of the money they spend.
Which are Easiest ways of making passive income online in Kenya
In order to make passive income online. We suggest you consider investing in following methods.
- Blogging; Are you a storyteller or have a witty way with your words? You can start an informative, entertaining blog with viral content. Then you can monetize it to earn subsection, affiliate marketing or AdSense income.
- Vlogging/YouTube; Are you good at creating and editing viral videos consistently. You can make money by having a monetized You Tube channel. You will need to have a huge number of subscribers and a high number of video views, likes and shares.
- Podcast; make a consistent podcast that explores topics that matter to your people. It can be on anything such as mental health, financial freedom or success in marriages. Once you have gained a considerable following, you can earn income by public relations (PR) where you make referrals and reviews for products and services during your podcast. Big brands will also pay to brand or appear in your podcast.
- Social media influencer; Do you have a huge number of followers on your social media platforms? Consider making money by promoting your client products on your walls and timelines. You can market anything for pay such as books, clothes, shoes handbags office chairs etc. Besides, you can write well researched and unbiased reviews to the thousands of your followers for pay.
Conclusion
The Post is a list of the best ways you can make money online in Kenya. They include working online, online trading and earning passive income. In the post we give you the best methods you can start with the minimal resources such as stable internet and a smart phone. They include data entry, academic writing and blogging. While the list is not exhaustive, our next posts will explore each of these methods in detail.
What is the Difference between Passive and active income
Passive income is money earned from sources that require little to no ongoing effort, such as investments, rental properties, and royalties, while active income is income generated through activities that require direct effort and time, like working a job or providing services. The key distinction lies in the level of ongoing involvement needed to generate income: passive income continues to generate even when you’re not actively involved, whereas active income requires your direct time and energy to earn money.
Great write-up up