How to make money online is a question newbies ask all the time. So what is the answer? Well the answer is there are endless ways to make money on the internet . Why? Making money on the internet is a business not a job so 1) there are no hard and fast rules of how to make money and 2) it’s up to YOU! All of us making money online are entrepreneurs and we research what problems people are having and what skills do you have to solve that problem. After that we test it by building a business around solving that problem and we are off to the races. Should be a slam dunk right? And the money should start rushing in like Niagra Falls? I hate to burst your bubble my friend as that is clearly not the case as per the statistics below.
Interesting fact: 8 out of 10 entrepreneurs who start businesses fail within the first 18 months according to Bloomberg.
Odds are definitely not in your favor, but that does not mean you cannot be successful if you put in the work, use some elbow grease and are not afraid of failure.
Mind Blowing Statistic about Internet Businesses
90% of all new internet businesses fail in the first 120 days!
Let that marinate for a second. Now read that again. It is not a typo! So before you have delusions of grandeur of coming online and becoming a gazillionaire overnight you need to check yourself.
40% of small businesses are profitable (Small Business Trends)
30% break even (Small Business Trends)
30% are continually losing money (Small Business Trends)
50% of small Businesses fail within the first year (Small Business Trends)
95% fail within the first 5 years (Small Business Trends)
37% chance of surviving 4 years if you have fewer than 20 employees (Small Business Trends)
9% chance of surviving 10 years if you have fewer than 20 employees (Small Business Trends)
What do you think of those statistics? Pretty ugly, but those are the facts my friend – numbers do not lie. If you desire to make money online you are in fact running a business, which is often YOU, Inc. and these statistics do apply to you. What do you think are the top 3 High Risk Businesses you can start? Want to take a guess? Here goes – Independent Restaurants, Retail Stores, and last but not least DIRECT SALES. You have a couple of ways to make money in direct sales which we already talked about in another blog post.
99% of direct sales reps suffer significant financial losses according to – Small Business Trends
Yes, all of those numbers are alarming, but that is the way it goes in business and if you have the desire to persist and the guts to see it through the rewards are worth it. Entrepreneurs are not afraid of failing as they have failed a ton of times before they succeed. Heck I fail like mad every day selling to eye doctors. What do I mean by that? Read the next couple sentences and you’ll see what I mean.
A little nugget for you…
True story. If I call on 10 doctors a day trying to sell my product, typically I am only successful 3 out of 10 times, which means I fail 70% of the time! That’s crazy isn’t it? So failure rate in any business or profession is high. Yes, this does happen on a daily basis.
In baseball if you hit .300 you are considered a really good hitter and are amongst the best in the game. Hitting .300 means you are only hitting the ball 3 out of every 10 times you get up to bat. Which means you are failing a whopping 7 times! Can you believe that?
So Kurt How Do I Make Money Online?
Again, there are not any limits or definitive answers to that question, but I am going to give you some examples so follow along. FYI….each of the examples we are going to talk about involves having a blog. So if you don’t have a blog you need to think about getting one ASAP! Check that. Get one ASAP!
Selling a Service
If you are a writer, you can offer ghostwriting services for others who do not have time to write their own blog posts. Ryan Biddulph at Blogging from Paradise offers this type of service.
Sell High Ticket Affiliate Programs
How to Make Money Blogging
Darren Rowse of problogger.net shares tips on how to make money blogging.
In addition to selling a service, and high ticket affiliate programs, you can virtually add an endless number of income streams. Wait. What? I didn’t stutter. You can add as many income streams as you want to, but cool your jets hot rod and start small with a manageable number. Like implementing 1 to 2 at a time tops!
- Sell your own advertising
By selling your own advertising you are cutting out the middle man and keeping all of the profits. I don’t know about you, but I’d rather keep all the money if you ask me. You can automate this process by utilizing OIO Ad Publisher Plugin in WordPress. Here is a tutorial that walks you through this process. It’s easy. I promise.
- Implement Google Adsense
Google Adsense can be fickle, but if you have enough traffic and abide by all of their rules and regulations you can still do okay here. In my opinion you can make significantly more by selling your own advertising. I’ll let you make the final call. You can set up Google Adsense all by yourself from start to finish.
- Utilize the Ayboll native ads widget
Zac Johnson wrote a great blog post on Ayboll and you need to read it if you are considering this as an additional income stream for your blog.
- Sell eBooks
As for selling eBooks you have 2 choices. Write your own eBook and sell it – which will take some time and effort which you need to anticipate or be lazy and sell someone else’s eBook. Your choice.
- Sell an online course on Udemy
Here is an example of a course that was created and is being sold on Udemy. This course is a beginner’s guide to SEO written by Matthew Capala. This course goes hand-in-hand with Matt’s book SEO Like I’m 5 which you need to read. It’s only $9.99 on Amazon via Kindle.
- Web hosting
Everyone needs a way to host their blog on the internet, so why not SELL something that your potential customers NEED. You know what I mean? I use and recommend Hostgator, but look around as there are others that people like such as BlueHost, SiteGround to name a couple. Do your homework and go with what you feel meets your needs best!
- Email marketing services
My preferred email service provider is Aweber. Aweber is easy-to-use, reliable and will meet your needs as you are just starting out. I have put together a couple tutorials on how to set up and send an email sequence in Aweber as well as how to construct and send a broadcast.
- LeadPages squeeze page software
As an internet marketer you’ll need software to create a squeeze page, which is essentially a one-page website. And trust me when I tell you all you do with LeadPages is point and click and you can make a squeeze page in less than 5 minutes. You can time me if you want to!
What do you need to sell these products and services?
A fancy blog? Nope. The ability to sell all of the income streams we discussed at once? No. A strategy? That’s important. But no. Lots of advertising? Ah no. Then what is it smarty pants? Wait for it……
You need PROSPECTS who need or want what you’re selling. Better yet an AUDIENCE of people who follow you because of what you write about on your blog solves a problem for them. Also, they resonate with you – like your writing style, like what you stand for, how you deliver information, what you teach them and how that helps them in their business. You will not make a penny online until you have an audience you can market your products and/or services to.
How long will it take you do that? To be honest with you I really don’t know. Why? Because you are starting a business from scratch and that usually takes some time and we’re talking years not months. Then it depends on how much time do you have to devote to your business. Will you be working on your business full-time right out of the gate? Or will you need to work a full-time job and work on your business part-time until it is ready for you to work it full-time. This is where you newbies lose it as you see and fall for the hype out there in that you can make 6 figures by working an hour a day and get that done in 90 days which is a complete crock of you know what by the way.
Consider the following. Only 5% of American households make $150,000 or more annually according to U.S. Money News
That in of itself is a tiny percentage. Wouldn’t you say? So you think that you are going to hop online and make that kind of scratch right away? You got another thing coming. So, let’s put together a check list for you to help you on your way.
- What skills do you have? Are you a writer? Graphic design artist? Sales professional? Technical person – i.e know the ins and outs of networks?
- Match your skill set to a problem that needs to be solved.
- Study the layout of multiple blogs to get an idea of how you might set yours up.
- Purchase a Domain name for your blog. I use GoDaddy, but feel free to research others that are out there.
- Purchase hosting from either Hostgator, SiteGround, or Bluehost.
- Install WordPress. Here is an in-depth tutorial on how to get this done.
- Add these must use WordPress plugins.
- Create your first blog post.
Once you have completed this checklist you have officially begun your making money online journey. Congratulations! Please feel free to reach out to me should this seem to be too overwhelming or you are simply lost. I am here to help you! By the way you can email me at kurtkummerer[at]kurtkummerer.com or tweet me on twitter @KurtKummerer.
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