Making Money Online: 7 Steps For Success
Want to make money online? Then follow the 7 steps to making money online that I’ll outline in this article.
You’ve seen the countless infomercials and online ads promising you that you can make money online fast from home. They all make it seem so easy don’t they? Their ads are full of cars and houses, gold chains and diamond rings. And the yachts, how did I forget to mention the yachts.
But the truth is that making money online is not that easy. It requires a lot of determination. There is no shortcut to success. There is no elevator to success. There is only a very long and tall stairwell.
Keep this in mind though. After climbing that stairwell, on the second story of that house, is the lifestyle you’ve always dreamed of.
There indeed is a formula for success in making cash online. It will take you time, you will have failures, but if you stick with it, you can and will succeed.
Many try and fail only because they think they will see results in a very short amount of time. But the truth of the matter is that only those with perseverance and yes, stubbornness can succeed.
Here are the 7 steps to making money online.
1. Find An Exploitable Market
What are you going to sell? What are you going to write about? What product is in demand right now? Will you go from topic to topic, hunting for the latest craze? Or instead will you focus on one topic and stick with it?
This is something I cannot answer for you. Certain industries go through trends like dirty underwear. The weight loss niche, for example, has countless diets and exercise fads that go from zero to hero and back down to zero in a heartbeat. In industries like these, if you’re not ahead of the market, then sadly, you are behind it.
Then there are other markets that are remarkably consistent. Two of those would be travel and finance. With travel, you have cruises, planes, hotels and car rentals. With finance, you have credit cards, investments and mortgages.
Put your time and money into something you can get excited about. Then take that excitement and dive deep into the subject, looking for angles to make money off of them.
Don’t know where to start? Go to Facebook and look at the ads. Every person behind every ad is making money. My way of generating revenue was by creating a blog and selling ads on it.
2. Define Your Customer
Who are you going to be targeting? This largely depends on your product. Will you sell to the masses? If so then you’ve got to have a very popular product (or niche) in mind. Odds are, it’s been done cheaper by the Chinese. Trying to make a buck selling watches, perfumes or handbags is downright impossible without overseas connections.
Instead, focus on something only you can provide. Is it training? Is it a handmade item? Is it a service? It should be something that’s difficult to find and there has to be a demand for it.
Next, you’ll have to decide whether you want to make a penny per sale and sell 1,000 per day or $100 per sale and sell one per day. I’ll gladly take the latter.
For example, you can market an around the world travel package valued at $9,999 (of which you will receive a hefty $500 commission fee).
3. Define Your Product
Instead of selling a hundred different things, just focus on a few – or just one. You’ll want to hyper-focus on this product and keep ripping apart the niche until you find one item that you will master. Be an authority on a product or a subject. Ever heard of the saying “jack of all trades, master of none”?
Learn everything about this item. Buy it, use it, fall in love with it. The more you know about this item the better you will be able to sell it.
If it’s a blog you’re creating, target a specific group like maltese owners, tesla fans, those who seek early retirement or iphone fanboys. People need to know you’re an authority, so creating a blog about “general stuff” just isn’t going to fly.
4. Advertise Your Product
The next step to making money online is to sell your product. This product could be something you created (like a book). This product could be a product you’re getting a commission from. This product could even be a blog you want to get more traffic to. Whatever the product happens to be, you need to market your product correctly if you want to have any kind of success.
The first place to market your product has to be Google. They are so big, Google has become a verb in the English language. There are two ways to rank in Google. First, you can pay for it by using Google AdWords. Second, you could learn about search engine optimization (SEO) to climb up the rankings.
Gone (well, almost) are the days of traditional advertising like banners and text links. Now people are advertising on social media apps like Facebook. Those ads in Facebook, those promoted Tweets and Instagram ads, that’s how the new generation advertises.
You can also do a commercial of sorts. But I don’t mean a late night informercial. I mean a YouTube video or two (or 100). If you’re marketing a 30 day diet regiment book, for example, create YouTube videos promoting it.
But if visitors see a sales pitch, they’ll run to the hills. Instead, make it a “how-to” video and push the content on your social media channels. If need be, pay an influencer in your market to give you a shoutout.
5. Test & Refine Until It Makes A Profit
You don’t know if something works until you try it. But if it fails, don’t throw in the towel. All you’ve got to do is tweak it. Change your campaign (whether it be the design, your price or your marketing methods). Try, then try again.
If you see some success with your changes, then you know you’re on the right track. They call it split testing. Two campaigns to determine which one is better. You then take the better campaign and do a new split test.
You continue to refine your methods until you’ve got a well oiled machine delivering perfect results. I’ve had this blog for well over 10 years and I’m STILL making changes.
6. Automate The Process
Once you’ve seen what’s working – do more of it. Don’t have the time? Automate the process then. There are programs that can do the work for you, such as automatically posting on Facebook and Twitter.
Tasks you can’t automate, you can delegate. Once you’ve got a method in place, hire a low cost laborer to follow your careful instructions. You can hire virtual assistants on Fiverr starting at five bucks an hour.
This frees you up to keep your business moving, rather than being stuck doing mundane repetitive tasks.
7. Rinse, Wash, Repeat
So, now you’re at the final step in making money online. Hopefully you have managed to create a successful business. Even if it’s only making $200 per month, it’s still a success if you can have it running on auto-pilot.
You know what the next step is? Yep, repeat it all over again. Choose a different product, a different blog, a different topic altogether. Use the knowledge and skills learned in your first venture to create another one. While making $200 a month might not seem like much, imagine if you could duplicate this strategy times ten? That’s the key here, finding something that works and then: rinse, wash and repeat.