Build Your Email List! Now that you have targeted an audience who has a specific and urgent need (As you learned about in Step #1), it is time to build an opt-in email list of people who are interested in your hyper-focused niche. I'll carry on…
Many people tell me how much the 'want' to start making money online... Or how they wish they could do what I do. My response is always the same...
Honestly, it just takes focused effort, willingness to try, fail, try again, fail again, try again (and keep repeating) until you find something that works for YOU!
Then, once you find something that generates income for you... Do that over and over again, always testing little changes to your process and tracking the performance of your efforts to see if you can increase the efficiency, over time.
Everyone is different and there is no magic pill, tool or 'system'...
In fact, many of the 'systems' that will help you make money will leave you feeling confused, depressed and questioning whether this stuff 'works' while the person who sold you the product is BANKING on selling you another magic pill.
Also, there are literally a million ways to make money online... The easiest would be to go pull something small that is of value out of a closet or find a product cheaper on Amazon and list it on eBay for sale. Have old coins in a box somewhere? Have old jewelry? Old records? Old Comic Books? Collectibles? Super simple way to make money, right there.
To scale this model, you can go through David Vu's Dropshipping On Ebay With No Inventory Udemy Course.
Now, just because that is the 'easy way' to get started, doesn't mean that it is the most long-term profitable business. But it reinforces that making money online really is easy!
UPDATE: I just finished a video that shows my 10 favorite ways to make money online... I call these lifestyle businesses because they create not only financial freedom, but time and location freedom too.
Watch the video first...
If you'd prefer to listen to this content from the video above, play it or download it from the podcast episode below.
So what are my top 4 favorite ways to make money online? Well, great question!
Here they are...
#4 - Selling Internet Marketing Services
Hourly marketing services are easy to sell, have a high perceived value and are in high demand. From WordPress development to Facebook Fan Page development, lead capture system creation, sales funnel development, optimization, etc. There are dozens of ways to generate income managing online projects for small business owners in your area.
Once you have a client, there are a variety of up-sells, back-end sales and cross sales opportunities. For example, when someone needs help 'tweaking' or building a website, they usually need other help with updating graphics or logos, business cards or even getting more traffic to their website or getting their site to generate more leads and sales.
Becoming a trusted advisor for all things internet and marketing is incredibly lucrative and you only need a few clients to start generating multiple 4 figure monthly income levels.
You also have the option to do all of the work yourself (if you have the skills) or you can outsource almost every component and simply manage the projects. Personally, I was doing everything for clients when I first started but I quickly realized that there was a limit to how many clients and projects I could take on at once.
By building a team of quality contractors to handle everything from graphics design, layout and publishing, programming, development, writing, etc. I was able to manage several large scale projects at once... Way more than I could ever do on my own. This resulted in more money and more free time, but once the projects were finished, the income stopped, until we began a new project.
Selling services is a great way to start making money online fast, but it is also very active income. Personally, I prefer building income streams that create residual income, so I can get paid repeatedly for my efforts.
#3 - Kindle book publishing
Kindle publishing allows anyone to partner with Amazon.com, the world's biggest retailer. Amazon pays up to 70% royalties on each Kindle book you sell and they make it very easy to sell print books through Create Space, too.
Millions of people have 'Kindle' devices they want to 'play' with which essentially means buying books! Amazon also just launched their first phone which will definitely tie in the Kindle app... And there is also an iPhone app and Android app for Kindle. Hundreds of millions of people can purchase, download and read Kindle books from anywhere with a few taps on their smartphone or tablet.
Amazon also offers the KDP Select marketing system that makes it easy to get exposure to books. From limited time free-promotions to 'Kindle Countdown' promotions that lower the price of your books for a period of time, you get more exposure and more sales very quickly. Amazon allows you to run 5 days worth of KDP promotions every 90 days.
Other ways to monetize Kindle books include embedding affiliate offers, advanced informational product sales offers or lead capture offers into books to build your customer base and audience outside of Amazon, too.
Some of the challenges with Kindle publishing are that Kindle books have a low perceived value. $3.99 is a very common price for a Kindle book and when you get over the $9.99 range, up to $19.99, you have really reached the uper end of what a user is willing to pay for a Kindle book. Also, Kindle books work best when you already have an audience and mailing list to sell to.
#2 - Affiliate Marketing
One of my favorite reasons that I like Affiliate Marketing is because getting started is FAST and CHEAP! No product creation required, you just sign up, get your links and you are ready to start marketing. This is a great way to quickly test niches and lead capture pages without having to spend countless hours creating a product, before you know if the target market is even interested in the product.
Although many physical products you can sell as an affiliate only offer 8% commissions, info products often give 50% commisions, which is what I focus on and recommend others focus on, as well.
Additional benefits for Affiliate Marketing are in the fact that someone else (the vendor) manages the customer support, billing, testing sales messgaes, etc. All you are responsible for is driving traffic. This alows you to stay completely focused on one area, driving traffic, so you are more likely to make progress and less likely to get distracted with everything else that goes into product creation, customer support, etc.
When you find a traffic source that converts lots of sales for an affiliate product, you can then create a similar product and replace the affiliate product with your own and incrase margins from 50% per sale to 90%+ per sale. There is extra work involved in this step, but if you have proven that a specific traffic source + product + sales funnel generate consistent revenue, it can be well worth the time and energy to step into the role of product creator and replace that product with a similar one of your own.
#1 - Creating And Selling Info Products
With information products you can get large profit margins, generally well over 90% for downloadable digital products. The cost to complete the transaction and deliver a .pdf and some .mp3 files is TINY compared to costs associated with brick and mortar businesses
You are able to sell thousands upon thousands of copies with zero additional effort once it is created. Traditional products require raw materials, manufacturing, storing in inventory, etc. All cut into the bottom line and all limit the number of products you can sell after the first 'batch' is created. Digital products bypass all of these issues.
Affiliates are able to sell the products for a 50% split... This means you can build a free sales and marketing team who will promote your products and you only have to pay them after they deliver a sale. Not only is this a hugely powerful way to leverage the efforts of others, but the up-front costs is next to nothing when you partner with the right merchant system.
One of the biggest benefits to info-products are their high perceived value! Many online training courses can cost several hundred, even multiple thousands of dollars for .pdfs, videos and audio components. Mix this with the high profit margins and you have a recipe for serious online income!
Lastly, having your own products opens up opportunities for follow up sales, up sells, one time offer sales, etc. The least expensive customer is someone who has already purchased from you. People are much more likely to buy again after they have a great experience with your products, so this allows you to build a tribe of raving fans, followers and customers who you can create additional related products for.
Now everyone is different and everyone's experiences are different... There is never a guarantee when it comes to making money online, or with anything, for that matter.
This list is just a reflection of my past experiences, preferences and opinions. You may find other ways of making money online that match your personality or 'style' better, but I was inspired to share what works best for me and what I enjoy most.
To your success!
Miles is a full time internet marketer who sells information products and a niche membership program with his wife, Melanie. Together they have created a lifestyle business that allows them true location independence and this blog where you get to see behind the scenes and see how they have built their online business from scratch.