Saturday, June 8, 2013

How to make money online?

If you want to make money online, read on. Here, we will discuss about making money online. But before going into "how" let's talk about why should you make money online?

In his fantastic article named My Advice to Young People in Mises Daily, Robert P. Murphy writes:
When people hear the advice to save more, they typically think that they should stop going out to lunch, and instead bring a bologna sandwich to work or school. Although one obvious way to save more each month is to reduce frivolous expenditures, that's not the main thing I have in mind. If a person really wants to start socking away a lot more each month, the best avenue is to boost his income, not cut spending. Particularly for young people (my target audience), there may not be that much room to cut. However, there's no limit on how much (in principle) someone can earn. 
Don't misunderstand me. By all means, if a 22-year-old with no steady income is making huge payments on a sports car and rent in a posh neighborhood, then obviously it would be very prudent to move to a cheaper place and to switch to a boring vehicle with 80,000 miles on it. Yet even after plucking such low-hanging fruit, everybody — especially young people — should start brainstorming about how to bring in more income.
Murphy does not suggest you to go and find a night shift job to bring in more income. He says "rather than looking for other bosses, young people should become their own bosses, at least in a few limited areas." What he suggests is to go and create entrepreneurial ventures.

Now, as I have experienced and suggest here, online entrepreneurial ventures have quite a lot of advantages to traditional entrepreneurial ventures to create multiple stream of incomes. It can start small, you can work on it from your home, most tasks can be automated to an extend that the online money making ventures can behave like "companies" which bring in money even if the boss is not around, etc. But the most important advantage of an online money making venture, in my opinion, is that if you go for a physical venture you need to leave your job and take a lot of risk while the methods we will talk today can be done while you are still working a full-time job.

How to make money online?
There are many ways to make money online: blog shops, e-business sites, selling online or physical products, etc. Here we will just focus one one way to make money online: creating content sites and making money through affiliates or advertisement.

The steps are simple to explain:
  1. You create content sites each is focusing on a specific topic (from broad topics like smartphones to specific topics like Samsung Galaxy S4).
  2. You draw traffic to these sites through search engine optimization and keep them up to date.
  3. The sites bring cash flow through affiliates or advertisements you put in them.
Now each site will not bring in something impressive. Niche sites will bring in something in range of $25 to $250 per month while authority sites will bring $250 to maybe $1000. The trick is creating more than one sites to achieve a meaningful cash flow. I.e. if your average cash flow from the sites is $250 per site per month and you want $5000 per month of cash flow you create 20 sites.

How to make money online?

Now the problem is that Mr. A can create 20 sites and make $5000 per month or more while Mr. B can create 20 sites and spend same amount of time with Mr. A and make $500 per month. The difference comes from many factors. To be successful in this type of online money making business you need to:
  • Select topics on which people spend a significant amount of money on and advertisers are willing to pay something meaningful (for a topic advertisers may pay 5 cents per lead when for others they pay $5 per lead),
  • Create quality articles, free of copy-paste, written in a manner which will bring a lot of traffic to it.
  • Draw a lot of traffic to your site,
  • select money making affiliates to promote,
  • etc. etc.
All these things have a few good ways to do and many garbage ways to do. You need to find a working process which succeeds in all steps and brings you a lot of money. You can either develops a working progress to create sites on your own through years of trial and error or you can simply invest in a working and proven one and adopt it. I suggest to invest in it not because it will save you a lot of time. Investing in a proven method will lead you start making money online very early so you will not join the majority of triers who tries this but gives up because it takes too much time to generate a meaningful income stream.

There are many sites and gurus teaching their "working" methods out there. Some really are working some are plainly garbage. If you want an advice, I can advise Niche Profit Classroom because I have used it and seen it working. I'd say it is worth the investment if you need a well laid out program. They provide good applications like keyword tool, site builder which save a lot of time, tons of training classes, ready made businesses and even resources to whom you can outsource site building work. Subscribing to a program like this will save you a lot of time and in fact may pay you back in a reasonable time.

It all boils down how you treat your online venture. You can treat it as a chicken farm or you can treat it as a chicken coop. If you treat it as a chicken coop you will end up like majority who gets a few eggs a day for all the work they have personally put to keep the coop running. If you treat it as a chicken farm, invest money and time in it and create a working business process for an efficient business flow, it will bring you a lot of money.

No comments:

Post a Comment