How To Make Money Online In Kenya

Top 10 ideas for how to make money online in Kenya for beginners

1 Start a dropshipping business

Dropshipping is a retail fulfillment method where a store doesn't keep the products it sells in stock. Instead, when a customer makes a purchase, their order is sent to the supplier, who will then ship it directly to the customer. As an entrepreneur using dropshipping, your responsibilities include finding suppliers, marketing your products, and managing your inventory.

2 Share your social media skills

With billions of social media users and different social media marketing apps, you can earn enough money to cater to your needs while in school. Writing content for brands on social media is a lucrative endeavor if you have a knack for language and are analytical.

Digital marketing relies heavily on social media platforms like Facebook, Twitter, and Instagram. Thus, there is a rising need for creative, forward-thinking, and analytical professionals to carry it out.

You can also use the type of content you post on your social media account to attract users attention and establish yourself as a social media influencer.

Influencers on social media can make money by working with brands, collaborating, and starting their own businesses.

3 Copy trading

Copy trading is a system for traders who lack expertise and those with limited time to commit to trading in the financial market. It automatically allows individuals to copy positions that are opened and managed by other selected individuals. Copy trading is the perfect start for a newbie trader because you are not the one trading. It allows you the opportunity to experience the success and failures of others and to learn from their mistakes. It's an excellent way to make money in the financial market, but it's not without risk. You need to create an account with a broker supporting copy trading. You need substantial capital to make a good profit. You need to research the broker copy trading service to use and be careful which trader to follow because you will entrust a part of your portfolio to a stranger. The earnings depend on your capital.

4 Pick up a task on Microsoft UHRS

UHRS is a Microsoft AI platform that supports labeling data for various AI applications. They pay users to do basic tasks. For you to be able to work for UHRS, you need to partner with their vendors. Their vendors include Teemwork.ai, Clickworker, Oneforma, Appen, and Data mine. You will create an account with the vendor that applies to your country then they will issue you a live ID that you can use to access the Microsoft UHRS platform and earn cash. The difficulty is that some of the jobs are technical and require reasoning. You must also wait at least one month for your work to be approved before payment. You can earn good money, from $10 to $1000 monthly.

5 Sell your photographs

If you don't have a problem with your pictures being distributed online, you can make money doing that. Some sites pay you for your photographs, sites as fine Art America, smug mug, 500px and photoshelter. Don't be afraid of what they will do with your pictures. They usually upload images to sell as prints, T-shirts, phone cases and more. The money you make can be small, from around $0.02 to $0.05 per image you upload, and you can upload thousands of photos to get paid.

6 Crypto staking

Staking is a popular strategy to generate passive income from your cryptocurrency investment. Staking allows cryptocurrency owners to put their digital assets to work and make money passively without selling them out. Staking is the crypto equivalent of placing money in a high-yield savings account. Then the bank lends the money out or uses it for business. You will then receive a percentage of the interest gained by lending in exchange for leaving the money in the bank. The profit is usually a very small portion.

Similarly, you lock your coins to blockchain security when you stake digital assets. In exchange, you will receive a reward calculated in percentage. These rewards are usually higher than the bank's interest rate. You need to compare the different crypto-staking platforms out there. Not all crypto supports staking, only those that validate the transaction with POS (Proof of Stake). Examples include Ethereum (ETH), Cardano (ADA), Solana (SOL), Polkadot (DOT), etc.

The benefits include no need for equipment for crypto staking like in crypto mining. It is an easy way to earn interest on your cryptocurrency holdings. The risk involved is that crypto prices are volatile and can drop quickly, which can outweigh any interest you gain from them. You can make up to 10% - 20% from it yearly.

7 Writing white papers

Writing white papers is also a means of earning money online. A white paper is a thorough research study on a specific issue that will provide a solution to an industry problem that a person or company usually writes about. Its purpose is to persuade readers through in-depth analysis that a particular solution to a problem is best. It is usually written to an audience outside the industry. So a company can hire you to write a white paper for them, and you get paid up to $1,000 monthly. It can be challenging to get a job from these companies.

8 Test financial websites and apps

Testing websites and applications is another method to generate money online. You get compensated for your opinions on how effectively a website or app functions. Before working, you will have to complete a short test to get accepted then you'll be paid depending on the test type. There are different platforms where you can test websites and apps. They include UserTesting, Userfeel, uTest, Ubertesters, Userlytics etc. you get paid depending on the time you put in. For example, UserTester pays around $10 for 10-20 minutes of work.

9 Forex trading

Forex trading has to do with exchanging one currency for another for trading purposes. Currencies are traded in pairs. Thus by exchanging one for another, a trader speculates on whether the value of one currency will rise or fall. To engage in Forex trading, you need a broker to act as an intermediary between you and the Forex markets because trading the markets requires large sums of money, which you may not have. So with brokers like RoboForex, FXTM, IC Markets, Exness etc., one can trade from the comfort of their home. The risk involved can not be overemphasized. Like cryptocurrency investing, Forex markets are so volatile that you will be giving your money to the markets if you don't have the right skill and experience. So take your time to learn and acquire the skill to trade Forex before you begin trading. One can make a huge profit from Forex trading, but you always want to consider the risk involved.

10 P2P lending

If you think you have enough money for investing, engaging in P2P lending is an excellent way to make money in the financial market. P2P lending offers people the opportunity to lend money to individuals or businesses. As the lender, you can profit by receiving interest as you get your money back when the loan is repaid. There is risk involved, so you need to be aware of the risk. There are websites that you will use that will serve as an intermediary between you and the borrower. How to get started with P2P lending? To get started, compare P2P brokers and find the one you feel comfortable with. Then open an account with the P2P lender and pay in some money with your debit card or direct transfer. Set the interest rate you'd like to receive or agree with the rates they offer. Then proceed to lend an amount of money for a fixed period, for example, three or five years. Depending on the period you are willing to wait, you can make between 5.99% to 35.99% as of December 15, 2022.

Is it possible to earn an extra $1,000 per month online in Kenya?

Earning an extra $1,000 per month online in Kenya is indeed possible, but it's essential to understand that success depends on various factors, such as your skills, qualifications, and the opportunities accessible to you. Here are tips for beginners looking to achieve this goal:

• Identify your skills and interests: Start by assessing your existing skills and interests. Are you good at trading, writing, graphic design, social media management, or coding? Finding an online gig that aligns with your abilities and passions will not only make the journey more enjoyable but also increase your chances of success

• Educate yourself: Invest time in learning new skills or improving existing ones. Online courses, tutorials, and resources are readily available, often at low or no cost. Building your expertise can open up higher-paying opportunities

• Freelancing platforms: Sign up on freelancing platforms like Upwork, Freelancer, or Fiverr. These platforms connect freelancers with clients worldwide, providing a range of job categories, from writing and graphic design to programming and digital marketing

• Explore e-commerce: Consider starting an online store through platforms like Shopify or WooCommerce. Dropshipping, selling digital products, or even offering handmade crafts can be lucrative if you find the right niche and market your products effectively

• Network and collaborate: Engage with online communities, forums, and social media groups related to your area of interest. Networking can lead to collaborations, mentorship, or valuable advice from experienced individuals who can help you reach your income goals faster

Remember that building an online income stream takes time and persistence. Initially, your earnings might be modest, but as you gain experience and expand your portfolio or business, you can gradually work towards the goal of earning an extra $1,000 per month. Keep honing your skills, staying informed about industry trends, and seizing opportunities as they arise to steadily increase your online income in Kenya.

How to choose the best way to make money online in Kenya?

When selecting the best way to make money online in Kenya, several key criteria should be taken into account to ensure that the chosen method aligns with your goals, skills, and the local context:

• Skill set and interests: Consider your existing skills, interests, and passions. Choose a method that utilizes your strengths and aligns with what you enjoy doing. This can make the endeavor more fulfilling and increase your chances of success

• Market demand: Research the demand for the service or product you plan to offer. Assess whether there is a viable market for your chosen method in Kenya. Look for trends and niches that have potential for growth

• Sustainability: Evaluate the long-term sustainability of your chosen method. Some online opportunities may offer quick money but lack stability. Sustainable income sources are more reliable over time

• Investment: Determine the level of investment required, both in terms of time and money. Some methods, like dropshipping or starting an online store, may require initial capital, while others, like freelancing, might require more time investment

• Local regulations: Be aware of any local regulations or legal requirements that may affect your chosen method. This is particularly important in areas like cryptocurrency trading or peer-to-peer lending, which may have legal implications

• Income potential: Understand the income potential of your chosen method. Research the earning potential and set realistic income goals. Keep in mind that some methods may take time to build up to a substantial income

• Resources and support: Determine whether you have access to the necessary resources and support systems. This might include equipment, software, mentors, or online communities that can help you succeed

• Risk tolerance: Assess your risk tolerance level. Some methods, like stock trading or cryptocurrency investments, can be volatile and involve higher risks. Ensure that you are comfortable with the level of risk associated with your chosen method

By carefully evaluating these criteria, you can make an informed decision when choosing the best way to make money online in Kenya. Remember that it's essential to adapt and be flexible as you gain experience and the online landscape evolves.

How to spot and avoid online in Kenya scams?

Spotting and avoiding online scams in Kenya, as in any other part of the world, is crucial to protecting yourself and your finances. Here are three key tips highlighted by TU experts to help you identify and steer clear of online scams:

• Verify the source: Be cautious of unsolicited messages, emails, or advertisements promising quick and easy money. Verify the source and legitimacy of offers or opportunities. Check for official websites, contact information, and reviews. Legitimate businesses and organizations have a clear online presence

• Research and due diligence: Before engaging with any online opportunity, do thorough research. Look for reviews, testimonials, and feedback from others who have experience with the platform or service. Scams often have negative reviews or a lack of credible information available online

• Protect your personal and financial information: Never share sensitive personal or financial information with unknown individuals or websites. Legitimate entities will not ask for your passwords, bank details, or other confidential information through unsolicited emails or messages. Use secure and reputable payment methods when making transactions online

Additionally, be cautious of promises that seem too good to be true, such as offers of huge profits with little effort. Scammers often use high-pressure tactics or create a sense of urgency to manipulate individuals into making quick decisions. Trust your instincts; if something feels off or suspicious, it's better to err on the side of caution.

Remember that staying informed and vigilant is your best defense against online scams. If you encounter a potential scam, report it to the appropriate authorities or consumer protection agencies in Kenya to help prevent others from falling victim to fraudulent schemes.