For many people, making money online represent the ideal way to live a life of freedom from having more time and choices. But at the same time, there’s a misconception that you need to have wonderful technical skills, a flashy website, an in-demand and hot product, a support team and a warehouse to house stock. And so, as brilliant as it sounds, an online business sounds like a pipe dream to many.
The internet is full of great ideas for creating wealth, and some not-so-great ones. As with anything, each avenue or path requires an investment of your time and resources in order to launch it, make mistakes, learn, implement and repeat. The thing is, a lot of people overestimate what they can achieve in a month, and underestimate what can be achieved in a year. In other words, consistent work over the medium to long term is required to make an online venture profitable.
As a serious online entrepreneur myself, I want to give you my view on the 4 effective ways to make money online;
Online courses (inc. ebooks)
Did you know that according to research firm GI Analysts, global e-learning revenue is expected to be grow to $325bn by 2025? With so many people opting for an online course due to its accessibility, wide range of options and ease of assessing course ratings/credibility – you can see why its a great option. And surely, you’d want to be a part of that $325bn revenue?
You may be asking, “what could I possibly teach?” Or you may well have a skill-set already. What is more relevant though, is what would your market want? If you identify a subject-matter that there is no course for – approach with caution. You see, you’d want to start a course for which there is competition! Because that means that people are interested in that subject/skill, i.e. there’s a demand for it that will probably last for a long time. Essentially people buy courses because they have a problem or pain that they can’t solve. So its worth doing your market research.
Why? Because once you’ve identified that people want to learn/know, then you can spend the initial time and money to develop your course, price it at a suitable level based on the value provided – and then minimal (or no) work is required from you on the course content after that. It’s passive income coming in every month – which could soon become substantial IF you market and promote the course well enough.
The course can be in the form of video, slides or an ebook. I would recommend Teachable as a great resource for creating online courses.
Have you noticed when watching certain videos on YouTube that the host would drop in (sometimes more than once) products that he or she uses, and would recommend you buy? Essentially, the host (if they have a large following/subscriber list) will have been approached by a brand (say men’s shaver) and offered money to promote and use the product in their video. This is an example of a sponsored post – and is definitely worth pursuing if you have a strong or niche social media following.
Essentially, companies pay bloggers, social media influencers, YouTube stars to promote their products and services. Not a bad shout if you’re in that position!
Create your brand and sell it on Amazon
The market-place is so fragmented these days. It used to be that there were a handful of names or go-to brands if you wanted to buy a certain product. People are less brand-conscious and are willing to consider other brands if the product meets their quality and price needs.
Amazon has certainly helped change the landscape. Amazon is comprised primarily of individuals and small companies as the Amazon platform has enable them to efficiently and effectively brand, market and sell their products. And it’s so easy!
If you wanted to start a clothing business, i.e. gym-wear, you can easily design and brand the product using a supplier from China or Turkey for example, and get it drop-shipped (i.e. no need to hold stock in your garage or bedroom!) directly from Amazon’s warehouse to the customer when you make the sale on Amazon.
Of course, marketing is key when selling anything. The community that I am part of offer extensive training and support from world-class marketers for;
- Developing your brand and product
- Sourcing your product efficiently
- Identifying a target market
- Marketing and selling to that target market using Amazon.
If you’re more than interested in this type of business (i.e e-commerce) – which by the way, is highly profitable if done properly, then I urge you to click here and watch a free video series workshop where my mentor Stuart Ross walks you through this type of business.
Affiliate marketing is where you advertise other company’s products and services in return for a commission. There are a range of affiliate companies, i.e. ClickBank, Commission Junction where you can source products and proceed to advertise on your own site or blog. Other large vendors such as Amazon also offer a terrific affiliate marketing program. Essentially, you need to ensure that the products and services you promote are congruent with the niche or sector of whatever you offer. So if you’re a photographer, you may advertise certain cameras or camera bags on your site – and pick up commission if the reader clicks on the affiliate link and buys that product. Note that you should have used that product or service before and would highly recommend it.
This type of strategy is fantastic for individuals that are time constrained, maybe because they have a full-time job or a family. Additionally there is little ‘after-sales’ work required. So it suits an employee who works long hours or has many other commitments, and is seeking passive income.
There are some affiliate programs that pay large or ‘high ticket’ commissions. In fact, if you are keen to learn more about the benefits of Affiliate Marketing so that you can create a passive income from high ticket commission and leave your full-time job – I would highly recommend you click here to watch a free video series workshop to develop these skills.
The above methods can deliver fantastic returns with the right marketing. When starting out, I would suggest focusing on one strategy and testing it, adjusting it, seeking advice from mentors and scaling up. Once you are earning well, you can learn about other strategies, i.e. e-commerce and creating courses or webinars.
The community that I am part of offers significant training in these strategies and mentoring to students in order to help them create a profitable online business. Many have created have been able to quit their jobs and live the life they envisioned. Click below to learn more!