Once upon a time, the only way to guarantee a great income was to complete a university degree and subsequent qualifications and slowly climb the career ladder in a typically well-paying profession in fields like medicine and law. But these days, a new generation of Millennial entrepreneurs are challenging the status quo and making millions through online businesses started straight after leaving school – with not a prestigious Honours scroll or cap and gown in sight.
Proving that there are now a multitude of different ways to make money from anywhere, anytime, and that time, location and financial freedom are entirely possible for those willing to think outside the box, we’re seeing everyone from social media influencers and crypto investors to health and wellness coaches cashing in on the growing demand for remote services and the ever-increasing appetite for instantly accessible, easy-to-consume content.
While not everyone makes their money doing sponsored posts on social media, platforms like Instagram and TikTok have become major platforms for digital entrepreneurs to promote their products and services, while YouTube – the world’s biggest video platform – can generate eye-watering amounts of revenue through advertising and paid subscriptions. There’s no denying that social media has changed the game for entrepreneurs, with people using it for everything from socialising to education and entertainment – and as every good marketer knows, the most money to be made is where your people are.
Whether you’re thinking of starting an online business yourself or are simply curious as to how today’s young generation of online millionaires do it, these are the four biggest online platforms facilitating it all.
YouTube
With a whopping 2.1 monthly active users per month and over 51 million active channels, YouTube is big business. Video marketing continues to dominate the content marketing industry, and YouTube, beyond being a sharing platform, also serves as a search engine, which is second in size only to Google.
Today, you can find video content on just about anything you could imagine – whether it’s travel vlogs, beauty tutorials, marketing courses or your favourite playlist, and creators who know what consumers are looking for are cashing in through advertising revenue and channel memberships.
Then, there are even those who are raking in income by creating and selling successful YouTube channels, with ‘YouTube channel for sale’ becoming a popular search term on Google as would-be entrepreneurs increasingly seek out ‘done for you’ businesses that require minimal to no knowledge or know-how to get started.
TikTok
TikTok has revolutionised the way we create and consume social media in recent years, and is another platform that has championed video content from the start. Primarily attracting tech-savvy Gen Z users, it’s perhaps unsurprising that entrepreneurs are capitalising on the opportunity to connect with this younger generation, and with the likes of Instagram, Facebook and even Twitter scrambling to emulate certain features so as not to fall behind, the extent of its influence in 2022 is undeniable.
TikTok itself raked in nearly $4 billion in revenue in 2021, and this year’s final figures are expected to be even higher. The biggest creators are enjoying a sizable slice of the pie, too, with revenue being generated through viewer donations, brand partnerships and benefitting from the platform’s ‘Creator Fund’, as well as through the promotion of their own products and services and the resulting purchases or sign-ups.
The obvious trend amongst online entrepreneurs at present is the prioritisation of video content – so it’s perhaps unsurprising that Instagram has spent the past two years championing a move away from the static images it has always been known for, and towards features like reels and livestreams.
There’s been a mixed response amongst users, with many complaining that it’s becoming just another TikTok, and mourning the early days where simplicity and beautiful imagery was the key to success. Now, users are having to turn their hands to creating video content in order to satisfy the algorithm and get their pages seen – and while it hasn’t been ideal for some, the online entrepreneurs and influencers who have been fastest to adapt have already begun to reap the benefits, with many are now making more money than they did before.
One of the oldest social media platforms on the block, Facebook is known for its popularity amongst millennial users, and until fairly recently, was thought to have been eclipsed by the likes of the other platforms on this list. But after being given an impressive overhaul which has seen it draw inspiration from its competitors’ key features, Facebook has now established itself as one of the major video sharing platforms, with reels and livestreams again some of its most popular offerings.
Where online entrepreneurs and creators previously struggled to reach anyone outside of their immediate ‘friends’ or followers without the aid of paid advertising, the overhaul has transformed the landscape entirely, and while the most successful undoubtedly allocate budget for targeted advertising to reach their key demographics, they can now also quickly amass large followings through video alone if their content is good enough.
