The understanding of passive income streams is very important. A passive income stream is what it sounds like, incomes that stream or flow to you automatically after you managed to...
I like to interact with likeminded people and about a month ago me and Mitch started chatting on Facebook. We shared some experiences with each other and realized that we are in the same boat working to create passive incomes but in a bit different ways. With different knowledge’s we figured we can learn a lot from each other and also bring you guys in on the deal. So I asked Mitch to write a guest post on how to make money online, that I know little about. And here it is, I already learned a lot of new things and will definitely read more of his articles.
What is all this hype and excitement about making an income online, is it even possible? I hear this question all the time, and the simple answer is yes. Today, I want to reveal a few options for making an income online that ANYONE can do. And that means you too, even if you don’t have technical experience or background.
Who am I anyway? I’m Mitch Adams, a young entrepreneur passionate about helping others succeed, achieving time freedom, and having a lot of fun experiences in life. I recently graduated college with a degree in Business Management with an emphasis in marketing, although I am not following the traditional route of getting a “good” job. I am working on a startup Social Media consulting business, as well as pursuing my own online business. You can check out more about me over on my website.
Ever since I was in high school, I wanted to be an entrepreneur, but was always mocked by people saying that it doesn’t work, or its risky, or its no better than having a job, or you will just work your life away. I’ve discovered that is true with many types of businesses, but not all of them.
Following are three of the ways that you can make money online, create the lifestyle of your dreams, and it doesn’t have to take all of your time.
Sometimes I think that people get scared of affiliate marketing, but the reality is that it is no different than what Walmart has done. Sam Walton, in the beginning, simply found other people’s’ stuff, put it in his warehouse, and then sold it for a little more and kept the difference.
Affiliate marketing is simply the process of earning a commission by promoting the products of other companies. It is an opportunity to earn any level of income without the time and energy of creating a product.
Nowadays, with the internet, anyone can do this, except you don’t need a warehouse, you don’t need to purchase product, you don’t need to manage supply and demand, you just simply need to drive traffic through a link.
The #1 benefit of affiliate marketing is that you don’t have to go through the long, hard, and expensive process of researching and developing a product. All that has been done for you as well as the market research to prove that the product will sell. All that is left is putting the product in front of people in such a way that they will decide to purchase. Walmart doesn’t manufacture anything, they have just gotten really good at selling other people’s stuff.
Other advantages of affiliate marketing are endless. Depending on how much effort you decide to put in, you can either make a few hundred dollars per month, or a few hundred thousand dollars each month. You can work from anywhere with an internet connection, and you really control your own schedule. However, that is not to say it is easy to get there. Nothing worth having comes without some level of effort put in to see the success.
Many large companies allow you to become an affiliate of them. The best-known possibly being Amazon.com through the Amazon associates program. Pretty much anyone can become an associate of Amazon and promote any number of products that they have and receive a small commission for doing so.
And it’s simple. For example, (http://amzn.to/1prglzh) is my affiliate link for “DotCom Secrets” on Amazon. If you click on that link, and buy that book, or anything else on Amazon within 24 hours, I will receive a small commission. (I don’t make any significant money from promoting Amazon products by the way, this is for example purposes only)
There are thousands of other affiliate programs out there with a wide variety of benefits, but here are just a few things to look for.
The first thing you want to look for is the commission percentage. Amazon, as an example only pays 1-10% depending on product category. So if you want to make $5,000 per month, you would have to promote somewhere between $50,000 and $500,000 worth of products.
Another thing to look for is any rules the program might have. For example, check how many days after someone clicks on your link are you able to get a commission. Check if there are rules about how you market the product, or certain images you can or can’t use. These are just a few things to look for.
There are a couple more things you want to look for if you want time freedom like me. Number 1, you want to find a program that will pay you over and over when people buy a product each month.
Or number 2, you will want to create systems of automation that essentially creates a money machine. Spend money on ads, get more money out in revenue.
Or number 3, you can do both. Create a system that automates much of the customer acquisition process, and find a program where people buy the product over and over, and you get a commission every time they do. This option is what I focus my time and energy on because I Want Time Freedom.
Like I said at the beginning, as easy as it may sound, it really isn’t that easy, especially the automation part. I have been lucky enough to find a friend, James Zolman, that has supported his family extremely well (meaning he makes A LOT of money) on affiliate marketing for 8+ years and is teaching me everything I need to know.
He is actually in the process of putting together a course to teach people how to do affiliate marketing too. And for people that get registered this month, he is offering it for FREE and if you ask specific questions after getting registered, he will make sure to include it in the course, so it basically becomes a custom course to you.
So check it out at pacesetterpro.com and get registered now. It is 3-4 detailed videos for free.
Well you probably know what blogging is, since you are reading one right now, but how do you make money doing it?
Well, there are several ways, though I will warn you right now, it is a longer, more tedious process than other forms of making money online – especially if it is your only strategy.
You have probably noticed that more and more businesses have started blogging in some form or another over the last several years. In the case of an existing business, they are using it as a way to market their existing business, not as a way to directly make money online.
This is called content marketing. The basic concept is that a business provides value in the form of information or entertainment in each blog post, getting you to come to their website, and then they might casually talk about their product, or you might get curious about this business and click around – some percentage of people end up purchasing from that business.
Now, if you don’t have an existing business, but want to make money by blogging, there are a few ways to go about it.
First way to make money is through advertising. You know when you go to a blog and an ad is there on the side, if you were to click on that ad, the owner of that blog would receive some small amount of money. This is most often powered through Google Adsense, a free service. Google manages and places the ads, and pays you a little bit.
You can also directly set up advertising agreements with companies. Let’s say you have a blog about being a mom of young babies. You might be able to set up a deal with Huggies that they will place an ad for diapers on your website for some amount of money each month.
Another way you can make money – or another form of compensation, is through sponsored posts. Essentially, companies will give you a product to try out in return for you writing about your experience. Depending on how big your following is, they might also pay you in addition to giving you the product. Maybe you have a travel blog, and companies end up sponsoring your plane tickets, hotels, and more for you to go have fun. Talk about lifestyle freedom.
A final way to make money blogging links right back to affiliate marketing. You can simply place affiliate links on your website, and blog about products you like, and when people share your interest, they might go purchase that product, putting a small commission in your pocket.
But, remember when I said that this is a slow tedious process for making money online typically. Making a decent income with these strategies takes a lot of traffic. When I say a lot of traffic, I’m talking thousands per month. And if you are relying on advertising, you can’t buy traffic very well because you won’t make your money back. I personally use blogging as a piece of a larger online strategy, I don’t need to make money directly from my blog.
That being said, blogging can become a fantastic supplemental income writing about something you are passionate about, and I know people that do just that. The key will be to stick with it, and as you build up some traffic, don’t be afraid to reach out to some small companies to see if they will sponsor a blog post or place an ad on your site.
Become an Expert
Have you heard of the expert industry? This is a rising industry in the information age and a ton of money can be made doing this. Check out Millionaire Messenger for more details on this – I’m reading it right now to help me figure out what to educate people about.
Do you have a skill or talent, that other people often ask you how to do? Maybe you can make an awesome chicken coop…(I use this example because a guy sells an information product on this, and I learned from a reliable source that he makes pretty good money.)
I also use that example to show that you might be able to make some money on the most ridiculous and random skills. To put this in perspective, imagine if you spent your evenings for 2 weeks putting together instructions and videos on your special talent. You spent 2 more weeks building out a sales funnel so the process is automated, and then sold 100 of them each month automatically at $147 a piece. Adds up pretty quick.
Alright, so there are a lot of steps getting there, I just wanted to paint a picture of what is possible selling an information product. There are thousands and thousands of people trying to learn new skills that you know how to do – now you just have to put it in front of them.
So, how do you get started here.
First, you obviously have to figure out what you are going to teach and sell.
Second, package it in a good way. This can be done through a membership site using clickfunnels. Maybe you want to put together a video series that people pay to access. Perhaps you want to deliver content in the form of worksheets and directions. Or maybe you want to put up a course on a site like www.udemy.com.
Third, you need to promote your stuff. If you already have a Social Media following or email list, this is a fantastic place to start. If you don’t, you will probably want to build a sales funnel that will collect emails and pay your marketing expense. There are a ton of ways to promote your stuff, but if you can work it out to pay for ads, and still be profitable, this is best because you can control it to an extent. Meaning if you have figured out that by putting $1 in of advertising, you get $3 out in revenue, your income is very predictable based on how much you put in.
And last, you hire an accountant to count your money…
What will you do?
Those are just 3 of the ways to make money online, but there are a ton more options or variations on these. Which one are you going to pursue, let me know down in the comments?
Personally, all 3 have become part of my strategy. Don’t hesitate to contact me if you have more questions about any of these.